Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 31, 2020 | Feb. 26, 2020 | |
Cover page. | ||
Entity Central Index Key | 0000794619 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-14798 | |
Entity Registrant Name | American Woodmark Corp | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1138147 | |
Entity Address, Address Line One | 561 Shady Elm Road, | |
Entity Address, City or Town | Winchester, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22602 | |
City Area Code | 540 | |
Local Phone Number | 665-9100 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AMWD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,925,247 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 47,063 | $ 57,656 |
Investments - certificates of deposit | 0 | 1,500 |
Customer receivables, net | 122,353 | 125,901 |
Inventories | 121,930 | 108,528 |
Income taxes receivable | 6,238 | 1,009 |
Prepaid expenses and other | 14,627 | 11,441 |
Total current assets | 312,211 | 306,035 |
Property, plant and equipment, net | 208,780 | 208,263 |
Operating lease right-of-use assets | 90,530 | 0 |
Goodwill | 767,612 | 767,612 |
Promotional displays, net | 13,749 | 13,058 |
Deferred income taxes | 783 | 773 |
Other assets | 18,252 | 15,524 |
TOTAL ASSETS | 1,593,834 | 1,529,931 |
Current liabilities | ||
Accounts payable | 66,378 | 61,277 |
Current maturities of long-term debt | 2,309 | 2,286 |
Short-term lease liability - operating | 20,837 | 0 |
Accrued compensation and related expenses | 45,714 | 54,906 |
Accrued marketing expenses | 12,855 | 12,979 |
Other accrued expenses | 21,109 | 18,142 |
Total current liabilities | 169,202 | 149,590 |
Long-term debt, less current maturities | 600,573 | 689,205 |
Deferred income taxes | 56,634 | 64,749 |
Long-term lease liability - operating | 73,297 | 0 |
Other long-term liabilities | 4,843 | 6,034 |
Shareholders' equity | ||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at July 31, 2019: 16,915,670; at April 30, 2019: 16,849,026 | 358,562 | 352,424 |
Retained earnings | 379,268 | 317,420 |
Accumulated other comprehensive loss - Defined benefit pension plans | (48,545) | (49,491) |
Total shareholders' equity | 689,285 | 620,353 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,593,834 | 1,529,931 |
Customer relationships | ||
Current assets | ||
Intangibles, net | 178,861 | 213,111 |
Trademarks | ||
Current assets | ||
Intangibles, net | $ 3,056 | $ 5,555 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2020 | Apr. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value (in usd per share) | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 16,925,247 | 16,849,026 |
Common stock, shares outstanding | 16,925,247 | 16,849,026 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,804 | $ 18,409 | $ 61,848 | $ 61,664 |
Other comprehensive income, net of tax: | ||||
Change in pension benefits, net of deferred taxes of $107 and $105, and $322 and $315 for the three and nine months ended January 31, 2020 and 2019, respectively | 315 | 307 | 946 | 921 |
Total Comprehensive Income | $ 13,119 | $ 18,716 | $ 62,794 | $ 62,585 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 395,755 | $ 384,080 | $ 1,251,136 | $ 1,237,920 |
Cost of sales and distribution | 323,407 | 307,227 | 997,219 | 978,569 |
Gross Profit | 72,348 | 76,853 | 253,917 | 259,351 |
Selling and marketing expenses | 21,401 | 22,215 | 62,539 | 68,139 |
General and administrative expenses | 26,914 | 27,462 | 86,246 | 86,010 |
Restructuring charges, net | 0 | 26 | (207) | 2,061 |
Operating Income | 24,033 | 27,150 | 105,339 | 103,141 |
Interest expense, net | 6,924 | 8,836 | 22,448 | 27,204 |
Other (income) expense, net | (165) | (5,812) | (699) | (6,137) |
Income Before Income Taxes | 17,274 | 24,126 | 83,590 | 82,074 |
Income tax expense | 4,470 | 5,717 | 21,742 | 20,410 |
Net Income | $ 12,804 | $ 18,409 | $ 61,848 | $ 61,664 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 16,922,231 | 17,186,456 | 16,902,255 | 17,425,385 |
Diluted (in shares) | 16,974,956 | 17,216,327 | 16,947,449 | 17,466,936 |
Net earnings per share | ||||
Basic (in usd per share) | $ 0.76 | $ 1.07 | $ 3.66 | $ 3.54 |
Diluted (in usd per share) | $ 0.75 | $ 1.07 | $ 3.65 | $ 3.53 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Other comprehensive income, deferred tax | $ (107) | $ (105) | $ (322) | $ (315) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | COMMON STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS |
Balance at beginning of period (shares) at Apr. 30, 2018 | 17,503,922 | |||
Balance at beginning of period at Apr. 30, 2018 | $ 581,665 | $ 361,158 | $ 269,576 | $ (49,069) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 24,767 | 24,767 | ||
Other comprehensive loss, net of tax | 307 | 307 | ||
Stock-based compensation | 786 | $ 786 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 43,048 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (1,241) | $ (1,241) | ||
Employee benefit plan contributions (shares) | 41,408 | |||
Employee benefit plan contributions | 3,623 | $ 3,623 | ||
Balance at end of period (shares) at Jul. 31, 2018 | 17,588,378 | |||
Balance at end of period at Jul. 31, 2018 | 609,907 | $ 364,326 | 294,343 | (48,762) |
Balance at beginning of period (shares) at Apr. 30, 2018 | 17,503,922 | |||
Balance at beginning of period at Apr. 30, 2018 | 581,665 | $ 361,158 | 269,576 | (49,069) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 61,664 | |||
Stock repurchases (shares) | (628,714) | |||
Balance at end of period (shares) at Jan. 31, 2019 | 16,965,544 | |||
Balance at end of period at Jan. 31, 2019 | $ 607,972 | $ 353,887 | 302,233 | (48,148) |
Balance at beginning of period (shares) at Jul. 31, 2018 | 17,588,378 | |||
Balance at beginning of period at Jul. 31, 2018 | 609,907 | $ 364,326 | 294,343 | (48,762) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 18,488 | 18,488 | ||
Other comprehensive loss, net of tax | 307 | 307 | ||
Stock-based compensation | 836 | $ 836 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 5,880 | |||
Stock repurchases (shares) | (189,633) | |||
Stock repurchases | (13,199) | $ (3,602) | (9,597) | |
Balance at end of period (shares) at Oct. 31, 2018 | 17,404,625 | |||
Balance at end of period at Oct. 31, 2018 | 616,339 | $ 361,560 | 303,234 | (48,455) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 18,409 | 18,409 | ||
Other comprehensive loss, net of tax | 307 | 307 | ||
Stock-based compensation | $ 668 | $ 668 | ||
Stock repurchases (shares) | (439,081) | (439,081) | ||
Stock repurchases | $ (27,751) | $ (8,341) | (19,410) | |
Balance at end of period (shares) at Jan. 31, 2019 | 16,965,544 | |||
Balance at end of period at Jan. 31, 2019 | $ 607,972 | $ 353,887 | 302,233 | (48,148) |
Balance at beginning of period (shares) at Apr. 30, 2019 | 16,849,026 | 16,849,026 | ||
Balance at beginning of period at Apr. 30, 2019 | $ 620,353 | $ 352,424 | 317,420 | (49,491) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 26,881 | 26,881 | ||
Other comprehensive loss, net of tax | 315 | 315 | ||
Stock-based compensation | 897 | $ 897 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 20,923 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (1,050) | $ (1,050) | ||
Employee benefit plan contributions (shares) | 45,721 | |||
Employee benefit plan contributions | 3,772 | $ 3,772 | ||
Balance at end of period (shares) at Jul. 31, 2019 | 16,915,670 | |||
Balance at end of period at Jul. 31, 2019 | $ 651,168 | $ 356,043 | 344,301 | (49,176) |
Balance at beginning of period (shares) at Apr. 30, 2019 | 16,849,026 | 16,849,026 | ||
Balance at beginning of period at Apr. 30, 2019 | $ 620,353 | $ 352,424 | 317,420 | (49,491) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | $ 61,848 | |||
Stock repurchases (shares) | 0 | |||
Balance at end of period (shares) at Jan. 31, 2020 | 16,925,247 | 16,925,247 | ||
Balance at end of period at Jan. 31, 2020 | $ 689,285 | $ 358,562 | 379,268 | (48,545) |
Balance at beginning of period (shares) at Jul. 31, 2019 | 16,915,670 | |||
Balance at beginning of period at Jul. 31, 2019 | 651,168 | $ 356,043 | 344,301 | (49,176) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 22,163 | 22,163 | ||
Other comprehensive loss, net of tax | 316 | 316 | ||
Stock-based compensation | 1,178 | $ 1,178 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 5,877 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | 83 | $ 83 | ||
Balance at end of period (shares) at Oct. 31, 2019 | 16,921,547 | |||
Balance at end of period at Oct. 31, 2019 | 674,908 | $ 357,304 | 366,464 | (48,860) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 12,804 | 12,804 | ||
Other comprehensive loss, net of tax | 315 | 315 | ||
Stock-based compensation | 1,047 | $ 1,047 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 3,700 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | $ 211 | $ 211 | ||
Stock repurchases (shares) | 0 | |||
Balance at end of period (shares) at Jan. 31, 2020 | 16,925,247 | 16,925,247 | ||
Balance at end of period at Jan. 31, 2020 | $ 689,285 | $ 358,562 | $ 379,268 | $ (48,545) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 61,848,000 | $ 61,664,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 73,362,000 | 70,284,000 |
Net loss on disposal of property, plant and equipment | 350,000 | 661,000 |
Reduction in the carrying amount of operating lease right-of-use assets | 19,462,000 | 0 |
Amortization of debt issuance costs | 1,963,000 | 2,054,000 |
Unrealized gain on foreign exchange forward contracts | (244,000) | (291,000) |
Gain on insurance recoveries | 0 | (580,000) |
Stock-based compensation expense | 3,122,000 | 2,290,000 |
Deferred income taxes | (8,623,000) | (5,757,000) |
Pension contributions in excess of expense | (964,000) | (7,727,000) |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | 5,171,000 |
Contributions of employer stock to employee benefit plan | 3,772,000 | 3,623,000 |
Other non-cash items | 314,000 | (222,000) |
Changes in operating assets and liabilities: | ||
Customer receivables | 5,170,000 | 19,201,000 |
Income taxes receivable | (5,229,000) | 27,265,000 |
Inventories | (14,289,000) | (11,731,000) |
Prepaid expenses and other assets | (6,785,000) | (5,726,000) |
Accounts payable | 4,438,000 | (8,323,000) |
Accrued compensation and related expenses | (9,193,000) | 724,000 |
Operating lease liabilities | (16,731,000) | 0 |
Marketing and other accrued expenses | 465,000 | (4,288,000) |
Net cash provided by operating activities | 112,208,000 | 137,950,000 |
INVESTING ACTIVITIES | ||
Payments to acquire property, plant and equipment | (25,563,000) | (26,294,000) |
Proceeds from sales of property, plant and equipment | 321,000 | 59,000 |
Proceeds from insurance recoveries | 0 | 580,000 |
Acquisition of business, net of cash acquired | 0 | (7,182,000) |
Maturities of certificates of deposit | 1,500,000 | 7,000,000 |
Investment in promotional displays | (6,471,000) | (5,462,000) |
Net cash used by investing activities | (30,213,000) | (31,299,000) |
FINANCING ACTIVITIES | ||
Payments of long-term debt | (91,833,000) | (100,631,000) |
Proceeds from issuance of common stock | 295,000 | 500,000 |
Payments for Repurchase of Common Stock | 0 | 40,950,000 |
Withholding of employee taxes related to stock-based compensation | (1,050,000) | (1,739,000) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | (232,000) |
Net cash used by financing activities | (92,588,000) | (143,052,000) |
Net decrease in cash and cash equivalents | (10,593,000) | (36,401,000) |
Cash and cash equivalents, beginning of period | 57,656,000 | 78,410,000 |
Cash and cash equivalents, end of period | 47,063,000 | 42,009,000 |
Non-cash investing and financing activities: | ||
Property, plant and equipment included in accounts payable at period end | 1,953 | 462 |
Cash paid during the period for: | ||
Interest | 17,322 | 23,442 |
Income taxes | $ 35,870 | $ 13,109 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine -month period ended January 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2020 . The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2019 filed with the U.S. Securities and Exchange Commission (“SEC”). Goodwill and Intangible Assets: Goodwill represents the excess of purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company does not amortize goodwill but evaluates for impairment annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In accordance with accounting standards, when evaluating goodwill, an entity has the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the associated assets must be written down to fair value. There were no impairment charges related to goodwill for the three- and nine -month periods ended January 31, 2020 and 2019 . Intangible assets consist of customer relationship intangibles and trademarks. The Company amortizes the cost of intangible assets over their estimated useful lives, which range from 3 to 6 years, unless such lives are deemed indefinite. There were no impairment charges related to intangible assets for the three- and nine -month periods ended January 31, 2020 and 2019 . Foreign Exchange Forward Contracts: In the normal course of business, the Company is subject to risk from adverse fluctuations in foreign exchange rates. The Company manages these risks through the use of foreign exchange forward contracts. The Company recognizes its outstanding forward contracts in the condensed consolidated balance sheets at their fair values. The Company does not designate the forward contracts as accounting hedges. The changes in the fair value of the forward contracts are recorded in other income, net in the condensed consolidated statements of income. At January 31, 2020 , the Company held forward contracts maturing from February 2020 to April 2020 to purchase 115.7 million Mexican pesos at exchange rates ranging from 19.74 to 19.91 Mexican pesos to one U.S. dollar. An asset of $0.2 million is recorded in prepaid expenses and other on the condensed consolidated balance sheets. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jan. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for the Company beginning May 1, 2021. Early adoption is permitted. The Company is currently reviewing the provisions of this new pronouncement and the impact, if any, the adoption of this guidance may have on financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize almost all leases on their balance sheet as a right-of-use ("ROU") asset and lease liability. The standard is effective for annual periods beginning after December 15, 2018. The standard provides for the option to elect a package of practical expedients upon adoption. The Company adopted the standard on May 1, 2019 using the modified retrospective transition approach and elected the package of practical expedients that allows it to forgo reassessment of lease classification for leases that have already commenced. The Company also elected the practical expedients to the new standard without restating comparative prior period financial information and to not recognize ROU assets and liabilities for operating leases with shorter than 12-month terms. On May 1, 2019, the Company recognized operating lease assets and operating lease liabilities of $80.4 million . The new standard did not have a material impact on the Company's results of operations or cash flows, or on its debt covenant calculations. ASU 2016-02 also requires entities to disclose certain qualitative and quantitative information regarding the amount, timing, and uncertainty of cash flows arising from leases. Such disclosures are included in Note P-- Leases . |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator used in basic and diluted net earnings per common share: Net income $ 12,804 $ 18,409 $ 61,848 $ 61,664 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,922 17,186 16,902 17,425 Effect of dilutive securities: Stock options and restricted stock units 53 30 45 42 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,975 17,216 16,947 17,467 Net earnings per share Basic $ 0.76 $ 1.07 $ 3.66 $ 3.54 Diluted $ 0.75 $ 1.07 $ 3.65 $ 3.53 The Company repurchased a total of 439,081 and 628,714 shares of its common stock during the three- and nine -month periods ended January 31, 2019 , respectively. There were no shares repurchased during the three- and nine -month periods ended January 31, 2020 . There were no potentially dilutive securities for the three- and nine -month periods ended January 31, 2020 , which were excluded from the calculation of net earnings per diluted share. An immaterial amount of potentially dilutive securities for the three- and nine -month periods ended January 31, 2019 were excluded from the calculation of net earnings per diluted share. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jan. 31, 2020 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based compensation plans. During the nine -months ended January 31, 2020 , the Board of Directors of the Company approved grants of service-based restricted stock units ("RSUs") and performance-based RSUs to key employees and non-employee directors. The employee performance-based RSUs totaled 61,379 units and the employee and non-employee director service-based RSUs totaled 42,691 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company (or, for non-employee directors, serving on the Board of Directors) until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date, while RSUs granted to non-employee directors vest daily over a two-year period from the date of the grant. For the three- and nine -month periods ended January 31, 2020 and 2019 , stock-based compensation expense was allocated as follows: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Cost of sales and distribution $ 224 $ 158 $ 716 $ 502 Selling and marketing expenses 240 64 713 449 General and administrative expenses 583 446 1,693 1,339 Stock-based compensation expense $ 1,047 $ 668 $ 3,122 $ 2,290 During the nine months ended January 31, 2020 , the Company also approved grants of 6,483 cash-settled performance-based restricted stock tracking units ("RSTUs") and 3,482 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. All of the RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $0.2 million and $0.1 million for the three-month periods ended January 31, 2020 and 2019 , respectively, and $0.4 million and $0.2 million for the nine -month periods ended January 31, 2020 and 2019 , respectively. A liability for payment of the RSTUs is included in the condensed consolidated balance sheets in the amount of $ 0.7 million and $ 0.7 million as of January 31, 2020 and April 30, 2019 , respectively. |
Customer Receivables
Customer Receivables | 9 Months Ended |
Jan. 31, 2020 | |
Accounts Receivable, Net [Abstract] | |
Customer Receivables | Customer Receivables The components of customer receivables were: January 31, April 30, (in thousands) 2020 2019 Gross customer receivables $ 128,815 $ 132,145 Less: Allowance for doubtful accounts (460 ) (249 ) Allowance for returns and discounts (6,002 ) (5,995 ) Net customer receivables $ 122,353 $ 125,901 |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2020 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The components of inventories were: January 31, April 30, (in thousands) 2020 2019 Raw materials $ 55,875 $ 46,054 Work-in-process 45,230 43,794 Finished goods 37,018 34,873 Total FIFO inventories 138,123 124,721 Reserve to adjust inventories to LIFO value (16,193 ) (16,193 ) Total inventories $ 121,930 $ 108,528 Of the total inventory of $121.9 million at January 31, 2020 , $72.9 million is carried under the FIFO method of accounting and $49.0 million is carried under the LIFO method. Of the total inventory of $108.5 million at April 30, 2019, $58.6 million is carried under the FIFO method and $49.9 million is carried under the LIFO method. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment were: January 31, April 30, (in thousands) 2020 2019 Land $ 4,431 $ 4,751 Buildings and improvements 115,004 114,421 Buildings and improvements - finance leases 11,676 11,202 Machinery and equipment 308,141 294,993 Machinery and equipment - finance leases 30,772 30,574 Construction in progress 18,000 7,002 488,024 462,943 Less accumulated amortization and depreciation (279,244 ) (254,680 ) Total $ 208,780 $ 208,263 Amortization and depreciation expense on property, plant and equipment amounted to $9.3 million and $9.0 million for the three months ended January 31, 2020 and 2019 , respectively, and $27.6 million and $26.8 million for the nine months ended January 31, 2020 and 2019 , respectively. Accumulated amortization on finance leases included in the above table amounted to $31.9 million and $30.8 million as of January 31, 2020 and April 30, 2019, respectively. |
Intangibles
Intangibles | 9 Months Ended |
Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The components of customer relationship intangibles were: January 31, April 30, (in thousands) 2020 2019 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (95,139 ) (60,889 ) Total $ 178,861 $ 213,111 The components of trademarks were: January 31, April 30, (in thousands) 2020 2019 Trademarks $ 10,000 $ 10,000 Less accumulated amortization (6,944 ) (4,445 ) Total $ 3,056 $ 5,555 Customer relationship intangibles and trademarks are amortized over the estimated useful lives on a straight-line basis over six and three years , respectively. Amortization expense for each of the three month periods ended January 31, 2020 and 2019 was $12.2 million , and $36.7 million for each of the nine month periods ended January 31, 2020 and 2019 |
Product Warranty
Product Warranty | 9 Months Ended |
Jan. 31, 2019 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Nine Months Ended January 31, (in thousands) 2020 2019 Beginning balance at May 1 $ 4,616 $ 4,045 Accrual 17,132 18,406 Settlements (17,611 ) (18,315 ) Ending balance at January 31 $ 4,137 $ 4,136 |
Pension Benefits
Pension Benefits | 9 Months Ended |
Jan. 31, 2020 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension Benefits | Pension Benefits Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans. Net periodic pension benefit cost consisted of the following for the three- and nine -month periods ended January 31, 2020 and 2019 : Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2020 2019 2020 2019 Interest cost $ 1,493 $ 1,567 $ 4,480 $ 4,702 Expected return on plan assets (2,082 ) (2,127 ) (6,245 ) (6,382 ) Recognized net actuarial loss 423 412 1,269 1,236 Net periodic pension benefit $ (166 ) $ (148 ) $ (496 ) $ (444 ) The Company contributed $0.5 million to its pension plans in the first nine months of fiscal 2020, which represents discretionary funding, and does not expect to contribute any additional funds during the remainder of fiscal 2020. The Company made contributions of $7.3 million |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s named executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities measured on a recurring basis. The Company's financial instruments include cash and equivalents, marketable securities and other investments; accounts receivable and accounts payable; and short- and long-term debt. The carrying values of cash and equivalents, certificates of deposit, accounts receivable and payable and short-term debt on the condensed consolidated balance sheets approximate their fair value due to the short maturities of these items. The forward contracts were marked to market and therefore represent fair value. The fair values of these contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The following table summarizes the fair value of assets and liabilities that are recorded in the Company’s consolidated financial statements as of January 31, 2020 and April 30, 2019 at fair value on a recurring basis (in thousands): Fair Value Measurements As of January 31, 2020 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 808 $ — $ — Foreign exchange forward contracts — 244 — Total assets at fair value $ 808 $ 244 $ — As of April 30, 2019 Level 1 Level 2 Level 3 ASSETS: Certificates of deposit $ 1,500 $ — $ — Mutual funds 1,604 — — Total assets at fair value $ 3,104 $ — $ — |
Loans Payable and Long-Term Deb
Loans Payable and Long-Term Debt | 9 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt On December 29, 2017, the Company entered into a credit agreement (as subsequently amended, the "Credit Agreement") with a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent, providing for a $100 million , 5 -year revolving loan facility with a $25 million sub-facility for the issuance of letters of credit (the “Revolving Facility”), a $250 million , 5 -year initial term loan facility (the "Initial Term Loan") and a $250 million delayed draw term loan facility (the "Delayed Draw Term Loan" and, together with the Revolving Facility and the Initial Term Loan, the "Credit Facilities"). The Company borrowed the entire $250 million available under each of the Initial Term Loan and the Delayed Draw Term Loan on December 29, 2017 and February 12, 2018, respectively, in connection with its acquisition of RSI Home Products, Inc. (“RSI”) and subsequent refinancing of RSI’s debt. The Company is required to make specified quarterly installments on both the Initial Term Loan and the Delayed Draw Loan. As of January 31, 2020 , $125 million was outstanding on each of the Initial Term Loan and the Delayed Draw Loan for a total of $250 million . As of April 30, 2019, $170 million was outstanding on each of the Initial Term Loan and the Delayed Draw Loan for a total of $340 million . The outstanding balance approximates fair value as the Initial Term Loan and Delayed Draw Term Loan have a floating interest rate. There were no amounts outstanding on the Revolving Facility as of January 31, 2020 or April 30, 2019. The Credit Facilities mature on December 29, 2022. Amounts outstanding under the Credit Facilities bear interest based on a fluctuating rate measured by reference to either, at the Company’s option, a base rate plus an applicable margin or LIBOR plus an applicable margin, with the applicable margin being determined by reference to the Company’s then-current “Total Funded Debt to EBITDA Ratio.” The Company also incurs a quarterly commitment fee on the average daily unused portion of the Revolving Facility during the applicable quarter at a rate per annum also determined by reference to the Company’s then-current “Total Funded Debt to EBITDA Ratio.” In addition, a letter of credit fee will accrue on the face amount of any outstanding letters of credit at a per annum rate equal to the applicable margin on LIBOR loans, payable quarterly in arrears. As of January 31, 2020 , the applicable margin with respect to base rate loans and LIBOR loans was 0.50% and 1.50% , respectively, and the commitment fee was 0.18% . The Credit Agreement includes certain financial covenants, including a maximum “Total Funded Debt to EBITDA Ratio” of no more than 3.25 to 1.00 (with an increase to 3.75 to 1.00 for a certain period upon the consummation of a “Qualified Acquisition”). The Company is also required to maintain a “Fixed Charge Coverage Ratio” of no less than 1.25 to 1.00. The Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, dispose of its assets or engage in a merger or another similar transaction or engage in transactions with affiliates, subject, in each case, to the various exceptions and conditions described in the Credit Agreement. The negative covenants also restrict the Company’s ability to make certain investments and to make certain restricted payments, including the payment of dividends and repurchase of common stock, in certain limited circumstances. The Company is, however, permitted to make unlimited investments so long as the “Total Funded Debt to EBITDA Ratio” is less than or equal to 3.00 to 1.00 after giving effect to any such investment and no default or event of default has occurred and is continuing or would result from any such investment. The Company is also permitted to make (i) unlimited restricted payments so long as the “Total Funded Debt to EBITDA Ratio” would be less than or equal to 2.75 to 1.00 after giving effect to any such payment and no default or event of default has occurred and is continuing or would result from any such payment and (ii) up to an aggregate of $50 million in restricted payments not otherwise permitted under the Credit Agreement so long as no default or event of default has occurred and is continuing or would result from any such payment. As of January 31, 2020 , the Company was in compliance with the covenants included in the Credit Agreement. The Company’s obligations under the Credit Agreement are guaranteed by the Company’s subsidiaries and the obligations of the Company and its subsidiaries are secured by a pledge of substantially all of their respective personal property. On February 12, 2018, the Company issued $350 million in aggregate principal amount of 4.875% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on March 15, 2026 and interest on the Senior Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The Senior Notes are fully and unconditionally guaranteed by each of the Company’s current and future wholly-owned domestic subsidiaries that guarantee the Company’s obligations under the Credit Agreement. The indenture governing the Senior Notes restricts the ability of the Company and the Company’s “restricted subsidiaries” to, as applicable, (i) incur additional indebtedness or issue certain preferred shares, (ii) create liens, (iii) pay dividends, redeem or repurchase stock or make other distributions or restricted payments, (iv) make certain investments, (v) create restrictions on the ability of the “restricted subsidiaries” to pay dividends to the Company or make other intercompany transfers, (vi) transfer or sell assets, (vii) merge or consolidate with a third party and (viii) enter into certain transactions with affiliates of the Company, subject, in each case, to certain qualifications and exceptions as described in the indenture. As of January 31, 2020 , the Company and its restricted subsidiaries were in compliance with all covenants under the indenture governing the Senior Notes. At January 31, 2020 , the book value of the Senior Notes was $350 million and the fair value was $361.4 million , based on Level 1 inputs. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three- and nine -month periods ended January 31, 2020 was 25.9% and 26.0% , respectively, compared with 23.7% and 24.9% in the comparable periods in the prior fiscal year. The increase in the effective tax rate for the third |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company disaggregates revenue from contracts with customers into major sales distribution channels as these categories depict the nature, amount, timing and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels for the three- and nine -months ended January 31, 2020 and 2019 : Three Months Ended Nine months ended January 31, January 31, (in thousands) 2020 2019 2020 2019 Home center retailers $ 191,544 $ 186,001 $ 579,443 $ 587,592 Builders 155,169 147,343 512,513 482,023 Independent dealers and distributors 49,042 50,736 159,180 168,305 Net Sales $ 395,755 $ 384,080 $ 1,251,136 $ 1,237,920 |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Jan. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risks Financial instruments that potentially subject the Company to concentrations of risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with major financial institutions and such balances may, at times, exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk on cash . Credit is extended to customers based on an evaluation of each customer's financial condition and generally collateral is not required. The Company's customers operate in the new home construction and home remodeling markets. The Company maintains an allowance for bad debt based upon management's evaluation and judgment of potential net loss. The allowance is estimated based upon historical experience, the effects of current developments and economic conditions and of each customer’s current and anticipated financial condition. Estimates and assumptions are periodically reviewed and updated. Any resulting adjustments to the allowance are reflected in current operating results. At January 31, 2020 , the Company's two largest customers, Customers A and B, represented 30.3% and 24.5% of the Company's gross customer receivables, respectively. At January 31, 2019 , Customers A and B represented 26.4% and 24.4% of the Company’s gross customer receivables, respectively. The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three- and nine -months ended January 31, 2020 and 2019 : Three Months Ended Nine months ended January 31, January 31, 2020 2019 2020 2019 Customer A 30.1% 29.3% 29.2% 29.0% Customer B 18.3% 19.2% 17.2% 18.4% |
Leases
Leases | 9 Months Ended |
Jan. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases On May 1, 2019, the Company adopted ASC 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below. Operating Leases - ROU assets related to operating leases are presented as “Operating lease right-of-use assets” on the unaudited condensed consolidated balance sheet. Lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in “Short-term lease liability - operating” and “Long-term lease liability - operating” on the unaudited condensed consolidated balance sheet. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. Finance Leases - ROU assets related to finance leases are presented in "Property, plant and equipment, net” on the unaudited condensed consolidated balance sheet. Lease liabilities related to finance leases are presented in “Current maturities of long-term debt” and “Long-term debt, less current maturities” on the unaudited condensed consolidated balance sheet. Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease costs were as follows: Nine months ended January 31, (in thousands) 2020 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 1,922 Interest on lease liabilities 157 Operating lease cost 19,462 Additional information related to leases was as follows: Nine months ended January 31, (in thousands) 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 157 Operating cash flows for operating leases 16,731 Financing cash flows for financing leases 1,883 Right-of-use assets obtained in exchange for new finance lease liabilities 1,399 Right-of-use assets obtained in exchange for new operating lease liabilities 29,622 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 3.44 Weighted average remaining lease term - operating leases 6.38 Weighted average discount rate Weighted average discount rate - finance leases 3.20 % Weighted average discount rate - operating leases 4.26 % The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2020 : (in thousands) Operating leases Financing leases Year ending April 30, 2020 $ 6,305 $ 687 2021 23,959 2,316 2022 17,911 1,381 2023 12,762 921 2024 10,735 858 Thereafter 36,142 338 Total lease payments 107,814 6,501 Less imputed interest (13,680 ) (382 ) Total lease liability $ 94,134 $ 6,119 Current maturities (20,837 ) (2,355 ) Lease liability - long-term $ 73,297 $ 3,764 Lease assets $ 90,530 $ 10,582 As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019: Fiscal Year Operating (in thousands) Capital (in thousands) 2020 $ 17,943 2,456 2021 17,649 1,953 2022 12,435 1,013 2023 10,636 705 2024 9,854 701 2025 (and thereafter) 38,871 166 $ 107,388 $ 6,994 Less amounts representing interest (2% - 6.5%) (349 ) Total obligations under capital leases $ 6,645 |
Leases | Leases On May 1, 2019, the Company adopted ASC 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below. Operating Leases - ROU assets related to operating leases are presented as “Operating lease right-of-use assets” on the unaudited condensed consolidated balance sheet. Lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in “Short-term lease liability - operating” and “Long-term lease liability - operating” on the unaudited condensed consolidated balance sheet. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. Finance Leases - ROU assets related to finance leases are presented in "Property, plant and equipment, net” on the unaudited condensed consolidated balance sheet. Lease liabilities related to finance leases are presented in “Current maturities of long-term debt” and “Long-term debt, less current maturities” on the unaudited condensed consolidated balance sheet. Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease costs were as follows: Nine months ended January 31, (in thousands) 2020 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 1,922 Interest on lease liabilities 157 Operating lease cost 19,462 Additional information related to leases was as follows: Nine months ended January 31, (in thousands) 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 157 Operating cash flows for operating leases 16,731 Financing cash flows for financing leases 1,883 Right-of-use assets obtained in exchange for new finance lease liabilities 1,399 Right-of-use assets obtained in exchange for new operating lease liabilities 29,622 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 3.44 Weighted average remaining lease term - operating leases 6.38 Weighted average discount rate Weighted average discount rate - finance leases 3.20 % Weighted average discount rate - operating leases 4.26 % The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2020 : (in thousands) Operating leases Financing leases Year ending April 30, 2020 $ 6,305 $ 687 2021 23,959 2,316 2022 17,911 1,381 2023 12,762 921 2024 10,735 858 Thereafter 36,142 338 Total lease payments 107,814 6,501 Less imputed interest (13,680 ) (382 ) Total lease liability $ 94,134 $ 6,119 Current maturities (20,837 ) (2,355 ) Lease liability - long-term $ 73,297 $ 3,764 Lease assets $ 90,530 $ 10,582 As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019: Fiscal Year Operating (in thousands) Capital (in thousands) 2020 $ 17,943 2,456 2021 17,649 1,953 2022 12,435 1,013 2023 10,636 705 2024 9,854 701 2025 (and thereafter) 38,871 166 $ 107,388 $ 6,994 Less amounts representing interest (2% - 6.5%) (349 ) Total obligations under capital leases $ 6,645 |
Other Information
Other Information | 9 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Information | Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies,” the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with outside counsel. The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims that were deemed to be either probable or reasonably possible was not material as of January 31, 2020 . |
New Accounting Pronouncements L
New Accounting Pronouncements Lessee Operating leases (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Leases | On May 1, 2019, the Company adopted ASC 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below. Operating Leases - ROU assets related to operating leases are presented as “Operating lease right-of-use assets” on the unaudited condensed consolidated balance sheet. Lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in “Short-term lease liability - operating” and “Long-term lease liability - operating” on the unaudited condensed consolidated balance sheet. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator used in basic and diluted net earnings per common share: Net income $ 12,804 $ 18,409 $ 61,848 $ 61,664 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,922 17,186 16,902 17,425 Effect of dilutive securities: Stock options and restricted stock units 53 30 45 42 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,975 17,216 16,947 17,467 Net earnings per share Basic $ 0.76 $ 1.07 $ 3.66 $ 3.54 Diluted $ 0.75 $ 1.07 $ 3.65 $ 3.53 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Expense Allocated | For the three- and nine -month periods ended January 31, 2020 and 2019 , stock-based compensation expense was allocated as follows: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Cost of sales and distribution $ 224 $ 158 $ 716 $ 502 Selling and marketing expenses 240 64 713 449 General and administrative expenses 583 446 1,693 1,339 Stock-based compensation expense $ 1,047 $ 668 $ 3,122 $ 2,290 |
Customer Receivables (Tables)
Customer Receivables (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Accounts Receivable, Net [Abstract] | |
Components of Customer Receivables | The components of customer receivables were: January 31, April 30, (in thousands) 2020 2019 Gross customer receivables $ 128,815 $ 132,145 Less: Allowance for doubtful accounts (460 ) (249 ) Allowance for returns and discounts (6,002 ) (5,995 ) Net customer receivables $ 122,353 $ 125,901 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Inventory, Net [Abstract] | |
Components of Inventories | The components of inventories were: January 31, April 30, (in thousands) 2020 2019 Raw materials $ 55,875 $ 46,054 Work-in-process 45,230 43,794 Finished goods 37,018 34,873 Total FIFO inventories 138,123 124,721 Reserve to adjust inventories to LIFO value (16,193 ) (16,193 ) Total inventories $ 121,930 $ 108,528 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components Of Property, Plant And Equipment | The components of property, plant and equipment were: January 31, April 30, (in thousands) 2020 2019 Land $ 4,431 $ 4,751 Buildings and improvements 115,004 114,421 Buildings and improvements - finance leases 11,676 11,202 Machinery and equipment 308,141 294,993 Machinery and equipment - finance leases 30,772 30,574 Construction in progress 18,000 7,002 488,024 462,943 Less accumulated amortization and depreciation (279,244 ) (254,680 ) Total $ 208,780 $ 208,263 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of customer relationship intangibles were: January 31, April 30, (in thousands) 2020 2019 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (95,139 ) (60,889 ) Total $ 178,861 $ 213,111 The components of trademarks were: January 31, April 30, (in thousands) 2020 2019 Trademarks $ 10,000 $ 10,000 Less accumulated amortization (6,944 ) (4,445 ) Total $ 3,056 $ 5,555 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Jan. 31, 2019 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Liability | The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Nine Months Ended January 31, (in thousands) 2020 2019 Beginning balance at May 1 $ 4,616 $ 4,045 Accrual 17,132 18,406 Settlements (17,611 ) (18,315 ) Ending balance at January 31 $ 4,137 $ 4,136 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Net Periodic Pension (Benefit) Cost | Net periodic pension benefit cost consisted of the following for the three- and nine -month periods ended January 31, 2020 and 2019 : Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2020 2019 2020 2019 Interest cost $ 1,493 $ 1,567 $ 4,480 $ 4,702 Expected return on plan assets (2,082 ) (2,127 ) (6,245 ) (6,382 ) Recognized net actuarial loss 423 412 1,269 1,236 Net periodic pension benefit $ (166 ) $ (148 ) $ (496 ) $ (444 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis | The following table summarizes the fair value of assets and liabilities that are recorded in the Company’s consolidated financial statements as of January 31, 2020 and April 30, 2019 at fair value on a recurring basis (in thousands): Fair Value Measurements As of January 31, 2020 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 808 $ — $ — Foreign exchange forward contracts — 244 — Total assets at fair value $ 808 $ 244 $ — As of April 30, 2019 Level 1 Level 2 Level 3 ASSETS: Certificates of deposit $ 1,500 $ — $ — Mutual funds 1,604 — — Total assets at fair value $ 3,104 $ — $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our consolidated revenue by major sales distribution channels for the three- and nine -months ended January 31, 2020 and 2019 : Three Months Ended Nine months ended January 31, January 31, (in thousands) 2020 2019 2020 2019 Home center retailers $ 191,544 $ 186,001 $ 579,443 $ 587,592 Builders 155,169 147,343 512,513 482,023 Independent dealers and distributors 49,042 50,736 159,180 168,305 Net Sales $ 395,755 $ 384,080 $ 1,251,136 $ 1,237,920 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Summary Of Percentage Of Sales | The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three- and nine -months ended January 31, 2020 and 2019 : Three Months Ended Nine months ended January 31, January 31, 2020 2019 2020 2019 Customer A 30.1% 29.3% 29.2% 29.0% Customer B 18.3% 19.2% 17.2% 18.4% |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Costs and Additional Information | Additional information related to leases was as follows: Nine months ended January 31, (in thousands) 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 157 Operating cash flows for operating leases 16,731 Financing cash flows for financing leases 1,883 Right-of-use assets obtained in exchange for new finance lease liabilities 1,399 Right-of-use assets obtained in exchange for new operating lease liabilities 29,622 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 3.44 Weighted average remaining lease term - operating leases 6.38 Weighted average discount rate Weighted average discount rate - finance leases 3.20 % Weighted average discount rate - operating leases 4.26 % The components of lease costs were as follows: Nine months ended January 31, (in thousands) 2020 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 1,922 Interest on lease liabilities 157 Operating lease cost 19,462 |
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2020 : (in thousands) Operating leases Financing leases Year ending April 30, 2020 $ 6,305 $ 687 2021 23,959 2,316 2022 17,911 1,381 2023 12,762 921 2024 10,735 858 Thereafter 36,142 338 Total lease payments 107,814 6,501 Less imputed interest (13,680 ) (382 ) Total lease liability $ 94,134 $ 6,119 Current maturities (20,837 ) (2,355 ) Lease liability - long-term $ 73,297 $ 3,764 Lease assets $ 90,530 $ 10,582 |
Reconciliation of Future Undiscounted Cash Flows to Finance Lease Liabilities | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2020 : (in thousands) Operating leases Financing leases Year ending April 30, 2020 $ 6,305 $ 687 2021 23,959 2,316 2022 17,911 1,381 2023 12,762 921 2024 10,735 858 Thereafter 36,142 338 Total lease payments 107,814 6,501 Less imputed interest (13,680 ) (382 ) Total lease liability $ 94,134 $ 6,119 Current maturities (20,837 ) (2,355 ) Lease liability - long-term $ 73,297 $ 3,764 Lease assets $ 90,530 $ 10,582 |
Schedule of Future Minimum Lease Payments for Operating Leases Under ASC Topic 840 | As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019: Fiscal Year Operating (in thousands) Capital (in thousands) 2020 $ 17,943 2,456 2021 17,649 1,953 2022 12,435 1,013 2023 10,636 705 2024 9,854 701 2025 (and thereafter) 38,871 166 $ 107,388 $ 6,994 Less amounts representing interest (2% - 6.5%) (349 ) Total obligations under capital leases $ 6,645 |
Schedule of Future Minimum Lease Payments for Capital Leases Under ASC Topic 840 | As we have not restated prior-year information for our adoption of ASC Topic 842, the following presents our future minimum lease payments for operating leases and capital leases under ASC Topic 840 on April 30, 2019: Fiscal Year Operating (in thousands) Capital (in thousands) 2020 $ 17,943 2,456 2021 17,649 1,953 2022 12,435 1,013 2023 10,636 705 2024 9,854 701 2025 (and thereafter) 38,871 166 $ 107,388 $ 6,994 Less amounts representing interest (2% - 6.5%) (349 ) Total obligations under capital leases $ 6,645 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020USD ($)$ / $ | Jan. 31, 2019USD ($) | Jan. 31, 2020USD ($)$ / $ | Jan. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges related to goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges related to other intangible assets | 0 | $ 0 | 0 | $ 0 |
Foreign Exchange Forward | Not Designated as Hedging Instrument | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Derivative, notional amount | 115,700,000 | 115,700,000 | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Derivative asset, fair value, gross asset | $ 200,000 | $ 200,000 | ||
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 3 years | |||
Minimum | Foreign Exchange Forward | Not Designated as Hedging Instrument | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Derivative, forward exchange rate | $ / $ | 19.74 | 19.74 | ||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 6 years | |||
Long | Maximum | Foreign Exchange Forward | Not Designated as Hedging Instrument | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Derivative, forward exchange rate | $ / $ | 19.91 | 19.91 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | May 01, 2019 | Apr. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 90,530 | $ 0 | |
Operating lease liabilities | $ 94,134 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 80,400 | ||
Operating lease liabilities | $ 80,400 |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 12,804 | $ 22,163 | $ 26,881 | $ 18,409 | $ 18,488 | $ 24,767 | $ 61,848 | $ 61,664 |
Denominator for basic net earnings per common share - weighted-average shares | 16,922,231 | 17,186,456 | 16,902,255 | 17,425,385 | ||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | 53,000 | 30,000 | 45,000 | 42,000 | ||||
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions | 16,974,956 | 17,216,327 | 16,947,449 | 17,466,936 | ||||
Net earnings per share | ||||||||
Basic (in usd per share) | $ 0.76 | $ 1.07 | $ 3.66 | $ 3.54 | ||||
Diluted (in usd per share) | $ 0.75 | $ 1.07 | $ 3.65 | $ 3.53 |
Net Earnings Per Share (Narrati
Net Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Stock repurchased during period (shares) | 0 | 439,081 | 0 | 628,714 |
Stock excluded from the calculation of net earnings per share (shares) | 0 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,047 | $ 668 | $ 3,122 | $ 2,290 | |
Liability for payment of the RSTUs | 45,714 | $ 45,714 | $ 54,906 | ||
Employee Service-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (shares) | 42,691 | ||||
Vesting period | 2 years | ||||
Employee Performance-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (shares) | 61,379 | ||||
Common stock issuable per RSU granted (shares) | 1 | ||||
Employee Performance-Based RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (shares) | 6,483 | ||||
Employee Service-Based RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (shares) | 3,482 | ||||
RSTUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Stock-based compensation expense | 200 | $ 100 | $ 400 | $ 200 | |
Liability for payment of the RSTUs | $ 700 | $ 700 | $ 700 | ||
Cliff Vest [Member] | RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,047 | $ 668 | $ 3,122 | $ 2,290 |
Cost of Sales and Distribution [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 224 | 158 | 716 | 502 |
Selling and Marketing Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 240 | 64 | 713 | 449 |
General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 583 | $ 446 | $ 1,693 | $ 1,339 |
Customer Receivables (Component
Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Accounts Receivable, Net [Abstract] | ||
Gross customer receivables | $ 128,815 | $ 132,145 |
Less: | ||
Allowance for doubtful accounts | (460) | (249) |
Allowance for returns and discounts | (6,002) | (5,995) |
Net customer receivables | $ 122,353 | $ 125,901 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 55,875 | $ 46,054 |
Work-in-process | 45,230 | 43,794 |
Finished goods | 37,018 | 34,873 |
Total FIFO inventories | 138,123 | 124,721 |
Reserve to adjust inventories to LIFO value | (16,193) | (16,193) |
Total inventories | 121,930 | 108,528 |
Inventory carried under FIFO | 72,900 | 58,600 |
Inventory carried under LIFO | $ 49,000 | $ 49,900 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 488,024 | $ 488,024 | $ 462,943 | ||
Less accumulated amortization and depreciation | (279,244) | (279,244) | (254,680) | ||
Property, Plant and Equipment, Net, Total | 208,780 | 208,780 | 208,263 | ||
Amortization and depreciation expense on property, plant and equipment | 9,300 | $ 9,000 | 27,600 | $ 26,800 | |
Accumulated amortization on capital leases | 31,900 | 31,900 | 30,800 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4,431 | 4,431 | 4,751 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 115,004 | 115,004 | 114,421 | ||
Buildings and improvements - finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 11,676 | 11,676 | 11,202 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 308,141 | 308,141 | 294,993 | ||
Machinery and equipment - finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 30,772 | 30,772 | 30,574 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 18,000 | $ 18,000 | $ 7,002 |
Intangibles (Schedule of Intang
Intangibles (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, gross | $ 274,000 | $ 274,000 |
Less accumulated amortization | (95,139) | (60,889) |
Intangibles, net | 178,861 | 213,111 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, gross | 10,000 | 10,000 |
Less accumulated amortization | (6,944) | (4,445) |
Intangibles, net | $ 3,056 | $ 5,555 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 12.2 | $ 12.2 | $ 36.7 | $ 36.7 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 6 years | |||
Trademarks | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 3 years |
Product Warranty (Schedule Of W
Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Product Warranties Disclosures [Abstract] | ||
Warranty claims period | 2 months | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 4,616 | $ 4,045 |
Accrual | 17,132 | 18,406 |
Settlements | (17,611) | (18,315) |
Ending balance | $ 4,137 | $ 4,136 |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||||
Interest cost | $ 1,493 | $ 1,567 | $ 4,480 | $ 4,702 |
Expected return on plan assets | (2,082) | (2,127) | (6,245) | (6,382) |
Recognized net actuarial loss | 423 | 412 | 1,269 | 1,236 |
Net periodic pension benefit | $ (166) | $ (148) | $ (496) | $ (444) |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Apr. 30, 2019 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||
Pension contribution | $ 0.5 | $ 7.3 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 808 | $ 3,104 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 244 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Foreign exchange forward contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | |
Foreign exchange forward contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 244 | |
Foreign exchange forward contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | |
Certificates of deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 1,500 | |
Certificates of deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 0 | |
Certificates of deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 0 | |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 808 | 1,604 |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 0 | 0 |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | $ 0 | $ 0 |
Loans Payable and Long-Term D_2
Loans Payable and Long-Term Debt (Details) | Dec. 29, 2017USD ($) | Jan. 31, 2020USD ($) | Apr. 30, 2019USD ($) | Feb. 12, 2018USD ($) |
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt covenant, maximum total funded debt to EBITDA ratio | 3.25 | |||
Debt covenant, maximum total funded debt to EBITDA ratio, qualified acquisition | 3.75 | |||
Debt covenant, minimum fixed charge coverage ratio | 1.25 | |||
Debt additional covenant, maximum total funded debt to EBITDA ratio | 3 | |||
Debt additional covenant, maximum total funded debt to EBITDA ratio, unlimited restricted payment permitted | 2.75 | |||
Debt additional covenant, maximum unlimited restricted payments permitted | $ 50,000,000 | |||
Loans Payable [Member] | Initial Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt term | 5 years | |||
Debt instrument, face amount | $ 250,000,000 | |||
Proceeds from loan | 250,000,000 | |||
Outstanding on the Initial Term Loan | 125,000,000 | $ 170,000,000 | ||
Loans Payable [Member] | Delayed Draw Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 250,000,000 | |||
Outstanding on the Initial Term Loan | 125,000,000 | 0 | ||
Loans Payable [Member] | Initial Term Loan and Delayed Draw Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding on the Initial Term Loan | 250,000,000 | 340,000,000 | ||
Senior Notes [Member] | 4.875% Senior Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 350,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Secured Debt [Member] | RSI Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 350,000,000 | |||
Long-term Debt, Fair Value | 361,400,000 | |||
Revolving loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 100,000,000 | |||
Debt term | 5 years | |||
Outstanding on the Revolving Facility | $ 0 | $ 0 | ||
Credit facility, commitment fee percentage | 0.18% | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 25,000,000 | |||
Base Rate [Member] | Revolving loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Revolving loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 25.90% | 23.70% | 26.00% | 24.90% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 395,755 | $ 384,080 | $ 1,251,136 | $ 1,237,920 |
Home center retailers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 191,544 | 186,001 | 579,443 | 587,592 |
Builders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 155,169 | 147,343 | 512,513 | 482,023 |
Independent dealers and distributors | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 49,042 | $ 50,736 | $ 159,180 | $ 168,305 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Customer receivables | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 30.30% | 26.40% | ||
Customer receivables | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 24.50% | 24.40% | ||
Sales revenue, gross | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 30.10% | 29.30% | 29.20% | 29.00% |
Sales revenue, gross | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 18.30% | 19.20% | 17.20% | 18.40% |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) $ in Thousands | 9 Months Ended |
Jan. 31, 2020USD ($) | |
Finance Lease, Cost [Abstract] | |
Reduction in the carrying value of right-of-use assets | $ 1,922 |
Interest on lease liabilities | 157 |
Operating lease cost | $ 19,462 |
Leases - Additional Information
Leases - Additional Information Related to Leases (Details) | 9 Months Ended |
Jan. 31, 2020USD ($) | |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract] | |
Operating cash flows for finance leases | $ 157,000 |
Operating cash flows for operating leases | 16,731,000 |
Financing cash flows for financing leases | 1,883,000 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,399 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 29,622 |
Weighted average remaining lease term (years) | |
Weighted average remaining lease term - finance leases | 3 years 5 months 8 days |
Weighted average remaining lease term - operating leases | 6 years 4 months 17 days |
Weighted average discount rate | |
Weighted average discount rate - finance leases (as a percent) | 3.20% |
Weighted average discount rate - operating leases (as a percent) | 4.26% |
Leases - Reconciliation of Futu
Leases - Reconciliation of Future Undiscounted Cash Flows to Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Apr. 30, 2019 |
Operating leases | ||
2020 | $ 6,305 | |
2021 | 23,959 | |
2022 | 17,911 | |
2023 | 12,762 | |
2024 | 10,735 | |
Thereafter | 36,142 | |
Total lease payments | 107,814 | |
Less imputed interest | (13,680) | |
Total lease liability | 94,134 | |
Current maturities | (20,837) | $ 0 |
Lease liability - long-term | 73,297 | 0 |
Lease assets | 90,530 | $ 0 |
Financing leases | ||
2020 | 687 | |
2021 | 2,316 | |
2022 | 1,381 | |
2023 | 921 | |
2024 | 858 | |
Thereafter | 338 | |
Total lease payments | 6,501 | |
Less imputed interest | (382) | |
Finance Lease, Liability | 6,119 | |
Current maturities | (2,355) | |
Lease liability - long-term | 3,764 | |
Lease assets | $ 10,582 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under ASC Topic 840 (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Operating Leases Under Topic 840 | |
2020 | $ 17,943 |
2021 | 17,649 |
2022 | 12,435 |
2023 | 10,636 |
2024 | 9,854 |
2025 (and thereafter) | 38,871 |
Operating leases, future minimum payments due | 107,388 |
Capital Leases Under Topic ASC 840 | |
2020 | 2,456 |
2021 | 1,953 |
2022 | 1,013 |
2023 | 705 |
2024 | 701 |
2025 (and thereafter) | 166 |
Capital leases, future minimum payments due | 6,994 |
Less amounts representing interest (2% - 6.5%) | (349) |
Total obligations under capital leases | $ 6,645 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Capital leases, interest (as a percent) | 2.00% |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Capital leases, interest (as a percent) | 6.50% |