Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 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 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.

We have revised the prior period financial statements included in this filing to reflect the correction of these errors and other accumulated misstatements.

	Twelve months ended
	December 31, 2017
(amounts in thousands, except per share data)	As Reported		Correction			As Revised
Consolidated Statement of Operations:
Cost of sales	$	2,914,327	$	1,905		$	2,916,232
Gross margin	$	849,422	$	(1,905	)	$	847,517
Selling, general and administrative	$	572,458	$	546		$	573,004
Operating income (loss)	$	263,908	$	(2,451	)	$	261,457
Other (income) expense	$	15,857	$	1,003		$	16,860
Income before taxes, equity earnings and discontinued operations	$	145,755	$	(3,454	)	$	142,301
Income tax expense (benefit)	$	138,603	$	(785	)	$	137,818
Income from continuing operations, net of tax	$	7,152	$	(2,669	)	$	4,483
Net income	$	10,791	$	(2,669	)	$	8,122
Net income (loss) attributable to common shareholders	$	329	$	(2,669	)	$	(2,340	)
Weighted Average Common Shares:
Basic	97,460,676		—			97,460,676
Diluted	101,462,135		(4,001,459		)	97,460,676
Income (loss) per share from continuing operations:
Basic	$	—	$	(0.02	)	$	(0.02	)
Diluted	$	—	$	(0.02	)	$	(0.02	)
Net income (loss) per share:
Basic	$	—	$	(0.02	)	$	(0.02	)
Diluted	$	—	$	(0.02	)	$	(0.02	)

	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 December 31, 2018 has been reclassified to Deferred credits and other liabilities to conform to the current year’s presentation.

	Twelve months ended
	December 31, 2018
(amounts in thousands, except per share data)	As Reported			Correction			As Revised
Consolidated Statement of Operations:
Net revenues	$	4,346,703		$	144		$	4,346,847
Cost of sales	$	3,422,969		$	5,342		$	3,428,311
Gross margin	$	923,734		$	(5,198	)	$	918,536
Selling, general and administrative	$	733,748		$	418		$	734,166
Operating income (loss)	$	172,658		$	(5,616	)	$	167,042
Other (income) expense(1)	$	(12,970	)	$	(1,063	)	$	(14,033	)
Income before taxes and equity earnings	$	135,577		$	(4,553	)	$	131,024
Income tax expense (benefit)	$	(7,958	)	$	(2,100	)	$	(10,058	)
Income from continuing operations, net of tax	$	143,535		$	(2,453	)	$	141,082
Net income	$	144,273		$	(2,453	)	$	141,820
Net income (loss) attributable to common shareholders(1)	$	144,360		$	(2,453	)	$	141,907
Weighted Average Common Shares:
Basic	104,530,572			—			104,530,572
Diluted	106,360,657			—			106,360,657
Income (loss) per share from continuing operations:
Basic	$	1.38		$	(0.02	)	$	1.36
Diluted	$	1.36		$	(0.03	)	$	1.33
Net income (loss) per share:
Basic	$	1.38		$	(0.02	)	$	1.36
Diluted	$	1.36		$	(0.03	)	$	1.33

(1) Non-controlling interest of $87 for the twelve months ended December 31, 2018 has been reclassified to Other (income) expense 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 18 - Segment Information, Adjusted EBITDA

	Twelve months ended
	December 31, 2017
(amounts in thousands)	As Reported			Correction			As Revised
Net income	$	10,791		$	(2,669	)	$	8,122
Income tax (benefit) expense	$	138,603		$	(785	)	$	137,818
Non-cash foreign exchange transaction/translation (income) loss	$	(2,181	)	$	1,003		$	(1,178	)
Adjusted EBITDA	$	437,613		$	(2,451	)	$	435,162

	Twelve months ended
	December 31, 2018
(amounts in thousands)	As Reported			Correction			As Revised
Net income	$	144,273		$	(2,453	)	$	141,820
Income tax (benefit) expense	$	(7,958	)	$	(2,100	)	$	(10,058	)
Non-cash foreign exchange transaction/translation (income) loss	$	8		$	(1,275	)	$	(1,267	)
Other items	$	117,933		$	(300	)	$	117,633
Adjusted EBITDA	$	465,346		$	(6,128	)	$	459,218

Segment Information: Adjusted EBITDA

	Twelve months ended
	December 31, 2017
(amounts in thousands)	North America			Europe			Australasia			Total Operating Segments			Corporate and Unallocated Costs			Total Consolidated
As Reported	$	273,594		$	132,929		$	74,706		$	481,229		$	(43,616	)	$	437,613
Correction	(402		)	(1,729		)	(320		)	(2,451		)	—			(2,451		)
As Revised	$	273,192		$	131,200		$	74,386		$	478,778		$	(43,616	)	$	435,162

	Twelve months ended
	December 31, 2018
(amounts in thousands)	North America		Europe			Australasia			Total Operating Segments			Corporate and Unallocated Costs			Total Consolidated
As Reported	$	278,975	$	129,202		$	91,172		$	499,349		$	(34,003	)	$	465,346
Correction	551		(6,392		)	(287		)	(6,128		)	—			(6,128		)
As Revised	$	279,526	$	122,810		$	90,885		$	493,221		$	(34,003	)	$	459,218