Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Builders FirstSource, Inc. | ||
Entity Central Index Key | 1,316,835 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BLDR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,486.8 | ||
Entity Common Stock, Shares Outstanding | 114,120,308 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Sales | $ 7,034,209 | $ 6,367,284 | $ 3,564,425 |
Cost of sales | 5,306,818 | 4,770,536 | 2,662,967 |
Gross margin | 1,727,391 | 1,596,748 | 901,458 |
Selling, general and administrative expenses | 1,442,288 | 1,360,412 | 810,703 |
Income from operations | 285,103 | 236,336 | 90,755 |
Interest expense, net | 193,174 | 214,667 | 109,199 |
Income (loss) before income taxes | 91,929 | 21,669 | (18,444) |
Income tax expense (benefit) | 53,148 | (122,672) | 4,387 |
Net income (loss) | 38,781 | 144,341 | (22,831) |
Comprehensive income (loss) | $ 38,781 | $ 144,341 | $ (22,831) |
Net income (loss) per share: | |||
Basic | $ 0.34 | $ 1.30 | $ (0.22) |
Diluted | $ 0.34 | $ 1.27 | $ (0.22) |
Weighted average common shares outstanding: | |||
Basic | 112,587 | 110,754 | 103,190 |
Diluted | 115,597 | 113,585 | 103,190 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 57,533 | $ 14,449 |
Accounts receivable, less allowances of $11,771 and $11,571 at December 31, 2017 and 2016, respectively | 631,992 | 569,208 |
Other receivables | 71,232 | 55,781 |
Inventories, net | 601,547 | 541,771 |
Other current assets | 33,564 | 34,772 |
Total current assets | 1,395,868 | 1,215,981 |
Property, plant and equipment, net | 639,303 | 656,101 |
Assets held for sale | 5,273 | 4,361 |
Goodwill | 740,411 | 740,411 |
Intangible assets, net | 132,567 | 159,373 |
Deferred income taxes | 75,105 | 115,320 |
Other assets, net | 17,597 | 18,340 |
Total assets | 3,006,124 | 2,909,887 |
Current liabilities: | ||
Checks outstanding | 35,606 | |
Accounts payable | 514,282 | 409,759 |
Accrued liabilities | 271,597 | 293,115 |
Current maturities of long-term debt and lease obligations | 12,475 | 16,217 |
Total current liabilities | 798,354 | 754,697 |
Long-term debt and lease obligations, net of current maturities, debt discount, and debt issuance costs | 1,771,945 | 1,785,835 |
Other long-term liabilities | 59,616 | 59,735 |
Total liabilities | 2,629,915 | 2,600,267 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at December 31, 2017 and 2016 | ||
Common stock, $0.01 par value, 200,000 shares authorized; 113,572 and 111,564 shares issued and outstanding at December 31, 2017 and 2016, respectively | 1,136 | 1,115 |
Additional paid-in capital | 546,766 | 527,868 |
Accumulated deficit | (171,693) | (219,363) |
Total stockholders’ equity | 376,209 | 309,620 |
Total liabilities and stockholders’ equity | $ 3,006,124 | $ 2,909,887 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 11,771 | $ 11,571 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 113,572,000 | 111,564,000 |
Common stock, shares outstanding | 113,572,000 | 111,564,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 38,781 | $ 144,341 | $ (22,831) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 92,993 | 109,793 | 58,280 |
Amortization and write-off of debt issuance costs and debt discount | 6,092 | 7,502 | 18,929 |
Loss on extinguishment of debt | 56,657 | 55,776 | |
Payment of original issue discount | (1,259) | ||
Fair value adjustment of stock warrants | 4,563 | ||
Deferred income taxes | 49,104 | (124,787) | 3,287 |
Bad debt expense | 197 | 1,390 | 2,285 |
Stock compensation expense | 13,508 | 10,549 | 6,848 |
Net loss (gain) on sales of assets and asset impairments | 6,965 | (336) | 1,313 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed: | |||
Receivables | (75,870) | (45,942) | 74,089 |
Inventories | (60,645) | (33,965) | 46,854 |
Other current assets | 8 | (4,873) | (6,320) |
Other assets and liabilities | 8,315 | (828) | 5,314 |
Accounts payable and checks outstanding | 65,764 | 36,585 | (45,286) |
Accrued liabilities | (23,341) | 4,281 | 29,709 |
Net cash provided by operating activities | 178,528 | 158,227 | 177,034 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (62,407) | (42,662) | (43,811) |
Proceeds from sale of property, plant and equipment | 2,981 | 8,305 | 4,275 |
Cash used for acquisitions, net | (3,970) | (1,468,511) | |
Net cash used in investing activities | (59,426) | (38,327) | (1,508,047) |
Cash flows from financing activities: | |||
Borrowings under revolving credit facility | 1,370,000 | 907,000 | 320,000 |
Payments under revolving credit facility | (1,020,000) | (967,000) | (290,000) |
Proceeds from issuance of notes | 750,000 | 700,000 | |
Proceeds from term loan | 594,000 | ||
Repayments of long-term debt and other loans | (379,926) | (807,517) | (4,213) |
Payments of debt extinguishment costs | (48,704) | (42,869) | |
Payments of loan costs | (2,799) | (15,663) | (58,525) |
Proceeds from public offering of common stock, net of issuance costs | 111,309 | ||
Exercise of stock options | 8,055 | 6,627 | 6,718 |
Repurchase of common stock | (2,644) | (1,092) | (986) |
Net cash provided by (used in) financing activities | (76,018) | (170,514) | 1,378,303 |
Net increase (decrease) in cash and cash equivalents | 43,084 | (50,614) | 47,290 |
Cash and cash equivalents at beginning of period | 14,449 | 65,063 | 17,773 |
Cash and cash equivalents at end of period | $ 57,533 | $ 14,449 | $ 65,063 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Cash Flows [Abstract] | |||
Non cash retirement of assets related to lease finance obligations | $ 14 | $ 38.1 | $ 1.4 |
Non cash extinguishment of related lease finance obligation | 11.7 | 41.2 | 1.5 |
Equipment purchased and financed through capital lease obligations | $ 14.2 | $ 8.1 | $ 1.6 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid in Capital | Accumulated Deficit |
Balance at Dec. 31, 2014 | $ 40,200 | $ 982 | $ 380,091 | $ (340,873) |
Balance, shares at Dec. 31, 2014 | 98,226 | |||
Issuance of common stock from public offering, net of issuance costs | 111,309 | $ 92 | 111,217 | |
Issuance of common stock from public offering, net of issuance costs, shares | 9,200 | |||
Vesting of restricted stock units | $ 5 | (5) | ||
Vesting of restricted stock units, shares | 495 | |||
Stock compensation expense | 6,848 | 6,848 | ||
Exercise of stock options | 6,718 | $ 14 | 6,704 | |
Exercise of stock options, shares | 1,388 | |||
Exercise of stock warrants | 7,937 | $ 6 | 7,931 | |
Exercise of stock warrants, shares | 569 | |||
Repurchase of common stock | (986) | $ (2) | (984) | |
Repurchase of common stock, shares | (152) | |||
Net income (loss) | (22,831) | (22,831) | ||
Balance at Dec. 31, 2015 | 149,195 | $ 1,097 | 511,802 | (363,704) |
Balance, shares at Dec. 31, 2015 | 109,726 | |||
Vesting of restricted stock units | $ 5 | (5) | ||
Vesting of restricted stock units, shares | 505 | |||
Stock compensation expense | 10,549 | 10,549 | ||
Exercise of stock options | 6,627 | $ 15 | 6,612 | |
Exercise of stock options, shares | 1,496 | |||
Repurchase of common stock | (1,092) | $ (2) | (1,090) | |
Repurchase of common stock, shares | (163) | |||
Net income (loss) | 144,341 | 144,341 | ||
Balance at Dec. 31, 2016 | $ 309,620 | $ 1,115 | 527,868 | (219,363) |
Balance, shares at Dec. 31, 2016 | 111,564 | 111,564 | ||
Vesting of restricted stock units | $ 8 | (8) | ||
Vesting of restricted stock units, shares | 772 | |||
Stock compensation expense | $ 13,508 | 13,508 | ||
Exercise of stock options | $ 8,055 | $ 15 | 8,040 | |
Exercise of stock options, shares | 1,449 | 1,449 | ||
Repurchase of common stock | $ (2,644) | $ (2) | (2,642) | |
Repurchase of common stock, shares | (213) | |||
Cumulative effect adjustment (Note 2) | 8,889 | 8,889 | ||
Net income (loss) | 38,781 | 38,781 | ||
Balance at Dec. 31, 2017 | $ 376,209 | $ 1,136 | $ 546,766 | $ (171,693) |
Balance, shares at Dec. 31, 2017 | 113,572 | 113,572 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of the Business | 1. Description of the Business Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier of building materials, manufactured components and construction services to professional contractors, sub-contractors, and consumers. The company operates 402 locations in 40 states across the United States. In this annual report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries (including ProBuild Holdings LLC (“ProBuild”) as of July 31, 2015), unless otherwise stated or the context otherwise requires. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and doubtful accounts, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets. Sales Recognition We recognize sales of building products upon delivery to the customer. For contracts with service elements, sales are generally recognized on the completed contract method as these contracts are usually completed within 30 days with the percentage of completion method applied to the remaining contracts with service elements. Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determined. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. We present all sales tax on a net basis in our consolidated financial statements. The Company records sales incentives provided to customers as a reduction of revenue. Cash and Cash Equivalents & Checks Outstanding Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in checks outstanding on the accompanying consolidated balance sheets. Accounts Receivable We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant. Our customer mix is a balance of large national homebuilders, regional homebuilders, local homebuilders and repair and remodeling contractors. For the year ended December 31, 2017, our top 10 customers accounted for approximately 16.0% of our sales, and no single customer accounted for more than 5% of sales. The allowance for doubtful accounts is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current economic conditions that may affect the borrower’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible. Other receivables consist primarily of vendor rebates receivable. We also establish reserves for credit memos and customer returns. The reserve balance was $6.8 million and $5.6 million at December 31, 2017 and 2016, respectively. The activity in this reserve was not significant for each year presented. Accounts receivable consisted of the following at December 31: 2017 2016 (In thousands) Accounts Receivable $ 643,763 $ 580,779 Less: allowances for returns and doubtful accounts 11,771 11,571 Accounts receivable, net $ 631,992 $ 569,208 The following table shows the changes in our allowance for doubtful accounts: 2017 2016 2015 (In thousands) Balance at January 1, $ 5,922 $ 4,245 $ 1,734 Additions 197 1,390 2,285 Deductions (write-offs, net of recoveries) (1,146 ) 287 226 Balance at December 31, $ 4,973 $ 5,922 $ 4,245 Inventories Inventories consist principally of materials purchased for resale, including lumber, sheet goods, windows, doors and millwork, as well as certain manufactured products and are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger. During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence. Our arrangements with vendors provide for rebates of a specified amount of consideration, payable when certain measures, generally related to a stipulated level of purchases, have been achieved. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statement of operations and comprehensive income (loss). Throughout the year we estimate the amount of the rebates based upon the expected level of purchases. We continually revise these estimates based on actual purchase levels. We source products from a large number of suppliers. No materials purchased from any single supplier represented more than 8% of our total materials purchased in 2017. Shipping and Handling Costs Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income (loss) and totaled $296.2 million, $269.8 million and $171.9 million in 2017, 2016 and 2015, respectively. Income Taxes We account for income taxes utilizing the liability method described in the Income Taxes Warranty Expense We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not significant as a result of third-party inspection and acceptance processes. Debt Issuance Costs and Debt Discount Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs incurred in connection with term debt are amortized using the effective interest method. Debt discount is amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs and the debt discount are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs in accordance with the Debt Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 3 to 10 years Furniture and fixtures 3 to 5 years Leasehold improvements The shorter of the estimated useful life or the remaining lease term Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in machinery and equipment and generally depreciated using the straight-line method over the estimated useful lives of the assets, generally three years. We periodically evaluate the commercial and strategic operation of the land, related buildings and improvements of our facilities. In connection with these evaluations, some facilities may be consolidated, and others may be sold or leased. Nonoperating assets primarily related to land and building real estate assets associated with location closures that are actively being marketed for sale within a year are classified as assets held for sale and recorded at fair value, usually the quoted market price obtained from an independent third-party less the cost to sell. Until the assets are sold, an estimate of the fair value is reassessed at each reporting period. Net gains or losses related to the sale of real estate and equipment or impairment adjustments related to assets held for sale are recorded as selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income (loss). Long-Lived Assets We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying value of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying value of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying value is greater than estimated fair value. The net carrying value of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change. Insurance We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. We discount our workers’ compensation liability based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $78.0 million and $80.4 million as of December 31, 2017 and 2016, respectively. Of these balances $45.6 million and $43.6 million were recorded as other long-term liabilities as of December 31, 2017 and 2016, respectively. Included in these reserve balances as of December 31, 2017 and 2016, were approximately $8.9 million and $9.4 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets in the accompanying consolidated balance sheet. Net Income (Loss) per Common Share Net income (loss) per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for the years ended December 31: 2017 2016 2015 (In thousands) Weighted average shares for basic EPS 112,587 110,754 103,190 Dilutive effect of options and RSUs 3,010 2,831 — Weighted average shares for diluted EPS 115,597 113,585 103,190 For the purpose of computing diluted EPS, weighted average shares outstanding have been adjusted for common shares underlying 2,104,000 options to purchase common stock and 2,249,000 restricted stock units (“RSUs”) for 2017. Weighted average shares outstanding have been adjusted for common shares underlying 3,515,000 options and 2,177,000 RSUs for 2016. Options to purchase 4,998,000 shares of common stock and 1,516,000 RSUs were not included in the computation of diluted EPS for 2015 because their effect was anti-dilutive. Incremental shares attributable to average warrants outstanding during 2015 were not included in the computation of diluted EPS for 2015 as their effect was anti-dilutive. Goodwill and Other Intangible Assets Intangibles subject to amortization We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying value of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value. Goodwill We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value. Stock-based Compensation We have four stock-based employee compensation plans, which are described more fully in Note 10. We issue new common stock shares upon exercises of stock options and vesting of RSUs. We recognize the effect of pre-vesting forfeitures in the period they actually occur. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the year ended December 31: 2017 2016 2015 Expected life 6.0 years 6.0 years 6.0 years Expected volatility 59.2% 60.9% 75.2% Expected dividend yield 0.00% 0.00% 0.00% Risk-free rate 2.20% 1.41% 1.75% The expected life represents the period of time the options are expected to be outstanding. We used the simplified method for determining the expected life assumption due to limited historical exercise experience on our stock options. The expected volatility is based on the historical volatility of our common stock over the most recent period equal to the expected life of the option. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the expected life of the options. The fair value of RSU awards subject to market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the year ended December 31: 2017 2016 Expected volatility (company) 73.7% 53.6% Expected volatility (peer group median) 33.8% 17.3% Correlation between the company and peer group median 0.33 0.47 Expected dividend yield 0.00% 0.00% Risk-free rate 1.50% 1.29% The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period. We did not grant any RSUs subject to market conditions in 2015. Fair Value The Fair Value Measurements and Disclosures Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1 Level 3 — inputs that are unobservable in the marketplace and significant to the valuation If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The only financial instruments measured at fair value on a recurring basis were our warrants as discussed in Note 8. As of December 31, 2017 and 2016 the Company does not have any financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 5.625% senior secured notes due 2024 (“2024 notes”), $467.7 million senior secured term loan facility due 2024 (“2024 term loan”) and $900.0 million revolving credit facility (“2022 facility”) at amortized cost. The fair values of the 2024 notes and the 2024 term loan at December 31, 2017 were approximately $777.3 million and $464.1 million, respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the 2022 facility at December 31, 2017 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the 2022 facility was also classified as Level 2 in the hierarchy. Supplemental Cash Flow Information Supplemental cash flow information was as follows for the years ended December 31: 2017 2016 2015 (In thousands) Cash payments for interest (1) $ 193,429 $ 197,384 $ 55,028 Cash payments for income taxes 5,643 2,875 1,409 (1) Includes $48.7 million and $42.9 million in payments of debt extinguishment costs which are classified as financing outflows in the accompanying consolidated statement of cash flows for the years ended December 31, 2017 and 2016, respectively. These payments were recorded to interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for their respective years. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. We had no items of other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015. Recently Issued Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued an update to the existing guidance under the Compensation-Stock Compensation In January 2017, the FASB issued an update to the existing guidance under the Intangibles-Goodwill and Other In January 2017, the FASB issued an update to the existing guidance under the Business Combinations In March 2016, the FASB issued an update to the existing guidance under the Compensation-Stock Compensation topic of the Codification. This update simplifies several aspects of accounting for stock compensation including accounting for income taxes, classification of awards as liabilities or equity, forfeitures and classification on the statement of cash flows. This update was effective for public companies for annual and interim reporting periods beginning after December 15, 2016. As such, we adopted this guidance effective January 1, 2017. Upon adoption the Company recognized $8.9 million in previously unrecorded windfall benefits on a modified retrospective basis through a cumulative-effect adjustment to the beginning balance of our accumulated deficit. All windfalls or shortfalls are now recognized as a component of income tax expense in the period they occur. The Company elected to recognize the effect of pre-vesting forfeitures as they actually occur rather than estimating forfeitures each period. In February 2016, the FASB issued an update to the existing guidance under the Leases In July 2015, the FASB issued an update to the existing guidance under the Inventory In May 2014, the FASB issued an update to the existing guidance under the Revenue Recognition |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On July 31, 2015, the Company acquired all of the operating affiliates of ProBuild through the purchase of all issued and outstanding equity interests in ProBuild for $1.63 billion in cash, subject to certain adjustments. The purchase price was funded by the net proceeds received from the financing transactions described in Note 8. Previously headquartered in Denver, Colorado, ProBuild is one of the nation’s largest professional building materials suppliers. As a result of the ProBuild acquisition, the Company has a greater diversification of products and services and a significantly improved geographic footprint. This acquisition was accounted for by the acquisition method, and accordingly the results of operations were included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. We incurred acquisition related costs of $20.9 million related to the ProBuild acquisition during the year ended December 31, 2015. These costs include due diligence costs and transaction costs to complete the acquisition, and have been recognized in selling, general and administrative expense in the accompanying condensed consolidated statement of operations and comprehensive income (loss). We did not incur any acquisition costs related to this acquisition during the years ended December 31, 2017 and 2016. The operating results of the ProBuild acquisition have been included in the consolidated statement of operations and comprehensive income (loss) from the acquisition date through December 31, 2017. Net sales and net income attributable to ProBuild were approximately $4,994 million and $212 million, respectively for the year ended December 31, 2017. Net sales and net income attributable to ProBuild were approximately $4,520 million and $190 million, respectively for the year ended December 31, 2016. Net sales and net income attributable to ProBuild were approximately $1,860 million and $50 million, respectively, for the period of August 1, 2015 through December 31, 2015. Net income attributable to ProBuild does not include an allocation of income tax expense or of the additional interest expense incurred by the Company as a result of the ProBuild acquisition financing transactions and is also impacted by changes in the business post-acquisition. The following table reflects the pro forma operating results for the Company which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Year Ended December 31, 2015 (pro-forma) (in thousands, except per share amounts) Net sales $ 6,066,791 Net loss $ (10,433 ) Basic net loss per share $ (0.10 ) Diluted net loss per share $ (0.10 ) Pro forma net loss for the year ended December 31, 2015 reflects adjustments primarily related to depreciation and amortization, the conversion from last-in, first-out to first-in, first out inventory valuation, and interest expense. Pro forma net loss for 2015 was adjusted to exclude transaction-related expenses of $46.9 million ($34.6 million incurred by the Company and $12.3 million incurred by ProBuild). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment consisted of the following at December 31: 2017 2016 (In thousands) Land $ 188,551 $ 195,064 Buildings and improvements 337,536 331,498 Machinery and equipment 352,529 329,529 Furniture and fixtures 61,310 56,571 Construction in progress 24,228 12,771 Property, plant and equipment 964,154 925,433 Less: accumulated depreciation 324,851 269,332 Property, plant and equipment, net $ 639,303 $ 656,101 Depreciation expense was $71.1 million, $87.2 million and $46.3 million, of which $9.8 million, $9.5 million and $5.3 million was included in cost of sales, in 2017, 2016, and 2015, respectively. Included in property, plant and equipment are certain assets held under capital leases and lease finance obligations. These assets are recorded at the present value of minimum lease payments and include land, buildings and equipment. Amortization charges associated with assets held under capital leases and lease finance obligations are included in depreciation expense. The following balances held under capital lease and lease finance obligations are included on the accompanying consolidated balance sheet: 2017 2016 (In thousands) Land $ 114,010 $ 119,287 Buildings and improvements 142,941 151,862 Machinery and equipment 21,875 11,012 Assets held under capital leases and lease finance obligations 278,826 282,161 Less: accumulated amortization 15,367 9,213 Assets held under capital leases and lease finance obligations, net $ 263,459 $ 272,948 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. Goodwill The following table sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 (in thousands): Northeast Southeast South West Total Balance as of December 31, 2016 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) 96,608 60,076 286,135 297,592 740,411 Balance as of December 31, 2017 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) $ 96,608 $ 60,076 $ 286,135 $ 297,592 $ 740,411 We closely monitor trends in economic factors and their effects on operating results to determine if an impairment trigger was present that would warrant a reassessment of the recoverability of the carrying amount of goodwill prior to the required annual impairment test in accordance with the Intangibles – Goodwill and Other The process of evaluating goodwill for impairment involves the determination of fair value of our reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including our interpretation of current economic indicators and market valuations and assumptions about our strategic plans with regard to our operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates resulting in further impairment of goodwill. In performing our impairment analysis, we developed a range of fair values for our reporting units using a discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses our projections of financial performance for a five-year period. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the expected future revenues, gross margins and operating expenses, which vary among reporting units. Significant assumptions used in our financial projections include housing starts, lumber commodity prices, and market share gains. We recorded no goodwill impairment charges in 2017, 2016, and 2015. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The following table presents intangible assets as of December 31: 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 149,045 $ (48,925 ) $ 149,045 $ (33,023 ) Non-compete agreements 1,379 (1,081 ) 1,379 (375 ) Trade names 51,361 (22,554 ) 51,361 (13,286 ) Favorable lease intangibles 6,409 (3,067 ) 6,409 (2,137 ) Total intangible assets $ 208,194 $ (75,627 ) $ 208,194 $ (48,821 ) Unfavorable lease obligations (included in Accrued liabilities and Other long-term liabilities) $ (19,597 ) $ 13,666 $ (19,597 ) $ 8,746 During the years ended December 31, 2017, 2016, and 2015, we recorded amortization expense in relation to the above-listed intangible assets of $21.9 million, $22.6 million, and $11.9 million, respectively. In addition, as a result of the facility closure activities following the ProBuild acquisition, we recorded impairment charges of $1.7 million and $1.4 million against our intangible assets during the years ended December 31, 2016 and 2015, respectively. We did not record any impairment charges related to our intangible assets for the year ended December 31, 2017. We recognized these impairment charges in selling, general, and administrative expense in the accompanying consolidated statement of operations and comprehensive income (loss). The following table presents the estimated amortization expense for these intangible assets for the years ending December 31 (in thousands): 2018 $ 21,003 2019 17,205 2020 13,010 2021 11,936 2022 10,926 Thereafter 52,556 Total future net intangible amortization expense $ 126,636 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consisted of the following at December 31: 2017 2016 (In thousands) Accrued payroll and other employee related expenses $ 127,745 $ 127,485 Customer obligations 46,894 38,448 Self-insurance reserves 32,424 36,817 Accrued business taxes 28,460 30,177 Accrued interest 14,403 28,570 Unfavorable lease obligations (Note 6) 3,195 4,921 Facility closure reserves 3,097 3,910 Other 15,379 22,787 Total accrued liabilities $ 271,597 $ 293,115 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt and lease obligations consisted of the following (in thousands): December 31, 2017 December 31, 2016 2022 facility $ 350,000 $ — 2023 notes — 367,608 2024 notes 750,000 750,000 2024 term loan 462,950 467,650 Lease finance obligations 225,070 238,539 Capital lease obligations (Note 9) 15,431 7,427 1,803,451 1,831,224 Unamortized debt discount and debt issuance costs (19,031 ) (29,172 ) 1,784,420 1,802,052 Less: current maturities of long-term debt and lease obligations 12,475 16,217 Long-term debt and lease obligations, net of current maturities $ 1,771,945 $ 1,785,835 ProBuild Acquisition Financing As described in Note 3, we acquired all of the operating affiliates of ProBuild on July 31, 2015 through the purchase of all issued and outstanding equity interests of ProBuild for $1.63 billion in cash, subject to certain adjustments. The purchase price was funded with the net cash proceeds from (i) the sale of $700.0 million in aggregate principal amount of 10.75% senior unsecured notes due 2023 (the “2023 notes”), (ii) entry into a $600.0 million term loan credit agreement (the “2015 term loan”), (iii) a $295.0 million draw on an amended and restated $800.0 million senior secured revolving credit facility (the “2015 facility”), and (iv) a public offering of 9.2 million new shares of our common stock at an offering price of $12.80 per share (the “equity offering”). In connection with the financing transactions described above, we incurred approximately $65.0 million of various third-party fees and expenses. Of these costs, $18.1 million were allocated to the 2023 notes, $16.0 million were allocated to the 2015 term loan, $11.2 million were allocated to the 2015 facility and $6.5 million were allocated to the equity offering. The costs allocated to the 2023 notes and the 2015 term loan were recorded as reductions to long-term debt. The costs allocated to the 2015 facility were recorded as other assets. The costs allocated to the equity offering were recorded as a reduction to additional paid-in capital. In addition, $13.2 million in costs relate to commitment fees paid for bridge and backstop financing facilities entered into in connection with these financing transactions, neither of which was utilized. As such, these fees were recorded as interest expense for the year ended December 31, 2015. At the closing of these transactions, there were approximately $3.0 million in unamortized debt issuance costs associated with our previous revolving credit facility, of which approximately $0.9 million were recorded as interest expense for the year ended December 31, 2015. The remaining $2.1 million in unamortized costs associated with our previous revolving credit facility were carried over to the 2015 facility. 2016 Debt Transactions During the year ended December 31, 2016, the Company executed several debt transactions which are described in more detail below. These transactions include two debt exchanges, complete extinguishment of our 7.625% senior secured notes due 2021 (the “2021 notes”), repricing and partially repaying our 2015 term loan and a cash tender offer in which we further reduced the aggregate principal amount of outstanding 2023 notes. Note Exchange Transactions On February 12, 2016, we completed separate privately negotiated note exchange transactions in which $218.6 million in aggregate principal amount of our 2023 notes was exchanged for $207.6 million in aggregate principal amount of our previously outstanding 2021 notes. On February 29, 2016, we completed additional separate privately negotiated note exchange transactions in which $63.8 million in aggregate principal amount of our 2023 notes was exchanged for $60.0 million in aggregate principal amount of our previously outstanding 2021 notes. The note exchange transactions were considered to be debt extinguishments. As such, we recognized a net gain of $7.8 million which was recorded as an offset to interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2016. Of this $7.8 million gain, $14.8 million was attributable to the reduction in outstanding principal which was partially offset by the write-off of $7.0 million of unamortized debt issuance costs associated with the 2023 notes which were extinguished in the exchange transactions. In connection with issuance of the 2021 notes in the exchange transactions, we incurred $4.9 million of various third-party fees and expenses. These costs were previously recorded as a reduction to long-term debt and were subsequently written off to interest expense in the third quarter of 2016 in connection with the extinguishment of the 2021 notes as described in the “2016 Refinancing Transactions” section below. Note Redemption Transaction In May 2016, the Company exercised its contractual right to redeem $35.0 million in aggregate principal amount of 2021 notes at a price of 103.0%, plus accrued and unpaid interest. The redemption transaction was considered to be a debt extinguishment. As such, we recognized a loss of $1.7 million which was recorded as a component of interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2016. Of this $1.7 million loss, 2016 Refinancing Transactions In August 2016, we completed a private offering of $750.0 million in aggregate principal amount of 5.625% senior secured notes due 2024 (“2024 notes”) at an issue price equal to 100% of their face value. At the same time the Company also repriced its 2015 term loan. This repricing lowered the applicable margin to 3.75% in the case of Eurodollar loans and 2.75% in the case of base rate loans. This reduction represents a 1.25% decrease in the applicable margin for both Eurodollar and base rate loans. In connection with the repricing, the mandatory quarterly principal repayments were reduced from $1.375 million to $1.175 million. The proceeds from the issuance of the 2024 notes were used, together with cash on hand and borrowings on the 2015 facility, to fully redeem the $582.6 million in aggregate outstanding principal amount of 2021 notes, to pay down $125.9 million of the 2015 term loan and to pay related transaction fees and expenses. The redemption of the 2021 notes was considered to be a debt extinguishment. As such, we recognized a loss of $43.9 million which was recorded as a component of interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2016. Of this $43.9 million loss, In connection with the issuance of the 2024 notes and the 2015 term loan repricing, we incurred approximately $12.0 million of various third-party fees and expenses. Of these costs $10.5 million were allocated to the 2024 notes and have been recorded as a reduction to long-term debt. These costs are being amortized over the contractual life of the 2024 notes using the effective interest method. The remaining $1.5 million in costs incurred were allocated to the 2015 term loan. Of this $1.5 million, $1.2 million was recorded to interest expense in the third quarter of 2016. The remaining $0.3 million of new third-party costs together with $10.9 million in remaining unamortized debt discount and debt issuance costs have been recorded as a reduction of long-term debt and are being be amortized over the remaining contractual life of the 2015 term loan using the effective interest method. Tender Offer In October 2016, we purchased $50.0 million in aggregate principal amount of our 2023 notes pursuant to the terms of a cash tender offer at a price of 117.0% of par value plus accrued and unpaid interest. The purchase of the 2023 notes was funded with cash on hand and borrowings under our 2015 facility. The tender offer transaction was considered to be a debt extinguishment. As such, we recognized a loss on extinguishment of $9.7 million which was recorded as a component of interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2016. Of this loss, approximately $8.5 million was attributable to the purchase premium paid to the lenders and $1.2 million was attributable to the write-off of unamortized debt issuance costs associated with the redeemed notes. In addition to the loss described above, we incurred approximately $0.1 million in third party costs which were recorded to selling, general, and administrative expense in the fourth quarter of 2016. 2017 Debt Transactions During the year ended December 31, 2017, the Company executed several debt transactions which are described in more detail below. These transactions included a repricing and extension of the 2015 term loan as well as increasing the borrowing capacity and extending the maturity of our 2015 facility and the complete extinguishment of our 2023 notes. Our 2017 and 2016 debt transactions have extended our debt maturity profile and reduced our annual cash interest on a go forward basis. Term Loan Amendment On February 23, 2017, we repriced our 2015 term loan through an amendment and extension of the term loan credit agreement providing for a $467.7 million senior secured term loan facility due 2024 (“2024 term loan”). This repricing reduces the interest rate by 0.75% and extends the maturity by 19 months to February 29, 2024. Deutsche Bank AG New York Branch continues to serve as administrative agent and collateral agent under the 2024 term loan agreement. In connection with the 2024 term loan amendment we recognized $0.4 million in interest expense for the year ended December 31, 2017 related to the write-off of unamortized debt discount and debt issuance costs. We incurred $1.2 million in lender fees which, together with $10.0 million in remaining unamortized debt discount and debt issuance costs, have been recorded as a reduction of long-term debt and are being amortized over the remaining contractual life of the 2024 term loan using the effective interest method. In addition, we also incurred $1.4 million in various third-party fees and expenses related to the 2024 term loan amendment which were recorded to interest expense for the year ended December 31, 2017. Revolving Credit Facility Amendment On March 22, 2017, the Company extended the maturity date and increased the revolving commitments under its 2015 facility. This transaction resulted in an amended and restated $900.0 million revolving credit facility (“2022 facility”) and extended the maturity by 20 months to March 22, 2022. SunTrust Bank continues to serve as administrative agent and collateral agent under the 2022 facility agreement. All other material terms of the 2022 facility remain unchanged from those of the 2015 facility. In connection with the 2022 facility amendment, we recognized $0.6 million in interest expense for the year ended December 31, 2017 related to the write-off of unamortized debt issuance costs. We incurred $1.6 million in lender and third-party fees which, together with $8.5 million in remaining unamortized debt issuance costs, have been recorded as other assets and are being amortized over the remaining contractual life of the 2022 facility on a straight-line basis. 2023 Notes Redemption In December 2017, the Company exercised its contractual right to redeem $367.6 million in aggregate principal amount of 2023 Notes at a total redemption price of 113.249%, plus accrued and unpaid interest. The redemption of the 2023 Notes was funded with a combination of borrowings under the 2022 facility and cash on hand. The redemption of the 2023 notes was considered to be a debt extinguishment. As such, we recognized a loss on extinguishment of $56.3 million which was recorded as a component of interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2017. Of this $56.3 million loss, 2024 Term Loan Credit Agreement As of December 31, 2017, we have $463.0 million outstanding under the 2024 term loan, which matures on February 29, 2024. The 2024 term loan bears interest based on either a eurodollar or base rate (a rate equal to the highest of an agreed commercially available benchmark rate, the federal funds effective rate plus 0.50% or the eurodollar rate plus 1.0%, as selected by the Company) plus, in each case, an applicable margin. The applicable margin in the 2024 term loan is (x) 3% in the case of Eurodollar rate loans and (y) 2% in the case of base rate loans. The 2024 term loan has mandatory principal repayments of $1.175 million which are payable in March, June, September, and December of each year provided that each such payment is subject to reduction as a result of certain prepayments of the loans in accordance with the loan documentation. The weighted average interest rate of the term loan was 4.3% during the year ended December 31, 2017. 2022 Revolving Credit Facility The 2022 facility provides for a $900.0 million revolving credit line to be used for working capital, general corporate purposes and funding acquisitions. In addition, we may use the 2022 facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement, subject to certain reserves. As of December 31, 2017, we had $350.0 million in outstanding borrowings under our 2022 facility and our net excess borrowing availability was $436.8 million after being reduced by outstanding letters of credit of approximately $84.9 million. During the year ended December 31, 2017, we borrowed $1,370.0 million and repaid $1,020.0 million at a weighted average interest rate of 2.9%. The 2022 facility matures on March 22, 2022. Borrowings under the 2022 facility bear interest, at our option, at either a eurodollar rate or a base rate, plus, in each case an applicable margin. The applicable margin ranges from 1.25% to 1.75% per annum in the case of eurodollar rate loans and 0.25% to 0.75% per annum in the case of base rate loans. The margin in either case is based on a measure of availability under the 2022 facility. A variable commitment fee, currently 0.375% per annum, is charged on the unused amount of the revolver based on quarterly average loan utilization. Letters of credit under the 2022 facility are assessed at a rate equal to the applicable eurodollar margin, currently 1.25%, as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December. All obligations under the 2024 term loan and 2022 facility will be guaranteed jointly and severally by the Company and all other subsidiaries that guarantee the 2024 notes. All obligations and the guarantees of those obligations will be secured by substantially all of the assets of the Company and the guarantors subject to certain exceptions and permitted liens, including (i) with respect to the 2024 term loan, a first-priority security interest in such assets that constitute Notes Collateral (as defined below) and a second priority security interest in such assets that constitute ABL Collateral (as defined below), and (ii) with respect to the 2022 facility, a first-priority security interest in such assets that constitute ABL Collateral and a second-priority security interest in such assets that constitute Notes Collateral. “ABL Collateral” includes substantially all presently owned and after-acquired accounts receivable, inventory, rights of unpaid vendors with respect to inventory, deposit accounts, commodity accounts, securities accounts and lock boxes, investment property, cash and cash equivalents, and general intangibles, books and records, supporting obligations and documents and related letters of credit, commercial tort claims or other claims related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral which is not ABL collateral. The 2024 term loan and the 2022 facility contain restrictive covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the 2022 facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $87.2 million as of December 31, 2017. Senior Secured Notes due 2024 As of December 31, 2017 we have $750.0 million outstanding in aggregate principal amount of the 2024 notes which mature on September 1, 2024. Interest accrues on the 2024 notes at a rate of 5.625% per annum and is payable semi-annually on March 1 and September 1 of each year. The terms of the 2024 notes are governed by the indenture, dated as of August 22, 2016 (the “Indenture”), among the Company, the guarantors named therein (the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”) and notes collateral agent (the “Notes Collateral Agent”). The 2024 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior secured basis, by certain of our direct and indirect wholly owned subsidiaries. All obligations under the 2024 notes, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and the Guarantors subject to certain exceptions and permitted liens, including a first-priority security interest in such assets that constitute Notes Collateral (as defined above) and a second-priority security interest in such assets that constitute ABL Collateral (as defined above). The Notes Collateral Agent became a party to the ABL/Bond Intercreditor Agreement, dated as of May 29, 2013, among SunTrust Bank, as agent under the Company’s 2022 facility, the Wilmington Trust, National Association, the Company and the Guarantors, and the Pari Passu Intercreditor Agreement, dated as of July 31, 2015, among Deutsche Bank AG New York Branch, as term collateral agent under the Company’s 2024 term loan, Wilmington Trust, National Association, the Company and the Guarantors. These documents govern all arrangements in respect of the priority of the security interests in the ABL Collateral and the Notes Collateral among the parties to the Indenture, the 2022 facility and the 2024 term loan. The 2024 notes constitute senior secured obligations of the Company and Guarantors, rank senior in right of payment to all future debt of the Company and Guarantors that is expressly subordinated in right of payment to the 2024 notes, and rank equally in right of payment with all existing and future liabilities of the Company and Guarantors that are not so subordinated, including the 2022 facility. The Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock; create liens; create restrictions on the Company’s subsidiaries’ ability to make payments to the Company; pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock; make certain investments or certain other restricted payments; guarantee indebtedness; designate unrestricted subsidiaries; sell certain kinds of assets; enter into certain types of transactions with affiliates; and effect mergers and consolidations. At any time prior to September 1, 2019, the Company may redeem the 2024 notes in whole or in part at a redemption price equal to 100% of the principal amount of the 2024 notes plus the “applicable premium” set forth in the Indenture. At any time on or after September 1, 2019, the Company may redeem the 2024 notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date. At any time and from time to time during the 36-month period following August 22, 2016 (“the Closing Date”), the Company may redeem up to 10% of the aggregate principal amount of the 2024 notes during each twelve-month period commencing on the Closing Date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest to the redemption date. In addition, at any time prior to September 1, 2019, the Company may redeem up to 40% of the aggregate principal amount of the 2024 notes with the net cash proceeds of one or more equity offerings, as described in the Indenture, at a price equal to 105.625% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control events, holders of the 2024 notes may require it to repurchase all or part of their 2024 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date. As of December 31, 2017 we were not in violation of any covenants or restrictions imposed by any of our debt agreements. Future maturities of long-term debt as of December 31, 2017 were as follows (in thousands): Year ending December 31, 2018 $ 4,700 2019 4,700 2020 4,700 2021 4,700 2022 354,700 Thereafter 1,189,450 Total long-term debt (including current maturities) $ 1,562,950 Warrants Our previous term loan included detachable warrants that allowed for the purchase of up to 1.6 million shares of our common stock at a price of $2.50 per share. In April 2015, the remaining 0.7 million of outstanding, detachable warrants were exercised. The warrants were considered to be derivative financial instruments and were classified as liabilities. As such, they were measured at fair value on a recurring basis. Our share price and, to a lesser extent, the historical volatility of our common stock were the primary factors in the changes to our fair value measurements related to the warrants. All other inputs being equal, an increase or decrease in our share price or volatility resulted in an increase or decrease in the fair value of our warrants and an increase or decrease in interest expense. Non-cash fair value adjustments related to our derivative financial instrument recorded as interest expense in the consolidated statement of operations and comprehensive income (loss) for the years ended December 31 (in thousands) were as follows: Derivative Not Designated as Hedging Instruments Location of Loss Recognized in Income Amount of Loss 2017 2016 2015 Warrants Interest expense, net — — (4,563 ) We used the income approach to value our warrants by using the Black-Scholes option-pricing model. Using this model, the risk-free interest rate was based on the U.S. Treasury yield curve in effect on the valuation date. The expected life was based on the period of time until the expiration of the warrants. Expected volatility was based on the historical volatility of our common stock over the most recent period equal to the expected life of the warrants. The expected dividend yield was based on our history of not paying regular dividends in the past. These techniques incorporated Level 1 and Level 2 inputs. Significant inputs to the derivative valuation for the warrants were observable in the active markets and are classified as Level 2 in the hierarchy. Lease Finance Obligations The Company is party to 141 individual property lease agreements with a single lessor as of December 31, 2017. These lease agreements have initial terms ranging from nine to fifteen years (expiring through 2021) and renewal options in five-year increments providing for up to approximately 30-year remaining total lease terms. A related agreement between the lessor and the Company gives the Company the right to acquire a limited number of the leased facilities at fair market value. As a result of these purchase rights, the Company treats all of the properties that it leases from this lessor as a financing arrangement. The Company is also party to certain additional agreements with the same lessor which commit the Company to perform certain repair and maintenance obligations under the leases in a specified manner and timeframe. In 2006, we completed construction on a new multi-purpose facility. Based on the evaluation of the construction project in accordance with the Leases As of December 31, 2017, lease finance obligations consist of $225.1 million, with cash payments of $22.0 million for the year ended December 31, 2017. These lease finance obligations are included on the consolidated balance sheet as a component of long-term debt and lease obligations. The related assets are recorded as components of property, plant, and equipment on the consolidated balance sheet. Future minimum commitments for lease finance obligations as of December 31, 2017 were as follows (in thousands): Year ending December 31, 2018 $ 18,418 2019 18,898 2020 17,973 2021 17,712 2022 17,650 Thereafter 238,310 Total $ 328,961 |
Capital Lease Obligations
Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease Obligations [Abstract] | |
Capital Lease Obligations | 9. Capital Lease Obligations The Company leases certain property and equipment under capital leases expiring through 2020. These leases require monthly payments of principal and interest, imputed at various interest rates. Future minimum lease payments as of December 31, 2017 are as follows (in thousands): Years ending December 31, 2018 $ 6,689 2019 5,127 2020 4,775 Thereafter — Total minimum lease payments 16,591 Less: amount representing interest (1,160 ) Present value of net minimum payments 15,431 Less: current portion (5,986 ) Long-term capital lease obligations, net of current portion $ 9,445 |
Employee Stock-Based Compensati
Employee Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock-Based Compensation | 10. Employee Stock-Based Compensation 2014 Incentive Plan Under our 2014 Incentive Plan (“2014 Plan”), the Company is authorized to grant awards in the form of incentive stock options, non-qualified stock options, restricted stock shares, restricted stock units, other common stock-based awards and cash-based awards. In May 2016, our shareholders approved an amendment to our 2014 Plan that increased the number of shares of common stock reserved for the grant of awards under the 2014 Plan from 5.0 million shares to 8.5 million shares, subject to adjustment as provided by the 2014 Plan. All 8.5 million shares under the Plan may be made subject to options, stock appreciation rights (“SARs”), or stock-based awards. Stock options and SARs granted under the 2014 Plan may not have a term exceeding 10 years from the date of grant. The 2014 Plan also provides that all awards will become fully vested and/or exercisable upon a change in control (as defined in the 2014 Plan) if those awards (i) are not assumed or equitably substituted by the surviving entity or (ii) have been assumed or equitably substituted by the surviving entity, and the grantee’s employment is terminated under certain circumstances. Other specific terms for awards granted under the 2014 Plan shall be determined by our Compensation Committee (or the board of directors if so determined by the board of directors). Awards granted under the 2014 Plan generally vest ratably over a three to four year period. As of December 31, 2017, 5.4 million shares were available for issuance under the 2014 Plan. 2007 Incentive Plan Under our 2007 Incentive Plan (“2007 Plan”), the Company was authorized to grant awards in the form of incentive stock options, non-qualified stock options, restricted stock, other common stock-based awards and cash-based awards. Stock options and SARs granted under the 2007 Plan may not have a term exceeding 10 years from the date of grant. The 2007 Plan also provided that all awards will become fully vested and/or exercisable upon a change in control (as defined in the 2007 Plan). Historically, awards granted under the 2007 Plan generally vested ratably over a three to four-year period. As of May 24, 2017, no further grants will be made under the 2007 plan. 2005 Equity Incentive Plan Under our 2005 Equity Incentive Plan (“2005 Plan”), we were authorized to grant stock-based awards in the form of incentive stock options, non-qualified stock options, restricted stock and other common stock-based awards. Stock options and SARs granted under the 2005 Plan could not have a term exceeding 10 years from the date of grant. The 2005 Plan also provided that all awards become fully vested and/or exercisable upon a change in control (as defined in the 2005 Plan). Historically, awards granted under the 2005 Plan generally vested ratably over a three-year period. As of June 27, 2015, no further grants will be made under the 2005 Plan. 1998 Stock Incentive Plan Under the Builders FirstSource, Inc. 1998 Stock Incentive Plan (“1998 Plan”), we were authorized to issue shares of common stock pursuant to awards granted in various forms, including incentive stock options, non-qualified stock options and other stock-based awards. The 1998 Plan also authorized the sale of common stock on terms determined by our board of directors. Stock options granted under the 1998 Plan generally cliff vest after a period of seven to nine years with certain option grants subject to acceleration if certain financial targets were met. The expiration date is generally 10 years subsequent to date of issuance. As of January 1, 2005, no further grants will be made under the 1998 Plan. Stock Options The following table summarizes our stock option activity: Options Weighted Weighted Aggregate (In thousands) (In thousands) Outstanding at December 31, 2016 3,515 $ 5.51 Granted 57 $ 12.94 Exercised (1,449 ) $ 5.56 Forfeited (19 ) $ 7.44 Outstanding at December 31, 2017 2,104 $ 5.66 4.8 $ 33,927 Exercisable at December 31, 2017 1,522 $ 4.80 4.1 $ 25,871 The outstanding options at December 31, 2017 include 210,000 options under the 2014 plan, 1,384,000 options under the 2007 Plan, 302,000 options under the 2005 Plan and 208,000 options under the 1998 Plan. As of December 31, 2017, 42,000 options under the 2014 Plan, 1,108,000 options under the 2007 Plan, 164,000 options under the 2005 Plan and 208,000 options under the 1998 Plan were exercisable. The weighted average grant date fair value of options granted during the years ended December 31, 2017, 2016 and 2015 were $7.26, $3.71 and $4.20, respectively. The total intrinsic value of options exercised during the years ended December 31, 2017, 2016, and 2015 were $16.4 million, $11.6 million and $12.8 million, respectively. Vesting of all of our stock options is contingent solely on continuous employment over the requisite service period. Outstanding and exercisable stock options at December 31, 2017 were as follows (shares in thousands): Outstanding Exercisable Range of Exercise Prices Shares Weighted Weighted Shares Weighted $3.15 208 $ 3.15 5.9 208 $ 3.15 $3.19 754 $ 3.19 2.1 754 $ 3.19 $6.35 - $6.70 161 $ 6.45 7.2 48 $ 6.47 $7.67- $12.94 981 $ 7.97 6.3 512 $ 7.67 $3.15 - $12.94 2,104 $ 5.66 4.8 1,522 $ 4.80 Restricted Stock Units The outstanding restricted stock units (“RSUs”) at December 31, 2017 include 2,015,000 units granted under the 2014 Plan and 234,000 units granted under the 2007 Plan. The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 1,657 $ 8.77 Granted 468 $ 14.60 Vested (772 ) $ 8.88 Forfeited (22 ) $ 7.96 Nonvested at December 31, 2017 1,331 $ 10.77 The weighted average grant date fair value of RSUs for which vesting is subject solely to service conditions granted during the years ended December 31, 2017, 2016 and 2015 were $14.60, $10.68, and $7.26, respectively. The following table summarizes activity for RSUs subject to both performance and service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 260 $ 10.95 Granted 230 $ 15.38 Vested — $ — Forfeited (3 ) $ 11.09 Nonvested at December 31, 2017 487 $ 13.04 The weighted average grant date fair value of RSUs for which vesting is subject to both performance and service conditions granted during the years ended December 31, 2017 and 2016 were $15.38 and $10.96, respectively. There were no RSUs granted in 2015 which were subject to both performance and service conditions. The following table summarizes activity for RSUs subject to both market and service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 260 $ 7.58 Granted 174 $ 11.49 Vested — $ — Forfeited (3 ) $ 7.72 Nonvested at December 31, 2017 431 $ 9.16 The weighted average grant date fair value of RSUs for which vesting is subject to both market and service conditions granted during the years ended December 31, 2017 and 2016 were $11.49 and $7.58, respectively. There were no RSUs granted in 2015 which were subject to both market and service conditions. Our results of operations include stock compensation expense of $13.5 million ($8.2 million net of taxes), $10.5 million ($6.3 million net of taxes) and $6.9 million ($6.9 million net of taxes) for the years ended December 31, 2017, 2016 and 2015, respectively. As a result of our adoption of the updated guidance related to stock compensation discussed in Note 2 we recognized excess tax benefits for stock options exercised and RSUs vested of $5.1 million for the year ended December 31, 2017. We recognized no excess tax benefits for stock options exercised or RSUs vested during the years ended December 31, 2016 and 2015. The total fair value of options vested during the years ended December 31, 2017, 2016, and 2015 were $2.7 million, $2.8 million and $2.7 million, respectively. The total fair value of RSUs vested during the years ended December 31, 2017, 2016 and 2015 were $6.9 million, $3.9 million and $3.7 million, respectively. As of December 31, 2017, there was $14.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The components of income tax expense (benefit) included in continuing operations were as follows for the years ended December 31: 2017 2016 2015 (In thousands) Current: Federal $ 1,831 $ — $ — State 2,213 2,115 1,100 4,044 2,115 1,100 Deferred: Federal 49,710 (110,720 ) 2,530 State (606 ) (14,067 ) 757 49,104 (124,787 ) 3,287 Income tax expense (benefit) $ 53,148 $ (122,672 ) $ 4,387 Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31: 2017 2016 (In thousands) Deferred tax assets related to: Accrued expenses $ 9,615 $ 13,664 Insurance reserves 11,299 15,128 Stock-based compensation expense 4,702 7,429 Accounts receivable 3,355 5,023 Inventories 11,370 24,628 Operating loss and credit carryforwards 68,066 87,610 108,407 153,482 Valuation allowance (2,409 ) (4,821 ) Total deferred tax assets 105,998 148,661 Deferred tax liabilities related to: Prepaid expenses (2,706 ) (3,799 ) Goodwill and other intangible assets (19,431 ) (15,956 ) Property, plant and equipment (8,593 ) (13,058 ) Other (163 ) (528 ) Total deferred tax liabilities (30,893 ) (33,341 ) Net deferred tax asset $ 75,105 $ 115,320 A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below for the years ended December 31: 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax 7.7 6.1 8.3 Valuation allowance (3.1 ) (607.9 ) (52.1 ) Stock compensation windfall benefit (5.5 ) — — Enactment of federal income tax rate change 31.5 — — Permanent difference – 162(m) limitation 0.8 0.6 (5.4 ) Permanent difference – warrant mark to market — — (8.6 ) Permanent difference – credits (9.6 ) (1.2 ) 1.9 Permanent difference – other 0.9 0.4 (2.8 ) Other 0.1 0.9 0.1 57.8 % (566.1 )% (23.6 )% As discussed in Note 2 the Company adopted updated guidance related to the accounting for stock compensation in 2017. As a result of this updated guidance all windfalls and shortfalls are now recognized as a component of income tax expense in the period they occur. On December 22, 2017, the President signed into law the 2017 Tax Act, which includes a broad range of tax reform proposals affecting businesses, including corporate tax rates and business deductions. The 2017 Tax Act reduces the statutory federal corporate tax rate from 35% to 21% for periods beginning after December 31, 2017. The Income Taxes At December 31, 2017 and 2016, the Company had deferred tax assets, net of deferred tax liabilities, of $77.5 million and $120.1 million, respectively, offset by valuation allowances of $2.4 million and $4.8 million, respectively. We have $338.5 million of state net operating loss carryforwards and $2.8 million of state tax credit carryforwards expiring at various dates through 2037. We also have $190.8 million of federal net operating loss carryforwards and $11.4 million of federal tax credit carryforwards expiring at various dates through 2037. As of December 31, 2017, the Company needed to generate approximately $281.4 million of pre-tax income in future periods to realize its federal deferred tax assets. We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes We recorded a full valuation allowance in 2008 due to our cumulative three year loss position at that time, compounded by the negative industry-wide business trends and outlook. We remained in a cumulative three year loss position until the second quarter of 2016. In the third quarter of 2016, management determined that there was sufficient positive evidence to conclude that it was more likely than not that the valuation allowance should be released against our net federal and some state deferred tax assets. As a result, for the year ended December 31, 2016 we recorded a cumulative reduction to the valuation allowance against our net deferred tax assets of $131.7 million. During 2017, as a result of various activities and tax initiatives that impacted our assessment of the future utilization and realizability of our state net operating losses (“NOLs”) we recorded a reduction to the associated valuation allowance of $2.8 million for the year ended December 31, 2017. For the year ended December 31, 2015, we recorded a valuation allowance of $9.7 million related to our continuing operations. Section 382 of the Internal Revenue Code imposes annual limitations on the utilization of NOL carryforwards, other tax carryforwards, and certain built-in losses upon an ownership change as defined under that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three year testing period (“Section 382 Ownership Change”). In 2017, affiliates of a significant shareholder sold their investment in the Company, which triggered a Section 382 Ownership Change. As a result of triggering a Section 382 Ownership Change, an annual limitation is now imposed on the Company’s tax attributes, including its NOLs and other credits. The Company has evaluated the impact of this limitation on its NOLs and other credits and does not expect it to have a material impact on their future utilization or realizability. We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses. Accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations or financial position. The following table shows the changes in our valuation allowance: 2017 2016 2015 (In thousands) Balance at January 1, $ 4,821 $ 136,548 $ 133,183 Additions charged to expense — — 9,624 Reductions credited to expense (2,839 ) (131,727 ) — Enactment of federal income tax rate change 427 — — Deductions — — (6,259 ) Balance at December 31, $ 2,409 $ 4,821 $ 136,548 The balance for uncertain tax positions, excluding penalties and interest, was $0.3 million, $0.2 million and $0.2 million as of December 31, 2017, 2016 and 2015, respectively with no significant impact recorded in the Company’s consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2017, 2016 or 2015. We accrue interest and penalties on our uncertain tax positions as a component of our provision for income taxes. We accrued no significant interest and penalties in 2017, 2016 or 2015. We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. Based on completed examinations and the expiration of statutes of limitations, we have concluded all U.S. federal income tax matters for years through 2013. We report in 41 states with various years open to examination. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 12. Employee Benefit Plans We maintain one active defined contribution 401(k) plan. Our employees are eligible to participate in the plans subject to certain employment eligibility provisions. Participants can contribute up to 75% of their annual compensation, subject to federally mandated maximums. Participants are immediately vested in their own contributions. We match a certain percentage of the contributions made by participating employees, subject to IRS limitations. Our matching contributions are subject to a pro-rata five-year vesting schedule. We recognized expense of $4.6 million, $4.6 million and $6.5 million in 2017, 2016 and 2015, respectively, for contributions to the plan. The Company contributes to multiple collectively bargained union retirement plans including multiemployer plans. The Company does not administer the multiemployer plans, and contributions are determined in accordance with the provisions of negotiated labor contracts. The risks of participating in multiemployer plans are different from single-employer plans. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to a multiemployer plan, the unfunded obligations of that multiemployer plan may be borne by the remaining participating employers. If the Company chooses to stop participating in a multiemployer plan, the Company may be required to pay that plan an amount (“withdrawal liability”) based on the plan’s formula and the underfunded status of the plan attributable to the Company. Contributions to the plans for the years ended December 31, 2017, 2016 and 2015 were not significant. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies We lease certain land, buildings and equipment used in operations. These leases are generally accounted for as operating leases with initial terms ranging from one to 20 years and they generally contain renewal options. Certain operating leases are subject to contingent rentals based on various measures, primarily consumer price index increases. We also lease certain properties from related parties, including current employees and non-affiliate stockholders. Total rent expense under operating leases was approximately $77.9 million, $68.7 million and $43.6 million for the years ended December 31, 2017, 2016, and 2015, respectively. In addition, we have residual value guarantees on certain equipment leases. Under these leases we have the option of (a) purchasing the equipment at the end of the lease term, (b) arranging for the sale of the equipment to a third party, or (c) returning the equipment to the lessor to sell the equipment. If the sales proceeds in any case are less than the residual value, we are required to reimburse the lessor for the deficiency up to a specified level as stated in each lease agreement. If the sales proceeds exceed the residual value, we are entitled to all of such excess amounts. The guarantees under these leases for the residual values of equipment at the end of the respective operating lease periods approximated $5.6 million as of December 31, 2017. Based upon the expectation that none of these leased assets will have a residual value at the end of the lease term that is materially less than the value specified in the related operating lease agreement or that we will purchase the equipment at the end of the lease term, we do not believe it is probable that we will be required to fund any amounts under the terms of these guarantee arrangements. Accordingly, no accruals have been recognized for these guarantees. Future minimum commitments for noncancelable operating leases with initial or remaining lease terms in excess of one year are as follows: Related Party Total* (In thousands) Year ending December 31, 2018 $ 852 $ 76,565 2019 831 64,016 2020 852 50,562 2021 527 40,351 2022 406 27,446 Thereafter 633 60,927 $ 4,101 $ 319,867 * Includes related party future minimum commitments for noncancelable operating leases. As of December 31, 2017, we had outstanding letters of credit totaling $84.9 million under our 2022 facility that principally support our self-insurance programs. The Company has a number of known and threatened construction defect legal claims. While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on the Company's financial position, results of operations or cash flows. In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in such amounts in excess of our self-insured retention as we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period. |
Segment and Product Information
Segment and Product Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Product Information | 14. Segment and Product Information We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, stairs, millwork, windows, and doors. We also provide a full range of construction services. These product and service offerings are distributed across 402 locations operating in 40 states across the United States, which have been organized into nine geographical regions. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income (loss) from continuing operations before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). The Company has nine operating segments aligned with its nine geographical regions (Regions 1 through 9). While all of our operating segments have similar nature of products, distribution methods and customers, certain of our operating segments have been aggregated due to also containing similar economic characteristics, resulting in the following composition of reportable segments: • Regions 1 and 2 have been aggregated to form the “Northeast” reportable segment • Regions 3 and 5 have been aggregated to form the “Southeast” reportable segment • Regions 4 and 6 have been aggregated to form the “South” reportable segment • Region 7, 8 and 9 have been aggregated to form the “West” reportable segment In addition to our reportable segments, our consolidated results include corporate overhead, other various operating activities that are not internally allocated to a geographical region nor separately reported to the CODM, and certain reconciling items primarily related to allocations of corporate overhead and rent expense, which have collectively been presented as “All Other”. The accounting policies of the segments are consistent with those described in Note 2, except for noted reconciling items. The following tables present Net sales, Income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total operations, for the years ended December 31, (in thousands): 2017 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 1,285,286 $ 13,255 $ 20,893 $ 40,359 Southeast 1,542,330 10,457 22,939 49,735 South 1,855,425 19,573 23,320 90,551 West 2,188,696 26,902 32,058 85,628 Total reportable segments 6,871,737 70,187 99,210 266,273 All other 162,472 22,806 93,964 (174,344 ) Total consolidated $ 7,034,209 $ 92,993 $ 193,174 $ 91,929 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 1,204,100 $ 18,220 $ 18,660 $ 35,347 Southeast 1,362,259 11,243 19,768 40,261 South 1,699,371 21,670 22,213 72,183 West 1,939,206 33,764 27,130 72,745 Total reportable segments 6,204,936 84,897 87,771 220,536 All other 162,348 24,896 126,896 (198,867 ) Total consolidated $ 6,367,284 $ 109,793 $ 214,667 $ 21,669 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 626,985 $ 4,202 $ 7,508 $ 28,843 Southeast 890,164 5,072 14,214 17,193 South 1,015,556 9,351 12,058 53,435 West 785,370 5,811 6,109 35,230 Total reportable segments 3,318,075 24,436 39,889 134,701 All other 246,350 33,844 69,310 (153,145 ) Total consolidated $ 3,564,425 $ 58,280 $ 109,199 $ (18,444 ) Asset information by segment is not reported internally or otherwise reviewed by the CODM nor does the company earn revenues or have long-lived assets located in foreign countries. The Company’s net sales by product category for the periods indicated were as follows (in thousands): Sales by product category were as follows for the years ended December 31: 2017 2016 2015 (In thousands) Lumber & lumber sheet goods $ 2,510,945 $ 2,131,394 $ 1,129,684 Manufactured products 1,208,555 1,097,665 635,338 Windows, doors & millwork 1,360,567 1,286,151 818,131 Gypsum, roofing & insulation 538,378 520,007 264,894 Siding, metal & concrete products 655,889 622,344 319,618 Other building & product services 759,875 709,723 396,760 Total sales $ 7,034,209 $ 6,367,284 $ 3,564,425 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions Certain members of the Company’s board of directors serve on the board of directors for one of our suppliers, PGT, Inc. Further, the Company has entered into certain leases of land and buildings with certain employees or non-affiliate stockholders. Activity associated with these related party transactions was not significant as of or for the years ended December 31, 2017, 2016 or 2015. Transactions between the Company and other related parties occur in the ordinary course of business. However, the Company carefully monitors and assesses related party relationships. Management does not believe that any of these transactions with related parties had a material impact on the Company’s results for the years ended December 31, 2017, 2016 or 2015. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | 16. Unaudited Quarterly Financial Data The following tables summarize the consolidated quarterly results of operations for 2017 and 2016 (in thousands, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,533,064 $ 1,843,297 $ 1,878,909 $ 1,778,939 Gross margin 376,052 460,797 459,322 431,220 Net income (loss) 3,822 (1) 37,910 (2) 39,750 (3) (42,701 )(4) Net income (loss) per share Basic $ 0.03 (1) $ 0.34 (2) $ 0.35 (3) $ (0.38 )(4) Diluted $ 0.03 (1) $ 0.33 (2) $ 0.34 (3) $ (0.38 )(4) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,397,114 $ 1,677,300 $ 1,745,958 $ 1,546,912 Gross margin 349,748 418,331 437,094 391,575 Net income (loss) (16,980 ) (5) 29,441 (6) 125,469 (7) 6,411 (8) Net income (loss) per share Basic $ (0.15 ) (5) $ 0.27 (6) $ 1.13 (7) $ 0.06 (8) Diluted $ (0.15 ) (5) $ 0.26 (6) $ 1.10 (7) $ 0.06 (8) (1) Includes the write-off of debt discount and debt issuance costs of $1.0 million and financing costs of $1.4 million as discussed in Note 8. (2) Includes a valuation allowance of $(3.7) million as discussed in Note 11. (3) Includes a valuation allowance of $(0.1) million as discussed in Note 11. (4) Includes a loss on debt extinguishment of $56.3 million as discussed in Note 8, income tax expense of $29.0 million due to the enactment of a federal income tax rate change in December 2017, and a valuation allowance of $1.0 million as discussed in Note 11. (5) Includes a gain on debt extinguishment of $7.8 million as discussed in Note 8 and a valuation allowance of $5.1 million as discussed in Note 11. (6) Includes a loss on debt extinguishment of $1.7 million as discussed in Note 8 and a valuation allowance of $(16.0) million as discussed in Note 11. (7) Includes a loss on debt extinguishment and financing costs of $53.3 million as discussed in Note 8 and a valuation allowance of $(117.6) million as discussed in Note 11. (8) Includes a loss on debt extinguishment of $9.7 million as discussed in Note 8 and a valuation allowance of $(3.2) million as discussed in Note 11. Earnings per share is computed independently for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not equal the annual earnings per share. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and doubtful accounts, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets. |
Sales Recognition | Sales Recognition We recognize sales of building products upon delivery to the customer. For contracts with service elements, sales are generally recognized on the completed contract method as these contracts are usually completed within 30 days with the percentage of completion method applied to the remaining contracts with service elements. Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determined. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. We present all sales tax on a net basis in our consolidated financial statements. The Company records sales incentives provided to customers as a reduction of revenue. |
Cash and Cash Equivalents & Check Outstanding | Cash and Cash Equivalents & Checks Outstanding Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in checks outstanding on the accompanying consolidated balance sheets. |
Accounts Receivable | Accounts Receivable We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant. Our customer mix is a balance of large national homebuilders, regional homebuilders, local homebuilders and repair and remodeling contractors. For the year ended December 31, 2017, our top 10 customers accounted for approximately 16.0% of our sales, and no single customer accounted for more than 5% of sales. The allowance for doubtful accounts is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current economic conditions that may affect the borrower’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible. Other receivables consist primarily of vendor rebates receivable. We also establish reserves for credit memos and customer returns. The reserve balance was $6.8 million and $5.6 million at December 31, 2017 and 2016, respectively. The activity in this reserve was not significant for each year presented. Accounts receivable consisted of the following at December 31: 2017 2016 (In thousands) Accounts Receivable $ 643,763 $ 580,779 Less: allowances for returns and doubtful accounts 11,771 11,571 Accounts receivable, net $ 631,992 $ 569,208 The following table shows the changes in our allowance for doubtful accounts: 2017 2016 2015 (In thousands) Balance at January 1, $ 5,922 $ 4,245 $ 1,734 Additions 197 1,390 2,285 Deductions (write-offs, net of recoveries) (1,146 ) 287 226 Balance at December 31, $ 4,973 $ 5,922 $ 4,245 |
Inventories | Inventories Inventories consist principally of materials purchased for resale, including lumber, sheet goods, windows, doors and millwork, as well as certain manufactured products and are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger. During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence. Our arrangements with vendors provide for rebates of a specified amount of consideration, payable when certain measures, generally related to a stipulated level of purchases, have been achieved. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statement of operations and comprehensive income (loss). Throughout the year we estimate the amount of the rebates based upon the expected level of purchases. We continually revise these estimates based on actual purchase levels. We source products from a large number of suppliers. No materials purchased from any single supplier represented more than 8% of our total materials purchased in 2017. |
Shipping and Handling Costs | Shipping and Handling Costs Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income (loss) and totaled $296.2 million, $269.8 million and $171.9 million in 2017, 2016 and 2015, respectively. |
Income Taxes | Income Taxes We account for income taxes utilizing the liability method described in the Income Taxes |
Warranty Expense | Warranty Expense We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not significant as a result of third-party inspection and acceptance processes. |
Debt Issuance Costs and Debt Discount | Debt Issuance Costs and Debt Discount Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs incurred in connection with term debt are amortized using the effective interest method. Debt discount is amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs and the debt discount are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs in accordance with the Debt |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 3 to 10 years Furniture and fixtures 3 to 5 years Leasehold improvements The shorter of the estimated useful life or the remaining lease term Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in machinery and equipment and generally depreciated using the straight-line method over the estimated useful lives of the assets, generally three years. We periodically evaluate the commercial and strategic operation of the land, related buildings and improvements of our facilities. In connection with these evaluations, some facilities may be consolidated, and others may be sold or leased. Nonoperating assets primarily related to land and building real estate assets associated with location closures that are actively being marketed for sale within a year are classified as assets held for sale and recorded at fair value, usually the quoted market price obtained from an independent third-party less the cost to sell. Until the assets are sold, an estimate of the fair value is reassessed at each reporting period. Net gains or losses related to the sale of real estate and equipment or impairment adjustments related to assets held for sale are recorded as selling, general and administrative expenses in the accompanying consolidated statement of operations and comprehensive income (loss). |
Long-Lived Assets | Long-Lived Assets We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying value of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying value of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying value is greater than estimated fair value. The net carrying value of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change. |
Insurance | Insurance We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. We discount our workers’ compensation liability based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $78.0 million and $80.4 million as of December 31, 2017 and 2016, respectively. Of these balances $45.6 million and $43.6 million were recorded as other long-term liabilities as of December 31, 2017 and 2016, respectively. Included in these reserve balances as of December 31, 2017 and 2016, were approximately $8.9 million and $9.4 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets in the accompanying consolidated balance sheet. |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share Net income (loss) per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for the years ended December 31: 2017 2016 2015 (In thousands) Weighted average shares for basic EPS 112,587 110,754 103,190 Dilutive effect of options and RSUs 3,010 2,831 — Weighted average shares for diluted EPS 115,597 113,585 103,190 For the purpose of computing diluted EPS, weighted average shares outstanding have been adjusted for common shares underlying 2,104,000 options to purchase common stock and 2,249,000 restricted stock units (“RSUs”) for 2017. Weighted average shares outstanding have been adjusted for common shares underlying 3,515,000 options and 2,177,000 RSUs for 2016. Options to purchase 4,998,000 shares of common stock and 1,516,000 RSUs were not included in the computation of diluted EPS for 2015 because their effect was anti-dilutive. Incremental shares attributable to average warrants outstanding during 2015 were not included in the computation of diluted EPS for 2015 as their effect was anti-dilutive. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangibles subject to amortization We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying value of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value. Goodwill We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value. |
Stock-based Compensation | Stock-based Compensation We have four stock-based employee compensation plans, which are described more fully in Note 10. We issue new common stock shares upon exercises of stock options and vesting of RSUs. We recognize the effect of pre-vesting forfeitures in the period they actually occur. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the year ended December 31: 2017 2016 2015 Expected life 6.0 years 6.0 years 6.0 years Expected volatility 59.2% 60.9% 75.2% Expected dividend yield 0.00% 0.00% 0.00% Risk-free rate 2.20% 1.41% 1.75% The expected life represents the period of time the options are expected to be outstanding. We used the simplified method for determining the expected life assumption due to limited historical exercise experience on our stock options. The expected volatility is based on the historical volatility of our common stock over the most recent period equal to the expected life of the option. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the expected life of the options. The fair value of RSU awards subject to market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the year ended December 31: 2017 2016 Expected volatility (company) 73.7% 53.6% Expected volatility (peer group median) 33.8% 17.3% Correlation between the company and peer group median 0.33 0.47 Expected dividend yield 0.00% 0.00% Risk-free rate 1.50% 1.29% The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period. We did not grant any RSUs subject to market conditions in 2015. |
Fair Value | Fair Value The Fair Value Measurements and Disclosures Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1 Level 3 — inputs that are unobservable in the marketplace and significant to the valuation If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The only financial instruments measured at fair value on a recurring basis were our warrants as discussed in Note 8. As of December 31, 2017 and 2016 the Company does not have any financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 5.625% senior secured notes due 2024 (“2024 notes”), $467.7 million senior secured term loan facility due 2024 (“2024 term loan”) and $900.0 million revolving credit facility (“2022 facility”) at amortized cost. The fair values of the 2024 notes and the 2024 term loan at December 31, 2017 were approximately $777.3 million and $464.1 million, respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the 2022 facility at December 31, 2017 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the 2022 facility was also classified as Level 2 in the hierarchy. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information was as follows for the years ended December 31: 2017 2016 2015 (In thousands) Cash payments for interest (1) $ 193,429 $ 197,384 $ 55,028 Cash payments for income taxes 5,643 2,875 1,409 (1) Includes $48.7 million and $42.9 million in payments of debt extinguishment costs which are classified as financing outflows in the accompanying consolidated statement of cash flows for the years ended December 31, 2017 and 2016, respectively. These payments were recorded to interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for their respective years. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. We had no items of other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued an update to the existing guidance under the Compensation-Stock Compensation In January 2017, the FASB issued an update to the existing guidance under the Intangibles-Goodwill and Other In January 2017, the FASB issued an update to the existing guidance under the Business Combinations In March 2016, the FASB issued an update to the existing guidance under the Compensation-Stock Compensation topic of the Codification. This update simplifies several aspects of accounting for stock compensation including accounting for income taxes, classification of awards as liabilities or equity, forfeitures and classification on the statement of cash flows. This update was effective for public companies for annual and interim reporting periods beginning after December 15, 2016. As such, we adopted this guidance effective January 1, 2017. Upon adoption the Company recognized $8.9 million in previously unrecorded windfall benefits on a modified retrospective basis through a cumulative-effect adjustment to the beginning balance of our accumulated deficit. All windfalls or shortfalls are now recognized as a component of income tax expense in the period they occur. The Company elected to recognize the effect of pre-vesting forfeitures as they actually occur rather than estimating forfeitures each period. In February 2016, the FASB issued an update to the existing guidance under the Leases In July 2015, the FASB issued an update to the existing guidance under the Inventory In May 2014, the FASB issued an update to the existing guidance under the Revenue Recognition |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | |
Reconciliation of Accounts Receivable - Classified | Accounts receivable consisted of the following at December 31: 2017 2016 (In thousands) Accounts Receivable $ 643,763 $ 580,779 Less: allowances for returns and doubtful accounts 11,771 11,571 Accounts receivable, net $ 631,992 $ 569,208 |
Rollforward of Allowance for Doubtful Accounts | The following table shows the changes in our allowance for doubtful accounts: 2017 2016 2015 (In thousands) Balance at January 1, $ 5,922 $ 4,245 $ 1,734 Additions 197 1,390 2,285 Deductions (write-offs, net of recoveries) (1,146 ) 287 226 Balance at December 31, $ 4,973 $ 5,922 $ 4,245 |
Estimated Useful Lives of Assets | Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 3 to 10 years Furniture and fixtures 3 to 5 years Leasehold improvements The shorter of the estimated useful life or the remaining lease term |
Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS | The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS for the years ended December 31: 2017 2016 2015 (In thousands) Weighted average shares for basic EPS 112,587 110,754 103,190 Dilutive effect of options and RSUs 3,010 2,831 — Weighted average shares for diluted EPS 115,597 113,585 103,190 |
Supplemental Cash Flow Information | Supplemental cash flow information was as follows for the years ended December 31: 2017 2016 2015 (In thousands) Cash payments for interest (1) $ 193,429 $ 197,384 $ 55,028 Cash payments for income taxes 5,643 2,875 1,409 (1) Includes $48.7 million and $42.9 million in payments of debt extinguishment costs which are classified as financing outflows in the accompanying consolidated statement of cash flows for the years ended December 31, 2017 and 2016, respectively. These payments were recorded to interest expense in the accompanying consolidated statement of operations and comprehensive income (loss) for their respective years. |
Stock Options | |
Significant Accounting Policies [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the year ended December 31: 2017 2016 2015 Expected life 6.0 years 6.0 years 6.0 years Expected volatility 59.2% 60.9% 75.2% Expected dividend yield 0.00% 0.00% 0.00% Risk-free rate 2.20% 1.41% 1.75% |
Market Condition Based Restricted Stock Unit Grants | |
Significant Accounting Policies [Line Items] | |
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions | The fair value of RSU awards subject to market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the year ended December 31: 2017 2016 Expected volatility (company) 73.7% 53.6% Expected volatility (peer group median) 33.8% 17.3% Correlation between the company and peer group median 0.33 0.47 Expected dividend yield 0.00% 0.00% Risk-free rate 1.50% 1.29% |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Operating Results | The following table reflects the pro forma operating results for the Company which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Year Ended December 31, 2015 (pro-forma) (in thousands, except per share amounts) Net sales $ 6,066,791 Net loss $ (10,433 ) Basic net loss per share $ (0.10 ) Diluted net loss per share $ (0.10 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31: 2017 2016 (In thousands) Land $ 188,551 $ 195,064 Buildings and improvements 337,536 331,498 Machinery and equipment 352,529 329,529 Furniture and fixtures 61,310 56,571 Construction in progress 24,228 12,771 Property, plant and equipment 964,154 925,433 Less: accumulated depreciation 324,851 269,332 Property, plant and equipment, net $ 639,303 $ 656,101 |
Schedule of Capital Leased Assets | The following balances held under capital lease and lease finance obligations are included on the accompanying consolidated balance sheet: 2017 2016 (In thousands) Land $ 114,010 $ 119,287 Buildings and improvements 142,941 151,862 Machinery and equipment 21,875 11,012 Assets held under capital leases and lease finance obligations 278,826 282,161 Less: accumulated amortization 15,367 9,213 Assets held under capital leases and lease finance obligations, net $ 263,459 $ 272,948 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The following table sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 (in thousands): Northeast Southeast South West Total Balance as of December 31, 2016 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) 96,608 60,076 286,135 297,592 740,411 Balance as of December 31, 2017 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) $ 96,608 $ 60,076 $ 286,135 $ 297,592 $ 740,411 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table presents intangible assets as of December 31: 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 149,045 $ (48,925 ) $ 149,045 $ (33,023 ) Non-compete agreements 1,379 (1,081 ) 1,379 (375 ) Trade names 51,361 (22,554 ) 51,361 (13,286 ) Favorable lease intangibles 6,409 (3,067 ) 6,409 (2,137 ) Total intangible assets $ 208,194 $ (75,627 ) $ 208,194 $ (48,821 ) Unfavorable lease obligations (included in Accrued liabilities and Other long-term liabilities) $ (19,597 ) $ 13,666 $ (19,597 ) $ 8,746 |
Estimated Amortization Expense for Intangible Assets | The following table presents the estimated amortization expense for these intangible assets for the years ending December 31 (in thousands): 2018 $ 21,003 2019 17,205 2020 13,010 2021 11,936 2022 10,926 Thereafter 52,556 Total future net intangible amortization expense $ 126,636 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following at December 31: 2017 2016 (In thousands) Accrued payroll and other employee related expenses $ 127,745 $ 127,485 Customer obligations 46,894 38,448 Self-insurance reserves 32,424 36,817 Accrued business taxes 28,460 30,177 Accrued interest 14,403 28,570 Unfavorable lease obligations (Note 6) 3,195 4,921 Facility closure reserves 3,097 3,910 Other 15,379 22,787 Total accrued liabilities $ 271,597 $ 293,115 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Lease Obligation | Long-term debt and lease obligations consisted of the following (in thousands): December 31, 2017 December 31, 2016 2022 facility $ 350,000 $ — 2023 notes — 367,608 2024 notes 750,000 750,000 2024 term loan 462,950 467,650 Lease finance obligations 225,070 238,539 Capital lease obligations (Note 9) 15,431 7,427 1,803,451 1,831,224 Unamortized debt discount and debt issuance costs (19,031 ) (29,172 ) 1,784,420 1,802,052 Less: current maturities of long-term debt and lease obligations 12,475 16,217 Long-term debt and lease obligations, net of current maturities $ 1,771,945 $ 1,785,835 |
Future Maturities of Long-Term Debt | Future maturities of long-term debt as of December 31, 2017 were as follows (in thousands): Year ending December 31, 2018 $ 4,700 2019 4,700 2020 4,700 2021 4,700 2022 354,700 Thereafter 1,189,450 Total long-term debt (including current maturities) $ 1,562,950 |
Non-Cash Fair Value Adjustments Related To Our Derivative Financial Instrument Recorded as Interest Expense on Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) | Non-cash fair value adjustments related to our derivative financial instrument recorded as interest expense in the consolidated statement of operations and comprehensive income (loss) for the years ended December 31 (in thousands) were as follows: Derivative Not Designated as Hedging Instruments Location of Loss Recognized in Income Amount of Loss 2017 2016 2015 Warrants Interest expense, net — — (4,563 ) |
Future Minimum Lease Payments for Lease Finance Obligations | Future minimum commitments for lease finance obligations as of December 31, 2017 were as follows (in thousands): Year ending December 31, 2018 $ 18,418 2019 18,898 2020 17,973 2021 17,712 2022 17,650 Thereafter 238,310 Total $ 328,961 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease Obligations [Abstract] | |
Future Minimum Lease Payments for Capital Lease Obligations | The Company leases certain property and equipment under capital leases expiring through 2020. These leases require monthly payments of principal and interest, imputed at various interest rates. Future minimum lease payments as of December 31, 2017 are as follows (in thousands): Years ending December 31, 2018 $ 6,689 2019 5,127 2020 4,775 Thereafter — Total minimum lease payments 16,591 Less: amount representing interest (1,160 ) Present value of net minimum payments 15,431 Less: current portion (5,986 ) Long-term capital lease obligations, net of current portion $ 9,445 |
Employee Stock-Based Compensa33
Employee Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table summarizes our stock option activity: Options Weighted Weighted Aggregate (In thousands) (In thousands) Outstanding at December 31, 2016 3,515 $ 5.51 Granted 57 $ 12.94 Exercised (1,449 ) $ 5.56 Forfeited (19 ) $ 7.44 Outstanding at December 31, 2017 2,104 $ 5.66 4.8 $ 33,927 Exercisable at December 31, 2017 1,522 $ 4.80 4.1 $ 25,871 |
Outstanding and Exercisable Stock Options | Outstanding and exercisable stock options at December 31, 2017 were as follows (shares in thousands): Outstanding Exercisable Range of Exercise Prices Shares Weighted Weighted Shares Weighted $3.15 208 $ 3.15 5.9 208 $ 3.15 $3.19 754 $ 3.19 2.1 754 $ 3.19 $6.35 - $6.70 161 $ 6.45 7.2 48 $ 6.47 $7.67- $12.94 981 $ 7.97 6.3 512 $ 7.67 $3.15 - $12.94 2,104 $ 5.66 4.8 1,522 $ 4.80 |
Service Condition Based Restricted Stock Unit Grants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Unit Activity | The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 1,657 $ 8.77 Granted 468 $ 14.60 Vested (772 ) $ 8.88 Forfeited (22 ) $ 7.96 Nonvested at December 31, 2017 1,331 $ 10.77 |
Performance and Service Condition Based Restricted Stock Unit Grants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Unit Activity | The following table summarizes activity for RSUs subject to both performance and service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 260 $ 10.95 Granted 230 $ 15.38 Vested — $ — Forfeited (3 ) $ 11.09 Nonvested at December 31, 2017 487 $ 13.04 |
Market and Service Condition Based Restricted Stock Unit Grants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Unit Activity | The following table summarizes activity for RSUs subject to both market and service conditions for the year ended December 31, 2017 (shares in thousands): Shares Weighted Nonvested at December 31, 2016 260 $ 7.58 Granted 174 $ 11.49 Vested — $ — Forfeited (3 ) $ 7.72 Nonvested at December 31, 2017 431 $ 9.16 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) Included in Continuing Operations | The components of income tax expense (benefit) included in continuing operations were as follows for the years ended December 31: 2017 2016 2015 (In thousands) Current: Federal $ 1,831 $ — $ — State 2,213 2,115 1,100 4,044 2,115 1,100 Deferred: Federal 49,710 (110,720 ) 2,530 State (606 ) (14,067 ) 757 49,104 (124,787 ) 3,287 Income tax expense (benefit) $ 53,148 $ (122,672 ) $ 4,387 |
Reconciliation of Deferred Tax Assets and Liabilities | Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31: 2017 2016 (In thousands) Deferred tax assets related to: Accrued expenses $ 9,615 $ 13,664 Insurance reserves 11,299 15,128 Stock-based compensation expense 4,702 7,429 Accounts receivable 3,355 5,023 Inventories 11,370 24,628 Operating loss and credit carryforwards 68,066 87,610 108,407 153,482 Valuation allowance (2,409 ) (4,821 ) Total deferred tax assets 105,998 148,661 Deferred tax liabilities related to: Prepaid expenses (2,706 ) (3,799 ) Goodwill and other intangible assets (19,431 ) (15,956 ) Property, plant and equipment (8,593 ) (13,058 ) Other (163 ) (528 ) Total deferred tax liabilities (30,893 ) (33,341 ) Net deferred tax asset $ 75,105 $ 115,320 |
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations | A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below for the years ended December 31: 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax 7.7 6.1 8.3 Valuation allowance (3.1 ) (607.9 ) (52.1 ) Stock compensation windfall benefit (5.5 ) — — Enactment of federal income tax rate change 31.5 — — Permanent difference – 162(m) limitation 0.8 0.6 (5.4 ) Permanent difference – warrant mark to market — — (8.6 ) Permanent difference – credits (9.6 ) (1.2 ) 1.9 Permanent difference – other 0.9 0.4 (2.8 ) Other 0.1 0.9 0.1 57.8 % (566.1 )% (23.6 )% |
Changes in Valuation Allowance | The following table shows the changes in our valuation allowance: 2017 2016 2015 (In thousands) Balance at January 1, $ 4,821 $ 136,548 $ 133,183 Additions charged to expense — — 9,624 Reductions credited to expense (2,839 ) (131,727 ) — Enactment of federal income tax rate change 427 — — Deductions — — (6,259 ) Balance at December 31, $ 2,409 $ 4,821 $ 136,548 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Noncancelable Operating Leases Payments | Future minimum commitments for noncancelable operating leases with initial or remaining lease terms in excess of one year are as follows: Related Party Total* (In thousands) Year ending December 31, 2018 $ 852 $ 76,565 2019 831 64,016 2020 852 50,562 2021 527 40,351 2022 406 27,446 Thereafter 633 60,927 $ 4,101 $ 319,867 * Includes related party future minimum commitments for noncancelable operating leases. |
Segment and Product Informati36
Segment and Product Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reconciling Information by Reportable Segments | The following tables present Net sales, Income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total operations, for the years ended December 31, (in thousands): 2017 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 1,285,286 $ 13,255 $ 20,893 $ 40,359 Southeast 1,542,330 10,457 22,939 49,735 South 1,855,425 19,573 23,320 90,551 West 2,188,696 26,902 32,058 85,628 Total reportable segments 6,871,737 70,187 99,210 266,273 All other 162,472 22,806 93,964 (174,344 ) Total consolidated $ 7,034,209 $ 92,993 $ 193,174 $ 91,929 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 1,204,100 $ 18,220 $ 18,660 $ 35,347 Southeast 1,362,259 11,243 19,768 40,261 South 1,699,371 21,670 22,213 72,183 West 1,939,206 33,764 27,130 72,745 Total reportable segments 6,204,936 84,897 87,771 220,536 All other 162,348 24,896 126,896 (198,867 ) Total consolidated $ 6,367,284 $ 109,793 $ 214,667 $ 21,669 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 626,985 $ 4,202 $ 7,508 $ 28,843 Southeast 890,164 5,072 14,214 17,193 South 1,015,556 9,351 12,058 53,435 West 785,370 5,811 6,109 35,230 Total reportable segments 3,318,075 24,436 39,889 134,701 All other 246,350 33,844 69,310 (153,145 ) Total consolidated $ 3,564,425 $ 58,280 $ 109,199 $ (18,444 ) |
Schedule of Segment Reporting Information by Product Category | Sales by product category were as follows for the years ended December 31: 2017 2016 2015 (In thousands) Lumber & lumber sheet goods $ 2,510,945 $ 2,131,394 $ 1,129,684 Manufactured products 1,208,555 1,097,665 635,338 Windows, doors & millwork 1,360,567 1,286,151 818,131 Gypsum, roofing & insulation 538,378 520,007 264,894 Siding, metal & concrete products 655,889 622,344 319,618 Other building & product services 759,875 709,723 396,760 Total sales $ 7,034,209 $ 6,367,284 $ 3,564,425 |
Unaudited Quarterly Financial37
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following tables summarize the consolidated quarterly results of operations for 2017 and 2016 (in thousands, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,533,064 $ 1,843,297 $ 1,878,909 $ 1,778,939 Gross margin 376,052 460,797 459,322 431,220 Net income (loss) 3,822 (1) 37,910 (2) 39,750 (3) (42,701 )(4) Net income (loss) per share Basic $ 0.03 (1) $ 0.34 (2) $ 0.35 (3) $ (0.38 )(4) Diluted $ 0.03 (1) $ 0.33 (2) $ 0.34 (3) $ (0.38 )(4) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 1,397,114 $ 1,677,300 $ 1,745,958 $ 1,546,912 Gross margin 349,748 418,331 437,094 391,575 Net income (loss) (16,980 ) (5) 29,441 (6) 125,469 (7) 6,411 (8) Net income (loss) per share Basic $ (0.15 ) (5) $ 0.27 (6) $ 1.13 (7) $ 0.06 (8) Diluted $ (0.15 ) (5) $ 0.26 (6) $ 1.10 (7) $ 0.06 (8) (1) Includes the write-off of debt discount and debt issuance costs of $1.0 million and financing costs of $1.4 million as discussed in Note 8. (2) Includes a valuation allowance of $(3.7) million as discussed in Note 11. (3) Includes a valuation allowance of $(0.1) million as discussed in Note 11. (4) Includes a loss on debt extinguishment of $56.3 million as discussed in Note 8, income tax expense of $29.0 million due to the enactment of a federal income tax rate change in December 2017, and a valuation allowance of $1.0 million as discussed in Note 11. (5) Includes a gain on debt extinguishment of $7.8 million as discussed in Note 8 and a valuation allowance of $5.1 million as discussed in Note 11. (6) Includes a loss on debt extinguishment of $1.7 million as discussed in Note 8 and a valuation allowance of $(16.0) million as discussed in Note 11. (7) Includes a loss on debt extinguishment and financing costs of $53.3 million as discussed in Note 8 and a valuation allowance of $(117.6) million as discussed in Note 11. (8) Includes a loss on debt extinguishment of $9.7 million as discussed in Note 8 and a valuation allowance of $(3.2) million as discussed in Note 11. |
Description of the Business - A
Description of the Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017StoreStates | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity formed, year | 1,998 |
Number of Locations | Store | 402 |
Number of states | States | 40 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Customershares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Feb. 23, 2017USD ($) | Aug. 31, 2016USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Usual completion period for contracts with service elements | 30 days | ||||
Sales return reserve | $ 6,800,000 | $ 5,600,000 | |||
Shipping and handling costs | 296,200,000 | 269,800,000 | $ 171,900,000 | ||
Insurance reserve balance | 78,000,000 | 80,400,000 | |||
Debt instrument carrying amount | 1,562,950,000 | ||||
Compensation-Stock Compensation Codification | |||||
Significant Accounting Policies [Line Items] | |||||
Recognized previously unrecorded windfall benefits | 8,900,000 | ||||
2022 facility | |||||
Significant Accounting Policies [Line Items] | |||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | ||||
2024 notes | |||||
Significant Accounting Policies [Line Items] | |||||
Private offered aggregate principal amount rate | 5.625% | 5.625% | |||
Debt instrument carrying amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||
2024 notes | Level 2 | |||||
Significant Accounting Policies [Line Items] | |||||
Fair value of long term debt | 777,300,000 | ||||
2024 Term Loan | |||||
Significant Accounting Policies [Line Items] | |||||
Debt instrument carrying amount | 463,000 | $ 467,700,000 | |||
2024 Term Loan | Level 2 | |||||
Significant Accounting Policies [Line Items] | |||||
Fair value of long term debt | $ 464,100,000 | ||||
Stock Options | |||||
Significant Accounting Policies [Line Items] | |||||
Securities included in the computation of diluted EPS | shares | 2,104,000 | 3,515,000 | |||
Shares excluded from computation of EPS | shares | 4,998,000 | ||||
Restricted Stock Units (RSUs) | |||||
Significant Accounting Policies [Line Items] | |||||
Securities included in the computation of diluted EPS | shares | 2,249,000 | 2,177,000 | |||
Shares excluded from computation of EPS | shares | 1,516,000 | ||||
Other Long-term Liabilities | |||||
Significant Accounting Policies [Line Items] | |||||
Insurance reserve balance | $ 45,600,000 | $ 43,600,000 | |||
Other Receivables and Other Assets | |||||
Significant Accounting Policies [Line Items] | |||||
Insurance receivable for claims that exceeds stop-loss limits | $ 8,900,000 | $ 9,400,000 | |||
Computer Software | |||||
Significant Accounting Policies [Line Items] | |||||
Estimated useful lives | 3 years | ||||
Customer Concentration Risk | Sales Revenue, Net | |||||
Significant Accounting Policies [Line Items] | |||||
Number of top sales customers | Customer | 10 | ||||
Percentage of net revenue from major customers | 16.00% | ||||
Maximum sale to single customer, percentage | 5.00% | ||||
Supplier Concentration Risk | Cost of Goods Sold | |||||
Significant Accounting Policies [Line Items] | |||||
Maximum purchases from single supplier, percentage | 8.00% |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Reconciliation of Accounts Receivable - Classified (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of accounts receivable - classified | ||
Accounts Receivable | $ 643,763 | $ 580,779 |
Less: allowances for returns and doubtful accounts | 11,771 | 11,571 |
Accounts receivable, net | $ 631,992 | $ 569,208 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Rollforward of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rollforward of allowance for doubtful accounts | |||
Beginning Balance | $ 5,922 | $ 4,245 | $ 1,734 |
Additions | 197 | 1,390 | 2,285 |
Deductions (write-offs, net of recoveries) | (1,146) | 287 | 226 |
Ending Balance | $ 4,973 | $ 5,922 | $ 4,245 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Estimated useful lives of assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and Improvements | Minimum | |
Estimated useful lives of assets | |
Estimated useful lives | 10 years |
Buildings and Improvements | Maximum | |
Estimated useful lives of assets | |
Estimated useful lives | 40 years |
Machinery and Equipment | Minimum | |
Estimated useful lives of assets | |
Estimated useful lives | 3 years |
Machinery and Equipment | Maximum | |
Estimated useful lives of assets | |
Estimated useful lives | 10 years |
Furniture and Fixtures | Minimum | |
Estimated useful lives of assets | |
Estimated useful lives | 3 years |
Furniture and Fixtures | Maximum | |
Estimated useful lives of assets | |
Estimated useful lives | 5 years |
Leasehold Improvements | |
Estimated useful lives of assets | |
Leasehold improvements | The shorter of the estimated useful life or the remaining lease term |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS | |||
Weighted average shares for basic EPS | 112,587 | 110,754 | 103,190 |
Dilutive effect of options and RSUs | 3,010 | 2,831 | |
Weighted average shares for diluted EPS | 115,597 | 113,585 | 103,190 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Stock Option Valuation (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of fair value option award of weighted average assumptions | |||
Expected life | 6 years | 6 years | 6 years |
Expected volatility | 59.20% | 60.90% | 75.20% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free rate | 2.20% | 1.41% | 1.75% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Restricted Stock Unit Valuation (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility (company) | 59.20% | 60.90% | 75.20% |
Market Condition Based Restricted Stock Unit Grants | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility (company) | 73.70% | 53.60% | |
Expected volatility (peer group median) | 33.80% | 17.30% | |
Correlation between the company and peer group median | 0.33 | 0.47 | |
Expected dividend yield | 0.00% | 0.00% | |
Risk-free rate | 1.50% | 1.29% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash payments for interest | $ 193,429 | $ 197,384 | $ 55,028 |
Cash payments for income taxes | $ 5,643 | $ 2,875 | $ 1,409 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Payments of debt extinguishment costs classified as financing outflows | $ 48,704 | $ 42,869 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Jul. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||||
Net sales | $ 1,778,939,000 | $ 1,878,909,000 | $ 1,843,297,000 | $ 1,533,064,000 | $ 1,546,912,000 | $ 1,745,958,000 | $ 1,677,300,000 | $ 1,397,114,000 | $ 7,034,209,000 | $ 6,367,284,000 | $ 3,564,425,000 | ||
Net income (loss) | $ (42,701,000) | $ 39,750,000 | $ 37,910,000 | $ 3,822,000 | $ 6,411,000 | $ 125,469,000 | $ 29,441,000 | $ (16,980,000) | 38,781,000 | 144,341,000 | (22,831,000) | ||
Selling, General and Administrative Expense | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | $ 0 | 0 | $ 20,900,000 | ||||||||||
ProBuild Holdings LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration for certain assets acquired | $ 1,630,000,000 | ||||||||||||
Date of acquisition | Jul. 31, 2015 | Jul. 31, 2015 | |||||||||||
Net sales | $ 1,860,000,000 | $ 4,994,000,000 | 4,520,000,000 | ||||||||||
Net income (loss) | $ 50,000,000 | $ 212,000,000 | $ 190,000,000 | ||||||||||
Transaction Costs Incurred by the Acquirer and the Acquiree | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | $ 46,900,000 | ||||||||||||
Transaction Costs Incurred by the Acquirer | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | 34,600,000 | ||||||||||||
Transaction Costs Incurred by the Acquiree | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | $ 12,300,000 |
Acquisition - Schedule of Pro F
Acquisition - Schedule of Pro Forma Operating Results (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net sales | $ | $ 6,066,791 |
Net loss | $ | $ (10,433) |
Basic net loss per share | $ / shares | $ (0.10) |
Diluted net loss per share | $ / shares | $ (0.10) |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | $ 964,154 | $ 925,433 |
Less: accumulated depreciation | 324,851 | 269,332 |
Property, plant and equipment, net | 639,303 | 656,101 |
Land | ||
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | 188,551 | 195,064 |
Buildings and Improvements | ||
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | 337,536 | 331,498 |
Machinery and Equipment | ||
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | 352,529 | 329,529 |
Furniture and Fixtures | ||
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | 61,310 | 56,571 |
Construction in Progress | ||
Summary of Property, Plant and Equipment | ||
Property, plant and equipment | $ 24,228 | $ 12,771 |
Property, Plant and Equipment51
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 71.1 | $ 87.2 | $ 46.3 |
Depreciation expense included in cost of goods | $ 9.8 | $ 9.5 | $ 5.3 |
Property, Plant and Equipment52
Property, Plant and Equipment - Summary of Assets Held Under Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Assets held under capital leases and lease finance obligations | $ 278,826 | $ 282,161 |
Less: accumulated amortization | 15,367 | 9,213 |
Assets held under capital leases and lease finance obligations, net | 263,459 | 272,948 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Assets held under capital leases and lease finance obligations | 114,010 | 119,287 |
Buildings and Improvements | ||
Property Plant And Equipment [Line Items] | ||
Assets held under capital leases and lease finance obligations | 142,941 | 151,862 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Assets held under capital leases and lease finance obligations | $ 21,875 | $ 11,012 |
Goodwill - Schedule of Change i
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 785,047 | $ 785,047 |
Accumulated impairment losses | (44,636) | (44,636) |
Goodwill, net | 740,411 | 740,411 |
Northeast | ||
Goodwill [Line Items] | ||
Goodwill | 97,102 | 97,102 |
Accumulated impairment losses | (494) | (494) |
Goodwill, net | 96,608 | 96,608 |
Southeast | ||
Goodwill [Line Items] | ||
Goodwill | 60,691 | 60,691 |
Accumulated impairment losses | (615) | (615) |
Goodwill, net | 60,076 | 60,076 |
South | ||
Goodwill [Line Items] | ||
Goodwill | 329,662 | 329,662 |
Accumulated impairment losses | (43,527) | (43,527) |
Goodwill, net | 286,135 | 286,135 |
West | ||
Goodwill [Line Items] | ||
Goodwill | 297,592 | 297,592 |
Goodwill, net | $ 297,592 | $ 297,592 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Period of projection of financial performance | 5 years | ||
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 208,194 | $ 208,194 |
Accumulated Amortization | (75,627) | (48,821) |
Unfavorable Lease Obligation Gross | (19,597) | (19,597) |
Unfavorable Lease Obligation Accumulated Amortization | 13,666 | 8,746 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 149,045 | 149,045 |
Accumulated Amortization | (48,925) | (33,023) |
Noncompete Agreements | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,379 | 1,379 |
Accumulated Amortization | (1,081) | (375) |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,361 | 51,361 |
Accumulated Amortization | (22,554) | (13,286) |
Favorable Lease Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,409 | 6,409 |
Accumulated Amortization | $ (3,067) | $ (2,137) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization Expenses | $ 21,900,000 | $ 22,600,000 | $ 11,900,000 |
Impairment charge against intangible assets | $ 0 | $ 1,700,000 | $ 1,400,000 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 21,003 |
2,019 | 17,205 |
2,020 | 13,010 |
2,021 | 11,936 |
2,022 | 10,926 |
Thereafter | 52,556 |
Total future net intangible amortization expense | $ 126,636 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of accrued liabilities | ||
Accrued payroll and other employee related expenses | $ 127,745 | $ 127,485 |
Customer obligations | 46,894 | 38,448 |
Self-insurance reserves | 32,424 | 36,817 |
Accrued business taxes | 28,460 | 30,177 |
Accrued interest | 14,403 | 28,570 |
Unfavorable lease obligations (Note 6) | 3,195 | 4,921 |
Facility closure reserves | 3,097 | 3,910 |
Other | 15,379 | 22,787 |
Total accrued liabilities | $ 271,597 | $ 293,115 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt and Lease Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 |
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | $ 1,562,950 | ||
Lease finance obligations | 225,070 | $ 238,539 | |
Capital lease obligations (Note 9) | 15,431 | 7,427 | |
Long term debt and lease obligations gross | 1,803,451 | 1,831,224 | |
Unamortized debt discount and debt issuance costs | (19,031) | (29,172) | |
Long-term debt and lease obligation | 1,784,420 | 1,802,052 | |
Less: current maturities of long-term debt and lease obligations | 12,475 | 16,217 | |
Long-term debt and lease obligations, net of current maturities | 1,771,945 | 1,785,835 | |
2023 notes | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 367,608 | ||
2024 notes | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 750,000 | 750,000 | $ 750,000 |
2024 term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 462,950 | $ 467,650 | |
2022 facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility outstanding | $ 350,000 |
Long-Term Debt - ProBuild Acqui
Long-Term Debt - ProBuild Acquisition Financing - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Jul. 31, 2015 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Aug. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Common stock, new shares issued | 9.2 | |||||||
Common stock, new price per share | $ 12.80 | |||||||
Debt and equity issuance costs | $ 65,000,000 | |||||||
Debt issuance costs | $ 12,000,000 | |||||||
Debt issuance costs recorded to interest expense | $ 13,200,000 | |||||||
Write off of unamortized deferred loan cost | $ 1,000,000 | |||||||
ProBuild Holdings LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash consideration for business acquisition | $ 1,630,000,000 | |||||||
Date of acquisition | Jul. 31, 2015 | Jul. 31, 2015 | ||||||
2015 facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility outstanding | 295,000,000 | |||||||
Line of credit facility maximum borrowing capacity | 800,000,000 | |||||||
Debt issuance costs | $ 11,200,000 | |||||||
2013 facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance cost | 3,000,000 | |||||||
Write off of unamortized deferred loan cost | 900,000 | |||||||
Unamortized debt issuance cost capitalized | 2,100,000 | |||||||
2023 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 700,000,000 | |||||||
Private offered aggregate principal amount rate | 10.75% | |||||||
Debt issuance costs | 18,100,000 | |||||||
Write off of unamortized deferred loan cost | $ 1,200,000 | $ 7,000,000 | ||||||
2015 term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 600,000,000 | |||||||
Debt issuance costs | $ 1,500,000 | $ 300,000 | 16,000,000 | |||||
Debt issuance costs recorded to interest expense | $ 1,200,000 | |||||||
Equity Offering | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 6,500,000 |
Long-Term Debt - 2016 Debt Tran
Long-Term Debt - 2016 Debt Transactions - Additional Information (Detail) | Dec. 31, 2016 |
2021 notes | |
Debt Instrument [Line Items] | |
Private offered aggregate principal amount rate | 7.625% |
Long-Term Debt - Note Exchange
Long-Term Debt - Note Exchange Transactions - Additional Information (Detail) - USD ($) | Feb. 29, 2016 | Feb. 12, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 |
Debt Instrument [Line Items] | |||||||||||||
Gain (loss) on extinguishment of debt | $ (56,300,000) | $ (9,700,000) | $ (1,700,000) | $ 7,800,000 | $ (56,657,000) | $ (55,776,000) | |||||||
Write off of unamortized deferred loan cost | $ 1,000,000 | ||||||||||||
Debt issuance costs | $ 12,000,000 | ||||||||||||
2023 notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of debt extinguishment | $ 63,800,000 | $ 218,600,000 | |||||||||||
Aggregate principal amount | $ 700,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (9,700,000) | 7,800,000 | |||||||||||
Reduction in Principal from Debt Extinguishment | 8,500,000 | 14,800,000 | |||||||||||
Write off of unamortized deferred loan cost | 1,200,000 | $ 7,000,000 | |||||||||||
Debt issuance costs | $ 18,100,000 | ||||||||||||
2021 notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate principal amount | $ 60,000,000 | $ 207,600,000 | |||||||||||
Reduction in Principal from Debt Extinguishment | $ 33,300,000 | 1,100,000 | |||||||||||
Write off of unamortized deferred loan cost | $ 10,600,000 | $ 600,000 | |||||||||||
Debt issuance costs | $ 4,900,000 | $ 4,900,000 |
Long-Term Debt - Note Redemptio
Long-Term Debt - Note Redemption Transaction - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2016 | May 31, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | $ (56,300) | $ (9,700) | $ (1,700) | $ 7,800 | $ (56,657) | $ (55,776) | ||||
Write off of unamortized deferred issuance cost | $ 1,000 | |||||||||
2021 notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Purchase of notes, aggregate principal amount | $ 582,600 | $ 35,000 | ||||||||
Purchase price, Percentage of principal amount | 103.00% | |||||||||
Reduction in Principal from Debt Extinguishment | $ 33,300 | 1,100 | ||||||||
Write off of unamortized deferred issuance cost | $ 10,600 | $ 600 | ||||||||
2021 notes | Note Redemption Transaction | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | $ (1,700) |
Long-Term Debt - 2016 Refinanci
Long-Term Debt - 2016 Refinancing Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2016 | Aug. 31, 2016 | May 31, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument carrying amount | $ 1,562,950 | $ 1,562,950 | ||||||||||
Gain (loss) on extinguishment of debt | (56,300) | $ (9,700) | $ (1,700) | $ 7,800 | (56,657) | $ (55,776) | ||||||
Write off of unamortized deferred loan cost | $ 1,000 | |||||||||||
Debt issuance costs | $ 12,000 | |||||||||||
Debt issuance costs recorded to interest expense | $ 13,200 | |||||||||||
Unamortized debt discount and debt issuance costs | 19,031 | 29,172 | 19,031 | 29,172 | ||||||||
2024 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument carrying amount | $ 750,000 | $ 750,000 | $ 750,000 | $ 750,000 | $ 750,000 | |||||||
Private offered aggregate principal amount rate | 5.625% | 5.625% | 5.625% | |||||||||
Net percentage of proceeds from debt issuance | 100.00% | |||||||||||
Debt issuance costs | $ 10,500 | |||||||||||
2015 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Mandatory principal repayment amount | $ 1,375 | 1,175 | ||||||||||
Repayment of term loan | $ 125,900 | |||||||||||
Gain (loss) on extinguishment of debt | $ (8,200) | |||||||||||
Debt issuance costs | $ 300 | 1,500 | $ 300 | $ 16,000 | ||||||||
Debt issuance costs recorded to interest expense | 1,200 | |||||||||||
Unamortized debt discount and debt issuance costs | $ 10,900 | $ 10,900 | ||||||||||
2015 term loan | Eurodollar Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable rate | 3.75% | |||||||||||
Debt instrument decrease in applicable margin | 1.25% | |||||||||||
2015 term loan | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument applicable rate | 2.75% | |||||||||||
Debt instrument decrease in applicable margin | 1.25% | |||||||||||
2021 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Private offered aggregate principal amount rate | 7.625% | 7.625% | ||||||||||
Purchase of notes, aggregate principal amount | $ 582,600 | $ 35,000 | ||||||||||
Reduction in Principal from Debt Extinguishment | 33,300 | 1,100 | ||||||||||
Write off of unamortized deferred loan cost | $ 10,600 | $ 600 | ||||||||||
Debt issuance costs | $ 4,900 | $ 4,900 | ||||||||||
2021 notes | 2016 Refinancing Transactions | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (43,900) |
Long-Term Debt - Tender Offer -
Long-Term Debt - Tender Offer - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ (56,300) | $ (9,700) | $ (1,700) | $ 7,800 | $ (56,657) | $ (55,776) | ||
Write off of unamortized deferred loan cost | $ 1,000 | |||||||
Other debt extinguishment costs | $ 48,704 | $ 42,869 | ||||||
2015 facility | Selling, General and Administrative Expense | ||||||||
Debt Instrument [Line Items] | ||||||||
Other debt extinguishment costs | 100 | |||||||
2023 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase of notes, aggregate principal amount | $ 50,000 | |||||||
Purchase price, Percentage of principal amount | 117.00% | |||||||
Gain (loss) on extinguishment of debt | (9,700) | 7,800 | ||||||
Reduction in Principal from Debt Extinguishment | 8,500 | 14,800 | ||||||
Write off of unamortized deferred loan cost | $ 1,200 | $ 7,000 |
Long-Term Debt - Term Loan Amen
Long-Term Debt - Term Loan Amendment - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 23, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Unamortized debt discount and debt issuance costs | $ 19,031 | $ 29,172 | ||
Debt issuance costs recorded to interest expense | $ 13,200 | |||
2024 Term Loan | ||||
Debt Instrument [Line Items] | ||||
Term loan facility amount | $ 467,700 | |||
Interest rate reduced due to repricing of term loan credit agreement | 0.75% | |||
Senior secured term loan extended maturity period | 19 months | |||
Senior secured term loan maturity date | Feb. 29, 2024 | Feb. 29, 2024 | ||
Write-off of unamortized debt discount and debt issuance cost | $ 400 | |||
Lender fees paid in connection with 2024 term loan amendment | 1,200 | |||
Unamortized debt discount and debt issuance costs | 10,000 | |||
Debt issuance costs recorded to interest expense | $ 1,400 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility Amendment - Additional Information (Detail) - USD ($) | Mar. 22, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Aug. 31, 2016 |
Debt Instrument [Line Items] | ||||
Write off of unamortized deferred issuance cost | $ 1,000,000 | |||
Debt issuance costs | $ 12,000,000 | |||
2022 facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | |||
Senior secured term loan extended maturity period | 20 months | |||
Senior secured term loan maturity date | Mar. 22, 2022 | |||
Write off of unamortized deferred issuance cost | $ 600,000 | |||
Debt issuance costs | 1,600,000 | |||
Unamortized debt discount and debt issuance costs | $ 8,500,000 |
Long-Term Debt - 2023 Notes Red
Long-Term Debt - 2023 Notes Redemption - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
Gain (loss) on extinguishment of debt | $ (56,300) | $ (9,700) | $ (1,700) | $ 7,800 | $ (56,657) | $ (55,776) | |
Write off of unamortized deferred loan cost | $ 1,000 | ||||||
2023 notes | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of notes, aggregate principal amount | $ 367,600 | ||||||
Purchase price, Percentage of principal amount | 113.249% | ||||||
Gain (loss) on extinguishment of debt | $ (56,300) | ||||||
Reduction in Principal from Debt Extinguishment | 48,700 | ||||||
Write off of unamortized deferred loan cost | $ 7,600 |
Long-Term Debt - 2024 Term Loan
Long-Term Debt - 2024 Term Loan Credit Agreement - Additional Information (Detail) - USD ($) | Feb. 23, 2017 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt instrument carrying amount | $ 1,562,950,000 | |
2024 Term Loan | ||
Debt Instrument [Line Items] | ||
Debt instrument carrying amount | $ 467,700,000 | $ 463,000 |
Senior secured term loan maturity date | Feb. 29, 2024 | Feb. 29, 2024 |
Debt instrument interest rate description | The 2024 term loan bears interest based on either a eurodollar or base rate (a rate equal to the highest of an agreed commercially available benchmark rate, the federal funds effective rate plus 0.50% or the eurodollar rate plus 1.0%, as selected by the Company) plus, in each case, an applicable margin. | |
Mandatory principal repayment amount | $ 1,175,000 | |
Debt instrument interest rate terms | payable in March, June, September, and December of each year | |
Weighted average interest rate of debt outstanding | 4.30% | |
2024 Term Loan | Federal Funds Effective Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument applicable margin rate | 0.50% | |
2024 Term Loan | Eurodollar Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument applicable margin rate | 1.00% | |
2024 Term Loan | Eurodollar Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument applicable margin rate | 3.00% | |
2024 Term Loan | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument applicable margin rate | 2.00% |
Long-Term Debt - 2022 Revolving
Long-Term Debt - 2022 Revolving Credit Facility - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Outstanding letters of credit | $ 84,900,000 | ||
Borrowings under revolving credit facility | 1,370,000,000 | $ 907,000,000 | $ 320,000,000 |
Payments under revolving credit facility | 1,020,000,000 | $ 967,000,000 | $ 290,000,000 |
2022 facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility maximum borrowing capacity | 900,000,000 | ||
Line of credit facility, excess remaining borrowing capacity | 436,800,000 | ||
Line of credit facility outstanding | 350,000,000 | ||
Outstanding letters of credit | 84,900,000 | ||
Borrowings under revolving credit facility | 1,370,000,000 | ||
Payments under revolving credit facility | $ 1,020,000,000 | ||
Line of credit facility, weighted average interest rate on borrowings during the period | 2.90% | ||
Line of credit facility maturity date | Mar. 22, 2022 | ||
Line of credit commitment fee percentage | 0.375% | ||
Interest rates of outstanding letters of credit | 1.25% | ||
Fronting fee per annum | 0.125% | ||
Minimum fixed charge ratio | 1 | ||
Debt instrument, covenant description | In addition, the 2022 facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $87.2 million as of December 31, 2017. | ||
Debt instrument minimum excess availability-dollars | $ 80,000,000 | ||
Debt instrument minimum excess availability-percentage | 10.00% | ||
Debt instrument covenant maximum borrowing capacity amount | $ 87,200,000 | ||
2022 facility | Minimum | Eurodollar Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument applicable rate | 1.25% | ||
2022 facility | Minimum | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument applicable rate | 0.25% | ||
2022 facility | Maximum | Eurodollar Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument applicable rate | 1.75% | ||
2022 facility | Maximum | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument applicable rate | 0.75% |
Long-Term Debt - Senior Secured
Long-Term Debt - Senior Secured Notes due 2024 - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | $ 1,562,950 | ||
2024 notes | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | $ 750,000 | $ 750,000 | $ 750,000 |
Senior secured term loan maturity date | Sep. 1, 2024 | ||
Private offered aggregate principal amount rate | 5.625% | 5.625% | |
Debt instrument interest rate terms | Payable semi-annually on March 1 and September 1 of each year. | ||
Purchase price, Percentage of principal amount | 101.00% | ||
Redemption period | 36 months | ||
2024 notes | Redemption Period Prior to September 1, 2019 | |||
Debt Instrument [Line Items] | |||
Purchase price, Percentage of principal amount | 100.00% | ||
2024 notes | Redemption Period Following August 22, 2016 for Each Twelve-month | |||
Debt Instrument [Line Items] | |||
Purchase price, Percentage of principal amount | 103.00% | ||
2024 notes | Redemption Price Using Proceeds From Equity Offering | |||
Debt Instrument [Line Items] | |||
Purchase price, Percentage of principal amount | 105.625% | ||
2024 notes | Maximum | |||
Debt Instrument [Line Items] | |||
Redemption percentage of aggregate principal amount redeemable in each twelve-month period commencing on closing date | 10.00% | ||
Redemption percentage of aggregate principal amount | 40.00% |
Long-Term Debt - Future Maturit
Long-Term Debt - Future Maturities of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Long Term Debt By Maturity [Abstract] | |
2,018 | $ 4,700 |
2,019 | 4,700 |
2,020 | 4,700 |
2,021 | 4,700 |
2,022 | 354,700 |
Thereafter | 1,189,450 |
Total long-term debt (including current maturities) | $ 1,562,950 |
Long Term Debt - Warrants - Add
Long Term Debt - Warrants - Additional Information (Detail) - $ / shares shares in Millions | 1 Months Ended | |
Apr. 30, 2015 | Dec. 31, 2011 | |
Debt Disclosure [Abstract] | ||
Class of warrant or right outstanding exercised | 0.7 | |
Warrants which allow for the purchase common stock | 1.6 | |
Warrants, which allow for the purchase common stock at a price | $ 2.50 |
Long-Term Debt - Non-Cash Fair
Long-Term Debt - Non-Cash Fair Value Adjustments Related To Our Derivative Financial Instrument Recorded as Interest Expense on Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Interest Expense | Warrants | |
Derivative Instruments Gain Loss [Line Items] | |
Amount of Loss Recognized in Income | $ (4,563) |
Long-Term Debt - Lease Finance
Long-Term Debt - Lease Finance Obligations - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Number of leased properties with single lessor | Property | 141 | |
Master lease agreement description | The Company is party to 141 individual property lease agreements with a single lessor as of December 31, 2017. These lease agreements have initial terms ranging from nine to fifteen years (expiring through 2021) and renewal options in five-year increments providing for up to approximately 30-year remaining total lease terms. | |
Lease finance obligations | $ 225,070 | $ 238,539 |
Payment of lease finance obligation | $ 22,000 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Total lease term | 30 years |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Commitments for Lease Finance Obligations and Lease Payments (Detail) - Lease Financing Obligations $ in Thousands | Dec. 31, 2017USD ($) |
Sale Leaseback Transaction [Line Items] | |
2,018 | $ 18,418 |
2,019 | 18,898 |
2,020 | 17,973 |
2,021 | 17,712 |
2,022 | 17,650 |
Thereafter | 238,310 |
Total | $ 328,961 |
Capital Lease Obligations - Add
Capital Lease Obligations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease Obligations [Abstract] | |
Leases expiration period for property and equipment | 2,020 |
Capital Lease Obligations - Fut
Capital Lease Obligations - Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Capital Lease Obligations [Abstract] | |
2,018 | $ 6,689 |
2,019 | 5,127 |
2,020 | 4,775 |
Total minimum lease payments | 16,591 |
Less: amount representing interest | (1,160) |
Present value of net minimum payments | 15,431 |
Less: current portion | (5,986) |
Long-term capital lease obligations, net of current portion | $ 9,445 |
Employee Stock-Based Compensa79
Employee Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 24, 2017 | May 31, 2016 | Apr. 30, 2016 | Jun. 27, 2015 | Jan. 01, 2005 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option Outstanding | 2,104,000 | 3,515,000 | ||||||
Exercisable Options, Outstanding Number, Ending Balance | 1,522,000 | |||||||
Weighted average grant date fair value of option | $ 7.26 | $ 3.71 | $ 4.20 | |||||
Intrinsic value option exercised | $ 16,400,000 | $ 11,600,000 | $ 12,800,000 | |||||
Stock compensation expense | 13,500,000 | 10,500,000 | 6,900,000 | |||||
Stock compensation expense net of taxes | 8,200,000 | 6,300,000 | 6,900,000 | |||||
Recognized excess tax benefits for stock options exercised | 5,100,000 | 0 | 0 | |||||
Total fair value of options vested | 2,700,000 | 2,800,000 | 2,700,000 | |||||
Total unrecognized compensation cost | $ 14,000,000 | |||||||
Expected weighted average recognition period | 1 year 10 months 24 days | |||||||
2014 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares reserved for share based compensation award | 8,500,000 | 5,000,000 | ||||||
Shares available for issuance | 5,400,000 | |||||||
Option Outstanding | 210,000 | |||||||
Exercisable Options, Outstanding Number, Ending Balance | 42,000 | |||||||
2014 Incentive Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 3 years | |||||||
2014 Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 4 years | |||||||
2007 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares available for issuance | 0 | |||||||
Option Outstanding | 1,384,000 | |||||||
Exercisable Options, Outstanding Number, Ending Balance | 1,108,000 | |||||||
2007 Incentive Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 3 years | |||||||
2007 Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 4 years | |||||||
2005 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 3 years | |||||||
Shares available for issuance | 0 | |||||||
Option Outstanding | 302,000 | |||||||
Exercisable Options, Outstanding Number, Ending Balance | 164,000 | |||||||
1998 Stock Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted term | 10 years | |||||||
Shares available for issuance | 0 | |||||||
Option Outstanding | 208,000 | |||||||
Exercisable Options, Outstanding Number, Ending Balance | 208,000 | |||||||
1998 Stock Incentive Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 7 years | |||||||
1998 Stock Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock award granted vested period | 9 years | |||||||
Stock Options and SARS | 2014 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted term | 10 years | |||||||
Options, Stock Appreciation Rights Or Stock-based Awards | 2014 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares reserved for share based compensation award | 8,500,000 | |||||||
Options Or Stock Appreciation Rights | 2007 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted term | 10 years | |||||||
Options Or Stock Appreciation Rights | 2005 Equity Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted term | 10 years | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total fair value of restricted stock/unit | $ 6,900,000 | $ 3,900,000 | $ 3,700,000 | |||||
Restricted Stock Units (RSUs) | 2014 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
RSUs Outstanding | 2,015,000 | |||||||
Restricted Stock Units (RSUs) | 2007 Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
RSUs Outstanding | 234,000 | |||||||
Service Condition Based Restricted Stock Unit Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
RSUs Outstanding | 1,331,000 | 1,657,000 | ||||||
Weighted average grant date fair value, granted | $ 14.60 | $ 10.68 | $ 7.26 | |||||
Performance and Service Condition Based Restricted Stock Unit Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
RSUs Outstanding | 487,000 | 260,000 | ||||||
Weighted average grant date fair value, granted | $ 15.38 | $ 10.96 | 0 | |||||
Market and Service Condition Based Restricted Stock Unit Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
RSUs Outstanding | 431,000 | 260,000 | ||||||
Weighted average grant date fair value, granted | $ 11.49 | $ 7.58 | $ 0 |
Employee Stock-Based Compensa80
Employee Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Summarizes stock option activity | |
Options, Outstanding Number, Beginning Balance | shares | 3,515 |
Options, Granted | shares | 57 |
Options, Exercised | shares | (1,449) |
Options, Forfeited | shares | (19) |
Options, Outstanding Number, Ending Balance | shares | 2,104 |
Exercisable Options, Outstanding Number, Ending Balance | shares | 1,522 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.51 |
Weighted Average Exercise Price, Granted | $ / shares | 12.94 |
Weighted Average Exercise Price, Exercised | $ / shares | 5.56 |
Weighted Average Exercise Price, Forfeited | $ / shares | 7.44 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 5.66 |
Exercisable, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 4.80 |
Weighted Average Remaining Years, Outstanding | 4 years 9 months 18 days |
Weighted Average Remaining Years, Exercisable | 4 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 33,927 |
Exercisable, Aggregate Intrinsic Value | $ | $ 25,871 |
Employee Stock-Based Compensa81
Employee Stock-Based Compensation - Outstanding and Exercisable Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding and exercisable stock options | ||
Option Outstanding | 2,104 | 3,515 |
Weighted Average Exercise Price | $ 5.66 | $ 5.51 |
Weighted Average Remaining Years, Outstanding | 4 years 9 months 18 days | |
Options Exercisable | 1,522 | |
Exercisable, Weighted Average Exercise Price | $ 4.80 | |
$ 3.15 | ||
Outstanding and exercisable stock options | ||
Range of Exercise Prices, Upper Range Limit | $ 3.15 | |
Option Outstanding | 208 | |
Weighted Average Exercise Price | $ 3.15 | |
Weighted Average Remaining Years, Outstanding | 5 years 10 months 24 days | |
Options Exercisable | 208 | |
Exercisable, Weighted Average Exercise Price | $ 3.15 | |
$ 3.19 | ||
Outstanding and exercisable stock options | ||
Range of Exercise Prices, Upper Range Limit | $ 3.19 | |
Option Outstanding | 754 | |
Weighted Average Exercise Price | $ 3.19 | |
Weighted Average Remaining Years, Outstanding | 2 years 1 month 6 days | |
Options Exercisable | 754 | |
Exercisable, Weighted Average Exercise Price | $ 3.19 | |
$6.35 - $6.70 | ||
Outstanding and exercisable stock options | ||
Range of Exercise Prices, Lower Range Limit | 6.35 | |
Range of Exercise Prices, Upper Range Limit | $ 6.70 | |
Option Outstanding | 161 | |
Weighted Average Exercise Price | $ 6.45 | |
Weighted Average Remaining Years, Outstanding | 7 years 2 months 12 days | |
Options Exercisable | 48 | |
Exercisable, Weighted Average Exercise Price | $ 6.47 | |
$7.67- $12.94 | ||
Outstanding and exercisable stock options | ||
Range of Exercise Prices, Lower Range Limit | 7.67 | |
Range of Exercise Prices, Upper Range Limit | $ 12.94 | |
Option Outstanding | 981 | |
Weighted Average Exercise Price | $ 7.97 | |
Weighted Average Remaining Years, Outstanding | 6 years 3 months 18 days | |
Options Exercisable | 512 | |
Exercisable, Weighted Average Exercise Price | $ 7.67 | |
$3.15 - $12.94 | ||
Outstanding and exercisable stock options | ||
Range of Exercise Prices, Lower Range Limit | 3.15 | |
Range of Exercise Prices, Upper Range Limit | $ 12.94 | |
Option Outstanding | 2,104 | |
Weighted Average Exercise Price | $ 5.66 | |
Weighted Average Remaining Years, Outstanding | 4 years 9 months 18 days | |
Options Exercisable | 1,522 | |
Exercisable, Weighted Average Exercise Price | $ 4.80 |
Employee Stock-Based Compensa82
Employee Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Service Condition Based Restricted Stock Unit Grants | |||
Summarizes restricted stock activity | |||
Shares, Nonvested, Beginning balance | 1,657 | ||
Shares, Granted | 468 | ||
Shares, Vested | (772) | ||
Shares, Forfeited | (22) | ||
Shares, Nonvested, Ending balance | 1,331 | 1,657 | |
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ 8.77 | ||
Weighted Average Grant Date Fair Value, Granted | 14.60 | $ 10.68 | $ 7.26 |
Weighted Average Grant Date Fair Value, Vested | 8.88 | ||
Weighted Average Grant Date Fair Value, Forfeited | 7.96 | ||
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ 10.77 | $ 8.77 | |
Performance and Service Condition Based Restricted Stock Unit Grants | |||
Summarizes restricted stock activity | |||
Shares, Nonvested, Beginning balance | 260 | ||
Shares, Granted | 230 | ||
Shares, Forfeited | (3) | ||
Shares, Nonvested, Ending balance | 487 | 260 | |
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ 10.95 | ||
Weighted Average Grant Date Fair Value, Granted | 15.38 | $ 10.96 | 0 |
Weighted Average Grant Date Fair Value, Forfeited | 11.09 | ||
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ 13.04 | $ 10.95 | |
Market and Service Condition Based Restricted Stock Unit Grants | |||
Summarizes restricted stock activity | |||
Shares, Nonvested, Beginning balance | 260 | ||
Shares, Granted | 174 | ||
Shares, Forfeited | (3) | ||
Shares, Nonvested, Ending balance | 431 | 260 | |
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ 7.58 | ||
Weighted Average Grant Date Fair Value, Granted | 11.49 | $ 7.58 | $ 0 |
Weighted Average Grant Date Fair Value, Forfeited | 7.72 | ||
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ 9.16 | $ 7.58 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) Included in Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 1,831 | ||
State | 2,213 | $ 2,115 | $ 1,100 |
Total current income tax expense (benefit) | 4,044 | 2,115 | 1,100 |
Deferred: | |||
Federal | 49,710 | (110,720) | 2,530 |
State | (606) | (14,067) | 757 |
Total deferred income tax expense (benefit) | 49,104 | (124,787) | 3,287 |
Income tax expense (benefit) | $ 53,148 | $ (122,672) | $ 4,387 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets related to: | ||||
Accrued expenses | $ 9,615 | $ 13,664 | ||
Insurance reserves | 11,299 | 15,128 | ||
Stock-based compensation expense | 4,702 | 7,429 | ||
Accounts receivable | 3,355 | 5,023 | ||
Inventories | 11,370 | 24,628 | ||
Operating loss and credit carryforwards | 68,066 | 87,610 | ||
Total | 108,407 | 153,482 | ||
Valuation allowance | (2,409) | (4,821) | $ (136,548) | $ (133,183) |
Total deferred tax assets | 105,998 | 148,661 | ||
Deferred tax liabilities related to: | ||||
Prepaid expenses | (2,706) | (3,799) | ||
Goodwill and other intangible assets | (19,431) | (15,956) | ||
Property, plant and equipment | (8,593) | (13,058) | ||
Other | (163) | (528) | ||
Total deferred tax liabilities | (30,893) | (33,341) | ||
Net deferred tax asset | $ 75,105 | $ 115,320 |
Income Taxes - Reconciliation85
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax | 7.70% | 6.10% | 8.30% |
Valuation allowance | (3.10%) | (607.90%) | (52.10%) |
Stock compensation windfall benefit | (5.50%) | ||
Enactment of federal income tax rate change | 31.50% | ||
Permanent difference – other | 0.90% | 0.40% | (2.80%) |
Other | 0.10% | 0.90% | 0.10% |
Total effective rate for continuing operations | 57.80% | (566.10%) | (23.60%) |
162(m) Limitation | |||
Income Taxes [Line Items] | |||
Permanent difference | 0.80% | 0.60% | (5.40%) |
Warrant Mark To Market | |||
Income Taxes [Line Items] | |||
Permanent difference | (8.60%) | ||
Credits | |||
Income Taxes [Line Items] | |||
Permanent difference | (9.60%) | (1.20%) | 1.90% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($)States | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($)States | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Taxes [Line Items] | ||||||||||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | |||||||||
Income tax expense, related to revaluation of net deferred tax assets | $ 29,000 | $ 29,000 | ||||||||||
Deferred tax assets net of deferred tax liabilities | 77,500 | $ 120,100 | 77,500 | $ 120,100 | ||||||||
Valuation allowances | 2,409 | 4,821 | 2,409 | 4,821 | $ 136,548 | $ 133,183 | ||||||
Pre-tax income, required in future periods to realize federal deferred tax assets | 281,400 | |||||||||||
Valuation allowance related to net deferred tax | 1,000 | $ (100) | $ (3,700) | (3,200) | $ (117,600) | $ (16,000) | $ 5,100 | $ (2,839) | (131,727) | 9,700 | ||
Ownership change percentage criteria under Section 382 of the Internal Revenue Code | 50.00% | |||||||||||
Testing Period | 3 years | |||||||||||
Uncertain tax position benefit affecting effective income tax rate | $ 300 | $ 200 | $ 300 | 200 | 200 | |||||||
Accrued interest and penalties | $ 0 | $ 0 | $ 0 | |||||||||
Number of states | States | 41 | 41 | ||||||||||
Federal | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
State and Federal Tax credit carry-forwards | $ 11,400 | $ 11,400 | ||||||||||
State and Federal net Operating loss carry-forwards expiration year | 2,037 | |||||||||||
State and Federal net Operating loss carry-forwards | 190,800 | $ 190,800 | ||||||||||
State | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
State and Federal net Operating loss carry-forwards | 338,500 | 338,500 | ||||||||||
State and Federal Tax credit carry-forwards | $ 2,800 | $ 2,800 | ||||||||||
State and Federal net Operating loss carry-forwards expiration year | 2,037 | |||||||||||
Scenario | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Statutory federal income tax rate | 21.00% |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in valuation allowance | ||||||||||
Balance at January 1, | $ 136,548 | $ 4,821 | $ 136,548 | $ 133,183 | ||||||
Additions charged to expense | 9,624 | |||||||||
Reductions credited to expense | $ 1,000 | $ (100) | $ (3,700) | $ (3,200) | $ (117,600) | $ (16,000) | $ 5,100 | (2,839) | (131,727) | 9,700 |
Enactment of federal income tax rate change | 427 | |||||||||
Deductions | (6,259) | |||||||||
Balance at December 31, | $ 2,409 | $ 4,821 | $ 2,409 | $ 4,821 | $ 136,548 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |||
Contribution by Plan participants as annual compensation percentage | 75.00% | ||
Plan Pro rata vesting period | 5 years | ||
Plan Expenses recognized | $ 4.6 | $ 4.6 | $ 6.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies [Line Items] | |||
Rent expenses under operating lease | $ 77.9 | $ 68.7 | $ 43.6 |
Guarantees under lease of residual value | 5.6 | ||
Outstanding letters of credit | $ 84.9 | ||
Property, Plant and Equipment | Minimum | |||
Commitments And Contingencies [Line Items] | |||
Total lease term | 1 year | ||
Property, Plant and Equipment | Maximum | |||
Commitments And Contingencies [Line Items] | |||
Total lease term | 20 years |
Commitments and Contingencies90
Commitments and Contingencies - Schedule of Future Noncancelable Operating Leases Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,018 | $ 76,565 |
2,019 | 64,016 |
2,020 | 50,562 |
2,021 | 40,351 |
2,022 | 27,446 |
Thereafter | 60,927 |
Total lease payment | 319,867 |
Related Party | |
Operating Leased Assets [Line Items] | |
2,018 | 852 |
2,019 | 831 |
2,020 | 852 |
2,021 | 527 |
2,022 | 406 |
Thereafter | 633 |
Total lease payment | $ 4,101 |
Segment and Product Informati91
Segment and Product Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017StoreStatesRegionSegment | |
Segment Reporting [Abstract] | |
Number of Locations | Store | 402 |
Number of states | States | 40 |
Number of geographic regions | Region | 9 |
Number of operating segments | Segment | 9 |
Segment and Product Informati92
Segment and Product Information - Schedule of Reconciling Information by Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | $ 1,778,939 | $ 1,878,909 | $ 1,843,297 | $ 1,533,064 | $ 1,546,912 | $ 1,745,958 | $ 1,677,300 | $ 1,397,114 | $ 7,034,209 | $ 6,367,284 | $ 3,564,425 |
Depreciation & Amortization | 92,993 | 109,793 | 58,280 | ||||||||
Interest | 193,174 | 214,667 | 109,199 | ||||||||
Income (loss) before income taxes | 91,929 | 21,669 | (18,444) | ||||||||
Operating Segments | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 6,871,737 | 6,204,936 | 3,318,075 | ||||||||
Depreciation & Amortization | 70,187 | 84,897 | 24,436 | ||||||||
Interest | 99,210 | 87,771 | 39,889 | ||||||||
Income (loss) before income taxes | 266,273 | 220,536 | 134,701 | ||||||||
Operating Segments | Northeast | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 1,285,286 | 1,204,100 | 626,985 | ||||||||
Depreciation & Amortization | 13,255 | 18,220 | 4,202 | ||||||||
Interest | 20,893 | 18,660 | 7,508 | ||||||||
Income (loss) before income taxes | 40,359 | 35,347 | 28,843 | ||||||||
Operating Segments | Southeast | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 1,542,330 | 1,362,259 | 890,164 | ||||||||
Depreciation & Amortization | 10,457 | 11,243 | 5,072 | ||||||||
Interest | 22,939 | 19,768 | 14,214 | ||||||||
Income (loss) before income taxes | 49,735 | 40,261 | 17,193 | ||||||||
Operating Segments | South | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 1,855,425 | 1,699,371 | 1,015,556 | ||||||||
Depreciation & Amortization | 19,573 | 21,670 | 9,351 | ||||||||
Interest | 23,320 | 22,213 | 12,058 | ||||||||
Income (loss) before income taxes | 90,551 | 72,183 | 53,435 | ||||||||
Operating Segments | West | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 2,188,696 | 1,939,206 | 785,370 | ||||||||
Depreciation & Amortization | 26,902 | 33,764 | 5,811 | ||||||||
Interest | 32,058 | 27,130 | 6,109 | ||||||||
Income (loss) before income taxes | 85,628 | 72,745 | 35,230 | ||||||||
All other | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net Sales | 162,472 | 162,348 | 246,350 | ||||||||
Depreciation & Amortization | 22,806 | 24,896 | 33,844 | ||||||||
Interest | 93,964 | 126,896 | 69,310 | ||||||||
Income (loss) before income taxes | $ (174,344) | $ (198,867) | $ (153,145) |
Segment and Product Informati93
Segment and Product Information - Segment Reporting Information by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | $ 1,778,939 | $ 1,878,909 | $ 1,843,297 | $ 1,533,064 | $ 1,546,912 | $ 1,745,958 | $ 1,677,300 | $ 1,397,114 | $ 7,034,209 | $ 6,367,284 | $ 3,564,425 |
Lumber And Lumber Sheet Goods | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | 2,510,945 | 2,131,394 | 1,129,684 | ||||||||
Manufactured Products | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | 1,208,555 | 1,097,665 | 635,338 | ||||||||
Windows, Doors And Millwork | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | 1,360,567 | 1,286,151 | 818,131 | ||||||||
Gypsum, Roofing And Insulation | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | 538,378 | 520,007 | 264,894 | ||||||||
Siding, Metal And Concrete Products | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | 655,889 | 622,344 | 319,618 | ||||||||
Other Building And Product Services | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net sales | $ 759,875 | $ 709,723 | $ 396,760 |
Unaudited Quarterly Financial94
Unaudited Quarterly Financial Data - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,778,939 | $ 1,878,909 | $ 1,843,297 | $ 1,533,064 | $ 1,546,912 | $ 1,745,958 | $ 1,677,300 | $ 1,397,114 | $ 7,034,209 | $ 6,367,284 | $ 3,564,425 |
Gross margin | 431,220 | 459,322 | 460,797 | 376,052 | 391,575 | 437,094 | 418,331 | 349,748 | 1,727,391 | 1,596,748 | 901,458 |
Net income (loss) | $ (42,701) | $ 39,750 | $ 37,910 | $ 3,822 | $ 6,411 | $ 125,469 | $ 29,441 | $ (16,980) | $ 38,781 | $ 144,341 | $ (22,831) |
Net income (loss) per share: | |||||||||||
Basic | $ (0.38) | $ 0.35 | $ 0.34 | $ 0.03 | $ 0.06 | $ 1.13 | $ 0.27 | $ (0.15) | $ 0.34 | $ 1.30 | $ (0.22) |
Diluted | $ (0.38) | $ 0.34 | $ 0.33 | $ 0.03 | $ 0.06 | $ 1.10 | $ 0.26 | $ (0.15) | $ 0.34 | $ 1.27 | $ (0.22) |
Unaudited Quarterly Financial95
Unaudited Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Write-off of debt discount and debt issuance costs | $ 1,000 | ||||||||||
Financing costs | $ 1,400 | $ 2,799 | $ 15,663 | $ 58,525 | |||||||
Valuation allowance related to net deferred tax | $ 1,000 | $ (100) | $ (3,700) | $ (3,200) | $ (117,600) | $ (16,000) | $ 5,100 | (2,839) | (131,727) | $ 9,700 | |
Gain (loss) on extinguishment of debt | (56,300) | $ (9,700) | $ (1,700) | $ 7,800 | (56,657) | $ (55,776) | |||||
Income tax expense, enactment of fedral tax rate change | $ 29,000 | $ 29,000 | |||||||||
Loss on debt extinguishment and financing costs | $ (53,300) |