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Revision of Prior Period Financial Statements
 3 Months Ended
Mar. 28, 2020
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.
 
Three Months Ended
 
March 30, 2019
(amounts in thousands, except per share data)
As Reported
 
Correction
 
As Revised
Consolidated Statement of Operations:
 
 
 
 
 
Net revenues
$
1,010,906

 
$
(646
)
 
$
1,010,260

Cost of sales
$
802,458

 
$
(327
)
 
$
802,131

Gross margin
$
208,448

 
$
(319
)
 
$
208,129

Selling, general and administrative
$
163,378

 
$
722

 
$
164,100

Operating income (loss)
$
41,351

 
$
(1,041
)
 
$
40,310

Other (income) expense(1)
$
(3,195
)
 
$
(261
)
 
$
(3,456
)
Income before taxes and equity earnings
$
26,890

 
$
(780
)
 
$
26,110

Income tax expense (benefit)
$
10,337

 
$
12

 
$
10,349

Income from continuing operations, net of tax
$
16,553

 
$
(792
)
 
$
15,761

Net income (loss)
$
16,553

 
$
(792
)
 
$
15,761

Net income (loss) attributable to common shareholders
$
16,569

 
$
(792
)
 
$
15,777


(1)
Non-controlling interest of $16 for the three months ended March 30, 2019 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.
Reconciliation of pre-tax net income (loss) to Note 13 - Segment Information, Adjusted EBITDA
 
Three months ended
 
March 30, 2019
(amounts in thousands)
As Reported
 
Correction
 
As Revised
Net income (loss)
$
16,553

 
$
(792
)
 
$
15,761

Income tax expense
$
10,337

 
$
12

 
$
10,349

Non-cash foreign exchange transaction/translation (income) loss
$
(3,425
)
 
$
(261
)
 
$
(3,686
)
Other items
$
11,683

 
$
(280
)
 
$
11,403

Adjusted EBITDA
$
90,599

 
$
(1,321
)
 
$
89,278


Segment Information: Adjusted EBITDA
 
Three months ended
 
March 30, 2019
(amounts in thousands)
North
America
 
Europe
 
Australasia
 
Total Operating
Segments
 
Corporate
and
Unallocated
Costs
 
Total
Consolidated
As Reported
$
53,540

 
$
28,169

 
$
16,426

 
$
98,135

 
$
(7,536
)
 
$
90,599

Correction
(744
)
 
(531
)
 
(46
)
 
(1,321
)
 
—

 
(1,321
)
As Revised
$
52,796

 
$
27,638

 
$
16,380

 
$
96,814

 
$
(7,536
)
 
$
89,278