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Revision of Prior Period Financial Statements
 9 Months Ended
Sep. 28, 2019
Accounting Changes and Error Corrections [Abstract]  
Revision of Prior Period Financial Statements Revision of Prior Period Financial Statements
    
During the quarter ended June 29, 2019, we identified errors relating to accounting for fulfillment costs associated with our installation contracts at one of our European business units. This resulted in errors in accounts receivable, net, other current assets, and accrued expenses and other current liabilities. The effect of these errors was to overstate accounts receivable, net, other current assets and understate accrued expenses and other current liabilities, cost of sales and SG&A expense for the years ended December 31, 2016, 2017 and 2018, including the related quarterly periods contained therein, and the three-months ended March 30, 2019.
Using the guidance in ASC Topic 250, Accounting Changes and Error Corrections, ASC Topic 270 Interim Financial Reporting, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated whether our previously issued consolidated financial statements were materially misstated due to these errors and other accumulated misstatements. Based upon our evaluation of both quantitative and qualitative factors, we believe that the effects of these errors and other accumulated misstatements were not material individually or in the aggregate to any previously reported quarterly or annual period. In addition, we evaluated the relevant internal control deficiencies that led to this error and determined they are a result of our existing material weaknesses.
We have revised the prior period financial statements included in this filing to reflect the correction of these errors and other accumulated misstatements.

 
September 29, 2018
(amounts in thousands)
As Reported
 
Correction
 
As Revised
Consolidated Balance Sheet:
 
 
 
 
 
Accounts receivable, net
$
598,398

 
$
(1,265
)
 
$
597,133

Inventories
$
519,582

 
$
(3,941
)
 
$
515,641

Other current assets
$
51,371

 
$
1,631

 
$
53,002

Total current assets
$
1,321,227

 
$
(3,575
)
 
$
1,317,652

Deferred tax assets
$
219,669

 
$
1,160

 
$
220,829

Other assets
$
33,653

 
$
(702
)
 
$
32,951

Total assets
$
3,202,736

 
$
(3,117
)
 
$
3,199,619

Accounts payable
$
277,756

 
$
121

 
$
277,877

Accrued payroll and benefits
$
137,402

 
$
614

 
$
138,016

Accrued expenses and other current liabilities
$
276,278

 
$
372

 
$
276,650

Total current liabilities
$
755,961

 
$
1,107

 
$
757,068

Deferred credits and other liabilities (1)
$
74,032

 
$
630

 
$
74,662

Deferred tax liabilities
$
13,969

 
$
(216
)
 
$
13,753

Total liabilities
$
2,424,993

 
$
1,521

 
$
2,426,514

Retained earnings
$
254,752

 
$
(4,593
)
 
$
250,159

Accumulated other comprehensive loss
$
(134,777
)
 
$
(45
)
 
$
(134,822
)
Total shareholders' equity attributable to common shareholders
$
777,960

 
$
(4,638
)
 
$
773,322

Total shareholders' equity (1)
$
777,743

 
$
(4,638
)
 
$
773,105

Total liabilities and shareholders’ equity
$
3,202,736

 
$
(3,117
)
 
$
3,199,619



(1)Non-controlling interest of $217 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation.

 
Nine months ended
 
September 29, 2018
(amounts in thousands, except per share data)
As Reported
 
Correction
 
As Revised
Consolidated Statement of Operations:
 
 
 
 
 
Net revenues
$
3,255,625

 
$
(517
)
 
$
3,255,108

Cost of sales
$
2,559,176

 
$
1,769

 
$
2,560,945

Gross margin
$
696,449

 
$
(2,286
)
 
$
694,163

Selling, general and administrative
$
570,195

 
$
303

 
$
570,498

Operating income (loss)
$
116,876

 
$
(2,589
)
 
$
114,287

Other (income) expense(1)
$
(5,617
)
 
$
(1,052
)
 
$
(6,669
)
Income before taxes and equity earnings
$
91,428

 
$
(1,537
)
 
$
89,891

Income tax expense (benefit)
$
(12,442
)
 
$
(699
)
 
$
(13,141
)
Income from continuing operations, net of tax
$
103,870

 
$
(838
)
 
$
103,032

Net income
$
104,608

 
$
(838
)
 
$
103,770

Net income (loss) attributable to common shareholders(1)
$
104,655

 
$
(838
)
 
$
103,817

 
Three months ended
 
September 29, 2018
(amounts in thousands, except per share data)
As Reported
 
Correction
 
As Revised
Consolidated Statement of Operations:
 
 
 
 
 
Net revenues
$
1,136,949

 
$
(471
)
 
$
1,136,478

Cost of sales
$
895,160

 
$
(157
)
 
$
895,003

Gross margin
$
241,789

 
$
(314
)
 
$
241,475

Selling, general and administrative
$
230,285

 
$
6

 
$
230,291

Operating income (loss)
$
7,613

 
$
(320
)
 
$
7,293

Other (income) expense(1)
$
(8,007
)
 
$
2

 
$
(8,005
)
Income before taxes and equity earnings
$
(2,721
)
 
$
(322
)
 
$
(3,043
)
Income tax expense (benefit)
$
(31,606
)
 
$
(80
)
 
$
(31,686
)
Income from continuing operations, net of tax
$
28,885

 
$
(242
)
 
$
28,643

Net income
$
28,885

 
$
(242
)
 
$
28,643

Net income (loss) attributable to common shareholders(1)
$
28,879

 
$
(242
)
 
$
28,637

 
 
 
 
 
 
Weighted Average Common Shares:
 
 
 
 
 
Basic
104,169,833

 
—

 
104,169,833

Diluted
105,937,429

 
—

 
105,937,429

Income (loss) per share from continuing operations:
 
 
 
 
 
Basic
$
0.28

 
$
(0.01
)
 
$
0.27

Diluted
$
0.27

 
$
—

 
$
0.27

Net income (loss) per share:

 

 

Basic
$
0.28

 
$
(0.01
)
 
$
0.27

Diluted
$
0.27

 
$
—

 
$
0.27


(1)Non-controlling interest of $(6) and $47 for the three and nine months ended September 29, 2018, respectively, has been reclassified to Other (income) expense to conform to the current year’s presentation.

 
December 31, 2018
(amounts in thousands)
As Reported
 
Correction
 
As Revised
Consolidated Balance Sheet:
 
 
 
 
 
Accounts receivable, net
$
471,655

 
$
188

 
$
471,843

Inventories
$
513,238

 
$
(4,739
)
 
$
508,499

Other current assets
$
48,961

 
$
(287
)
 
$
48,674

Total current assets
$
1,151,477

 
$
(4,838
)
 
$
1,146,639

Deferred tax assets
$
207,065

 
$
1,997

 
$
209,062

Other assets
$
37,615

 
$
(689
)
 
$
36,926

Total assets
$
3,051,055

 
$
(3,530
)
 
$
3,047,525

Accounts payable
$
250,281

 
$
(303
)
 
$
249,978

Accrued payroll and benefits
$
114,784

 
$
234

 
$
115,018

Accrued expenses and other current liabilities
$
250,274

 
$
2,036

 
$
252,310

Total current liabilities
$
670,269

 
$
1,967

 
$
672,236

Deferred credits and other liabilities(1)
$
72,038

 
$
672

 
$
72,710

Deferred tax liabilities
$
10,457

 
$
21

 
$
10,478

Total liabilities
$
2,283,248

 
$
2,660

 
$
2,285,908

Retained earnings
$
253,041

 
$
(6,208
)
 
$
246,833

Accumulated other comprehensive loss
$
(144,823
)
 
$
18

 
$
(144,805
)
Total shareholders' equity attributable to common shareholders
$
767,824

 
$
(6,190
)
 
$
761,634

Total shareholders' equity(1)
$
767,807

 
$
(6,190
)
 
$
761,617

Total liabilities and shareholders’ equity
$
3,051,055

 
$
(3,530
)
 
$
3,047,525


(1)Non-controlling interest of $17 at September 29, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation.

Consolidated Statement of Cash Flow

The errors did not impact the subtotals for cash flows from operating activities, investing activities or financing activities for any of the periods affected.

Reconciliation of pre-tax net income (loss) to Note 14 - Segment Information, Adjusted EBITDA

 
Nine months ended
 
September 29, 2018
(amounts in thousands)
As Reported
 
Correction
 
As Revised
Net income
$
104,608

 
$
(838
)
 
$
103,770

Income tax (benefit) expense
$
(12,442
)
 
$
(699
)
 
$
(13,141
)
Non-cash foreign exchange transaction/translation (income) loss
$
905

 
$
(1,264
)
 
$
(359
)
Other items
$
107,924

 
$
212

 
$
108,136

Adjusted EBITDA
$
355,742

 
$
(2,589
)
 
$
353,153

 
Three months ended
 
September 29, 2018
(amounts in thousands)
As Reported
 
Correction
 
As Revised
Net income
$
28,885

 
$
(242
)
 
$
28,643

Income tax (benefit) expense
$
(31,606
)
 
$
(80
)
 
$
(31,686
)
Non-cash foreign exchange transaction/translation (income) loss
$
2,838

 
$
2

 
$
2,840

Adjusted EBITDA
$
132,949

 
$
(320
)
 
$
132,629



Segment Information: Adjusted EBITDA

 
Nine months ended
 
September 29, 2018
(amounts in thousands)
North
America
 
Europe
 
Australasia
 
Total Operating
Segments
 
Corporate
and
Unallocated
Costs
 
Total
Consolidated
As Reported
$
210,794

 
$
99,873

 
$
67,198

 
$
377,865

 
$
(22,123
)
 
$
355,742

Correction
164

 
(2,533
)
 
(220
)
 
(2,589
)
 
—

 
(2,589
)
As Revised
$
210,958

 
$
97,340

 
$
66,978

 
$
375,276

 
$
(22,123
)
 
$
353,153

 
Three months ended
 
September 29, 2018
(amounts in thousands)
North
America
 
Europe
 
Australasia
 
Total Operating
Segments
 
Corporate
and
Unallocated
Costs
 
Total
Consolidated
As Reported
$
84,117

 
$
28,133

 
$
26,261

 
$
138,511

 
$
(5,562
)
 
$
132,949

Correction
169

 
(420
)
 
(69
)
 
(320
)
 
—

 
(320
)
As Revised
$
84,286

 
$
27,713

 
$
26,192

 
$
138,191

 
$
(5,562
)
 
$
132,629