10-Q 1 jeld-20220326.htm 10-Q jeld-20220326
0001674335false2022Q1--12-31P1Y00016743352022-01-012022-03-2600016743352022-04-28xbrli:sharesiso4217:USD00016743352021-01-012021-03-27iso4217:USDxbrli:shares00016743352022-03-2600016743352021-12-3100016743352021-03-270001674335us-gaap:PreferredStockMember2021-12-310001674335us-gaap:PreferredStockMember2020-12-310001674335us-gaap:CommonStockMember2021-12-310001674335us-gaap:CommonStockMember2020-12-310001674335us-gaap:CommonStockMember2022-01-012022-03-260001674335us-gaap:CommonStockMember2021-01-012021-03-270001674335us-gaap:CommonStockMember2022-03-260001674335us-gaap:CommonStockMember2021-03-270001674335us-gaap:OtherAdditionalCapitalMember2021-12-310001674335us-gaap:OtherAdditionalCapitalMember2020-12-310001674335us-gaap:OtherAdditionalCapitalMember2022-01-012022-03-260001674335us-gaap:OtherAdditionalCapitalMember2021-01-012021-03-270001674335us-gaap:OtherAdditionalCapitalMember2022-03-260001674335us-gaap:OtherAdditionalCapitalMember2021-03-270001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2021-12-310001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2020-12-310001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2022-01-012022-03-260001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2021-01-012021-03-270001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2022-03-260001674335us-gaap:OtherAdditionalCapitalMemberjeld:EmployeeStockNotesMember2021-03-270001674335us-gaap:AdditionalPaidInCapitalMember2022-03-260001674335us-gaap:AdditionalPaidInCapitalMember2021-03-270001674335us-gaap:RetainedEarningsMember2021-12-310001674335us-gaap:RetainedEarningsMember2020-12-310001674335us-gaap:RetainedEarningsMember2022-01-012022-03-260001674335us-gaap:RetainedEarningsMember2021-01-012021-03-270001674335us-gaap:RetainedEarningsMember2022-03-260001674335us-gaap:RetainedEarningsMember2021-03-270001674335us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001674335us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001674335us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-260001674335us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-270001674335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-260001674335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-270001674335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-260001674335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-270001674335us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-260001674335us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-2700016743352020-12-310001674335jeld:CARESActDeferralOfSocialSecurityTaxMember2020-12-310001674335jeld:CARESActDeferralOfSocialSecurityTaxMember2022-01-012022-03-260001674335jeld:CARESActDeferralOfSocialSecurityTaxMember2022-03-260001674335jeld:CARESActDeferralOfSocialSecurityTaxMember2021-12-310001674335us-gaap:PropertyPlantAndEquipmentMember2022-01-012022-03-260001674335us-gaap:PropertyPlantAndEquipmentMember2021-01-012021-03-270001674335us-gaap:CostOfSalesMember2022-01-012022-03-260001674335us-gaap:CostOfSalesMember2021-01-012021-03-270001674335us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-03-260001674335us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-03-270001674335jeld:NorthAmericaSegmentMember2021-12-310001674335jeld:EuropeSegmentMember2021-12-310001674335jeld:AustralasiaSegmentMember2021-12-310001674335jeld:NorthAmericaSegmentMember2022-01-012022-03-260001674335jeld:EuropeSegmentMember2022-01-012022-03-260001674335jeld:AustralasiaSegmentMember2022-01-012022-03-260001674335jeld:NorthAmericaSegmentMember2022-03-260001674335jeld:EuropeSegmentMember2022-03-260001674335jeld:AustralasiaSegmentMember2022-03-260001674335us-gaap:CustomerRelationshipsMember2022-03-260001674335us-gaap:ComputerSoftwareIntangibleAssetMember2022-03-260001674335us-gaap:TrademarksAndTradeNamesMember2022-03-260001674335us-gaap:IntellectualPropertyMember2022-03-260001674335us-gaap:CustomerRelationshipsMember2021-12-310001674335us-gaap:ComputerSoftwareIntangibleAssetMember2021-12-310001674335us-gaap:TrademarksAndTradeNamesMember2021-12-310001674335us-gaap:IntellectualPropertyMember2021-12-310001674335srt:MinimumMember2022-01-012022-03-260001674335srt:MaximumMember2022-01-012022-03-260001674335jeld:NorthAmericaSegmentMembersrt:MinimumMember2022-03-26xbrli:pure0001674335srt:MaximumMemberjeld:NorthAmericaSegmentMember2022-03-260001674335us-gaap:SeniorNotesMembersrt:MinimumMember2022-03-260001674335srt:MaximumMemberus-gaap:SeniorNotesMember2022-03-260001674335us-gaap:SeniorNotesMember2022-03-260001674335us-gaap:SeniorNotesMember2021-12-310001674335us-gaap:NotesPayableToBanksMembersrt:MinimumMemberjeld:TermLoanMember2022-03-260001674335srt:MaximumMemberus-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2022-03-260001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2022-03-260001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2021-12-310001674335us-gaap:LineOfCreditMemberjeld:ABLFacilityMembersrt:MinimumMember2022-03-260001674335us-gaap:LineOfCreditMembersrt:MaximumMemberjeld:ABLFacilityMember2022-03-260001674335us-gaap:LineOfCreditMemberjeld:ABLFacilityMember2022-03-260001674335us-gaap:LineOfCreditMemberjeld:ABLFacilityMember2021-12-310001674335jeld:FinanceLeasesAndOtherFinancingArrangementsMembersrt:MinimumMember2022-03-260001674335jeld:FinanceLeasesAndOtherFinancingArrangementsMembersrt:MaximumMember2022-03-260001674335jeld:FinanceLeasesAndOtherFinancingArrangementsMember2022-03-260001674335jeld:FinanceLeasesAndOtherFinancingArrangementsMember2021-12-310001674335us-gaap:SecuredDebtMembersrt:MinimumMember2022-03-260001674335srt:MaximumMemberus-gaap:SecuredDebtMember2022-03-260001674335us-gaap:SecuredDebtMember2022-03-260001674335us-gaap:SecuredDebtMember2021-12-310001674335jeld:SeniorSecuredNotesMaturingMay2025Memberus-gaap:SeniorNotesMember2020-05-310001674335us-gaap:SeniorNotesMember2017-12-31jeld:tranche0001674335jeld:SeniorNoteMaturingDecember2025Memberus-gaap:SeniorNotesMember2017-12-310001674335jeld:SeniorNoteMaturingDecember2027Memberus-gaap:SeniorNotesMember2017-12-310001674335jeld:USFacilityMemberus-gaap:SecuredDebtMember2017-12-012017-12-310001674335us-gaap:LondonInterbankOfferedRateLIBORMemberjeld:USFacilityMemberus-gaap:SecuredDebtMember2017-12-310001674335us-gaap:LondonInterbankOfferedRateLIBORMemberjeld:USFacilityMemberus-gaap:SecuredDebtMembersrt:MinimumMember2017-12-012017-12-310001674335us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberjeld:USFacilityMemberus-gaap:SecuredDebtMember2017-12-012017-12-310001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2019-09-012019-09-300001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2019-09-300001674335jeld:USFacilityMemberus-gaap:SecuredDebtMember2021-07-310001674335jeld:USFacilityMemberus-gaap:SecuredDebtMemberjeld:CorporateCreditRatingMember2021-07-310001674335jeld:USFacilityMemberus-gaap:SecuredDebtMemberjeld:CorporateCreditRatingMembersrt:MinimumMember2021-07-012021-07-310001674335srt:MaximumMemberjeld:USFacilityMemberus-gaap:SecuredDebtMemberjeld:CorporateCreditRatingMember2021-07-012021-07-310001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2021-07-310001674335us-gaap:NotesPayableToBanksMemberjeld:TermLoanMember2021-07-012021-07-310001674335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2020-05-310001674335us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembersrt:MinimumMemberus-gaap:InterestRateSwapMember2020-05-310001674335jeld:AustralianFacilityMemberus-gaap:SecuredDebtMember2019-06-30iso4217:AUD0001674335jeld:AustralianFacilityMemberus-gaap:NotesPayableToBanksMemberus-gaap:SecuredDebtMember2019-06-012019-06-300001674335jeld:BBSYMemberjeld:AustralianFacilityMemberus-gaap:NotesPayableToBanksMemberus-gaap:SecuredDebtMembersrt:MinimumMember2019-06-012019-06-300001674335jeld:BBSYMemberjeld:AustralianFacilityMembersrt:MaximumMemberus-gaap:NotesPayableToBanksMemberus-gaap:SecuredDebtMember2019-06-012019-06-300001674335jeld:AustralianFacilityMemberus-gaap:SecuredDebtMember2021-03-282021-06-260001674335jeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-07-310001674335jeld:USBorrowersMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-07-310001674335jeld:CanadianBorrowersMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-07-310001674335jeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:BaseRateMember2021-07-012021-07-310001674335srt:MaximumMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2021-07-012021-07-310001674335us-gaap:LondonInterbankOfferedRateLIBORMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2021-07-012021-07-310001674335us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-07-012021-07-310001674335us-gaap:LineOfCreditMemberjeld:ABLFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-03-260001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2019-06-300001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2020-05-012020-05-310001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2019-06-302019-06-300001674335jeld:AmendedFloatingRateRevolvingLoanFacilityMemberus-gaap:NotesPayableToBanksMemberus-gaap:SecuredDebtMember2020-05-012020-05-310001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2022-01-012022-03-260001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2021-01-012021-12-310001674335us-gaap:LineOfCreditMemberjeld:InterchangeableFacilityMemberjeld:AustraliaSeniorSecuredCreditFacilityMember2022-03-260001674335us-gaap:RevolvingCreditFacilityMember2022-03-260001674335us-gaap:SecuredDebtMember2007-12-012007-12-31iso4217:DKK0001674335jeld:InstallmentLoanMemberus-gaap:NotesPayableToBanksMember2022-03-26jeld:segment0001674335us-gaap:OperatingSegmentsMemberjeld:NorthAmericaSegmentMember2022-01-012022-03-260001674335us-gaap:OperatingSegmentsMemberjeld:EuropeSegmentMember2022-01-012022-03-260001674335us-gaap:OperatingSegmentsMemberjeld:AustralasiaSegmentMember2022-01-012022-03-260001674335us-gaap:OperatingSegmentsMember2022-01-012022-03-260001674335jeld:NorthAmericaSegmentMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-260001674335jeld:EuropeSegmentMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-260001674335jeld:AustralasiaSegmentMemberus-gaap:IntersegmentEliminationMember2022-01-012022-03-260001674335us-gaap:IntersegmentEliminationMember2022-01-012022-03-260001674335us-gaap:CorporateNonSegmentMember2022-01-012022-03-260001674335us-gaap:OperatingSegmentsMemberjeld:NorthAmericaSegmentMember2021-01-012021-03-270001674335us-gaap:OperatingSegmentsMemberjeld:EuropeSegmentMember2021-01-012021-03-270001674335us-gaap:OperatingSegmentsMemberjeld:AustralasiaSegmentMember2021-01-012021-03-270001674335us-gaap:OperatingSegmentsMember2021-01-012021-03-270001674335jeld:NorthAmericaSegmentMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-270001674335jeld:EuropeSegmentMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-270001674335jeld:AustralasiaSegmentMemberus-gaap:IntersegmentEliminationMember2021-01-012021-03-270001674335us-gaap:IntersegmentEliminationMember2021-01-012021-03-270001674335jeld:NorthAmericaSegmentMember2021-01-012021-03-270001674335jeld:EuropeSegmentMember2021-01-012021-03-270001674335jeld:AustralasiaSegmentMember2021-01-012021-03-270001674335us-gaap:CorporateNonSegmentMember2021-01-012021-03-2700016743352021-07-270001674335us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2022-01-012022-03-260001674335us-gaap:CommonStockMemberus-gaap:EmployeeStockOptionMember2021-01-012021-03-270001674335us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-260001674335us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-270001674335us-gaap:PerformanceSharesMember2022-01-012022-03-260001674335us-gaap:PerformanceSharesMember2021-01-012021-03-270001674335us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-260001674335us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-270001674335us-gaap:PerformanceSharesMember2022-01-012022-03-260001674335us-gaap:PerformanceSharesMember2021-01-012021-03-270001674335jeld:TowandaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-03-260001674335jeld:TowandaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-12-310001674335jeld:ForeignExchangeContractsForecastedTransactionsMemberus-gaap:NondesignatedMember2022-03-260001674335jeld:ForeignCurrencyExchangeContractsIntercompanyLoansandInterestMemberus-gaap:NondesignatedMember2022-03-260001674335jeld:ForeignExchangeContractsConsolidatedEarningsMemberus-gaap:NondesignatedMember2022-03-260001674335us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-01-012022-03-260001674335us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-01-012021-03-270001674335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-01-012021-03-270001674335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-01-012022-03-260001674335us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-260001674335us-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001674335us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2022-03-260001674335us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-12-310001674335us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-03-260001674335us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310001674335us-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-03-260001674335us-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-260001674335us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-260001674335us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-260001674335us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-03-260001674335us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-260001674335us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-260001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberjeld:AccruedExpensesAndDeferredCreditsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberjeld:DeferredCreditsAndOtherLiabilitiesMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberjeld:DeferredCreditsAndOtherLiabilitiesMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberjeld:DeferredCreditsAndOtherLiabilitiesMember2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberjeld:DeferredCreditsAndOtherLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001674335us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberjeld:DeferredCreditsAndOtherLiabilitiesMember2021-12-310001674335jeld:SteveandSonsMemberjeld:SettlementOneMember2018-02-012018-02-280001674335jeld:SteveandSonsMemberjeld:SettlementTwoMember2018-02-012018-02-280001674335jeld:SteveandSonsMember2018-05-112018-05-110001674335jeld:SteveandSonsMember2019-03-132019-03-130001674335jeld:SteveandSonsMemberjeld:SettlementTwoMember2019-03-132019-03-130001674335jeld:SteveandSonsMemberjeld:SettlementOneMember2019-03-132019-03-130001674335jeld:SteveandSonsMemberjeld:AttorneyFeesMember2019-04-122019-04-120001674335jeld:SteveandSonsMemberjeld:LegalCostMember2019-04-122019-04-120001674335jeld:SteveandSonsMember2019-11-192019-11-190001674335jeld:SteveandSonsMemberjeld:SettlementTwoMember2021-11-032021-11-030001674335jeld:DomesticProductLiabilityMembersrt:MinimumMember2022-01-012022-03-260001674335srt:MaximumMemberjeld:DomesticProductLiabilityMember2022-01-012022-03-260001674335srt:MinimumMemberjeld:AutoGeneralLiabilityPersonalInjuryandWorkersCompensationMember2022-01-012022-03-260001674335srt:MaximumMemberjeld:AutoGeneralLiabilityPersonalInjuryandWorkersCompensationMember2022-01-012022-03-260001674335srt:MinimumMember2021-12-310001674335srt:MaximumMember2021-12-310001674335jeld:PennsylvaniaDepartmentofEnvironmentalProtectionMember2022-03-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 26, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____
Commission File Number: 001-38000
____________________________
JELD-WEN Holding, Inc.
(Exact name of registrant as specified in its charter)
____________________________
Delaware 93-1273278
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2645 Silver Crescent Drive
Charlotte, North Carolina 28273
(Address of principal executive offices, zip code)
(704) 378-5700
(Registrant’s telephone number, including area code)
____________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $0.01 per share)JELDNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer 
    
Non-accelerated filer o  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The registrant had 87,080,246 shares of Common Stock, par value $0.01 per share, outstanding as of April 28, 2022.




JELD-WEN HOLDING, Inc.
- Table of Contents –
Page No.
Part I - Financial Information
Item 1.Unaudited Financial Statements
Consolidated Statements of Operations
Consolidated Statements of Comprehensive (Loss) Income
Consolidated Balance Sheets
Consolidated Statements of Equity
Consolidated Statements of Cash Flows
Notes to Unaudited Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other Information
Item 6.Exhibits
Signature


2


Glossary of Terms

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
10-KAnnual Report on Form 10-K for the fiscal year ended December 31, 2021
ABL FacilityOur $500 million asset-based loan revolving credit facility, dated as of October 15, 2014 and as amended from time to time, with JWI (as hereinafter defined) and JELD-WEN of Canada, Ltd., as borrowers, the guarantors party thereto, a syndicate of lenders, and Wells Fargo Bank, N.A., as administrative agent
Adjusted EBITDAA supplemental non-GAAP financial measure of operating performance not based on any standardized methodology prescribed by GAAP that we define as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; other items; and costs related to debt restructuring and debt refinancing
ASCAccounting Standards Codification
ASUAccounting Standards Update
AUDAustralian Dollar
Australia Senior Secured Credit FacilityOur senior secured credit facility, dated as of October 6, 2015 and as amended from time to time, with certain of our Australian subsidiaries, as borrowers, and Australia and New Zealand Banking Group Limited, as lender
BBSYBank Bill Swap Bid Rate
CAPCleanup Action Plan
CEOChief Executive Officer
CFOChief Financial Officer
CARES ActCoronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020
CharterAmended and Restated Certificate of Incorporation of JELD-WEN Holding, Inc.
CMIJWI d/b/a CraftMaster Manufacturing, Inc.
COAConsent Order and Agreement
CODMChief Operating Decision Maker, which is our Chief Executive Officer
Common StockThe 900,000,000 shares of common stock, par value $0.01 per share, authorized under our Charter
Core RevenuesRevenue excluding the impact of foreign exchange and acquisitions completed in the last twelve months
Corporate Credit FacilitiesCollectively, our ABL Facility and our Term Loan Facility
COVID-19A novel strain of the 2019-nCov coronavirus
Credit FacilitiesCollectively, our Corporate Credit Facilities and our Australia Senior Secured Credit Facility as well as other acquired term loans and revolving credit facilities
DKKDanish Krone
ERPEnterprise Resource Planning
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States
GHGsGreenhouse Gases
GILTIGlobal Intangible Low-Taxed Income
JELD-WEN
JELD-WEN Holding, Inc., together with its consolidated subsidiaries where the context requires
JEMJELD-WEN Excellence Model
JWAJELD-WEN of Australia Pty. Ltd.
JWIJELD-WEN, Inc., a Delaware corporation
LIBORLondon Interbank Offered Rate
3


MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
OnexOnex Partners III LP and certain affiliates
PaDEPPennsylvania Department of Environmental Protection
PLPPotential Liability Party
Preferred Stock90,000,000 shares of Preferred Stock, par value $0.01 per share, authorized under our Charter
PSUPerformance Stock Unit
R&RRepair and Remodel
RSURestricted Stock Unit
SECSecurities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior Notes$800.0 million of unsecured notes issued in December 2017 in a private placement in two tranches: $400.0 million bearing interest at 4.625% and maturing in December 2025 and $400.0 million bearing interest at 4.875% and maturing in December 2027
Senior Secured Notes$250.0 million of senior secured notes issued in May 2020 in a private placement bearing interest at 6.25% and maturing in May 2025
SG&ASelling, general, and administrative expenses
Tax ActTax Cuts and Jobs Act
Term Loan FacilityOur term loan facility, dated as of October 15, 2014, and as amended from time to time with JWI, as borrower, the guarantors party thereto, a syndicate of lenders, and Bank of America, N.A., as administrative agent
Common Stock900,000,000 shares of common stock, with a par value of $0.01 per share
U.S.United States of America
WADOEWashington State Department of Ecology
Working CapitalAccounts receivable plus inventory less accounts payable
4


CERTAIN TRADEMARKS, TRADE NAMES, AND SERVICE MARKS
    This report includes trademarks, trade names, and service marks owned by us. Our U.S. window and door trademarks include JELD-WEN®, AuraLast®, MiraTEC®, Extira®, LaCANTINA®, MMI Door®, KaronaTM, ImpactGard®, JW®, Aurora®, IWP®, True BLU®, ABSTM, Siteline®, National Door®, Low-Friction Glider®, Hydrolock®, and VPITM. Our trademarks are either registered or have been used as common law trademarks by us. The trademarks we use outside the U.S. include the Stegbar®, Regency®, William Russell Doors®, Airlite®, Trend®, The Perfect FitTM, Aneeta®, Breezway®, KolderTM , Corinthian® and A&L Windows® marks in Australia, and Swedoor®, Dooria®, DANA®, MattioviTM, Zargag® , Alupan®, and Domoferm® marks in Europe. ENERGY STAR® is a registered trademark of the U.S. Environmental Protection Agency. This report contains additional trademarks, trade names, and service marks of others, which are, to our knowledge, the property of their respective owners. Solely for convenience, trademarks, trade names, and service marks referred to in this report appear without the ®, ™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names, and service marks. We do not intend our use of other parties’ trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.
5


PART I - FINANCIAL INFORMATION

Item 1 -Unaudited Financial Statements

JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
(amounts in thousands, except share and per share data)March 26, 2022March 27, 2021
Net revenues$1,171,022 $1,092,383 
Cost of sales967,724 856,444 
Gross margin203,298 235,939 
Selling, general and administrative192,996 191,554 
Impairment and restructuring charges1 927 
Operating income10,301 43,458 
Interest expense, net18,354 18,455 
Other income(7,337)(10,841)
(Loss) income before taxes(716)35,844 
Income tax (benefit) expense(188)10,359 
Net (loss) income$(528)$25,485 
Weighted average common shares outstanding:
Basic89,802,974 100,494,883 
Diluted89,802,974 102,642,440 
Net (loss) income per share
Basic$(0.01)$0.25 
Diluted$(0.01)$0.25 


























The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.
6


JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
 Three Months Ended
(amounts in thousands)March 26, 2022March 27, 2021
Net (loss) income$(528)$25,485 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax (benefit) expense of ($10) and $9, respectively
(4,033)(40,084)
Interest rate hedge adjustments, net of tax expense of $2,304 and $347, respectively
6,786 1,025 
Defined benefit pension plans, net of tax expense of $150 and $834, respectively
401 2,001 
Total other comprehensive income (loss), net of tax3,154 (37,058)
Comprehensive income (loss)$2,626 $(11,573)










































The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

7

JELD-WEN HOLDING, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands, except share and per share data)March 26, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$265,649 $395,596 
Restricted cash1,451 1,294 
Accounts receivable, net708,502 552,041 
Inventories674,554 615,971 
Other current assets87,276 55,531 
Assets held for sale121,252 119,424 
Total current assets1,858,684 1,739,857 
Property and equipment, net788,499 798,804 
Deferred tax assets203,891 204,232 
Goodwill539,973 545,213 
Intangible assets, net215,817 222,181 
Operating lease assets, net197,088 201,781 
Other assets31,834 26,603 
Total assets$3,835,786 $3,738,671 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$406,493 $418,774 
Accrued payroll and benefits168,769 135,989 
Accrued expenses and other current liabilities302,968 289,676 
Current maturities of long-term debt36,395 38,561 
Liabilities held for sale4,783 5,868 
Total current liabilities919,408 888,868 
Long-term debt1,783,032 1,667,696 
Unfunded pension liability59,933 61,438 
Operating lease liability161,131 166,318 
Deferred credits and other liabilities91,254 102,879 
Deferred tax liabilities9,253 9,254 
Total liabilities3,024,011 2,896,453 
Commitments and contingencies (Note 19)
Shareholders’ equity
Preferred Stock, par value $0.01 per share, 90,000,000 shares authorized; no shares issued and outstanding
  
Common Stock: 900,000,000 shares authorized, par value $0.01 per share, 89,136,454 shares outstanding as of March 26, 2022; 900,000,000 shares authorized, par value $0.01 per share, 90,193,550 shares outstanding as of December 31, 2021
891 902 
Additional paid-in capital727,716 719,451 
Retained earnings173,760 215,611 
Accumulated other comprehensive loss(90,592)(93,746)
Total shareholders’ equity 811,775 842,218 
Total liabilities and shareholders’ equity$3,835,786 $3,738,671 


The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

8


JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

Three Months Ended
March 26, 2022March 27, 2021
(amounts in thousands, except share and per share amounts)SharesAmountSharesAmount
Preferred stock, $0.01 par value per share
 $  $ 
Common stock, $0.01 par value per share
Balance at beginning of period90,193,550 $902 100,806,068 $1,008 
Shares issued for exercise/vesting of share-based compensation awards
824,074 8 177,283 2 
Shares repurchased
(1,777,266)(18)(809,884)(8)
Shares surrendered for tax obligations for employee share-based transactions
(103,904)(1)(26,563)(1)
Balance at period end89,136,454 $891 100,146,904 $1,001 
Additional paid-in capital
Balance at beginning of period
$720,124 $691,360 
Shares issued for exercise/vesting of share-based compensation awards
979 1,263 
Shares surrendered for tax obligations for employee share-based transactions
(2,378)(715)
Amortization of share-based compensation
9,664 6,855 
Balance at period end
728,389 698,763 
Employee stock notes
Balance at beginning of period
(673)(673)
Net issuances, payments and accrued interest on notes
  
Balance at period end
(673)(673)
Balance at period end
$727,716 $698,090 
Retained earnings
Balance at beginning of period
$215,611 $371,462 
Shares repurchased(41,323)(23,135)
Net (loss) income (528)25,485 
Balance at period end
$173,760 $373,812 
Accumulated other comprehensive income (loss)
Balance at beginning of period
$(93,746)$(58,693)
Foreign currency adjustments(4,033)(40,084)
Unrealized gain on interest rate hedges6,786 1,025 
  Net actuarial pension gain 401 2,001 
Balance at period end
$(90,592)$(95,751)
Total shareholders’ equity at period end$811,775 $977,152 











The accompanying notes are an integral part of these unaudited Consolidated Financial Statements

9

JELD-WEN HOLDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Three Months Ended
(amounts in thousands)March 26, 2022March 27, 2021
OPERATING ACTIVITIES
Net (loss) income$(528)$25,485 
Adjustments to reconcile net (loss) income to cash used in operating activities:
Depreciation and amortization32,565 34,210 
Deferred income taxes(2,449)366 
Loss (gain) on sale or disposal of business units, property, and equipment134 (946)
Adjustment to carrying value of assets 255 
Amortization of deferred financing costs726 707 
Stock-based compensation9,664 6,855 
Amortization of U.S. pension expense350 2,325 
Recovery of cost from interest received on impaired notes(7,027) 
Other items, net2,211 (5,740)
Net change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable(157,703)(162,947)
Inventories(61,285)(25,369)
Other assets(34,669)(10,860)
Accounts payable and accrued expenses45,531 75,738 
Change in short term and long-term tax liabilities(14,387)(4,960)
Net cash used in operating activities(186,867)(64,881)
INVESTING ACTIVITIES
Purchases of property and equipment(15,382)(17,894)
Proceeds from sale of property and equipment39 2,489 
Purchase of intangible assets(998)(3,118)
Recovery of cost from interest received on impaired notes
7,027  
Cash received for notes receivable48 177 
Net cash used in investing activities(9,266)(18,346)
FINANCING ACTIVITIES
Change in long-term debt110,623 (8,642)
Common stock issued for exercise of options987 1,265 
Common stock repurchased(40,216)(23,143)
Payments to tax authorities for employee share-based compensation(111) 
Net cash provided by (used in) financing activities71,283 (30,520)
Effect of foreign currency exchange rates on cash(4,940)(9,505)
Net decrease in cash and cash equivalents(129,790)(123,252)
Cash, cash equivalents and restricted cash, beginning396,890 736,594 
Cash, cash equivalents and restricted cash, ending$267,100 $613,342 
For further information see Note 20 - Supplemental Cash Flow.









The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

10

JELD-WEN HOLDING, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Description of Company and Summary of Significant Accounting Policies
Nature of Business – JELD-WEN Holding, Inc., along with its subsidiaries, is a vertically integrated global manufacturer and distributor of windows, doors, and other building products that derives substantially all its revenues from the sale of its door and window products. Unless otherwise specified or the context otherwise requires, all references in these notes to “JELD-WEN,” “we,” “us,” “our,” or the “Company” are to JELD-WEN Holding, Inc. and its subsidiaries.
We have facilities located in the U.S., Canada, Europe, Australia, Asia, and Mexico. Our products are marketed primarily under the JELD-WEN brand name in the U.S. and Canada and under JELD-WEN and a variety of acquired brand names in Europe, Australia, and Asia.
Our revenues are affected by the level of new housing starts and remodeling activity in each of our markets. Our sales typically follow seasonal new construction and repair and remodeling industry patterns. The peak season for home construction and remodeling in many of our markets generally corresponds with the second and third calendar quarters, and therefore, sales volume is typically higher during those quarters. Our first and fourth quarter sales volumes are generally lower due to reduced repair and remodeling activity and reduced activity in the building and construction industry as a result of colder and more inclement weather in certain areas of our geographic end markets.
Basis of Presentation – The accompanying unaudited consolidated financial statements as of March 26, 2022 and for the three months ended March 26, 2022 and March 27, 2021, respectively, have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position for the periods presented. The results for the three months ended March 26, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or any other period. The accompanying consolidated balance sheet as of December 31, 2021 was derived from audited financial statements included in the Company’s Form 10-K. The accompanying consolidated financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.
All U.S. dollar and other currency amounts, except per share amounts, are presented in thousands unless otherwise noted.
Fiscal Year – We operate on a fiscal calendar year, and each interim quarter is comprised of two 4-week periods and one 5-week period, with each week ending on a Saturday. Our fiscal year always begins on January 1 and ends on December 31. As a result, our first and fourth quarters may have more or fewer days included than a traditional 91-day fiscal quarter.
Use of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets including goodwill and other intangible assets, employee benefit obligations, income tax uncertainties, contingent assets and liabilities, provisions for bad debt, inventory, warranty liabilities, legal claims, valuation of derivatives, environmental remediation, and claims relating to self-insurance. Actual results could differ due to the uncertainty inherent in the nature of these estimates.
COVID-19 – The CARES Act in the U.S. and similar legislation in other jurisdictions includes measures that assisted companies in responding to the COVID-19 pandemic. These measures consisted primarily of cash assistance to support employment levels and deferment of remittance of certain non-income tax expense payments. The most significant impact was from the CARES Act in the U.S., which included a provision that allowed employers to defer the remittance of the employer portion of the social security tax relating to 2020. The deferred employment payment must be paid over two years. Original payment due dates were in 2021 and 2022, however updated guidance provided by the Internal Revenue Service in December 2021 allowed for these payments to be made during 2022 and 2023. The Company deferred $20.9 million of the employer portion of social security tax in 2020, of which $9.9 million was paid in the first quarter of 2022 and the remaining $11.0 million is included in accrued payroll and benefits in the consolidated balance sheet as of March 26, 2022. As of December 31, 2021, the deferral $20.9 million was equally recorded between accrued payroll and benefits and deferred credits and other liabilities in the consolidated balance sheet.
Recent Accounting Standards – In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and

11

exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of LIBOR or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, to clarify the scope of ASU No. 2020-04. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. In May 2020, we elected the expedient within ASC 848 which allows us to assume that our hedged interest payments are probable of occurring regardless of any expected modifications in their terms related to reference rate reform. In addition, ASC 848 allows for the option to change the method of assessing effectiveness upon a change in critical terms of the derivative or the hedged transactions and upon the end of relief under ASC 848. At this time, we have elected to continue the method of assessing effectiveness as documented in the original hedge documentation and apply the practical expedients related to probability to assume that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. We plan to evaluate the remaining expedients for adoption, as applicable, when contracts are modified. We currently do not expect this guidance to have a material impact on our consolidated financial statements. Refer to Note 17 - Derivative Financial Instruments for additional disclosure information relating to our hedging activity.
We have considered the applicability and impact of all ASUs. We have assessed ASUs not listed above and have determined that they were either not applicable or were not expected to have a material impact on our financial statements.
Note 2. Accounts Receivable
We sell our manufactured products to a large number of customers, primarily in the residential housing construction and remodel sectors, broadly dispersed across many domestic and foreign geographic regions. We assess the credit risk relating to our accounts receivable based on quantitative and qualitative factors, primarily historical credit collections within each region where we have operations. We perform ongoing credit evaluations of our customers to minimize credit risk. We do not usually require collateral for accounts receivable, but will require advance payment, guarantees, a security interest in the products sold to a customer, and/or letters of credit in certain situations. Customer accounts receivable converted to notes receivable are collateralized by inventory or other collateral.
At March 26, 2022 and December 31, 2021, we had an allowance for doubtful accounts of $14.5 million and $10.2 million, respectively.
Note 3. Inventories
Inventories are stated at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor, and manufacturing overhead costs.
(amounts in thousands)March 26, 2022December 31, 2021
Raw materials
$503,365 $478,566 
Work in process
37,183 36,065 
Finished goods
134,006 101,340 
Total inventories$674,554 $615,971 

12

Note 4. Property and Equipment, Net
(amounts in thousands)March 26, 2022December 31, 2021
Property and equipment
$2,144,160 $2,137,861 
Accumulated depreciation
(1,355,661)(1,339,057)
Total property and equipment, net$788,499 $798,804 
We monitor all property and equipment for any indicators of potential impairment. We recorded no impairment charges for the three months ended March 26, 2022 and $0.3 million for the three months ended March 27, 2021.
The effect on our carrying value of property and equipment due to currency translations for foreign property and equipment, net, was a decrease of $1.2 million as of March 26, 2022 compared to December 31, 2021.
Depreciation expense was recorded as follows:
Three Months Ended
(amounts in thousands)March 26, 2022March 27, 2021
Cost of sales
$22,512 $22,536 
Selling, general and administrative
1,708 2,396 
Total depreciation expense$24,220 $24,932 
Note 5. Goodwill
The following table summarizes the changes in goodwill by reportable segment:
(amounts in thousands)North
America
EuropeAustralasiaTotal
Reportable
Segments
Balance as of December 31, 2021$182,645 $278,668 $83,900 $545,213 
Currency translation
111 (8,221)2,870 (5,240)
Balance as of March 26, 2022
$182,756 $270,447 $86,770 $539,973 
Note 6. Intangible Assets, Net
The cost and accumulated amortization values of our intangible assets were as follows:
March 26, 2022
(amounts in thousands)CostAccumulated
Amortization
Net
Book Value
Customer relationships and agreements
$144,689 $(75,304)$69,385 
Software
118,080 (38,509)79,571 
Trademarks and trade names
56,350 (11,380)44,970 
Patents, licenses and rights
47,604 (25,713)21,891 
Total amortizable intangibles$366,723 $(150,906)$215,817 
December 31, 2021
(amounts in thousands)CostAccumulated
Amortization
Net
Book Value
Customer relationships and agreements$145,940 $(73,635)$72,305 
Software118,114 (35,816)82,298 
Trademarks and trade names55,806 (10,771)45,035 
Patents, licenses and rights46,353 (23,810)22,543 
Total amortizable intangibles$366,213 $(144,032)$222,181 

13

The effect on our carrying value of intangible assets due to currency translations for foreign intangible assets was an increase of $1.0 million as of March 26, 2022 compared to December 31, 2021.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the corresponding asset group may not be recoverable. Intangible assets that become fully amortized are removed from the accounts in the period that they become fully amortized. Amortization expense was recorded as follows:
Three Months Ended
(amounts in thousands)March 26, 2022March 27, 2021
Amortization expense$8,145 $8,047 
Note 7. Accrued Expenses and Other Current Liabilities
(amounts in thousands)March 26, 2022December 31, 2021
Accrued sales and advertising rebates
$81,088 $90,623 
Current portion of operating lease liability45,316 43,880 
Non-income related taxes
33,685 25,030 
Deferred revenue and customer deposits28,337 25,568 
Current portion of warranty liability (Note 8)
23,387 23,523 
Accrued freight22,332 19,020 
Accrued expenses18,912 18,636 
Accrued interest payable
17,704 3,633 
Current portion of accrued claim costs relating to self-insurance programs
15,268 14,352 
Accrued income taxes payable 8,937 16,237 
Current portion of derivative liability (Note 17)
4,312 5,527 
Legal claims provision3,630 3,476 
Current portion of restructuring accrual60 171 
Total accrued expenses and other current liabilities$302,968 $289,676 
The legal claims provision relates primarily to contingencies associated with the ongoing legal matters disclosed in Note 19 - Commitments and Contingencies.
The accrued sales and advertising rebates, accrued interest payable, accrued freight, and non-income related taxes can fluctuate significantly period-over-period due to timing of payments.
Prior period balances in the table above have been reclassified to conform to current period presentation.
Note 8. Warranty Liability
Warranty terms vary from one year to lifetime on certain window and door components. Warranties are normally limited to servicing or replacing defective components for the original customer. Product defects arising within six months of sale are classified as manufacturing defects and are not included in the current period expense below. Some warranties are transferable to subsequent owners and are either limited to 10 years from the date of manufacture or require pro-rata

14

payments from the customer. A provision for estimated warranty costs is recorded at the time of sale based on historical experience and is periodically adjusted to reflect actual experience.
An analysis of our warranty liability is as follows:
(amounts in thousands)March 26, 2022March 27, 2021
Balance as of January 1$54,860 $52,296 
Current period charges7,151 6,252 
Experience adjustments
684 2,135 
Payments
(7,742)(7,449)
Currency translation
(4)(102)
Balance at period end54,949 53,132 
Current portion
(23,387)(21,771)
Long-term portion
$31,562 $31,361 
The most significant component of our warranty liability is in the North America segment, which totaled $46.4 million at March 26, 2022, after discounting future estimated cash flows at rates between 0.53% and 4.75%. Without discounting, the liability would have been higher by approximately $2.4 million.
Note 9. Long-Term Debt
Our long-term debt, net of original issue discount and unamortized debt issuance costs, consisted of the following:
March 26, 2022March 26, 2022December 31, 2021
(amounts in thousands)Interest Rate
Senior Secured Notes and Senior Notes
4.63% - 6.25%
$1,050,000 $1,050,000 
Term loans
1.30% - 2.46%
547,570 547,598 
Revolving credit facilities
1.49% - 1.71%
120,000  
Finance leases and other financing arrangements
1.25% - 5.95%
91,468 97,874 
Mortgage notes
1.65% - 2.15%
24,316 25,411 
Total Debt
1,833,354 1,720,883 
Unamortized debt issuance costs and original issue discounts(13,927)(14,626)
 Current maturities of long-term debt(36,395)(38,561)
Long-term debt$1,783,032 $1,667,696 
Summaries of our significant changes to outstanding debt agreements as of March 26, 2022 are as follows:
Senior Secured Notes and Senior Notes
In May 2020, we issued $250.0 million of Senior Secured Notes bearing interest at 6.25% and maturing in May 2025 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The proceeds were net of fees and expenses associated with debt issuance, including an underwriting fee of 1.25%. Interest is payable semiannually, in arrears, each May and November.
In December 2017, we issued $800.0 million of unsecured Senior Notes in two tranches: $400.0 million bearing interest at 4.63% and maturing in December 2025, and $400.0 million bearing interest at 4.88% and maturing in December 2027 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
Term Loans
U.S. Facility - In December 2017, along with the issuance of the Senior Notes, we re-priced and amended the facility, which resulted in a principal balance of $440.0 million. These re-priced term loans were offered at par and bore interest at the rate of LIBOR (subject to a floor of 0.00%) plus a margin of 1.75% to 2.00%, determined by JWI’s corporate credit ratings. This amendment also modified other terms and provisions, including providing for additional covenant flexibility and additional capacity under the facility.

15

In September 2019, we amended the Term Loan Facility to provide for an incremental aggregate principal amount of $125.0 million and used the proceeds primarily to repay $115.0 million of outstanding borrowings under the ABL Facility. The proceeds were net of the original issue discount of 0.5%, or $0.6 million, as well as $0.6 million in fees and expenses associated with the debt issuance. This amendment required that approximately $1.4 million of the aggregate principal amount be repaid quarterly until the maturity date.
In July 2021, we amended the Term Loan Facility to, among other things, extend the maturity date from December 2024 to July 2028 and provide additional covenant flexibility. Pursuant to the amendment, certain existing and new lenders advanced $550.0 million of replacement term loans, the proceeds of which were used to prepay in full the amount outstanding under the existing term loans. The replacement term loans bear interest at LIBOR (subject to a floor of 0.00%) plus a margin of 2.00% to 2.25% depending on JWI’s corporate credit ratings. In addition, the amendment also modifies certain other terms and provisions of the Term Loan Facility. Voluntary prepayments of the replacement term loans are permitted at any time, in certain minimum principal amounts, but were subject to a 1.00% premium during the first six months. As a result of this amendment, we recognized debt extinguishment costs of $1.3 million, which included $1.0 million of unamortized debt issuance costs and original discount fees. As of the date of the amendment, the outstanding principal balance, net of original issue discount, was $548.6 million. As of March 26, 2022, the outstanding principal balance, net of original issue discount, was $546.0 million.
In May 2020, we entered into interest rate swap agreements with a weighted average fixed rate of 0.395% paid against one-month LIBOR floored at 0.00% with outstanding notional amounts aggregating to $370.0 million corresponding to that amount of the debt outstanding under our Term Loan Facility. The interest rate swap agreements are designated as cash flow hedges of a portion of the interest obligations on our Term Loan Facility borrowings and mature in December 2023. See Note 17 - Derivative Financial Instruments for additional information on our derivative assets and liabilities.
Australia Facility - In June 2019, we reallocated AUD 5.0 million from the term loan commitment to the interchangeable commitment of the Australia Senior Secured Credit Facility. The amended AUD 50.0 million floating rate term loan facility bore interest at a base rate of BBSY plus a margin ranging from 1.00% to 1.10%, included a line fee of 1.25% on the commitment amount, and was set to mature in February 2023. During the second quarter of 2021, we repaid the outstanding principal balance of AUD 50.0 million ($38.4 million) and terminated the term loan commitment.
Revolving Credit Facilities
ABL Facility - In July 2021, we amended the ABL Facility to, among other things, extend the maturity date from December 2022 to July 2026, increase the aggregate commitment to $500.0 million, amend the interest rate grid applicable to the loans thereunder, provide additional covenant flexibility, and conform certain terms and provisions to the Term Loan Facility. Pursuant to the amendment, the amount allocated to U.S. borrowers was increased to $465.0 million. The amount allocated to Canadian borrowers was maintained at $35.0 million. Borrowings under the ABL Facility bear, at the borrower’s option, interest at either a base rate plus a margin of 0.25% to 0.50% depending on excess availability or LIBOR plus a margin of 1.25% to 1.50% depending on excess availability. As of March 26, 2022, we had $120.0 million of outstanding borrowings, $36.4 million in letters of credit and $301.8 million available under the ABL Facility.
Australia Senior Secured Credit Facility - In June 2019, we amended the Australia Senior Secured Credit Facility, reallocating availability from the Australia Term Loan Facility and collapsing the floating rate revolving loan facility into an AUD 35.0 million interchangeable facility to be used for guarantees, asset financing, and loans of twelve months or less. The interchangeable facility no longer has a set maturity date but is instead subject to an annual review.
In May 2020, we amended the Australia Senior Secured Credit Facility to relax certain financial covenants. The amended non-term loan portion of the facility bore line fees of 0.70%, compared to line fees of 0.50% under the previous amendment. The amendment also provided for a supplemental AUD 30.0 million floating rate revolving loan facility.
In December 2021, we amended the Australia Senior Secured Credit Facility to reinstate maintenance financial covenant ratios to pre-pandemic thresholds and renew the facility through the next annual review, which will occur in June 2022. The amended facility includes line fees of 0.50%, compared to line fees of 0.70% under the previous amendment. As of March 26, 2022, we had AUD 23.0 million ($17.3 million) available under this facility.
The Australia Senior Secured Credit Facility is secured by guarantees of JWA and its subsidiaries, fixed and floating charges on the assets of JWA group, and mortgages on certain real properties owned by the JWA group. The combined agreement requires that JWA maintain certain financial ratios, including a minimum consolidated interest coverage ratio and a maximum consolidated debt to EBITDA ratio. The agreement limits dividends and repayments of intercompany loans where the JWA group is the borrower and limits loans or other financial accommodations to non-obligor entities.
At March 26, 2022, we had combined borrowing availability of $319.1 million under our revolving credit facilities.

16

Mortgage Notes – In December 2007, we entered into thirty-year mortgage notes secured by land and buildings with principal payments which began in 2018. As of March 26, 2022, we had DKK 164.3 million ($24.3 million) outstanding under these notes.
Finance leases and other financing arrangements In addition to finance leases, we include insurance premium financing arrangements and loans secured by equipment in this category. As of March 26, 2022, we had $91.5 million outstanding in this category, with maturities ranging from 2022 to 2028.
As of March 26, 2022, we were in compliance with the terms of all of our credit facilities and the indentures governing the Senior Notes and Senior Secured Notes.
Note 10. Income Taxes

The Company previously completed its accounting for the income tax effects of the Tax Act. We have considered ongoing developments released through the date hereof and determined that they have no material impact on our tax accounts for the three months ended March 26, 2022. Final guidance, once issued, may materially affect our conclusions regarding the net related effects of the Tax Act on our unaudited consolidated financial statements. Until then, management will continue to monitor and work with its tax advisors to interpret any guidance issued.
The effective income tax rate for continuing operations was 26.3% and 28.9% for the three months ended March 26, 2022 and March 27, 2021, respectively. In accordance with ASC 740-270, we recorded a tax benefit of $0.2 million and a tax expense of $10.4 million from operations in the three months ended March 26, 2022 and March 27, 2021, respectively, by applying an estimated annual effective tax rate to our year-to-date income for includable entities during the respective periods. Our estimated annual effective tax rate for both years includes the impact of the tax on GILTI. The application of the estimated annual effective tax rate in interim periods may result in a significant variation in the customary relationship between income tax expense and pretax accounting income due to the seasonality of our global business. Entities that are currently generating losses and for which there is a full valuation allowance are excluded from the worldwide effective tax rate calculation and are calculated separately.
The impact of significant discrete items is separately recognized in the quarter in which they occur. Discrete tax items recorded in the three months ended March 26, 2022 and March 27, 2021 were insignificant to the tax (benefit) expense recorded in the respective periods.
Under ASC 740-10, we provide for uncertain tax positions and the related interest expense by adjusting unrecognized tax benefits and accrued interest accordingly. We recognize potential interest and penalties related to unrecognized tax benefits in income tax expense. We had unrecognized tax benefits without regard to accrued interest of $24.8 million and $26.8 million as of March 26, 2022 and December 31, 2021, respectively.
The Company continually evaluates its global cash needs and has historically asserted that most of its unremitted foreign earnings are permanently reinvested and did not record deferred taxes on such amounts. During the third quarter of 2021, the Company determined that it could no longer make this assertion as cash from foreign subsidiaries may be remitted in the foreseeable future. As a result, the Company removed its indefinite reinvestment assertion on a majority of unremitted earnings and certain other aspects of outside basis differences in its foreign subsidiaries and has recorded the deferred tax impacts in the period to account for potential withholdings and income taxes. The Company continues to make an indefinite reinvestment assertion on other aspects of the outside basis differences in foreign subsidiaries that would attract a significant cost of capital.
Note 11. Segment Information
We report our segment information in the same way management internally organizes the business in assessing performance and making decisions regarding allocation of resources in accordance with ASC 280-10- Segment Reporting. We determined that we have three reportable segments, organized and managed principally by geographic region. Our reportable segments are North America, Europe, and Australasia. We report all other business activities in Corporate and unallocated costs. Factors considered in determining the three reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information available and the information regularly reviewed by the CODM. Management reviews net revenues and Adjusted EBITDA to evaluate segment performance and allocate resources. We define Adjusted EBITDA as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity earnings of non-consolidated entities; income tax (benefit) expense; depreciation and amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation expense; non-cash foreign exchange transaction/translation (income) loss; other items; other non-cash items; and costs related to debt restructuring and debt refinancing.

17

The following tables set forth certain information relating to our segments’ operations:
(amounts in thousands)North
America
EuropeAustralasiaTotal Operating
Segments
Corporate
and
Unallocated
Costs
Total
Consolidated
Three Months Ended March 26, 2022
Total net revenues
$722,571 $323,306 $130,433 $1,176,310 $— $1,176,310 
Intersegment net revenues
(228)(34)(5,026)(5,288)— (5,288)
Net revenues from external customers
$722,343 $323,272 $125,407 $1,171,022 $ $1,171,022 
Impairment and restructuring charges
  22 22 (21)1 
Adjusted EBITDA
67,085 14,698 10,372 92,155 (11,906)80,249 
Three Months Ended March 27, 2021
Total net revenues
$639,735 $321,388 $135,968 $1,097,091 $— $1,097,091 
Intersegment net revenues
(120)(873)(3,715)(4,708)— (4,708)
Net revenues from external customers
$639,615 $320,515 $132,253 $1,092,383 $ $1,092,383 
Impairment and restructuring charges
13 895 40 948 (21)927 
Adjusted EBITDA
79,793 28,794 13,199 121,786 (23,875)97,911 
Reconciliations of net income to Adjusted EBITDA are as follows:
Three Months Ended
(amounts in thousands)March 26, 2022March 27, 2021
Net (loss) income$(528)$25,485 
Income tax (benefit) expense(188)10,359 
Depreciation and amortization32,565 34,210 
Interest expense, net18,354 18,455 
Impairment and restructuring charges1 927 
Loss (gain) on sale of property and equipment134 (876)
Share-based compensation expense9,664 6,855 
Non-cash foreign exchange transaction/translation loss (income) 6,218 (11,496)
Other items (1)
14,029 13,992 
Adjusted EBITDA$80,249 $97,911 
(1)Other non-recurring items not core to ongoing business activity include: (i) in the three months ended March 26, 2022 (1) $6,851 in expenses related to fire damage and downtime at one of our facilities, (2) $5,042 in legal costs and professional expenses, and 3) $1,898 in compensation and non-income taxes associated with exercises of legacy equity awards; (ii) in the three months ended March 27, 2021 (1) $13,755 in legal costs and professional expenses relating primarily to litigation.
Note 12. Capital Stock
Preferred Stock - Our Board of Directors is authorized to issue Preferred Stock from time to time in one or more series and with such rights, privileges, and preferences as the Board of Directors shall from time to time determine. We have not issued any shares of Preferred Stock.
Common Stock - Common Stock includes the basis of shares outstanding plus amounts recorded as additional paid-in capital. Shares outstanding exclude the shares issued to the Employee Benefit Trust that are considered similar to treasury shares and total 193,941 shares at both March 26, 2022 and December 31, 2021 with a total original issuance value of $12.4 million.
We record share repurchases on their trade date and reduce shareholders’ equity and increase accounts payable. Repurchased shares are retired, and the excess of the repurchase price over the par value of the shares is charged to retained earnings.
On July 27, 2021, the Board of Directors increased to the remaining authorization to a total of $400.0 million with no expiration date. As of March 26, 2022, $90.8 million was remaining under the repurchase program. During the three

18

months ended March 26, 2022 and March 27, 2021, we repurchased 1,777,266 and 809,884 shares of our Common Stock, respectively, at an average price of $23.26 and $28.58, respectively.

Note 13. Earnings Per Share
The basic and diluted income per share calculations were determined based on the following share data:
Three Months Ended
March 26, 2022March 27, 2021
Weighted average outstanding shares of Common Stock basic89,802,974 100,494,883 
Restricted stock units, performance share units, and options to purchase Common Stock