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Cover - USD ($) $ in Millions | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36051 | ||
Entity Registrant Name | JASON INDUSTRIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-2888322 | ||
Entity Address, Address Line One | 833 East Michigan Street | ||
Entity Address, Address Line Two | Suite 900 | ||
Entity Address, City or Town | Milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53202 | ||
City Area Code | 414 | ||
Local Phone Number | 277-9300 | ||
Title of 12(g) Security | Common Stock, $0.0001 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12.2 | ||
Entity Common Stock, Shares Outstanding | 28,508,977 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2020 Annual Meeting of Shareholders (the “2020 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. The 2020 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Entity Central Index Key | 0001579252 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Jason Industries, Inc..
Jason Industries, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Retirement and Mortality Rates: Our retirement and mortality rate assumptions are based primarily on actual plan experience and mortality tables.
The employee retirement plan loss for the year ended December 31, 2019 primarily relates to actuarial losses recognized in the German pension plan within the industrial segment due to a decrease in the discount rate, partially offset by actuarial gains in U.S. plans within the industrial segment due to higher actual plan asset returns compared with the expected returns on plan assets.
However, if such industries weaken more than anticipated, there could be reduced demand for the engineered components segment's products, which would have a material negative impact on the engineered components segment's net sales and/or income from continuing operations.
The employee retirement plan gain for the year ended December 31, 2017 primarily relates to actuarial gains recognized in U.S. pension and postretirement health care benefit plans within our industrial segment due to higher actual plan asset returns compared with the expected returns on plan assets and a decrease in expected future claim costs, respectively, partially offset by actuarial losses recognized in a German pension plan within our industrial segment due to an increase in future expected compensation.
The $8.0 million decrease primarily resulted from lower sales volume in industrial end markets, lower material and labor efficiencies related to sales volume declines, raw material and wage inflation, increased healthcare costs, higher freight costs, unfavorable product mix and $0.7 million of lower equity income due to lower sales volumes in our joint ventures in China and Taiwan.
We recognize pension and post-retirement...Read more
Set forth below is a...Read more
During 2019, such costs included...Read more
The decrease is primarily due...Read more
The Company continues to identify...Read more
See "Key Measures the Company...Read more
The Senior Secured Credit Facilities...Read more
Consolidated Results of Operations The...Read more
Such costs include direct and...Read more
Depreciation and amortization for the...Read more
However, if there is no...Read more
Other restructuring costs included plant...Read more
Certain corporate level administrative expenses...Read more
Series A Preferred Stock Holders...Read more
Consolidated Statements of Cash Flows...Read more
Strategic Initiatives Our strategic initiatives...Read more
The decrease in equity income...Read more
While we believe our judgments...Read more
At December 31, 2019, we...Read more
Expected Return on Plan Assets:...Read more
Segment Financial Data The table...Read more
The table below presents the...Read more
Changes in foreign currency exchange...Read more
The decrease in cost of...Read more
We recognize revenue over time...Read more
Borrowings under these facilities totaled...Read more
Other income - net for...Read more
See "Key Measures the Company...Read more
During the third quarter of...Read more
The decrease in net sales...Read more
For the limited contracts with...Read more
The reduced costs resulting from...Read more
The decrease of $0.8 million...Read more
The decrease was primarily driven...Read more
Year Ended December 31, 2018...Read more
The decrease was partially offset...Read more
Excluding currency impact, the increase...Read more
The decrease was partially offset...Read more
Revenue Recognition: Net sales are...Read more
Excluding the impact of the...Read more
Changes in foreign currency exchange...Read more
The decrease was driven by...Read more
The decrease was partially offset...Read more
Adjusted EBITDA for the year...Read more
The decrease reflects lower Adjusted...Read more
Health Care Cost Trend Rates:...Read more
These intangible asset impairment charges...Read more
We are also focused on...Read more
The supplier incident had resulted...Read more
Other income - net for...Read more
In addition, the process of...Read more
Employee retirement plan adjustments was...Read more
The decrease in Adjusted EBITDA...Read more
The effective interest rate on...Read more
The effective interest rate on...Read more
These actions have resulted in...Read more
The Senior Secured Credit Facilities...Read more
Key Events In addition to...Read more
New Accounting Pronouncements See Note...Read more
During 2018, other income-net also...Read more
Demand was higher in 2018...Read more
During the year ended December...Read more
During the year ended December...Read more
Management believes that Adjusted EBITDA...Read more
Adjusted EBITDA as a percentage...Read more
Net sales were $337.9 million...Read more
Reduction of fixed costs through...Read more
We paid the following dividends...Read more
The decrease in cash flows...Read more
Readers of this MD&A should...Read more
Margin Expansion - We are...Read more
Selling and administrative expenses were...Read more
As required by GAAP, when...Read more
During 2017, such costs were...Read more
Foreign currency translation adjustments are...Read more
Foreign currency translation adjustments are...Read more
Excluding currency impact, the increase...Read more
Reconciliations of EBITDA and Adjusted...Read more
In addition, cash flows used...Read more
The gain on disposals of...Read more
The gain on disposals of...Read more
The gain on disposals of...Read more
Gain on disposals of property,...Read more
Gain on disposals of property,...Read more
The increase in valuation allowances...Read more
These non-GAAP financial measures are...Read more
In 2018, integration and other...Read more
The increase was driven by...Read more
Selling and administrative expenses were...Read more
Product Innovation - During the...Read more
As of December 31, 2018,...Read more
No borrowings were outstanding under...Read more
No borrowings were outstanding under...Read more
NOWC as a percentage of...Read more
Goodwill, Other Intangible Assets and...Read more
The Company defines Adjusted EBITDA...Read more
This seasonality and annual variations...Read more
Indebtedness As of December 31,...Read more
As of December 31, 2018,...Read more
We regularly review our deferred...Read more
Excluding the impact of the...Read more
The effective tax rate for...Read more
Contracts entered into with the...Read more
Gain on extinguishment of debt...Read more
If the carrying amount of...Read more
See Note 5, "Restructuring Costs"...Read more
Net sales reflect the sales...Read more
Application of these accounting policies...Read more
The increase in cash paid...Read more
This was partially offset by...Read more
The decrease was partially offset...Read more
Other than the payment of...Read more
On a constant currency basis...Read more
As of December 31, 2019,...Read more
For the year ended December...Read more
Our individual businesses monitor key...Read more
For the year ended December...Read more
For the year ended December...Read more
We believe that developing new...Read more
If such outstanding amounts do...Read more
We typically satisfy our performance...Read more
The Swaps have been designated...Read more
Dividends shall be paid in...Read more
The $1.4 million decrease in...Read more
Permitted reinvestments include capital expenditures,...Read more
We recognize deferred tax assets...Read more
In addition, following acquisitions, cost...Read more
The majority of our contracts...Read more
The increase reflects higher Adjusted...Read more
We performed our annual goodwill...Read more
As of December 31, 2019,...Read more
The decrease was partially offset...Read more
Fluctuations in cost of goods...Read more
The estimated fair value represents...Read more
Lower capital expenditures of $2.1...Read more
The increase in cash flows...Read more
Our tax (benefit) provision is...Read more
Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Jason Industries, Inc. provided additional information to their SEC Filing as exhibits
Ticker: JASN
CIK: 1579252
Form Type: 10-K Annual Report
Accession Number: 0001579252-20-000007
Submitted to the SEC: Fri Feb 28 2020 8:19:42 PM EST
Accepted by the SEC: Mon Mar 02 2020
Period: Tuesday, December 31, 2019
Industry: Miscellaneous Manufacturing Industries