Revision of Prior Period Financial Statements (Tables)

9 Months Ended

Sep. 28, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

	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