Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
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1: 10-Q Quarterly Report HTML 1.03M
2: EX-18.1 Letter re: Change in Accounting Principles HTML 24K
3: EX-31.1 Certification -- §302 - SOA'02 HTML 28K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 28K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 22K
12: R1 Document and Entity Information HTML 45K
13: R2 Condensed Consolidated Balance Sheets (Unaudited) HTML 111K
14: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 49K
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15: R4 Condensed Consolidated Statements of Income (Loss) HTML 84K
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29: R18 Fair Value Measurement of Assets and Liabilities HTML 30K
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32: R21 Segment Information (Notes) HTML 151K
33: R22 Earnings Per Share HTML 55K
34: R23 New Accounting Guidance Adopted HTML 32K
35: R24 Nature of Operations and Basis of Presentation HTML 81K
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55: R44 Income Taxes (Detail) HTML 71K
56: R45 Contingencies (Details) HTML 23K
57: R46 Derivative Instruments (Detail) HTML 62K
58: R47 Fair Value Measurement of Assets and Liabilities HTML 32K
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59: R48 Stock Based Compensation (Detail) HTML 25K
60: R49 Stock-Based Compensation - Restricted Stock Awards HTML 57K
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61: R50 Stock-Based Compensation - Stock Options (Details) HTML 93K
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63: R52 Stock-Based Compensation - Performance Share HTML 61K
Awards (Details)
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65: R54 Stock-Based Compensation - Treasury Shares HTML 42K
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66: R55 Other Income (Expense) (Detail) HTML 36K
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69: R58 Segment Information Goodwill by Segment (Details) HTML 44K
70: R59 Segment Information Reconcilliation of Operating HTML 37K
Loss to Net Income (Details)
71: R60 Earnings Per Share (Detail) HTML 69K
72: R61 New Accounting Guidance Adopted (Details) HTML 30K
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‘EX-18.1’ — Letter re: Change in Accounting Principles
We are providing this letter solely for inclusion as an exhibit to Quanex Building Products Corporation (the “Company”) Form 10-Q filing pursuant to Item 601 of Regulation S-K.
As stated in Note 1 to the unaudited condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2019, the Company changed its accounting for the method of inventory costing for certain inventory in two plants located in its North American Fenestration reportable business segment to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method. Note 1 also states management’s
belief that the newly adopted accounting principle is preferable in the circumstances because it provides uniformity of inventory valuation across its global operations, aligns with a majority of the Company's peers which use FIFO as their only inventory valuation method, and provides better matching of revenues and expenses.
With regard to the aforementioned accounting change, it should be understood that authoritative criteria have not been established for evaluating the preferability of one acceptable method of accounting over another acceptable method and, in expressing our concurrence below, we have relied on management’s business planning and judgment and on management’s determination that this change in accounting principle is preferable.
Based on our reading of management’s stated reasons
and justification for this change in accounting principle in the Form 10-Q, and our discussions with management as to their judgment about the relevant business planning factors relating to the change, we concur with management that the newly adopted method of accounting is preferable in the Company’s circumstances.
We have not audited the application of the aforementioned accounting change to the financial statements included in Part I of the Company’s Form 10-Q. We also have not audited any consolidated financial statements of the Company as of any date or for any period subsequent to October 31, 2018. Accordingly, we
do not express an opinion on whether the accounting for the change in accounting principle has been properly applied or whether the aforementioned financial statements are fairly presented in conformity with accounting principles generally accepted in the United States of America.
