DOOR Masonite International Corporation

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Unless we state otherwise or the context otherwise requires, references to "Masonite," "we," "our," "us" and the "Company" in these notes to the condensed consolidated financial statements refer to Masonite International Corporation and its subsidiaries.

Description of Business

Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door solutions for the residential and non-residential building construction markets' new construction and repair, renovation and remodeling sectors. Masonite operates 64 manufacturing locations in seven countries and sells doors to customers throughout the world, including the United States, Canada and the United Kingdom.

Basis of Presentation

We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year.

Changes in Accounting Standards and Policies

There have been no changes in the significant accounting policies from those that were disclosed in the fiscal year 2023 audited consolidated financial statements, other than as noted below.

Adoption of Recent Accounting Pronouncements

In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements.

Other Recent Accounting Pronouncements not yet Adopted

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and

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provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.

Arrangement Agreement with Owens Corning

On February 8, 2024, we entered into an Arrangement Agreement (the “Arrangement Agreement”) with Owens Corning (“Owens Corning”), a Delaware corporation, and MT Acquisition Co LLC (“Purchaser”), a British Columbia unlimited liability company and a wholly owned subsidiary of Owens Corning. Subject to the terms and conditions of the Arrangement Agreement, Owens Corning, through Purchaser, agreed to acquire the Company for $133.00 per issued and outstanding share of our common stock, no par value (the “Shares”), in an all-cash transaction. Pursuant to the Arrangement Agreement, following consummation of implementation of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”), the Company will be a wholly owned subsidiary of Owens Corning.

Pursuant to the terms of the Arrangement Agreement, and subject to the terms and conditions set forth therein, at the effective time of the Transaction (the “Effective Time”), each Share (other than any Share that is held by Owens Corning or any of its subsidiaries or any Share as to which dissent rights have been properly exercised by the holder thereof in accordance with British Columbia law) issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $133.00 in cash, without interest.

If the Arrangement Agreement is terminated under certain specified circumstances, we or Owens Corning will be required to pay a termination fee. We will be required to pay Owens Corning a termination fee of $75.0 million under specified circumstances, including (a) termination of the Arrangement Agreement in connection with our entry into an agreement with respect to a Superior Proposal (as defined in the Arrangement Agreement) prior to us receiving stockholder approval of the Transaction, (b) termination by Owens Corning upon an Adverse Recommendation Change (as defined in the Arrangement Agreement), or (c) termination in certain circumstances by either Owens Corning or us upon failure to obtain Masonite Shareholder Approval (as defined in the Arrangement Agreement) or by Owens Corning if we breach our representations, warranties or covenants in a manner that would result in a failure of an applicable closing condition to be satisfied and, if curable, we fail to cure such breach during specific time periods, in each case, if certain other conditions are met. Owens Corning will be required to pay us a reverse termination fee under specified circumstances, including termination of the Arrangement Agreement due to a permanent injunction arising from Competition Laws (as defined in the Arrangement Agreement) when we are not then in material breach of any provision of the Arrangement Agreement and if certain other conditions are met, in an amount equal to $150.0 million.

The consummation of the Transaction is subject to customary closing conditions, including, among others, (1) the adoption of a resolution approving the Transaction by at least two-thirds of the votes cast by our shareholders represented in person or by proxy at the special meeting, (2) the issuance of interim and final orders by the Supreme Court of British Columbia approving the Transaction, (3) the expiration or termination of any applicable waiting period or periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain required regulatory clearances and approvals in other jurisdictions under applicable antitrust and foreign direct investment laws and regulations, including in Canada, Mexico and the United Kingdom, and (4) the absence of any law, injunction, order or other judgment prohibiting, rendering illegal or permanently enjoining the consummation of the Transaction, certain of which are still pending. On April 25, 2024, Masonite shareholders approved the Transaction at a special meeting of shareholders and the applicable waiting period under the HSR Act expired at 11:59 p.m. on April 26, 2024. Each of Masonite’s and Owens Corning’s obligation to consummate the Transaction is also subject to the accuracy of the other party’s representations and warranties contained in the Arrangement Agreement (subject, with specified exceptions, to materiality or “Material Adverse Effect” standards), the other party’s performance of its covenants and agreements in the Arrangement Agreement in all material respects, and in the case of Purchaser’s obligation to consummate the Transaction, the absence of any “Material Adverse Effect” relating to us. The Transaction is currently expected to close by mid-2024, subject to the satisfaction (or waiver, if applicable) of each closing condition.

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Acquisitions

Fleetwood

On October 19, 2023, the Company completed the acquisition of all of the issued and outstanding limited liability company interests of Fleetwood Aluminum Products, LLC (“Fleetwood”). The total consideration for this acquisition amounted to approximately $279.5 million, inclusive of $26.2 million designated for potential purchase price adjustments and indemnification claims and which is currently held in an escrow account controlled by a third party. The total consideration was funded with a combination of cash on hand and borrowings under the ABL Facility. Fleetwood is a leading designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. Their products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors and folding glass door wall systems, as well as accompanying premium window products. The acquisition aligns with the Doors That Do MoreTM strategy focused on bringing differentiated door systems to the residential market.

The Company has accounted for the acquisition as a business combination and allocated the preliminary estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The Company has not yet completed its evaluation and determination of the value of certain assets acquired and liabilities assumed, primarily involving (i) certain historical information used in the final valuation of intangible assets, and (ii) the final assessment and valuation of inventory and deferred income taxes, which could impact goodwill during the measurement period. The $73.9 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. Goodwill represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, such as the delivery of luxury products, which supports our Doors That Do MoreTM strategy. This goodwill is deductible for tax purposes and relates to the North American Residential segment.

The allocation of the purchase price to assets acquired and liabilities assumed is as follows:

(In thousands)			Initial Purchase Price Allocation			Measurement Period Adjustments			Purchase Price Allocation
Cash acquired			$	5,169		$	—		$	5,169
Accounts receivable, net			5,584			—			5,584
Inventories, net			39,248			—			39,248
Prepaid expenses and other			957			—			957
Property, plant and equipment, net			8,072			—			8,072
Right-of-use asset			16,009			—			16,009
Intangible assets			163,900			—			163,900
Total assets acquired			238,939			—			238,939
Accounts payable and accrued expenses			(20,773)			—			(20,773)
Operating lease liability			(12,546)			—			(12,546)
Total liabilities assumed			(33,319)			—			(33,319)
Goodwill			73,464			392			73,856
Total purchase price			$	279,084		$	392		$	279,476

The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. Customer relationships and patents acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $5.6 million.

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Endura

On January 3, 2023, we completed the acquisition of 100% of the outstanding equity of EPI Holdings, Inc. ("Endura"), for total consideration of approximately $403.3 million, including an $18.0 million holdback which is payable 24 months after the acquisition date and was recorded in the consolidated balance sheets as a component of other liabilities. The total consideration was funded with borrowings under our Term Loan Facility and ABL Facility. Endura is a leading innovator and manufacturer of high-performance door frames and door system components in the United States. Endura’s product offerings include engineered frames, self-adjusting sill systems, weather sealing, multi-point locks and installation accessories used by builders and contractors in residential new construction as well as repair and remodeling applications. The acquisition is intended to accelerate our Doors That Do MoreTM strategy and maximize our growth potential. The $181.2 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our existing business and acquisition of the assembled workforce. This goodwill is not deductible for tax purposes and relates to the North American Residential segment.

The Company has accounted for the acquisition as a business combination and allocated the estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach.

The allocation of the purchase price to assets acquired and liabilities assumed is as follows:

(In thousands)			Initial Purchase Price Allocation			Measurement Period Adjustments			Purchase Price Allocation
Cash acquired			$	32,501		$	(100)		$	32,401
Accounts receivable, net			7,871			290			8,161
Inventories, net			44,183			35			44,218
Property, plant and equipment, net			54,373			10,520			64,893
Intangible assets			135,800			(7,400)			128,400
Other assets and liabilities, net			2,868			(38)			2,830
Total assets acquired			277,596			3,307			280,903
Accounts payable and accrued expenses			(15,088)			(190)			(15,278)
Deferred income taxes			(44,345)			849			(43,496)
Total liabilities assumed			(59,433)			659			(58,774)
Goodwill			189,938			(8,780)			181,158
Total purchase price			$	408,101		$	(4,814)		$	403,287

The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. The intangible assets acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $8.3 million.

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Intangible assets acquired from the 2023 acquisitions consist of the following:

(In thousands, except useful life amounts)			Endura						Expected Useful Life (Years)						Fleetwood						Expected Useful Life (Years)
Customer relationships			$	108,600					15						$	112,100					12
Trademarks and trade names			6,600						10						25,200						Indefinite
Patents			13,200						12						22,600						10
Backlog			—												4,000						1
Total intangible assets acquired			$	128,400											$	163,900

The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date.

			Three Months Ended March 31, 2024
(In thousands)			Endura						Fleetwood						Total 2023 Acquisitions
Net sales			$	53,434					$	27,303					$	80,737
Net income attributable to Masonite			3,440						1,682						5,122

For the three months ended April 2, 2023, Endura had $59.8 million in net sales and $4.5 million in net loss attributable to Masonite.

Pro Forma Information

The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations.

			Three Months Ended
(In thousands, except per share information)			April 2, 2023
Net sales			$	780,584
Net income attributable to Masonite			49,174
Basic earnings per common share attributable to Masonite			$	2.22
Diluted earnings per common share attributable to Masonite			$	2.19

Divestitures

On April 23, 2024, we entered into an agreement to sell our Architectural reporting segment for a purchase price of approximately $75 million subject to customary post-closing adjustments. We expect to complete the transaction in the second quarter of 2024. Refer to Note 16. Subsequent Events for additional information.

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Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 62.5% and 65.2% of total accounts receivable as of March 31, 2024, and December 31, 2023, respectively. Each of our two largest customers, The Home Depot, Inc. and Lowe's Companies, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of March 31, 2024, and December 31, 2023. The allowance for doubtful accounts balance was $1.8 million and $3.1 million as of March 31, 2024, and December 31, 2023, respectively.

We maintain an accounts receivable sales program with a third party (the "AR Sales Program"). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this AR Sales Program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income.

In most countries we pay and collect Value Added Tax ("VAT") when procuring goods and services within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims.

The amounts of inventory on hand were as follows as of the dates indicated:

(In thousands)			March 31, 2024						December 31, 2023
Raw materials			$	284,818					$	296,747
Finished goods			112,647						106,919
Provision for obsolete or aged inventory			(13,599)						(12,467)
Inventories, net			$	383,866					$	391,199

The details of our accrued expenses were as follows as of the dates indicated:

(In thousands)			March 31, 2024						December 31, 2023
Accrued payroll			$	61,581					$	81,004
Accrued rebates			38,137						51,457
Current portion of operating lease liabilities			30,353						32,299
Accrued interest			8,428						18,296
Other accruals			87,001						57,420
Total accrued expenses			$	225,500					$	240,476

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Interest expense related to our consolidated indebtedness under our senior unsecured notes, Term Loan Facility and ABL Facility was $12.1 million and $15.4 million for the three months ended March 31, 2024 and April 2, 2023, respectively.

3.50% Senior Notes due 2030

On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par.

Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2030 Notes.

5.375% Senior Notes due 2028

On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par.

Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2028 Notes.

Term Loan Facility

On December 13, 2022, we and certain of our subsidiaries entered into a new delayed-draw term loan credit agreement (the "Term Loan Credit Agreement") maturing on December 12, 2027 (the "Term Loan Maturity Date"). The Term Loan Credit Agreement provides for a senior secured five-year delayed-draw term loan facility of $250.0 million (the "Term Loan Facility"). Loans under the Term Loan Facility (the "Term Loans") will bear interest at a rate equal to, at our option, (1) the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (2) an alternate base rate equal to the greatest of (i) the "Prime Rate" in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in U.S. dollars, (iii) 1.00% above the Adjusted Term SOFR Rate for a one month interest period and (iv) 1.00%, plus, in each case, an applicable margin of 1.25%, subject to, in each of cases (1) and (2), an agreed interest rate floor. The Term Loans are repayable in equal quarterly installments for an annual aggregate amortization payment equal to 15% of the aggregate principal amount of the Term Loans, with the balance of the principal being due on the Term Loan Maturity Date.

Obligations under the Term Loan Credit Agreement are fully and unconditionally guaranteed, jointly and severally, by us and by certain of our directly or indirectly wholly owned subsidiaries organized in the United States and are secured by the equity in, and substantially all the assets of, such subsidiaries. The Term Loans were funded in an amount of $250.0 million and applied to finance a portion of the consideration payable in connection with the consummation of the Endura acquisition on January 3, 2023. We received net proceeds of $246.4 million after deducting

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$3.6 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the Term Loan using the effective interest method.

The Term Loan Credit Agreement contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the Term Loan Credit Agreement.

ABL Facility

On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. On October 28, 2022, we and certain of our subsidiaries entered into an amendment which, among other things, (i) increased the revolving credit commitments available thereunder by $100.0 million to an aggregate amount of $350.0 million and (ii) replaced the LIBOR-based interest rate applicable to borrowings thereunder in U.S. dollars with an interest rate based on the sum of (x) a "Term SOFR" rate published by the CME Group Benchmark Administration Limited (CBA) plus (y) 10 basis points ("Adjusted Term SOFR"). Additionally, on December 12, 2022, we entered into an amendment to the ABL Facility, which, among other things, extended the maturity of the ABL Facility from January 31, 2024 to December 12, 2027. The terms of the ABL Facility remained otherwise substantially unchanged and are described in detail in our Annual Report. On January 3, 2023, we borrowed $100.0 million under our ABL Facility in order to fund a portion of the cash consideration paid for the acquisition of Endura. During the first quarter of 2023, we repaid all amounts outstanding under the ABL Facility.

The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.1 million under our ABL Facility, and there were no amounts outstanding as of March 31, 2024.

Debt Maturities

The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024:

(In thousands)			Scheduled Amortization Payments
Fiscal year:
2024 (remainder)			$	28,125
2025			37,500
2026			37,500
2027			109,375
2028			500,000
Thereafter			375,000
Total aggregated principal value			$	1,087,500

We may become involved from time-to-time in litigation and regulatory compliance matters incidental to our business, including employment and wage and hour claims, antitrust, tax, product liability, environmental, health and safety, commercial disputes, intellectual property, contracts and other matters arising out of the normal conduct of our business. Since litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review and accrue for contingencies related to litigation and regulatory compliance matters, if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on current information, in the opinion of management, the ultimate resolution of

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these matters, individually or in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows.

Antitrust Class Action Proceedings - Canada

On May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Corporation Internationale Masonite, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. On December 22, 2020, the parties filed a motion with the court seeking to stay the proceeding.

On October 2, 2020, an intended class proceeding was commenced in the Federal Court of Canada naming as defendants Masonite International Corporation, Masonite Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. The plaintiff served its certification record on March 31, 2021.

On November 3, 2023, the Company entered into a preliminary settlement agreement with the plaintiff class that would result in the resolution of all the plaintiffs’ underlying claims and lawsuits in exchange for a payment by the Company of approximately $0.9 million. As a result, for the year ended December 31, 2023, we paid approximately $0.9 million and recorded a charge in selling, general and administrative expense in the condensed consolidated statement of income and comprehensive income in connection with this matter. The preliminary settlement agreement is subject to court approval. A settlement approval hearing date has not yet been set.

Share based compensation expense was $6.9 million and $6.1 million for the three months ended March 31, 2024 and April 2, 2023, respectively. As of March 31, 2024, the total remaining unrecognized compensation expense related to share based compensation amounted to $41.4 million, which will be amortized over the weighted average remaining requisite service period of 1.8 years.

Equity Incentive Plans

Our equity incentive plans under the 2021 Equity Plan and 2012 Plan are described in detail and defined in our Annual Report. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Equity Plan cannot exceed 880,000 shares; plus the number of shares reserved for the 2012 Plan that is in excess of the number of shares related to outstanding grants; plus the number of shares subject to existing grants under the 2012 Plan that may expire or be forfeited or cancelled. As of March 31, 2024, there were 649,363 shares of common stock available for future issuance under the 2021 Equity Plan.

Deferred Compensation Plan

We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described and defined in our Annual Report. As of March 31, 2024, the liability and asset relating to deferred compensation had a fair value of $9.8 million and $8.2 million, respectively. As of March 31, 2024, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework.

Stock Appreciation Rights

We have granted Stock Appreciation Rights ("SARs") to certain employees, which entitle the recipient to the appreciation in value of granted common shares over the exercise price over a period of time, each as specified in the applicable award agreement. The exercise price of any SAR granted may not be less than the fair market value of our common shares on the date of grant. The compensation expense for the SARs is measured based on the fair value of the SARs at the date of grant and is recognized over the requisite service period. The SARs vest over a maximum of three

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years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. We recognize forfeitures of SARs in the period in which they occur.

The total fair value of SARs vested was $0.8 million during the three months ended March 31, 2024.

Three Months Ended March 31, 2024			Stock Appreciation Rights						Aggregate Intrinsic Value (in thousands)						Weighted Average Exercise Price						Average Remaining Contractual Life (Years)
Outstanding, beginning of period			199,838						$	2,365					$	77.09					6.4
Granted			—												—
Exercised			(2,211)						11						87.50
Cancelled and forfeited			(892)												107.68
Outstanding, end of period			196,735						$	10,745					$	76.83					6.3
Exercisable, end of period			166,359						$	9,447					$	74.66					5.9

The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is expected to be recognized over the average requisite service period of 2.0 years. Expected volatility is based upon the historical volatility of our common shares amongst other considerations. The expected term is calculated based upon historical employee exercise behavior and the contractual term of the SAR amongst other considerations. As of March 31, 2024, there were no SARs granted.

Restricted Stock Units

We have granted Restricted Stock Units ("RSUs") to directors and certain employees under the 2021 Equity Plan and the 2012 Plan. The RSUs confer the right to receive shares of our common stock at a specified future date or when certain conditions are met. The compensation expense for the RSUs granted is based on the fair value of the RSUs at the date of grant, which is equal to the stock price on the date of grant and is recognized over the requisite service period. The RSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. It is assumed that all time-based RSUs will vest. We recognize forfeitures of RSUs in the period in which they occur.

Three Months Ended March 31, 2024			Total Restricted Stock Units Outstanding						Weighted Average Grant Date Fair Value
Outstanding, beginning of period			340,024						$	91.02
Granted			187,840						127.64
Delivered			(108,335)						93.54
Withheld to cover (1)			(8,033)
Forfeited			(4,417)						95.27
Outstanding, end of period			407,079						$	107.15

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(1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.

RSUs granted during the three months ended March 31, 2024, vest at specified future dates with only service requirements. The value of RSUs granted in the three months ended March 31, 2024, was $24.0 million and is being recognized over the weighted average requisite service period of 2.0 years. During the three months ended March 31, 2024, 116,368 RSUs vested at a fair value of $10.9 million.

Performance-based Restricted Stock Units

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We have granted certain Performance-based Restricted Stock Units ("PRSUs") under the 2021 Equity Plan and the 2012 Plan. These PRSUs are settled with payouts ranging from zero to 200% of the target award value depending on performance goal achievement. The compensation expense for the PRSUs awarded is based on the fair value of the PRSUs at the date of grant, which is equal to the stock price on the date of grant, and is recognized over the requisite service period. In 2023, we granted certain PRSUs with an additional condition measured by Relative Total Shareholder Return ("TSR"). The compensation expense for these PRSUs is determined using the Monte Carlo simulation method. The PRSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted.

Three Months Ended March 31, 2024			Total Performance Restricted Stock Units Outstanding						Weighted Average Grant Date Fair Value
Outstanding, beginning of period			319,221						$	95.55
Granted			—						—
Performance adjustment (1)			—						—
Delivered			(21,730)						109.25
Withheld to cover (2)			(8,077)
Forfeited			(15,553)						108.72
Outstanding, end of period			273,861						$	93.31

___________

(1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target.

(2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.

In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan"). The optimization of our manufacturing capacity involves specific plants in the Europe segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2024 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $5 million to $8 million of additional charges related to the 2024 Plan.

In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan"). The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2022 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $2 million to $7 million of additional charges related to the 2022 Plan.

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The following tables summarize the restructuring (benefit) costs recorded for the periods indicated:

			Three Months Ended March 31, 2024
(In thousands)			North American Residential						Europe						Architectural						Corporate & Other						Total
2024 Plan			$	—					$	961					$	—					$	—					$	961
2022 Plan			450						—						—						(17)						433
Total Restructuring Costs			$	450					$	961					$	—					$	(17)					$	1,394

			Three Months Ended April 2, 2023
(In thousands)			North American Residential						Europe						Architectural						Corporate & Other						Total
2022 Plan			$	2,380					$	—					$	684					$	614					$	3,678
Total Restructuring (Benefit) Costs			$	2,380					$	—					$	684					$	614					$	3,678

			Cumulative Amount Incurred Through March 31, 2024
(In thousands)			North American Residential						Europe						Architectural						Corporate & Other						Total
2024 Plan			$	—					$	1,119					$	—					$	—					$	1,119
2022 Plan			11,062						—						864						610						12,536
Total Restructuring Costs			$	11,062					$	1,119					$	864					$	610					$	13,655

The changes in the accrual for restructuring by activity were as follows for the periods indicated:

(In thousands)			December 31, 2023						Severance						Closure Costs						Cash Payments												March 31, 2024
2024 Plan			$	—					$	845					$	116					$	(929)											$	32
2022 Plan			—						352						81						(433)												—
Total			$	—					$	1,197					$	197					$	(1,362)											$	32

The effective tax rate differs from the Canadian statutory rate of 26.13% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate. In addition, we recognized $1.1 million of income tax benefit due to exercise and delivery of share based awards during the three months ended March 31, 2024, compared to zero income tax benefit during the three months ended April 2, 2023.

Basic earnings per share ("EPS") is calculated by dividing earnings attributable to Masonite by the weighted average number of our common shares outstanding during the period. Diluted EPS is calculated by dividing earnings attributable to Masonite by the weighted average number of common shares plus the incremental number of shares issuable from non-vested and vested RSUs and SARs outstanding during the period.

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(In thousands, except share and per share information)			Three Months Ended
			March 31, 2024						April 2, 2023
Net income attributable to Masonite			$	61,055					$	38,491
Shares used in computing basic earnings per share			21,891,366						22,183,068
Effect of dilutive securities:
Incremental shares issuable under share compensation plans			431,382						297,165
Shares used in computing diluted earnings per share			22,322,748						22,480,233
Basic earnings per common share attributable to Masonite			$	2.79					$	1.74
Diluted earnings per common share attributable to Masonite			$	2.74					$	1.71
Anti-dilutive instruments excluded from diluted earnings per common share			1,383						191,385

The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method.

The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date.

The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation.

Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The Corporate & Other category includes unallocated corporate costs and the results of immaterial operating segments which were not aggregated into any reportable segment. In addition to similar economic characteristics, we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors.

Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Adjusted EBITDA is defined as net income (loss) attributable to Masonite adjusted to exclude the following items, as applicable:

•    depreciation;

•    amortization;

•    share based compensation expense;

•    loss (gain) on disposal of property, plant and equipment;

•    registration and listing fees;

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•    restructuring costs (benefit);

•    asset impairment;

•    loss (gain) on disposal of subsidiaries;

•    interest expense (income), net;

•    loss on extinguishment of debt;

•    other expense (income), net;

•    income tax expense (benefit);

•    other items;

•    loss (income) from discontinued operations, net of tax; and

•    net income (loss) attributable to non-controlling interest.

This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2030 Notes and the 2028 Notes and the credit agreements governing the Term Loan Facility and the ABL Facility. Although Adjusted EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, it is used to evaluate and compare the operating performance of our reportable segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices.

Certain information with respect to reportable segments is as follows for the periods indicated:

			Three Months Ended March 31, 2024
(In thousands)			North American Residential						Europe						Architectural						Corporate & Other						Total
Net sales			$	531,357					$	58,487					$	78,743					$	3,765					$	672,352
Intersegment sales			(714)						(95)						(3,204)						—						(4,013)
Net sales to external customers			$	530,643					$	58,392					$	75,539					$	3,765					$	668,339
Adjusted EBITDA			$	106,801					$	1,941					$	4,816					$	(16,458)					$	97,100

			Three Months Ended April 2, 2023
(In thousands)			North American Residential						Europe						Architectural						Corporate & Other						Total
Net sales			$	569,429					$	63,716					$	92,861					$	5,349					$	731,355
Intersegment sales			(390)						(22)						(4,959)						—						(5,371)
Net sales to external customers			$	569,039					$	63,694					$	87,902					$	5,349					$	725,984
Adjusted EBITDA			$	107,881					$	5,151					$	5,350					$	(12,217)					$	106,165

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A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated:

			Three Months Ended
(In thousands)			March 31, 2024						April 2, 2023
Net income attributable to Masonite			$	61,055					$	38,491
Plus:
Depreciation			27,568						21,485
Amortization			10,876						7,421
Share based compensation expense			6,930						6,054
Loss on disposal of property, plant and equipment			1,068						1,038
Restructuring costs			1,394						3,678
Interest expense, net			12,022						14,252
Other (income) expense, net (1)			(85,250)						52
Income tax expense			23,278						11,360
Other items (2)			37,832						1,381
Net income attributable to non-controlling interest			327						953
Adjusted EBITDA			$	97,100					$	106,165

(1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024.

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A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated:

			Three Months Ended
(In thousands)			March 31, 2024						April 2, 2023
Accumulated foreign currency translation losses, beginning of period			$	(113,023)					$	(132,001)
Foreign currency translation (loss) gain			(4,907)						8,949
Income tax (benefit) expense on foreign currency translation loss			(9)						—
Less: foreign currency translation (loss) gain attributable to non-controlling interest			(155)						(8)
Accumulated foreign currency translation losses, end of period			(117,784)						(123,044)
Accumulated pension and other post-retirement adjustments, beginning of period			(7,169)						(10,223)
Amortization of actuarial net losses			218						191
Income tax expense on amortization of actuarial net losses			—						(45)
Accumulated pension and other post-retirement adjustments			(6,951)						(10,077)
Accumulated other comprehensive loss			$	(124,735)					$	(133,121)
Other comprehensive (loss) income, net of tax			$	(4,698)					$	9,095
Less: other comprehensive (loss) income attributable to non-controlling interest			(155)						(8)
Other comprehensive (loss) income attributable to Masonite			$	(4,543)					$	9,103

Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of income and comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of income and comprehensive income.

Foreign currency translation losses as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended March 31, 2024, were $4.9 million, primarily driven by the weakening of the Canadian dollar, the British pound sterling and the Euro in comparison to the U.S. dollar during the period.

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Certain cash and non-cash transactions were as follows for the periods indicated:

			Three Months Ended
(In thousands)			March 31, 2024						April 2, 2023
Transactions involving cash:
Interest paid			$	25,356					$	23,872
Interest received			4,422						2,210
Income taxes paid			5,185						16,267
Income tax refunds			447						41
Cash paid for operating lease liabilities			9,302						9,095
Cash paid for finance lease liabilities			354						358
Non-cash transactions:
Right-of-use assets acquired under operating leases			43,414						11,374
Holdback of portion of Endura purchase payable			18,000						18,000

The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated:

(In thousands)			March 31, 2024						December 31, 2023
Cash and cash equivalents			$	230,441					$	137,414
Restricted cash			12,426						11,926
Total cash, cash equivalents and restricted cash			$	242,867					$	149,340

Property, plant and equipment additions in accounts payable were $9.5 million and $9.0 million as of March 31, 2024, and December 31, 2023, respectively.

On December 17, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PGT Innovations, Inc., (“PGTI”) in which Masonite would have acquired PGTI for a combination of cash and Masonite shares with a total transaction value of $3.0 billion. On January 15, 2024, PGTI delivered to Masonite a notice of receipt of a Superior Proposal (as defined in the Merger Agreement) in accordance with Section 6.04(d) of the Merger Agreement. On January 16, 2024, Masonite agreed to waive the four business day match period provided under the Merger Agreement. Accordingly, on January 16, 2024, PGTI terminated the Merger Agreement pursuant to Section 10.01(d)(i) thereunder, and, consistent with the terms of the Merger Agreement, Masonite received a termination fee of $84.0 million in cash. The termination fee was recognized as other income in the consolidated statements of income and comprehensive income.

During the fourth quarter of 2018, we provided debt financing to a distribution company via an interest-bearing note that was scheduled to mature in 2028. The interest-bearing note receivable was carried at amortized cost, with the interest payable in kind at the election of the borrower. The note receivable balance was $12.6 million as of January 1, 2023, and was recorded in the consolidated balance sheets as a component of prepaid expenses and other assets. On January 26, 2023, the note receivable was redeemed and fully repaid.

The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, income taxes receivable, accounts payable, accrued expenses and income taxes payable approximate fair value because of the short-term maturity of those instruments. The carrying amount of our Term Loan Facility approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair values and carrying values of our long-term

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senior note debt instruments were as follows for the periods indicated:

			March 31, 2024												December 31, 2023
(In thousands)			Fair Value						Carrying Value						Fair Value						Carrying Value
3.50% senior unsecured notes due 2030			$	332,194					$	371,814					$	324,956					$	371,679
5.375% senior unsecured notes due 2028			$	501,230					$	496,794					$	482,285					$	496,609

These estimates are based on market quotes and calculations based on current market rates available to us and are categorized as having Level 2 valuation inputs as established by the FASB's Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management's expectations.

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Architectural Disposition

On April 23, 2024 (the "Signing Date"), the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") providing for the disposition (the "Disposition") of the Company's Architectural reporting segment (the "Architectural Business") for a purchase price of approximately $75 million subject to customary post-closing adjustments. The Disposition is expected to be completed in the second quarter of 2024.

The Company applied the criteria in ASC 360-10-45-9, "Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale," to determine whether the aforementioned long-lived asset group should be classified as held for sale as of the Signing Date and concluded that the material long-lived asset group did meet all the requisite criteria as of the Signing Date. The net assets will be recorded at fair value less the estimated cost to sell. Masonite anticipates recording a net non-cash impairment charge during the second quarter of 2024 in the preliminary range of $90 to $100 million (the “Impairment”) as a result of the Disposition. Masonite does not anticipate that this charge will result in future cash expenditures. The final amount of the non-cash impairment charge may vary from the preliminary range as a result of a number of factors, including (i) the fair value of any indemnification liabilities, (ii) changes in foreign exchange rates, (iii) the working capital of the Architectural Business upon consummation of the transaction, (iv) the evaluation of any income tax impacts and (v) other assumptions used including discount rates, allocations and costs to sell.

The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following:

(In millions)
Architectural Assets			March 31, 2024
Accounts Receivable			$	27.7
Inventory			51.6
Other Current Assets			5.0
PP&E			98.9
Intangibles			1.8
Other Assets			11.2
Current Liabilities			(27.3)
Long Term Liabilities			(5.9)
Net Assets			$	163.0

Owens Corning Tender Offer

As previously disclosed, on April 15, 2024, the Company and Owens Corning jointly issued a press release to announce, in connection with the anticipated acquisition of the Company by Owens Corning, (i) the commencement of an offer (the “Offer to Purchase”) by Owens Corning to purchase for cash any and all of the 2028 Notes, issued pursuant to that certain Indenture, dated as of July 25, 2019 (the “Base Indenture” and, as amended, supplemented or otherwise modified prior to the Supplemental Indenture defined below, the “Indenture”), among Masonite International Corporation, the guarantors party thereto (the “Guarantors”) and Computershare Trust Company, N.A., as trustee (the “Trustee”), and (ii) a related consent solicitation by the Company soliciting consents of holders of the 2028 Notes to adopt certain proposed amendments (the “Proposed Amendments”) to the Indenture to eliminate certain covenants, restrictive provisions and events of default from the Base Indenture (the “Consent Solicitation”). The Offer to Purchase and Consent Solicitation were each made to holders pursuant to the terms of and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated April 15, 2024 (the “Statement”).

As of 5:00 p.m., New York City time, on April 26, 2024, $441,351,000 of the 2028 Notes, or approximately 88.27% of the outstanding principal amount thereof, were tendered and not validly withdrawn, and the related consents were delivered and not validly revoked, which amount was sufficient to constitute the requisite consents under the Indenture to approve the Proposed Amendments. On April 29, 2024, Masonite International Corporation, the Guarantors

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and the Trustee accordingly entered into the Fourth Supplemental Indenture to the Indenture (the “Supplemental Indenture”) in order to adopt the Proposed Amendments.

The Supplemental Indenture became effective upon execution. However, the Proposed Amendments will not become operative unless and until all conditions to the Consent Solicitation set forth in the Statement have been satisfied or waived, as applicable, including, among other conditions, (i) that the 2028 Notes that are validly tendered (and not validly withdrawn) have been accepted for purchase and paid for by Owens Corning in accordance with the terms of the Offer to Purchase and the Consent Solicitation set forth in the Statement and (ii) the consummation of the anticipated acquisition of the Company by Owens Corning. As a result, the Proposed Amendments will have no force or effect unless and until all conditions set forth in the Statement have been satisfied or waived, as applicable, and all terms and conditions as set forth in the Indenture immediately prior to the execution of the Supplemental Indenture will continue to govern.

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v3.24.1.u1

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-11796
Entity Registrant Name	Masonite International Corporation
Entity Tax Identification Number	98-0377314
Entity Address, Address Line One	2771 Rutherford Road
Entity Address, City or Town	Concord
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	L4K 2N6
Entity Address, Country	CA
City Area Code	800
Local Phone Number	895-2723
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	DOOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,983,958
Entity Central Index Key	0000893691
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	A1

v3.24.1.u1

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 668,339	$ 725,984
Cost of goods sold	502,869	555,493
Gross profit	165,470	170,491
Selling, general and administration expenses	152,644	101,705
Restructuring costs	1,394	3,678
Operating income	11,432	65,108
Interest expense, net	12,022	14,252
Other (income) expense, net	(85,250)	52
Income before income tax expense	84,660	50,804
Income tax expense	23,278	11,360
Net income	61,382	39,444
Less: net income attributable to non-controlling interests	327	953
Net income attributable to Masonite	$ 61,055	$ 38,491
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 2.79	$ 1.74
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 2.74	$ 1.71
Comprehensive income:
Net income	$ 61,382	$ 39,444
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(4,907)	8,949
Amortization of actuarial net losses	218	191
Income tax expense related to other comprehensive (loss) income	(9)	(45)
Other comprehensive (loss) income, net of tax	(4,698)	9,095
Comprehensive income	56,684	48,539
Less: comprehensive income attributable to non-controlling interests	172	945
Comprehensive income attributable to Masonite	$ 56,512	$ 47,594

v3.24.1.u1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 230,441	$ 137,414
Restricted cash	12,426	11,926
Accounts receivable, net	336,472	326,224
Inventories, net	383,866	391,199
Prepaid expenses and other assets	60,168	60,092
Income taxes receivable	27,928	26,544
Total current assets	1,051,301	953,399
Property, plant and equipment, net	743,900	747,970
Operating lease right-of-use assets	235,408	202,806
Investment in equity investees	21,360	20,378
Goodwill	294,846	294,710
Intangible assets, net	391,913	402,941
Deferred income taxes	10,420	26,658
Other assets	37,570	36,517
Total assets	2,786,718	2,685,379
Current liabilities:
Accounts payable	151,392	113,208
Accrued expenses	225,500	240,476
Income taxes payable	11,281	3,400
Long-Term Debt, Current Maturities	37,500	37,500
Total current liabilities	425,673	394,584
Long-term debt	1,040,536	1,049,384
Long-term operating lease liabilities	226,058	186,647
Deferred income taxes	116,348	120,278
Other liabilities	58,049	75,158
Total liabilities	1,866,664	1,826,051
Commitments and Contingencies
Equity:
Share capital: unlimited shares authorized, no par value, 21,976,156 and 21,835,474 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively	538,746	525,232
Additional paid-in capital	223,442	231,332
Retained earnings	272,936	211,881
Accumulated other comprehensive loss	(124,735)	(120,192)
Total equity attributable to Masonite	910,389	848,253
Equity attributable to non-controlling interests	9,665	11,075
Total equity	920,054	859,328
Total liabilities and equity	$ 2,786,718	$ 2,685,379

v3.24.1.u1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Shares issued (in shares)	21,976,156	21,835,474
Shares outstanding (in shares)	21,976,156	21,835,474

v3.24.1.u1

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Equity Attributable to Noncontrolling Interests
Balance at beginning of period at Jan. 01, 2023	$ 742,782	$ 520,003	$ 226,514	$ 127,826	$ (142,224)	$ 10,663
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards		12,372	(12,372)
Common shares issued under employee stock purchase plan		806	(226)
Common shares repurchased		4,025		10,692
Share based compensation expense			6,054
Common shares withheld to cover income taxes payable due to delivery of share based awards			(1,960)
Net income	39,444			38,491		953
Other comprehensive income (loss), net of tax	9,095				9,103	(8)
Dividends to non-controlling interests						(554)
Balance at end of period at Apr. 02, 2023	780,724	$ 529,156	218,010	155,625	(133,121)	11,054
Balance at beginning of period (in shares) at Jan. 01, 2023		22,155,035
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards (in shares)		142,943
Common shares issued under employee stock purchase plan (in shares)		8,827
Common shares repurchased (in shares)		(168,523)
Balance at end of period (in shares) at Apr. 02, 2023		22,138,282
Balance at beginning of period at Dec. 31, 2023	859,328	$ 525,232	231,332	211,881	(120,192)	11,075
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards		12,504	(12,504)
Common shares issued under employee stock purchase plan		1,010	(222)
Common shares repurchased		0		0
Share based compensation expense			6,930
Common shares withheld to cover income taxes payable due to delivery of share based awards			(2,094)
Net income	61,382			61,055		327
Other comprehensive income (loss), net of tax	(4,698)				(4,543)	(155)
Dividends to non-controlling interests						(1,582)
Balance at end of period at Mar. 31, 2024	$ 920,054	$ 538,746	$ 223,442	$ 272,936	$ (124,735)	$ 9,665
Balance at beginning of period (in shares) at Dec. 31, 2023	21,835,474	21,835,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for delivery of share based awards (in shares)		130,179
Common shares issued under employee stock purchase plan (in shares)		10,503
Common shares repurchased (in shares)		0
Balance at end of period (in shares) at Mar. 31, 2024	21,976,156	21,976,156

v3.24.1.u1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Cash flows from operating activities:
Net income	$ 61,382	$ 39,444
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation	27,568	21,485
Amortization	10,876	7,421
Share based compensation expense	6,930	6,054
Deferred income taxes	12,196	885
Unrealized foreign exchange gain	(234)	(97)
Share of income from equity investees, net of tax	(838)	(748)
Pension and post-retirement funding, net of expense	(683)	(509)
Non-cash accruals and interest	1,420	1,445
Loss on sale of property, plant and equipment	1,068	1,038
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(6,692)	(5,457)
Inventories	6,494	34,024
Prepaid expenses and other assets	(197)	(7,730)
Accounts payable and accrued expenses	8,362	(33,223)
Other assets and liabilities	5,670	(7,685)
Net cash flow provided by operating activities	133,322	56,347
Cash flows from investing activities:
Additions to property, plant and equipment	(25,764)	(27,827)
Acquisition of businesses, net of cash acquired	(392)	(353,618)
Proceeds from sale of property, plant and equipment	0	4
Proceeds from repayment of note receivable	0	12,000
Other investing activities	(455)	(3,511)
Net cash flow used in investing activities	(26,611)	(372,952)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	250,000
Repayments of Long-term Debt	9,375	0
Payment of debt issuance costs	0	(3,628)
Proceeds from borrowings on revolving credit facilities	0	100,000
Repayments of borrowings on revolving credit facilities	0	(100,000)
Tax withholding on share based awards	(2,094)	(1,960)
Distributions to non-controlling interests	(1,582)	(554)
Repurchases of common shares	0	(14,717)
Net cash flow (used in) provided by financing activities	(13,051)	229,141
Net foreign currency translation adjustment on cash	(133)	855
Increase (decrease) in cash, cash equivalents and restricted cash	93,527	(86,609)
Cash, cash equivalents and restricted cash, beginning of period	149,340	308,921
Cash, cash equivalents and restricted cash, at end of period	$ 242,867	$ 222,312

v3.24.1.u1

Business Overview and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Business Overview and Significant Accounting Policies	Business Overview and Significant Accounting Policies Unless we state otherwise or the context otherwise requires, references to "Masonite," "we," "our," "us" and the "Company" in these notes to the condensed consolidated financial statements refer to Masonite International Corporation and its subsidiaries. Description of Business Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door solutions for the residential and non-residential building construction markets' new construction and repair, renovation and remodeling sectors. Masonite operates 64 manufacturing locations in seven countries and sells doors to customers throughout the world, including the United States, Canada and the United Kingdom. Basis of Presentation We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year. Changes in Accounting Standards and Policies There have been no changes in the significant accounting policies from those that were disclosed in the fiscal year 2023 audited consolidated financial statements, other than as noted below. Adoption of Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements. Other Recent Accounting Pronouncements not yet Adopted In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.

v3.24.1.u1

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Arrangement Agreement with Owens Corning On February 8, 2024, we entered into an Arrangement Agreement (the “Arrangement Agreement”) with Owens Corning (“Owens Corning”), a Delaware corporation, and MT Acquisition Co LLC (“Purchaser”), a British Columbia unlimited liability company and a wholly owned subsidiary of Owens Corning. Subject to the terms and conditions of the Arrangement Agreement, Owens Corning, through Purchaser, agreed to acquire the Company for $133.00 per issued and outstanding share of our common stock, no par value (the “Shares”), in an all-cash transaction. Pursuant to the Arrangement Agreement, following consummation of implementation of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”), the Company will be a wholly owned subsidiary of Owens Corning. Pursuant to the terms of the Arrangement Agreement, and subject to the terms and conditions set forth therein, at the effective time of the Transaction (the “Effective Time”), each Share (other than any Share that is held by Owens Corning or any of its subsidiaries or any Share as to which dissent rights have been properly exercised by the holder thereof in accordance with British Columbia law) issued and outstanding immediately prior to the Effective Time will be cancelled and automatically converted into the right to receive $133.00 in cash, without interest. If the Arrangement Agreement is terminated under certain specified circumstances, we or Owens Corning will be required to pay a termination fee. We will be required to pay Owens Corning a termination fee of $75.0 million under specified circumstances, including (a) termination of the Arrangement Agreement in connection with our entry into an agreement with respect to a Superior Proposal (as defined in the Arrangement Agreement) prior to us receiving stockholder approval of the Transaction, (b) termination by Owens Corning upon an Adverse Recommendation Change (as defined in the Arrangement Agreement), or (c) termination in certain circumstances by either Owens Corning or us upon failure to obtain Masonite Shareholder Approval (as defined in the Arrangement Agreement) or by Owens Corning if we breach our representations, warranties or covenants in a manner that would result in a failure of an applicable closing condition to be satisfied and, if curable, we fail to cure such breach during specific time periods, in each case, if certain other conditions are met. Owens Corning will be required to pay us a reverse termination fee under specified circumstances, including termination of the Arrangement Agreement due to a permanent injunction arising from Competition Laws (as defined in the Arrangement Agreement) when we are not then in material breach of any provision of the Arrangement Agreement and if certain other conditions are met, in an amount equal to $150.0 million. The consummation of the Transaction is subject to customary closing conditions, including, among others, (1) the adoption of a resolution approving the Transaction by at least two-thirds of the votes cast by our shareholders represented in person or by proxy at the special meeting, (2) the issuance of interim and final orders by the Supreme Court of British Columbia approving the Transaction, (3) the expiration or termination of any applicable waiting period or periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and the receipt of certain required regulatory clearances and approvals in other jurisdictions under applicable antitrust and foreign direct investment laws and regulations, including in Canada, Mexico and the United Kingdom, and (4) the absence of any law, injunction, order or other judgment prohibiting, rendering illegal or permanently enjoining the consummation of the Transaction, certain of which are still pending. On April 25, 2024, Masonite shareholders approved the Transaction at a special meeting of shareholders and the applicable waiting period under the HSR Act expired at 11:59 p.m. on April 26, 2024. Each of Masonite’s and Owens Corning’s obligation to consummate the Transaction is also subject to the accuracy of the other party’s representations and warranties contained in the Arrangement Agreement (subject, with specified exceptions, to materiality or “Material Adverse Effect” standards), the other party’s performance of its covenants and agreements in the Arrangement Agreement in all material respects, and in the case of Purchaser’s obligation to consummate the Transaction, the absence of any “Material Adverse Effect” relating to us. The Transaction is currently expected to close by mid-2024, subject to the satisfaction (or waiver, if applicable) of each closing condition. Acquisitions Fleetwood On October 19, 2023, the Company completed the acquisition of all of the issued and outstanding limited liability company interests of Fleetwood Aluminum Products, LLC (“Fleetwood”). The total consideration for this acquisition amounted to approximately $279.5 million, inclusive of $26.2 million designated for potential purchase price adjustments and indemnification claims and which is currently held in an escrow account controlled by a third party. The total consideration was funded with a combination of cash on hand and borrowings under the ABL Facility. Fleetwood is a leading designer and manufacturer of premium, aluminum-framed glass door and window solutions for luxury homes. Their products include multi-slide and pocket glass patio doors, pivot and hinged glass entry doors and folding glass door wall systems, as well as accompanying premium window products. The acquisition aligns with the Doors That Do MoreTM strategy focused on bringing differentiated door systems to the residential market. The Company has accounted for the acquisition as a business combination and allocated the preliminary estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The Company has not yet completed its evaluation and determination of the value of certain assets acquired and liabilities assumed, primarily involving (i) certain historical information used in the final valuation of intangible assets, and (ii) the final assessment and valuation of inventory and deferred income taxes, which could impact goodwill during the measurement period. The $73.9 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. Goodwill represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, such as the delivery of luxury products, which supports our Doors That Do MoreTM strategy. This goodwill is deductible for tax purposes and relates to the North American Residential segment. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (In thousands) Initial Purchase Price Allocation Measurement Period Adjustments Purchase Price Allocation Cash acquired $ 5,169  $ —  $ 5,169  Accounts receivable, net 5,584  —  5,584  Inventories, net 39,248  —  39,248  Prepaid expenses and other 957  —  957  Property, plant and equipment, net 8,072  —  8,072  Right-of-use asset 16,009  —  16,009  Intangible assets 163,900  —  163,900  Total assets acquired 238,939  —  238,939  Accounts payable and accrued expenses (20,773) —  (20,773) Operating lease liability (12,546) —  (12,546) Total liabilities assumed (33,319) —  (33,319) Goodwill 73,464  392  73,856  Total purchase price $ 279,084  $ 392  $ 279,476  The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. Customer relationships and patents acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $5.6 million. Endura On January 3, 2023, we completed the acquisition of 100% of the outstanding equity of EPI Holdings, Inc. ("Endura"), for total consideration of approximately $403.3 million, including an $18.0 million holdback which is payable 24 months after the acquisition date and was recorded in the consolidated balance sheets as a component of other liabilities. The total consideration was funded with borrowings under our Term Loan Facility and ABL Facility. Endura is a leading innovator and manufacturer of high-performance door frames and door system components in the United States. Endura’s product offerings include engineered frames, self-adjusting sill systems, weather sealing, multi-point locks and installation accessories used by builders and contractors in residential new construction as well as repair and remodeling applications. The acquisition is intended to accelerate our Doors That Do MoreTM strategy and maximize our growth potential. The $181.2 million excess purchase price over the fair value of tangible and intangible assets acquired was allocated to goodwill. The goodwill principally represents anticipated synergies to be gained from the integration into our existing business and acquisition of the assembled workforce. This goodwill is not deductible for tax purposes and relates to the North American Residential segment. The Company has accounted for the acquisition as a business combination and allocated the estimated purchase price to the estimated fair values of assets acquired and liabilities assumed utilizing various valuation methods including replacement cost, market values and the income approach. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (In thousands) Initial Purchase Price Allocation Measurement Period Adjustments Purchase Price Allocation Cash acquired $ 32,501  $ (100) $ 32,401  Accounts receivable, net 7,871  290  8,161  Inventories, net 44,183  35  44,218  Property, plant and equipment, net 54,373  10,520  64,893  Intangible assets 135,800  (7,400) 128,400  Other assets and liabilities, net 2,868  (38) 2,830  Total assets acquired 277,596  3,307  280,903  Accounts payable and accrued expenses (15,088) (190) (15,278) Deferred income taxes (44,345) 849  (43,496) Total liabilities assumed (59,433) 659  (58,774) Goodwill 189,938  (8,780) 181,158  Total purchase price $ 408,101  $ (4,814) $ 403,287  The fair values of intangible assets acquired are based on management's estimates and assumptions including the income approach, the cost approach and the market approach. The intangible assets acquired are not expected to have any residual value. The gross contractual value of acquired trade receivables was $8.3 million. Intangible assets acquired from the 2023 acquisitions consist of the following: (In thousands, except useful life amounts) Endura Expected Useful Life (Years) Fleetwood Expected Useful Life (Years) Customer relationships $ 108,600  15 $ 112,100  12 Trademarks and trade names 6,600  10 25,200  Indefinite Patents 13,200  12 22,600  10 Backlog —  4,000  1 Total intangible assets acquired $ 128,400  $ 163,900  The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date. Three Months Ended March 31, 2024 (In thousands) Endura Fleetwood Total 2023 Acquisitions Net sales $ 53,434  $ 27,303  $ 80,737  Net income attributable to Masonite 3,440  1,682  5,122  For the three months ended April 2, 2023, Endura had $59.8 million in net sales and $4.5 million in net loss attributable to Masonite. Pro Forma Information The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations. Three Months Ended (In thousands, except per share information) April 2, 2023 Net sales $ 780,584  Net income attributable to Masonite 49,174  Basic earnings per common share attributable to Masonite $ 2.22  Diluted earnings per common share attributable to Masonite $ 2.19  Divestitures On April 23, 2024, we entered into an agreement to sell our Architectural reporting segment for a purchase price of approximately $75 million subject to customary post-closing adjustments. We expect to complete the transaction in the second quarter of 2024. Refer to Note 16. Subsequent Events for additional information.

v3.24.1.u1

Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Our customers consist mainly of retailers, distributors and contractors. Our ten largest customers accounted for 62.5% and 65.2% of total accounts receivable as of March 31, 2024, and December 31, 2023, respectively. Each of our two largest customers, The Home Depot, Inc. and Lowe's Companies, Inc., accounted for more than 10% of the consolidated gross accounts receivable balance as of March 31, 2024, and December 31, 2023. The allowance for doubtful accounts balance was $1.8 million and $3.1 million as of March 31, 2024, and December 31, 2023, respectively. We maintain an accounts receivable sales program with a third party (the "AR Sales Program"). Under the AR Sales Program, we can transfer ownership of eligible trade accounts receivable of certain customers. Receivables are sold outright to a third party who assumes the full risk of collection, without recourse to us in the event of a loss. Transfers of receivables under this AR Sales Program are accounted for as sales. Proceeds from the transfers reflect the face value of the accounts receivable less a discount. Receivables sold under the AR Sales Program are excluded from trade accounts receivable in the condensed consolidated balance sheets and are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The discounts on the sales of trade accounts receivable sold, if any, under the AR Sales Program were not material for any of the periods presented and were recorded in selling, general and administration expenses within the condensed consolidated statements of income and comprehensive income. In most countries we pay and collect Value Added Tax ("VAT") when procuring goods and services within the normal course of business. VAT receivables are established in jurisdictions where VAT paid exceeds VAT collected and are recoverable through the filing of refund claims. Certain wood moldings and millwork products being imported into the U.S. are subject to anti-dumping and countervailing duties. Duty deposits are paid to the government at time of entry into the U.S. and may later be adjusted through an administrative review process.

v3.24.1.u1

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Raw materials $ 284,818  $ 296,747  Finished goods 112,647  106,919  Provision for obsolete or aged inventory (13,599) (12,467) Inventories, net $ 383,866  $ 391,199

v3.24.1.u1

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Expenses [Abstract]
Accrued Expenses	Accrued Expenses The details of our accrued expenses were as follows as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Accrued payroll $ 61,581  $ 81,004  Accrued rebates 38,137  51,457  Current portion of operating lease liabilities 30,353  32,299  Accrued interest 8,428  18,296  Other accruals 87,001  57,420  Total accrued expenses $ 225,500  $ 240,476

v3.24.1.u1

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt (In thousands) March 31, 2024 December 31, 2023 Senior unsecured notes, interest rate of 3.50%, due 2030 $ 375,000  $ 375,000  Senior unsecured notes, interest rate of 5.375%, due 2028 500,000  500,000  Term Loan Facility, interest rate of SOFR plus 2.25%, due 2027 212,500  221,875  Debt issuance costs (9,464) (9,991) Total debt (including current portion) 1,078,036  1,086,884  Less: debt due within one year (37,500) (37,500) Total long-term debt (excluding current portion) $ 1,040,536  $ 1,049,384  Interest expense related to our consolidated indebtedness under our senior unsecured notes, Term Loan Facility and ABL Facility was $12.1 million and $15.4 million for the three months ended March 31, 2024 and April 2, 2023, respectively. 3.50% Senior Notes due 2030 On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par. Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2030 Notes. 5.375% Senior Notes due 2028 On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par. Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the 2028 Notes. Term Loan Facility On December 13, 2022, we and certain of our subsidiaries entered into a new delayed-draw term loan credit agreement (the "Term Loan Credit Agreement") maturing on December 12, 2027 (the "Term Loan Maturity Date"). The Term Loan Credit Agreement provides for a senior secured five-year delayed-draw term loan facility of $250.0 million (the "Term Loan Facility"). Loans under the Term Loan Facility (the "Term Loans") will bear interest at a rate equal to, at our option, (1) the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement) plus an applicable margin of 2.25% or (2) an alternate base rate equal to the greatest of (i) the "Prime Rate" in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in U.S. dollars, (iii) 1.00% above the Adjusted Term SOFR Rate for a one month interest period and (iv) 1.00%, plus, in each case, an applicable margin of 1.25%, subject to, in each of cases (1) and (2), an agreed interest rate floor. The Term Loans are repayable in equal quarterly installments for an annual aggregate amortization payment equal to 15% of the aggregate principal amount of the Term Loans, with the balance of the principal being due on the Term Loan Maturity Date. Obligations under the Term Loan Credit Agreement are fully and unconditionally guaranteed, jointly and severally, by us and by certain of our directly or indirectly wholly owned subsidiaries organized in the United States and are secured by the equity in, and substantially all the assets of, such subsidiaries. The Term Loans were funded in an amount of $250.0 million and applied to finance a portion of the consideration payable in connection with the consummation of the Endura acquisition on January 3, 2023. We received net proceeds of $246.4 million after deducting $3.6 million of debt issuance costs. The debt issuance costs were capitalized as a reduction to the carrying value of debt and are being accreted to interest expense over the term of the Term Loan using the effective interest method. The Term Loan Credit Agreement contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the indenture governing the Term Loan Credit Agreement. ABL Facility On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. On October 28, 2022, we and certain of our subsidiaries entered into an amendment which, among other things, (i) increased the revolving credit commitments available thereunder by $100.0 million to an aggregate amount of $350.0 million and (ii) replaced the LIBOR-based interest rate applicable to borrowings thereunder in U.S. dollars with an interest rate based on the sum of (x) a "Term SOFR" rate published by the CME Group Benchmark Administration Limited (CBA) plus (y) 10 basis points ("Adjusted Term SOFR"). Additionally, on December 12, 2022, we entered into an amendment to the ABL Facility, which, among other things, extended the maturity of the ABL Facility from January 31, 2024 to December 12, 2027. The terms of the ABL Facility remained otherwise substantially unchanged and are described in detail in our Annual Report. On January 3, 2023, we borrowed $100.0 million under our ABL Facility in order to fund a portion of the cash consideration paid for the acquisition of Endura. During the first quarter of 2023, we repaid all amounts outstanding under the ABL Facility. The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of March 31, 2024, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $249.1 million under our ABL Facility, and there were no amounts outstanding as of March 31, 2024. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: (In thousands) Scheduled Amortization Payments Fiscal year: 2024 (remainder) $ 28,125  2025 37,500  2026 37,500  2027 109,375  2028 500,000  Thereafter 375,000  Total aggregated principal value $ 1,087,500

v3.24.1.u1

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We may become involved from time-to-time in litigation and regulatory compliance matters incidental to our business, including employment and wage and hour claims, antitrust, tax, product liability, environmental, health and safety, commercial disputes, intellectual property, contracts and other matters arising out of the normal conduct of our business. Since litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review and accrue for contingencies related to litigation and regulatory compliance matters, if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on current information, in the opinion of management, the ultimate resolution of these matters, individually or in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows. Antitrust Class Action Proceedings - Canada On May 19, 2020, an intended class proceeding was commenced in the Province of Québec, Canada naming as defendants Masonite Corporation, Corporation Internationale Masonite, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. On December 22, 2020, the parties filed a motion with the court seeking to stay the proceeding. On October 2, 2020, an intended class proceeding was commenced in the Federal Court of Canada naming as defendants Masonite International Corporation, Masonite Corporation, JELD-WEN, Inc., JELD-WEN Holding, Inc. and JELD-WEN of Canada, Ltd. The plaintiff alleges that the Masonite and JELD-WEN defendants engaged in anticompetitive conduct, including price-fixing involving interior molded doors. The intended class proceeding seeks damages, punitive damages, and other relief. The plaintiff served its certification record on March 31, 2021. On November 3, 2023, the Company entered into a preliminary settlement agreement with the plaintiff class that would result in the resolution of all the plaintiffs’ underlying claims and lawsuits in exchange for a payment by the Company of approximately $0.9 million. As a result, for the year ended December 31, 2023, we paid approximately $0.9 million and recorded a charge in selling, general and administrative expense in the condensed consolidated statement of income and comprehensive income in connection with this matter. The preliminary settlement agreement is subject to court approval. A settlement approval hearing date has not yet been set.

v3.24.1.u1

Share Based Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share Based Compensation Plans	Share Based Compensation Plans Share based compensation expense was $6.9 million and $6.1 million for the three months ended March 31, 2024 and April 2, 2023, respectively. As of March 31, 2024, the total remaining unrecognized compensation expense related to share based compensation amounted to $41.4 million, which will be amortized over the weighted average remaining requisite service period of 1.8 years. Equity Incentive Plans Our equity incentive plans under the 2021 Equity Plan and 2012 Plan are described in detail and defined in our Annual Report. The aggregate number of common shares that can be issued with respect to equity awards under the 2021 Equity Plan cannot exceed 880,000 shares; plus the number of shares reserved for the 2012 Plan that is in excess of the number of shares related to outstanding grants; plus the number of shares subject to existing grants under the 2012 Plan that may expire or be forfeited or cancelled. As of March 31, 2024, there were 649,363 shares of common stock available for future issuance under the 2021 Equity Plan. Deferred Compensation Plan We offer to certain of our employees and directors a Deferred Compensation Plan, which is further described and defined in our Annual Report. As of March 31, 2024, the liability and asset relating to deferred compensation had a fair value of $9.8 million and $8.2 million, respectively. As of March 31, 2024, participation in the deferred compensation plan is limited and no restricted stock awards have been deferred into the deferred compensation plan. All plan investments are categorized as having Level 1 valuation inputs as established by the FASB’s Fair Value Framework. Stock Appreciation Rights We have granted Stock Appreciation Rights ("SARs") to certain employees, which entitle the recipient to the appreciation in value of granted common shares over the exercise price over a period of time, each as specified in the applicable award agreement. The exercise price of any SAR granted may not be less than the fair market value of our common shares on the date of grant. The compensation expense for the SARs is measured based on the fair value of the SARs at the date of grant and is recognized over the requisite service period. The SARs vest over a maximum of three years, have a life of ten years and settle in common shares. It is assumed that all time-based SARs will vest. We recognize forfeitures of SARs in the period in which they occur. The total fair value of SARs vested was $0.8 million during the three months ended March 31, 2024. Three Months Ended March 31, 2024 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands)  Weighted Average Exercise Price  Average Remaining Contractual Life (Years) Outstanding, beginning of period 199,838  $ 2,365  $ 77.09  6.4 Granted —  —  Exercised (2,211) 11  87.50  Cancelled and forfeited (892) 107.68  Outstanding, end of period 196,735  $ 10,745  $ 76.83  6.3 Exercisable, end of period 166,359  $ 9,447  $ 74.66  5.9 The value of SARs granted is determined using the Black-Scholes-Merton valuation model, and the corresponding expense is expected to be recognized over the average requisite service period of 2.0 years. Expected volatility is based upon the historical volatility of our common shares amongst other considerations. The expected term is calculated based upon historical employee exercise behavior and the contractual term of the SAR amongst other considerations. As of March 31, 2024, there were no SARs granted. Restricted Stock Units We have granted Restricted Stock Units ("RSUs") to directors and certain employees under the 2021 Equity Plan and the 2012 Plan. The RSUs confer the right to receive shares of our common stock at a specified future date or when certain conditions are met. The compensation expense for the RSUs granted is based on the fair value of the RSUs at the date of grant, which is equal to the stock price on the date of grant and is recognized over the requisite service period. The RSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. It is assumed that all time-based RSUs will vest. We recognize forfeitures of RSUs in the period in which they occur. Three Months Ended March 31, 2024 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 340,024  $ 91.02  Granted 187,840  127.64  Delivered (108,335) 93.54  Withheld to cover (1) (8,033) Forfeited (4,417) 95.27  Outstanding, end of period 407,079  $ 107.15  ___________ (1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. RSUs granted during the three months ended March 31, 2024, vest at specified future dates with only service requirements. The value of RSUs granted in the three months ended March 31, 2024, was $24.0 million and is being recognized over the weighted average requisite service period of 2.0 years. During the three months ended March 31, 2024, 116,368 RSUs vested at a fair value of $10.9 million. Performance-based Restricted Stock Units We have granted certain Performance-based Restricted Stock Units ("PRSUs") under the 2021 Equity Plan and the 2012 Plan. These PRSUs are settled with payouts ranging from zero to 200% of the target award value depending on performance goal achievement. The compensation expense for the PRSUs awarded is based on the fair value of the PRSUs at the date of grant, which is equal to the stock price on the date of grant, and is recognized over the requisite service period. In 2023, we granted certain PRSUs with an additional condition measured by Relative Total Shareholder Return ("TSR"). The compensation expense for these PRSUs is determined using the Monte Carlo simulation method. The PRSUs vest over a maximum of three years and call for the underlying shares to be delivered no later than 30 days following the vesting date unless the participant is subject to a blackout period. In such case, the shares are to be delivered once the blackout restriction has been lifted. Three Months Ended March 31, 2024 Total Performance Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 319,221  $ 95.55  Granted —  —  Performance adjustment (1) —  —  Delivered (21,730) 109.25  Withheld to cover (2) (8,077) Forfeited (15,553) 108.72  Outstanding, end of period 273,861  $ 93.31  ___________ (1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. During the three months ended March 31, 2024, there were no PRSUs granted. During the three months ended March 31, 2024, 29,807 PRSUs vested at a fair value of $3.3 million.

v3.24.1.u1

Restructuring Costs	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan"). The optimization of our manufacturing capacity involves specific plants in the Europe segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2024 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $5 million to $8 million of additional charges related to the 2024 Plan. In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan"). The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions. Costs associated with the 2022 Plan include severance and closure charges and will continue throughout 2024. As of March 31, 2024, we expect to incur approximately $2 million to $7 million of additional charges related to the 2022 Plan. The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: Three Months Ended March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2024 Plan $ —  $ 961  $ —  $ —  $ 961  2022 Plan 450  —  —  (17) 433  Total Restructuring Costs $ 450  $ 961  $ —  $ (17) $ 1,394  Three Months Ended April 2, 2023 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2022 Plan $ 2,380  $ —  $ 684  $ 614  $ 3,678  Total Restructuring (Benefit) Costs $ 2,380  $ —  $ 684  $ 614  $ 3,678  Cumulative Amount Incurred Through March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2024 Plan $ —  $ 1,119  $ —  $ —  $ 1,119  2022 Plan 11,062  —  864  610  12,536  Total Restructuring Costs $ 11,062  $ 1,119  $ 864  $ 610  $ 13,655  The changes in the accrual for restructuring by activity were as follows for the periods indicated: (In thousands) December 31, 2023 Severance Closure Costs Cash Payments March 31, 2024 2024 Plan $ —  $ 845  $ 116  $ (929) $ 32  2022 Plan —  352  81  (433) —  Total $ —  $ 1,197  $ 197  $ (1,362) $ 32

v3.24.1.u1

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate differs from the Canadian statutory rate of 26.13% primarily due to mix of earnings in foreign jurisdictions that are subject to tax rates which differ from the Canadian statutory rate. In addition, we recognized $1.1 million of income tax benefit due to exercise and delivery of share based awards during the three months ended March 31, 2024, compared to zero income tax benefit during the three months ended April 2, 2023.

v3.24.1.u1

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share ("EPS") is calculated by dividing earnings attributable to Masonite by the weighted average number of our common shares outstanding during the period. Diluted EPS is calculated by dividing earnings attributable to Masonite by the weighted average number of common shares plus the incremental number of shares issuable from non-vested and vested RSUs and SARs outstanding during the period. (In thousands, except share and per share information) Three Months Ended March 31, 2024 April 2, 2023 Net income attributable to Masonite $ 61,055  $ 38,491  Shares used in computing basic earnings per share 21,891,366  22,183,068  Effect of dilutive securities: Incremental shares issuable under share compensation plans 431,382  297,165  Shares used in computing diluted earnings per share 22,322,748  22,480,233  Basic earnings per common share attributable to Masonite $ 2.79  $ 1.74  Diluted earnings per common share attributable to Masonite $ 2.74  $ 1.71  Anti-dilutive instruments excluded from diluted earnings per common share 1,383  191,385  The weighted average number of shares outstanding utilized for the diluted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method. The Company's Board of Directors approved five share repurchase authorizations, the most recent being an incremental $200.0 million share repurchase program approved on February 21, 2022. Under this program, the Company may repurchase shares from time to time, depending on market conditions and alternate uses of capital. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The share repurchase program may be effected through Rule 10b5-1 plans, open market purchases, each in compliance with Rule 10b-18 under the Exchange Act, or privately negotiated transactions. The program may be suspended or discontinued at any time and does not have an expiration date. The Arrangement Agreement (as defined herein) with Owens Corning restricts our ability to repurchase our shares and therefore our share repurchase program is currently suspended through February 8, 2025, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation.

v3.24.1.u1

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable segments are organized and managed principally by end market: North American Residential, Europe and Architectural. The Corporate & Other category includes unallocated corporate costs and the results of immaterial operating segments which were not aggregated into any reportable segment. In addition to similar economic characteristics, we also consider the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to our chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Adjusted EBITDA is defined as net income (loss) attributable to Masonite adjusted to exclude the following items, as applicable: •    depreciation; •    amortization; •    share based compensation expense; •    loss (gain) on disposal of property, plant and equipment; •    registration and listing fees; •    restructuring costs (benefit); •    asset impairment; •    loss (gain) on disposal of subsidiaries; •    interest expense (income), net; •    loss on extinguishment of debt; •    other expense (income), net; •    income tax expense (benefit); •    other items; •    loss (income) from discontinued operations, net of tax; and •    net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2030 Notes and the 2028 Notes and the credit agreements governing the Term Loan Facility and the ABL Facility. Although Adjusted EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, it is used to evaluate and compare the operating performance of our reportable segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices. Certain information with respect to reportable segments is as follows for the periods indicated: Three Months Ended March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 531,357  $ 58,487  $ 78,743  $ 3,765  $ 672,352  Intersegment sales (714) (95) (3,204) —  (4,013) Net sales to external customers $ 530,643  $ 58,392  $ 75,539  $ 3,765  $ 668,339  Adjusted EBITDA $ 106,801  $ 1,941  $ 4,816  $ (16,458) $ 97,100  Three Months Ended April 2, 2023 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 569,429  $ 63,716  $ 92,861  $ 5,349  $ 731,355  Intersegment sales (390) (22) (4,959) —  (5,371) Net sales to external customers $ 569,039  $ 63,694  $ 87,902  $ 5,349  $ 725,984  Adjusted EBITDA $ 107,881  $ 5,151  $ 5,350  $ (12,217) $ 106,165  A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Net income attributable to Masonite $ 61,055  $ 38,491  Plus: Depreciation 27,568  21,485  Amortization 10,876  7,421  Share based compensation expense 6,930  6,054  Loss on disposal of property, plant and equipment 1,068  1,038  Restructuring costs 1,394  3,678  Interest expense, net 12,022  14,252  Other (income) expense, net (1) (85,250) 52  Income tax expense 23,278  11,360  Other items (2) 37,832  1,381  Net income attributable to non-controlling interest 327  953  Adjusted EBITDA $ 97,100  $ 106,165  (1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024. (2) Other items include $37,832 and $1,381 in acquisition, retention and due diligence related costs in the three months ended March 31, 2024 and April 2, 2023, respectively, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.

v3.24.1.u1

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income	Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Accumulated foreign currency translation losses, beginning of period $ (113,023) $ (132,001) Foreign currency translation (loss) gain (4,907) 8,949  Income tax (benefit) expense on foreign currency translation loss (9) —  Less: foreign currency translation (loss) gain attributable to non-controlling interest (155) (8) Accumulated foreign currency translation losses, end of period (117,784) (123,044) Accumulated pension and other post-retirement adjustments, beginning of period (7,169) (10,223) Amortization of actuarial net losses 218  191  Income tax expense on amortization of actuarial net losses —  (45) Accumulated pension and other post-retirement adjustments (6,951) (10,077) Accumulated other comprehensive loss $ (124,735) $ (133,121) Other comprehensive (loss) income, net of tax $ (4,698) $ 9,095  Less: other comprehensive (loss) income attributable to non-controlling interest (155) (8) Other comprehensive (loss) income attributable to Masonite $ (4,543) $ 9,103  Cumulative translation adjustments are reclassified out of accumulated other comprehensive loss into loss on disposal of subsidiaries in the condensed consolidated statements of income and comprehensive income. Actuarial net losses are reclassified out of accumulated other comprehensive loss into cost of goods sold in the condensed consolidated statements of income and comprehensive income. Foreign currency translation losses as a result of translating our foreign assets and liabilities into U.S. dollars during the three months ended March 31, 2024, were $4.9 million, primarily driven by the weakening of the Canadian dollar, the British pound sterling and the Euro in comparison to the U.S. dollar during the period.

v3.24.1.u1

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Certain cash and non-cash transactions were as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Transactions involving cash: Interest paid $ 25,356  $ 23,872  Interest received 4,422  2,210  Income taxes paid 5,185  16,267  Income tax refunds 447  41  Cash paid for operating lease liabilities 9,302  9,095  Cash paid for finance lease liabilities 354  358  Non-cash transactions: Right-of-use assets acquired under operating leases 43,414  11,374  Holdback of portion of Endura purchase payable 18,000  18,000  The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 230,441  $ 137,414  Restricted cash 12,426  11,926  Total cash, cash equivalents and restricted cash $ 242,867  $ 149,340  Property, plant and equipment additions in accounts payable were $9.5 million and $9.0 million as of March 31, 2024, and December 31, 2023, respectively. On December 17, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PGT Innovations, Inc., (“PGTI”) in which Masonite would have acquired PGTI for a combination of cash and Masonite shares with a total transaction value of $3.0 billion. On January 15, 2024, PGTI delivered to Masonite a notice of receipt of a Superior Proposal (as defined in the Merger Agreement) in accordance with Section 6.04(d) of the Merger Agreement. On January 16, 2024, Masonite agreed to waive the four business day match period provided under the Merger Agreement. Accordingly, on January 16, 2024, PGTI terminated the Merger Agreement pursuant to Section 10.01(d)(i) thereunder, and, consistent with the terms of the Merger Agreement, Masonite received a termination fee of $84.0 million in cash. The termination fee was recognized as other income in the consolidated statements of income and comprehensive income. During the fourth quarter of 2018, we provided debt financing to a distribution company via an interest-bearing note that was scheduled to mature in 2028. The interest-bearing note receivable was carried at amortized cost, with the interest payable in kind at the election of the borrower. The note receivable balance was $12.6 million as of January 1, 2023, and was recorded in the consolidated balance sheets as a component of prepaid expenses and other assets. On January 26, 2023, the note receivable was redeemed and fully repaid.

v3.24.1.u1

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, income taxes receivable, accounts payable, accrued expenses and income taxes payable approximate fair value because of the short-term maturity of those instruments. The carrying amount of our Term Loan Facility approximates fair value as the interest rates are variable and reflective of market rates. The estimated fair values and carrying values of our long-term senior note debt instruments were as follows for the periods indicated: March 31, 2024 December 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 3.50% senior unsecured notes due 2030 $ 332,194  $ 371,814  $ 324,956  $ 371,679  5.375% senior unsecured notes due 2028 $ 501,230  $ 496,794  $ 482,285  $ 496,609  These estimates are based on market quotes and calculations based on current market rates available to us and are categorized as having Level 2 valuation inputs as established by the FASB's Fair Value Framework. Market quotes used in these calculations are based on bid prices for our debt instruments and are obtained from and corroborated with multiple independent sources. The market quotes obtained from independent sources are within the range of management's expectations.

v3.24.1.u1

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Architectural Disposition On April 23, 2024 (the "Signing Date"), the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") providing for the disposition (the "Disposition") of the Company's Architectural reporting segment (the "Architectural Business") for a purchase price of approximately $75 million subject to customary post-closing adjustments. The Disposition is expected to be completed in the second quarter of 2024. The Company applied the criteria in ASC 360-10-45-9, "Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale," to determine whether the aforementioned long-lived asset group should be classified as held for sale as of the Signing Date and concluded that the material long-lived asset group did meet all the requisite criteria as of the Signing Date. The net assets will be recorded at fair value less the estimated cost to sell. Masonite anticipates recording a net non-cash impairment charge during the second quarter of 2024 in the preliminary range of $90 to $100 million (the “Impairment”) as a result of the Disposition. Masonite does not anticipate that this charge will result in future cash expenditures. The final amount of the non-cash impairment charge may vary from the preliminary range as a result of a number of factors, including (i) the fair value of any indemnification liabilities, (ii) changes in foreign exchange rates, (iii) the working capital of the Architectural Business upon consummation of the transaction, (iv) the evaluation of any income tax impacts and (v) other assumptions used including discount rates, allocations and costs to sell. The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following: (In millions) Architectural Assets March 31, 2024 Accounts Receivable $ 27.7  Inventory 51.6  Other Current Assets 5.0  PP&E 98.9  Intangibles 1.8  Other Assets 11.2  Current Liabilities (27.3) Long Term Liabilities (5.9) Net Assets $ 163.0  Owens Corning Tender Offer As previously disclosed, on April 15, 2024, the Company and Owens Corning jointly issued a press release to announce, in connection with the anticipated acquisition of the Company by Owens Corning, (i) the commencement of an offer (the “Offer to Purchase”) by Owens Corning to purchase for cash any and all of the 2028 Notes, issued pursuant to that certain Indenture, dated as of July 25, 2019 (the “Base Indenture” and, as amended, supplemented or otherwise modified prior to the Supplemental Indenture defined below, the “Indenture”), among Masonite International Corporation, the guarantors party thereto (the “Guarantors”) and Computershare Trust Company, N.A., as trustee (the “Trustee”), and (ii) a related consent solicitation by the Company soliciting consents of holders of the 2028 Notes to adopt certain proposed amendments (the “Proposed Amendments”) to the Indenture to eliminate certain covenants, restrictive provisions and events of default from the Base Indenture (the “Consent Solicitation”). The Offer to Purchase and Consent Solicitation were each made to holders pursuant to the terms of and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated April 15, 2024 (the “Statement”). As of 5:00 p.m., New York City time, on April 26, 2024, $441,351,000 of the 2028 Notes, or approximately 88.27% of the outstanding principal amount thereof, were tendered and not validly withdrawn, and the related consents were delivered and not validly revoked, which amount was sufficient to constitute the requisite consents under the Indenture to approve the Proposed Amendments. On April 29, 2024, Masonite International Corporation, the Guarantors and the Trustee accordingly entered into the Fourth Supplemental Indenture to the Indenture (the “Supplemental Indenture”) in order to adopt the Proposed Amendments. The Supplemental Indenture became effective upon execution. However, the Proposed Amendments will not become operative unless and until all conditions to the Consent Solicitation set forth in the Statement have been satisfied or waived, as applicable, including, among other conditions, (i) that the 2028 Notes that are validly tendered (and not validly withdrawn) have been accepted for purchase and paid for by Owens Corning in accordance with the terms of the Offer to Purchase and the Consent Solicitation set forth in the Statement and (ii) the consummation of the anticipated acquisition of the Company by Owens Corning. As a result, the Proposed Amendments will have no force or effect unless and until all conditions set forth in the Statement have been satisfied or waived, as applicable, and all terms and conditions as set forth in the Indenture immediately prior to the execution of the Supplemental Indenture will continue to govern.

v3.24.1.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Pay vs Performance Disclosure
Net income attributable to Masonite	$ 61,055	$ 38,491

v3.24.1.u1

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.1.u1

Business Overview and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepare these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited condensed consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC (the "Annual Report"). Our fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31. In a 52-week year, each fiscal quarter consists of 13 weeks. For ease of disclosure, the 13-week periods are referred to as three-month periods and the 52- or 53-week periods are referred to as a year.
Adoption of Recent Accounting Pronouncements and Other Recent Accounting Pronouncements not yet Adopted	Adoption of Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASU 2014-09, "Revenue from Contracts with Customers" as if the entity had originated the contracts. We adopted the new guidance as of January 1, 2023, the beginning of fiscal year 2023, and the adoption did not have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, with early application permitted. We adopted the new guidance as of January 1, 2024, the beginning of fiscal year 2024, and the adoption did not have a material impact on our financial statements. Other Recent Accounting Pronouncements not yet Adopted In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures," which requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early application permitted. We did not early adopt and believe the adoption of this new guidance will not have a material impact on our financial statements.

v3.24.1.u1

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (In thousands) Initial Purchase Price Allocation Measurement Period Adjustments Purchase Price Allocation Cash acquired $ 5,169  $ —  $ 5,169  Accounts receivable, net 5,584  —  5,584  Inventories, net 39,248  —  39,248  Prepaid expenses and other 957  —  957  Property, plant and equipment, net 8,072  —  8,072  Right-of-use asset 16,009  —  16,009  Intangible assets 163,900  —  163,900  Total assets acquired 238,939  —  238,939  Accounts payable and accrued expenses (20,773) —  (20,773) Operating lease liability (12,546) —  (12,546) Total liabilities assumed (33,319) —  (33,319) Goodwill 73,464  392  73,856  Total purchase price $ 279,084  $ 392  $ 279,476  The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (In thousands) Initial Purchase Price Allocation Measurement Period Adjustments Purchase Price Allocation Cash acquired $ 32,501  $ (100) $ 32,401  Accounts receivable, net 7,871  290  8,161  Inventories, net 44,183  35  44,218  Property, plant and equipment, net 54,373  10,520  64,893  Intangible assets 135,800  (7,400) 128,400  Other assets and liabilities, net 2,868  (38) 2,830  Total assets acquired 277,596  3,307  280,903  Accounts payable and accrued expenses (15,088) (190) (15,278) Deferred income taxes (44,345) 849  (43,496) Total liabilities assumed (59,433) 659  (58,774) Goodwill 189,938  (8,780) 181,158  Total purchase price $ 408,101  $ (4,814) $ 403,287
Schedule of Finite-Lived Intangible Assets	Intangible assets acquired from the 2023 acquisitions consist of the following: (In thousands, except useful life amounts) Endura Expected Useful Life (Years) Fleetwood Expected Useful Life (Years) Customer relationships $ 108,600  15 $ 112,100  12 Trademarks and trade names 6,600  10 25,200  Indefinite Patents 13,200  12 22,600  10 Backlog —  4,000  1 Total intangible assets acquired $ 128,400  $ 163,900
Schedule of Pro Forma Information	The following schedule represents the amounts of net sales and net income (loss) attributable to Masonite from the 2023 acquisitions that have been included in the consolidated statements of income and comprehensive income for the periods indicated subsequent to the acquisition date. Three Months Ended March 31, 2024 (In thousands) Endura Fleetwood Total 2023 Acquisitions Net sales $ 53,434  $ 27,303  $ 80,737  Net income attributable to Masonite 3,440  1,682  5,122  The following unaudited pro forma financial information represents the consolidated financial information as if the Fleetwood acquisition had been included in our consolidated results beginning on the first day of the fiscal year prior to the acquisition date. The pro forma results have been calculated after adjusting the results of the acquired entity to remove intercompany transactions and to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets and the additional debt incurred to fund the acquisition had been applied on the first day of the fiscal year prior to the acquisition date, together with the consequential tax effects. The pro forma results do not reflect any cost savings or revenue enhancements that the combined companies may achieve as a result of the acquisition; the costs to combine the companies' operations; or the costs necessary to achieve these costs savings and revenue enhancements. As a result, the pro forma information below does not purport to represent actual results had the acquisition been consummated on the date indicated and it is not necessarily indicative of future results of operations. Three Months Ended (In thousands, except per share information) April 2, 2023 Net sales $ 780,584  Net income attributable to Masonite 49,174  Basic earnings per common share attributable to Masonite $ 2.22  Diluted earnings per common share attributable to Masonite $ 2.19

v3.24.1.u1

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	The amounts of inventory on hand were as follows as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Raw materials $ 284,818  $ 296,747  Finished goods 112,647  106,919  Provision for obsolete or aged inventory (13,599) (12,467) Inventories, net $ 383,866  $ 391,199

v3.24.1.u1

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	The details of our accrued expenses were as follows as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Accrued payroll $ 61,581  $ 81,004  Accrued rebates 38,137  51,457  Current portion of operating lease liabilities 30,353  32,299  Accrued interest 8,428  18,296  Other accruals 87,001  57,420  Total accrued expenses $ 225,500  $ 240,476

v3.24.1.u1

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(In thousands) March 31, 2024 December 31, 2023 Senior unsecured notes, interest rate of 3.50%, due 2030 $ 375,000  $ 375,000  Senior unsecured notes, interest rate of 5.375%, due 2028 500,000  500,000  Term Loan Facility, interest rate of SOFR plus 2.25%, due 2027 212,500  221,875  Debt issuance costs (9,464) (9,991) Total debt (including current portion) 1,078,036  1,086,884  Less: debt due within one year (37,500) (37,500) Total long-term debt (excluding current portion) $ 1,040,536  $ 1,049,384
Schedule of Maturities of Long-Term Debt	The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2024: (In thousands) Scheduled Amortization Payments Fiscal year: 2024 (remainder) $ 28,125  2025 37,500  2026 37,500  2027 109,375  2028 500,000  Thereafter 375,000  Total aggregated principal value $ 1,087,500

v3.24.1.u1

Share Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Appreciation Rights Award Activity	Three Months Ended March 31, 2024 Stock Appreciation Rights Aggregate Intrinsic Value (in thousands)  Weighted Average Exercise Price  Average Remaining Contractual Life (Years) Outstanding, beginning of period 199,838  $ 2,365  $ 77.09  6.4 Granted —  —  Exercised (2,211) 11  87.50  Cancelled and forfeited (892) 107.68  Outstanding, end of period 196,735  $ 10,745  $ 76.83  6.3 Exercisable, end of period 166,359  $ 9,447  $ 74.66  5.9
Restricted Stock Units Award Activity	Three Months Ended March 31, 2024 Total Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 340,024  $ 91.02  Granted 187,840  127.64  Delivered (108,335) 93.54  Withheld to cover (1) (8,033) Forfeited (4,417) 95.27  Outstanding, end of period 407,079  $ 107.15  ___________ (1) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
Share-Based Payment Arrangement, Performance Shares, Activity	Three Months Ended March 31, 2024 Total Performance Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Outstanding, beginning of period 319,221  $ 95.55  Granted —  —  Performance adjustment (1) —  —  Delivered (21,730) 109.25  Withheld to cover (2) (8,077) Forfeited (15,553) 108.72  Outstanding, end of period 273,861  $ 93.31  ___________ (1) PRSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target. (2) A portion of the vested PRSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.

v3.24.1.u1

Restructuring Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Summary of Restructuring (Benefit) Costs by Plan	The following tables summarize the restructuring (benefit) costs recorded for the periods indicated: Three Months Ended March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2024 Plan $ —  $ 961  $ —  $ —  $ 961  2022 Plan 450  —  —  (17) 433  Total Restructuring Costs $ 450  $ 961  $ —  $ (17) $ 1,394  Three Months Ended April 2, 2023 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2022 Plan $ 2,380  $ —  $ 684  $ 614  $ 3,678  Total Restructuring (Benefit) Costs $ 2,380  $ —  $ 684  $ 614  $ 3,678  Cumulative Amount Incurred Through March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total 2024 Plan $ —  $ 1,119  $ —  $ —  $ 1,119  2022 Plan 11,062  —  864  610  12,536  Total Restructuring Costs $ 11,062  $ 1,119  $ 864  $ 610  $ 13,655
Schedule of Restructuring Reserve by Type of Cost	The changes in the accrual for restructuring by activity were as follows for the periods indicated: (In thousands) December 31, 2023 Severance Closure Costs Cash Payments March 31, 2024 2024 Plan $ —  $ 845  $ 116  $ (929) $ 32  2022 Plan —  352  81  (433) —  Total $ —  $ 1,197  $ 197  $ (1,362) $ 32

v3.24.1.u1

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	(In thousands, except share and per share information) Three Months Ended March 31, 2024 April 2, 2023 Net income attributable to Masonite $ 61,055  $ 38,491  Shares used in computing basic earnings per share 21,891,366  22,183,068  Effect of dilutive securities: Incremental shares issuable under share compensation plans 431,382  297,165  Shares used in computing diluted earnings per share 22,322,748  22,480,233  Basic earnings per common share attributable to Masonite $ 2.79  $ 1.74  Diluted earnings per common share attributable to Masonite $ 2.74  $ 1.71  Anti-dilutive instruments excluded from diluted earnings per common share 1,383  191,385

v3.24.1.u1

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information with respect to reportable segments is as follows for the periods indicated: Three Months Ended March 31, 2024 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 531,357  $ 58,487  $ 78,743  $ 3,765  $ 672,352  Intersegment sales (714) (95) (3,204) —  (4,013) Net sales to external customers $ 530,643  $ 58,392  $ 75,539  $ 3,765  $ 668,339  Adjusted EBITDA $ 106,801  $ 1,941  $ 4,816  $ (16,458) $ 97,100  Three Months Ended April 2, 2023 (In thousands) North American Residential Europe Architectural Corporate & Other Total Net sales $ 569,429  $ 63,716  $ 92,861  $ 5,349  $ 731,355  Intersegment sales (390) (22) (4,959) —  (5,371) Net sales to external customers $ 569,039  $ 63,694  $ 87,902  $ 5,349  $ 725,984  Adjusted EBITDA $ 107,881  $ 5,151  $ 5,350  $ (12,217) $ 106,165
Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss) Attributable to Masonite	A reconciliation of our net income attributable to Masonite to consolidated Adjusted EBITDA is set forth as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Net income attributable to Masonite $ 61,055  $ 38,491  Plus: Depreciation 27,568  21,485  Amortization 10,876  7,421  Share based compensation expense 6,930  6,054  Loss on disposal of property, plant and equipment 1,068  1,038  Restructuring costs 1,394  3,678  Interest expense, net 12,022  14,252  Other (income) expense, net (1) (85,250) 52  Income tax expense 23,278  11,360  Other items (2) 37,832  1,381  Net income attributable to non-controlling interest 327  953  Adjusted EBITDA $ 97,100  $ 106,165  (1) Other (income) expense, net includes $85,250 in income primarily related to the PGTI termination fee received in the three months ended March 31, 2024. (2) Other items include $37,832 and $1,381 in acquisition, retention and due diligence related costs in the three months ended March 31, 2024 and April 2, 2023, respectively, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.

v3.24.1.u1

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive (Loss) Income	A rollforward of the components of accumulated other comprehensive loss is as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Accumulated foreign currency translation losses, beginning of period $ (113,023) $ (132,001) Foreign currency translation (loss) gain (4,907) 8,949  Income tax (benefit) expense on foreign currency translation loss (9) —  Less: foreign currency translation (loss) gain attributable to non-controlling interest (155) (8) Accumulated foreign currency translation losses, end of period (117,784) (123,044) Accumulated pension and other post-retirement adjustments, beginning of period (7,169) (10,223) Amortization of actuarial net losses 218  191  Income tax expense on amortization of actuarial net losses —  (45) Accumulated pension and other post-retirement adjustments (6,951) (10,077) Accumulated other comprehensive loss $ (124,735) $ (133,121) Other comprehensive (loss) income, net of tax $ (4,698) $ 9,095  Less: other comprehensive (loss) income attributable to non-controlling interest (155) (8) Other comprehensive (loss) income attributable to Masonite $ (4,543) $ 9,103

v3.24.1.u1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Cash and Non-Cash Transactions	Certain cash and non-cash transactions were as follows for the periods indicated: Three Months Ended (In thousands) March 31, 2024 April 2, 2023 Transactions involving cash: Interest paid $ 25,356  $ 23,872  Interest received 4,422  2,210  Income taxes paid 5,185  16,267  Income tax refunds 447  41  Cash paid for operating lease liabilities 9,302  9,095  Cash paid for finance lease liabilities 354  358  Non-cash transactions: Right-of-use assets acquired under operating leases 43,414  11,374  Holdback of portion of Endura purchase payable 18,000  18,000
Schedule of Cash, Cash Equivalents and Restricted Cash	The following reconciles total cash, cash equivalents and restricted cash as of the dates indicated: (In thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents $ 230,441  $ 137,414  Restricted cash 12,426  11,926  Total cash, cash equivalents and restricted cash $ 242,867  $ 149,340

v3.24.1.u1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The estimated fair values and carrying values of our long-term senior note debt instruments were as follows for the periods indicated: March 31, 2024 December 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value 3.50% senior unsecured notes due 2030 $ 332,194  $ 371,814  $ 324,956  $ 371,679  5.375% senior unsecured notes due 2028 $ 501,230  $ 496,794  $ 482,285  $ 496,609

v3.24.1.u1

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying value of the Architectural asset group as of March 31, 2024 consisted of the following: (In millions) Architectural Assets March 31, 2024 Accounts Receivable $ 27.7  Inventory 51.6  Other Current Assets 5.0  PP&E 98.9  Intangibles 1.8  Other Assets 11.2  Current Liabilities (27.3) Long Term Liabilities (5.9) Net Assets $ 163.0

v3.24.1.u1

Business Overview and Significant Accounting Policies (Details)	Mar. 31, 2024 country facility
Accounting Policies [Abstract]
Number of manufacturing locations | facility	64
Number of countries | country	7

v3.24.1.u1

Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Feb. 08, 2024	Oct. 19, 2023	Jan. 03, 2023	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Disposal group, contract termination fee	$ 75,000
Holdback of portion of Endura purchase payable					$ 18,000
Goodwill				$ 294,846		$ 294,710
Net sales				80,737
Net income attributable to Masonite				5,122
Disposal group, consideration				163,000
Masonite International Corporation | Owens Corning
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)	$ 133.00
Business combination, contract termination fee	$ 150,000
Fleetwood
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 279,500
Holdback of portion of Endura purchase payable		26,200
Goodwill		73,464		73,856
Accounts receivable, net		$ 5,584		5,584
Net sales				27,303
Net income attributable to Masonite				1,682
Endura
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 403,300
Holdback of portion of Endura purchase payable				18,000
Goodwill			189,938			181,158
Accounts receivable, net			$ 7,871			$ 8,161
Acquired equity interests, percent			100.00%
Gross contractual value of acquired trade receivables			$ 8,300
Net sales				53,434	59,800
Net income attributable to Masonite				$ 3,440	$ 4,500

v3.24.1.u1

Acquisitions and Divestitures (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Oct. 19, 2023	Jan. 03, 2023
Initial Purchase Price Allocation
Goodwill	$ 294,846	$ 294,710
Fleetwood
Initial Purchase Price Allocation
Cash acquired	5,169		$ 5,169
Accounts receivable, net	5,584		5,584
Inventories, net	39,248		39,248
Prepaid expenses and other	957		957
Property, plant and equipment, net	8,072		8,072
Right-of-use asset	16,009		16,009
Intangible assets	163,900		163,900
Total assets acquired	238,939		238,939
Accounts payable and accrued expenses	(20,773)		(20,773)
Operating lease liability	12,546		12,546
Total liabilities assumed	33,319		33,319
Goodwill	73,856		73,464
Total purchase price	279,476		$ 279,084
Measurement Period Adjustments
Goodwill	392
Total purchase price	$ (392)
Endura
Initial Purchase Price Allocation
Cash acquired		32,401		$ 32,501
Accounts receivable, net		8,161		7,871
Inventories, net		44,218		44,183
Property, plant and equipment, net		64,893		54,373
Intangible assets		128,400		135,800
Other assets and liabilities, net		2,830		2,868
Total assets acquired		280,903		277,596
Accounts payable and accrued expenses		(15,278)		(15,088)
Deferred income taxes		(43,496)		(44,345)
Total liabilities assumed		58,774		59,433
Goodwill		181,158		189,938
Total purchase price		403,287		$ 408,101
Measurement Period Adjustments
Cash acquired		(100)
Accounts receivable, net		290
Inventories, net		35
Property, plant and equipment, net		10,520
Intangible assets		(7,400)
Other assets and liabilities, net		(38)
Total assets acquired		3,307
Accounts payable and accrued expenses		(190)
Deferred income taxes		849
Total liabilities assumed		(659)
Goodwill		(8,780)
Total purchase price		$ (4,814)

v3.24.1.u1

Acquisitions and Divestitures (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Oct. 19, 2023	Jan. 03, 2023
Endura
Business Acquisition [Line Items]
Fair value		$ 128,400
Endura | Customer relationships
Business Acquisition [Line Items]
Fair value		$ 108,600
Expected useful life		15 years
Endura | Trademarks and trade names
Business Acquisition [Line Items]
Fair value		$ 6,600
Expected useful life		10 years
Endura | Patents
Business Acquisition [Line Items]
Fair value		$ 13,200
Expected useful life		12 years
Endura | Backlog
Business Acquisition [Line Items]
Fair value		$ 0
Fleetwood
Business Acquisition [Line Items]
Fair value	$ 163,900
Fleetwood | Customer relationships
Business Acquisition [Line Items]
Fair value	$ 112,100
Expected useful life	12 years
Fleetwood | Trademarks and trade names
Business Acquisition [Line Items]
Fair value	$ 25,200
Fleetwood | Patents
Business Acquisition [Line Items]
Fair value	$ 22,600
Expected useful life	10 years
Fleetwood | Backlog
Business Acquisition [Line Items]
Fair value	$ 4,000
Expected useful life	1 year

v3.24.1.u1

Acquisitions and Divestitures (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	$ 80,737
Net income attributable to Masonite	5,122
Net sales		$ 780,584
Net income attributable to Masonite		$ 49,174
Basic earnings per common share attributable to Masonite (in dollars per share)		$ 2.22
Diluted earnings per common share attributable to Masonite (in dollars per share)		$ 2.19
Endura
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	53,434	$ 59,800
Net income attributable to Masonite	3,440	$ 4,500
Fleetwood
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	27,303
Net income attributable to Masonite	$ 1,682

v3.24.1.u1

Accounts Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($) Customer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts | $	$ 1,800	$ 3,100
Accounts Receivable | Customer Concentration Risk | Ten Largest Customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, customers | Customer	10	10
Concentration risk, percent	62.50%	65.20%
Accounts Receivable | Customer Concentration Risk | The Home Depot, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent	10.00%	10.00%
Accounts Receivable | Customer Concentration Risk | Lowe's Companies, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent	10.00%	10.00%

v3.24.1.u1

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 284,818	$ 296,747
Finished goods	112,647	106,919
Provision for obsolete or aged inventory	(13,599)	(12,467)
Inventories, net	$ 383,866	$ 391,199

v3.24.1.u1

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses [Abstract]
Accrued payroll	$ 61,581	$ 81,004
Accrued rebates	38,137	51,457
Current portion of operating lease liabilities	30,353	32,299
Accrued interest	8,428	18,296
Other accruals	87,001	57,420
Total accrued expenses	$ 225,500	$ 240,476

v3.24.1.u1

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 26, 2021	Jul. 25, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,087,500
Debt issuance costs	(9,464)	$ (9,991)
Total debt (including current portion)	1,078,036	1,086,884
Less: debt due within one year	(37,500)	(37,500)
Total long-term debt (excluding current portion)	1,040,536	1,049,384
Senior Notes | Senior Notes 2030
Debt Instrument [Line Items]
Long-term debt, gross	375,000	375,000
Interest rate stated percentage			3.50%
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt, gross	500,000	500,000
Interest rate stated percentage				5.375%
Line of Credit | Term Loan A | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	212,500	$ 221,875
Debt issuance costs	$ (3,600)

v3.24.1.u1

Long-Term Debt (Narrative) (Details) - USD ($)				3 Months Ended
	Jan. 03, 2023	Dec. 13, 2022	Oct. 28, 2022	Mar. 31, 2024	Apr. 02, 2023	Jul. 26, 2021	Jul. 25, 2019	Jan. 31, 2019
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt				$ 0	$ 250,000,000
Revolving Credit Facility | ABL Facility 2024
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 250,000,000
Line of credit facility, increase (decrease), net			$ 100,000,000
Revolving credit facility availability				249,100,000
Revolving credit facilities				0
Revolving Credit Facility | ABL Facility 2027
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350,000,000
Proceeds from borrowings on revolving credit facilities	$ 100,000,000
Senior Notes
Debt Instrument [Line Items]
Interest expense				$ 12,100,000	$ 15,400,000
Senior Notes | Senior Notes 2030
Debt Instrument [Line Items]
Interest rate stated percentage						3.50%
Aggregate principal						$ 375,000,000
Senior Notes | Senior Notes Due 2028
Debt Instrument [Line Items]
Interest rate stated percentage							5.375%
Aggregate principal							$ 500,000,000
Line of Credit | Secured Debt | Term Loan A
Debt Instrument [Line Items]
Aggregate principal		$ 250,000,000
Debt instrument, term		5 years
Maximum borrowing capacity		$ 250,000,000
Annual principal payment, percentage		15.00%
Proceeds from issuance of long-term debt		$ 246,400,000
Line of Credit | Secured Debt | Term Loan A | Adjusted Term Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Line of Credit | Secured Debt | Term Loan A | Adjusted Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit | Secured Debt | Term Loan A | Premium Adjusted Term Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit | Secured Debt | Term Loan A | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit | Secured Debt | Term Loan A | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%

v3.24.1.u1

Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Long-Term Debt, Maturity, Year One	$ 28,125
Long-Term Debt, Maturity, Year Two	37,500
Long-Term Debt, Maturity, Year Three	37,500
Long-Term Debt, Maturity, Year Four	109,375
Long-Term Debt, Maturity, Year Five	500,000
Long-Term Debt, Maturity, after Year Five	375,000
Long-term debt, gross	$ 1,087,500

v3.24.1.u1

Commitment and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 03, 2023	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Increase to legal reserve		$ 37,832	$ 1,381
Selling, General and Administrative Expenses
Loss Contingencies [Line Items]
Increase to legal reserve				$ 900
Antitrust Litigation - Canada
Loss Contingencies [Line Items]
Legal settlement awarded to other parties	$ 900

v3.24.1.u1

Share Based Compensation Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Mar. 10, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 6,930	$ 6,054
Share based compensation unrecognized	$ 41,400
Weighted average remaining requisite service period	1 year 9 months 18 days
Deferred compensation liability	$ 9,800
Deferred compensation asset	$ 8,200
2021 Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards not to exceed (in shares)			880,000
Common stock available for future issuance (in shares)	649,363
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Plan term	10 years
Vested, fair value	$ 800
Average requisite service period	2 years
Granted (in shares)	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average requisite service period	2 years
Grants in period, fair value	$ 24,000
Units vested (in shares)	116,368
Fair value of shares vested	$ 10,900
Restricted Stock Units (RSUs) | Service Requirement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Restricted Stock Units (RSUs) | Service and Performance Requirements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Grants in period, fair value	$ 0
Units vested (in shares)	29,807
Fair value of shares vested	$ 3,300

v3.24.1.u1

Share Based Compensation Plans (SARs) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Appreciation Rights
Outstanding, beginning of period (in shares)	199,838
Granted (in shares)	0
Exercised (in shares)	(2,211)
Forfeited (in shares)	(892)
Outstanding, end of period (in shares)	196,735	199,838
Exercisable, shares	166,359
Aggregate Intrinsic Value & Average Remaining Contractual Life
Outstanding, beginning of period, aggregate intrinsic value	$ 2,365
Exercised, aggregate intrinsic value	11
Outstanding, end period, aggregate intrinsic value	10,745	$ 2,365
Exercisable, aggregate intrinsic value	$ 9,447
Outstanding, beginning of period, weighted average remaining contractual term	6 years 3 months 18 days	6 years 4 months 24 days
Outstanding, end of period, weighted average remaining contractual term	6 years 3 months 18 days	6 years 4 months 24 days
Exercisable, weighted average remaining contractual term	5 years 10 months 24 days
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 77.09
Granted (in dollars per share)	0
Exercised (in dollars per share)	87.50
Forfeited (in dollars per share)	107.68
Outstanding, end of period (in dollars per share)	76.83	$ 77.09
Exercisable, end of period (in dollars per share)	$ 74.66

v3.24.1.u1

Share Based Compensation Plans (Weighted Average Grant Date Assumptions) (Details) - Stock Appreciation Rights (SARs)	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SAR value (model conclusion)	$ 0
Risk-free rate	0.00%
Expected dividend yield	0.00%
Expected volatility	0.00%
Expected term (years)	0 years

v3.24.1.u1

Share Based Compensation Plans (RSUs) (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Total Restricted Stock Units Outstanding
Outstanding, beginning of period (in shares)	340,024
Granted (in shares)	187,840
Delivered (in shares)	(108,335)
Withheld to cover (in shares)	(8,033)
Forfeited (in shares)	(4,417)
Outstanding, end of period (in shares)	407,079
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 91.02
Granted (in dollars per share) | $ / shares	127.64
Delivered (in dollars per share) | $ / shares	93.54
Forfeited (in dollars per share) | $ / shares	95.27
Outstanding, end of period (in dollars per share) | $ / shares	$ 107.15
Performance Shares
Total Restricted Stock Units Outstanding
Outstanding, beginning of period (in shares)	319,221
Granted (in shares)	0
Performance adjustment (in shares)	0
Delivered (in shares)	(21,730)
Withheld to cover (in shares)	(8,077)
Forfeited (in shares)	(15,553)
Outstanding, end of period (in shares)	273,861
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 95.55
Granted (in dollars per share) | $ / shares	0
Performance adjustment (in dollars per share) | $ / shares	0
Delivered (in dollars per share) | $ / shares	109.25
Forfeited (in dollars per share) | $ / shares	108.72
Outstanding, end of period (in dollars per share) | $ / shares	$ 93.31

v3.24.1.u1

Restructuring Costs (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Minimum | Twenty Twenty Four Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	$ 5
Minimum | 2022 Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	2
Maximum | Twenty Twenty Four Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	8
Maximum | 2022 Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost remaining	$ 7

v3.24.1.u1

Restructuring Costs (Schedule of Restructuring Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,394	$ 3,678
Cumulative amount incurred to date	13,655
Restructuring reserve	(32)		$ 0
Cash payments	(1,362)
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,197
Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	197
North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	450	2,380
Cumulative amount incurred to date	11,062
Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	961	0
Cumulative amount incurred to date	1,119
Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	684
Cumulative amount incurred to date	864
Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(17)	614
Cumulative amount incurred to date	610
2024 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	961
Cumulative amount incurred to date	1,119
Restructuring reserve	(32)		0
Cash payments	(929)
2024 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	845
2024 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	116
2024 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0
Cumulative amount incurred to date	0
2024 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	961
Cumulative amount incurred to date	1,119
2024 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0
Cumulative amount incurred to date	0
2024 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0
Cumulative amount incurred to date	0
2022 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	433	3,678
Cumulative amount incurred to date	12,536
Restructuring reserve	0		$ 0
Cash payments	(433)
2022 Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	352
2022 Plan | Closure Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	81
2022 Plan | North American Residential
Restructuring Cost and Reserve [Line Items]
Restructuring costs	450	2,380
Cumulative amount incurred to date	11,062
2022 Plan | Europe
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0
Cumulative amount incurred to date	0
2022 Plan | Architectural
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	684
Cumulative amount incurred to date	864
2022 Plan | Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(17)	$ 614
Cumulative amount incurred to date	$ 610

v3.24.1.u1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Income Tax Disclosure [Abstract]
Canadian federal statutory rate	26.13%
Income tax benefit due to the exercise and delivery of share-based awards	$ 1.1	$ 0.0

v3.24.1.u1

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Masonite	$ 61,055	$ 38,491
Shares used in computing basic earnings per share	21,891,366	22,183,068
Effect of dilutive securities:
Incremental shares issuable under share compensation plans	431,382	297,165
Shares used in computing diluted earnings per share	22,322,748	22,480,233
Basic earnings per common share attributable to Masonite (in dollars per share)	$ 2.79	$ 1.74
Diluted earnings per common share attributable to Masonite (in dollars per share)	$ 2.74	$ 1.71
Stock Appreciation Rights (SARs)
Effect of dilutive securities:
Anti-dilutive instruments excluded from diluted earnings per common share (in shares)	1,383	191,385

v3.24.1.u1

Earnings Per Share (Narrative) (Details)	Jan. 01, 2023 authorization	Feb. 21, 2022 shares
Earnings Per Share [Abstract]
Number of share repurchase authorizations | authorization	5
Number of shares authorized to be repurchased (in shares) | shares		200,000,000

v3.24.1.u1

Segment Information (Geographic Segments Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 668,339	$ 725,984
Adjusted EBITDA	97,100	106,165
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	672,352	731,355
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(4,013)	(5,371)
North American Residential
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	530,643	569,039
Adjusted EBITDA	106,801	107,881
North American Residential | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	531,357	569,429
North American Residential | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(714)	(390)
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	58,392	63,694
Adjusted EBITDA	1,941	5,151
Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	58,487	63,716
Europe | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(95)	(22)
Architectural
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	75,539	87,902
Adjusted EBITDA	4,816	5,350
Architectural | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	78,743	92,861
Architectural | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	(3,204)	(4,959)
Corporate & Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	3,765	5,349
Adjusted EBITDA	(16,458)	(12,217)
Corporate & Other | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	3,765	5,349
Corporate & Other | Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 0	$ 0

v3.24.1.u1

Segment Information (Reconciliation of Consolidated Adjusted EBITDA to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Segment Reporting [Abstract]
Net income attributable to Masonite	$ 61,055	$ 38,491
Depreciation	27,568	21,485
Amortization	10,876	7,421
Share based compensation expense	6,930	6,054
Loss on disposal of property, plant and equipment	1,068	1,038
Restructuring costs	1,394	3,678
Interest expense, net	12,022	14,252
Other (income) expense, net	(85,250)	52
Income tax expense	23,278	11,360
Other items	37,832	1,381
Net income attributable to non-controlling interest	327	953
Adjusted EBITDA	$ 97,100	$ 106,165

v3.24.1.u1

Accumulated Other Comprehensive Loss and Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Accumulated Foreign Currency Translation Gains (Losses) [Roll Forward]
Accumulated foreign currency translation losses, beginning of period	$ (113,023)	$ (132,001)
Foreign currency translation (loss) gain	(4,907)	8,949
Income tax (benefit) expense on foreign currency translation loss	(9)	0
Less: foreign currency translation (loss) gain attributable to non-controlling interest	(155)	(8)
Accumulated foreign currency translation losses, end of period	(117,784)	(123,044)
Accumulated Amortization of Actuarial Net Losses [Roll Forward]
Accumulated pension and other post-retirement adjustments, beginning of period	(7,169)	(10,223)
Amortization of actuarial net losses	218	191
Income tax expense on amortization of actuarial net losses	0	45
Accumulated pension and other post-retirement adjustments	(6,951)	(10,077)
Accumulated other comprehensive loss	(124,735)	(133,121)	$ (120,192)
Other comprehensive (loss) income, net of tax	(4,698)	9,095
Less: other comprehensive (loss) income attributable to non-controlling interest	(155)	(8)
Other comprehensive (loss) income attributable to Masonite	$ (4,543)	$ 9,103

v3.24.1.u1

Supplemental Cash Flow Information (Cash and Non-Cash Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Transactions involving cash:
Interest paid	$ 25,356	$ 23,872
Interest received	4,422	2,210
Income taxes paid	5,185	16,267
Income tax refunds	447	41
Cash paid for operating lease liabilities	9,302	9,095
Cash paid for finance lease liabilities	354	358
Non-cash transactions:
Right-of-use assets acquired under operating leases	$ 43,414	11,374
Holdback of portion of Endura purchase payable		$ 18,000

v3.24.1.u1

Supplemental Cash Flow Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Apr. 02, 2023	Jan. 01, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 230,441	$ 137,414
Restricted cash	12,426	11,926
Total cash, cash equivalents and restricted cash	$ 242,867	$ 149,340	$ 222,312	$ 308,921

v3.24.1.u1

Supplemental Cash Flow Information (Narrative) (Details) $ in Millions			3 Months Ended	12 Months Ended
	Jan. 16, 2024 USD ($) d	Dec. 17, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)
Business Acquisition [Line Items]
Property, plant and equipment, additions			$ 9.5	$ 9.0
Financing receivable, current					$ 12.6
PGT Innovations, Inc.
Business Acquisition [Line Items]
Gain (loss) on contract termination	$ 84.0
PGT Innovations, Inc.
Business Acquisition [Line Items]
Contract termination		$ 3,000.0
Contract termination, match period | d	4

v3.24.1.u1

Fair Value of Financial Instruments (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 26, 2021	Jul. 25, 2019
Senior Notes 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate stated percentage			3.50%
Senior Notes 2030 | Fair Value | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 332,194	$ 324,956
Senior Notes 2030 | Carrying Value | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	371,814	371,679
Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate stated percentage				5.375%
Senior Notes Due 2028 | Fair Value | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	501,230	482,285
Senior Notes Due 2028 | Carrying Value | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of senior notes	$ 496,794	$ 496,609

v3.24.1.u1

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Apr. 26, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Disposal group, consideration			$ 163,000
Subsequent Event | Senior Notes Due 2028 | Senior Notes
Subsequent Event [Line Items]
Repurchased face amount		$ 441,351
Repurchased face amount, percentage		88.27%
Forecast
Subsequent Event [Line Items]
Disposal group, consideration	$ 75,000
Forecast | Subsequent Event | Minimum
Subsequent Event [Line Items]
Loss on write-down	90,000
Forecast | Subsequent Event | Maximum
Subsequent Event [Line Items]
Loss on write-down	$ 100,000

v3.24.1.u1

Subsequent Events (Architectural Assets) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Subsequent Events [Abstract]
Accounts Receivable	$ 27.7
Inventory	51.6
Other Current Assets	5.0
PP&E	98.9
Intangibles	1.8
Other Assets	11.2
Current Liabilities	(27.3)
Long Term Liabilities	(5.9)
Net Assets	$ 163.0

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