Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ROCK | |
Entity Registrant Name | GIBRALTAR INDUSTRIES, INC. | |
Entity Central Index Key | 912,562 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 32,064,809 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales: | $ 280,086 | $ 274,574 | $ 761,459 | $ 728,806 |
Cost of sales | 209,807 | 205,839 | 572,359 | 548,991 |
Gross profit | 70,279 | 68,735 | 189,100 | 179,815 |
Selling, general, and administrative expense | 40,875 | 33,042 | 113,579 | 109,513 |
Income from operations | 29,404 | 35,693 | 75,521 | 70,302 |
Interest expense | 2,906 | 3,486 | 9,305 | 10,612 |
Other expense (income) | 522 | 404 | (50) | 811 |
Income before taxes | 25,976 | 31,803 | 66,266 | 58,879 |
Provision for income taxes | 6,473 | 11,184 | 15,574 | 21,090 |
Income from continuing operations | 19,503 | 20,619 | 50,692 | 37,789 |
Discontinued operations: | ||||
Loss before taxes | 0 | 0 | 0 | (644) |
Benefit of income taxes | 0 | 0 | 0 | (239) |
Loss from discontinued operations | 0 | 0 | 0 | (405) |
Net income | $ 19,503 | $ 20,619 | $ 50,692 | $ 37,384 |
Net earnings per share – Basic: | ||||
Income from continuing operations - Net earnings per share - Basic (in USD per share) | $ 0.61 | $ 0.65 | $ 1.59 | $ 1.19 |
Income from discontinued operations - Net earnings per share - Basic (in USD per share) | 0 | 0 | 0 | (0.01) |
Net earnings per share - Basic (in USD per share) | 0.61 | 0.65 | 1.59 | 1.18 |
Net earnings per share - Diluted | ||||
Income from continuing operations - Net earnings per share - Diluted (in USD per share) | 0.60 | 0.64 | 1.56 | 1.17 |
Income from discontinued operations - Net earnings per share - Diluted (in USD per share) | 0 | 0 | 0 | (0.01) |
Net earnings per share - Diluted (in USD per share) | $ 0.60 | $ 0.64 | $ 1.56 | $ 1.16 |
Weighted Average Number of Shares Outstanding | ||||
Weighted average basic shares outstanding (in shares) | 32,115 | 31,703 | 31,922 | 31,700 |
Weighted average shares outstanding, diluted (in shares) | 32,571 | 32,210 | 32,524 | 32,216 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net income | $ 19,503 | $ 20,619 | $ 50,692 | $ 37,384 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 139 | 1,581 | (1,538) | 3,351 |
Cumulative effect of accounting change (see Note 2) | 0 | 0 | (350) | 0 |
Adjustment to retirement benefit liability, net of tax | (5) | (2) | (15) | (8) |
Adjustment to post employment health care benefit liability, net of tax | 32 | 29 | 95 | 88 |
Other comprehensive income (loss) | 166 | 1,608 | (1,808) | 3,431 |
Total comprehensive income | $ 19,669 | $ 22,227 | $ 48,884 | $ 40,815 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 245,413 | $ 222,280 |
Accounts receivable, net | 180,875 | 145,385 |
Inventories | 97,486 | 86,372 |
Other current assets | 8,949 | 8,727 |
Total current assets | 532,723 | 462,764 |
Property, plant, and equipment, net | 93,718 | 97,098 |
Goodwill | 323,321 | 321,074 |
Acquired intangibles | 99,545 | 105,768 |
Other assets | 4,480 | 4,681 |
Total assets | 1,053,787 | 991,385 |
Current liabilities: | ||
Accounts payable | 92,997 | 82,387 |
Accrued expenses | 76,268 | 75,467 |
Billings in excess of cost | 21,900 | 12,779 |
Current maturities of long-term debt | 400 | 400 |
Total current liabilities | 191,565 | 171,033 |
Long-term debt | 209,809 | 209,621 |
Deferred income taxes | 32,110 | 31,237 |
Other non-current liabilities | 37,428 | 47,775 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 50,000 shares; 32,842 shares and 32,332 shares issued and outstanding in 2018 and 2017 | 328 | 323 |
Additional paid-in capital | 280,149 | 271,957 |
Retained earnings | 325,878 | 274,562 |
Accumulated other comprehensive loss | (6,174) | (4,366) |
Cost of 778 and 615 common shares held in treasury in 2018 and 2017 | (17,306) | (10,757) |
Total shareholders’ equity | 582,875 | 531,719 |
Total liabilities and shareholders' equity | $ 1,053,787 | $ 991,385 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 32,842,000 | 32,332,000 |
Treasury stock, shares (in shares) | 778,000 | 615,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 50,692 | $ 37,384 |
Loss from discontinued operations | 0 | (405) |
Income from continuing operations | 50,692 | 37,789 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,449 | 16,427 |
Stock compensation expense | 6,854 | 5,069 |
Net gain on sale of assets | (203) | (139) |
Exit activity costs (recoveries), non-cash | 1,088 | (1,931) |
Benefit of deferred income taxes | 0 | (136) |
Other, net | 1,317 | 1,411 |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||
Accounts receivable | (30,534) | (42,310) |
Inventories | (16,263) | 2,016 |
Other current assets and other assets | 1,052 | (2,002) |
Accounts payable | 9,237 | 25,134 |
Accrued expenses and other non-current liabilities | (479) | 7,503 |
Net cash provided by operating activities | 38,210 | 48,831 |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | (5,241) | (18,494) |
Net proceeds from sale of property and equipment | 3,147 | 12,935 |
Purchases of property, plant, and equipment | (6,767) | (5,152) |
Net cash used in investing activities | (8,861) | (10,711) |
Cash Flows from Financing Activities | ||
Long-term debt payments | (400) | (400) |
Purchase of treasury stock at market prices | (6,549) | (1,982) |
Net proceeds from issuance of common stock | 1,343 | 649 |
Net cash used in financing activities | (5,606) | (1,733) |
Effect of exchange rate changes on cash | (610) | 1,468 |
Net increase in cash and cash equivalents | 23,133 | 37,855 |
Cash and cash equivalents at beginning of year | 222,280 | 170,177 |
Cash and cash equivalents at end of period | $ 245,413 | $ 208,032 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | $ (254) | $ 254 | $ 0 | ||
Balance, shares at Dec. 31, 2016 | 32,085 | 530 | ||||
Balance, value at Dec. 31, 2016 | 460,880 | $ 320 | 264,418 | 211,748 | (7,721) | $ (7,885) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,996 | |||||
Foreign currency translation adjustment | 679 | 679 | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (3) | (3) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 29 | 29 | ||||
Stock compensation expense | 1,635 | 1,635 | ||||
Stock options exercised, shares | 1 | |||||
Stock options exercised | 11 | $ 0 | 11 | |||
Issuance of restricted stock | 0 | |||||
Net settlement of restricted stock units, shares | 47 | 22 | ||||
Net settlement of restricted stock units | (922) | $ 1 | (1) | $ (922) | ||
Balance, shares at Mar. 31, 2017 | 32,133 | 552 | ||||
Balance, value at Mar. 31, 2017 | 466,305 | $ 321 | 265,809 | 215,998 | (7,016) | $ (8,807) |
Balance, shares at Dec. 31, 2016 | 32,085 | 530 | ||||
Balance, value at Dec. 31, 2016 | 460,880 | $ 320 | 264,418 | 211,748 | (7,721) | $ (7,885) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 37,384 | |||||
Foreign currency translation adjustment | 3,351 | |||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 88 | |||||
Balance, shares at Sep. 30, 2017 | 32,275 | 588 | ||||
Balance, value at Sep. 30, 2017 | 505,431 | $ 322 | 269,880 | 249,386 | (4,290) | $ (9,867) |
Balance, shares at Mar. 31, 2017 | 32,133 | 552 | ||||
Balance, value at Mar. 31, 2017 | 466,305 | $ 321 | 265,809 | 215,998 | (7,016) | $ (8,807) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,769 | |||||
Foreign currency translation adjustment | 1,091 | 1,091 | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (3) | (3) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 30 | 30 | ||||
Stock compensation expense | 1,556 | 1,556 | ||||
Stock options exercised, shares | 15 | |||||
Stock options exercised | 236 | $ 0 | 236 | |||
Issuance of restricted stock (in shares) | 2 | |||||
Issuance of restricted stock | 0 | |||||
Net settlement of restricted stock units, shares | 5 | 2 | ||||
Net settlement of restricted stock units | (81) | $ 0 | 0 | $ (81) | ||
Balance, shares at Jun. 30, 2017 | 32,155 | 554 | ||||
Balance, value at Jun. 30, 2017 | 481,903 | $ 321 | 267,601 | 228,767 | (5,898) | $ (8,888) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,619 | |||||
Foreign currency translation adjustment | 1,581 | 1,581 | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (2) | (2) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 29 | 29 | ||||
Stock compensation expense | 1,878 | 1,878 | ||||
Stock options exercised, shares | 24 | |||||
Stock options exercised | 402 | $ 0 | 402 | |||
Issuance of restricted stock | 0 | |||||
Net settlement of restricted stock units, shares | 96 | 34 | ||||
Net settlement of restricted stock units | (979) | $ 1 | (1) | $ (979) | ||
Balance, shares at Sep. 30, 2017 | 32,275 | 588 | ||||
Balance, value at Sep. 30, 2017 | 505,431 | $ 322 | 269,880 | 249,386 | (4,290) | $ (9,867) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | 274 | 0 | 624 | (350) | ||
Balance, shares at Dec. 31, 2017 | 32,332 | 615 | ||||
Balance, value at Dec. 31, 2017 | 531,719 | $ 323 | 271,957 | 274,562 | (4,366) | $ (10,757) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,352 | |||||
Foreign currency translation adjustment | 110 | 110 | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (5) | (5) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 32 | 32 | ||||
Stock compensation expense | 2,097 | 2,097 | ||||
Stock options exercised, shares | 13 | |||||
Stock options exercised | 226 | $ 0 | 226 | |||
Net settlement of restricted stock units, shares | 53 | 24 | ||||
Net settlement of restricted stock units | (850) | $ 1 | (1) | $ (850) | ||
Balance, shares at Mar. 31, 2018 | 32,398 | 639 | ||||
Balance, value at Mar. 31, 2018 | 541,955 | $ 324 | 274,279 | 283,538 | (4,579) | $ (11,607) |
Balance, shares at Dec. 31, 2017 | 32,332 | 615 | ||||
Balance, value at Dec. 31, 2017 | 531,719 | $ 323 | 271,957 | 274,562 | (4,366) | $ (10,757) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 50,692 | |||||
Foreign currency translation adjustment | (1,538) | |||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 95 | |||||
Balance, shares at Sep. 30, 2018 | 32,842 | 778 | ||||
Balance, value at Sep. 30, 2018 | 582,875 | $ 328 | 280,149 | 325,878 | (6,174) | $ (17,306) |
Balance, shares at Mar. 31, 2018 | 32,398 | 639 | ||||
Balance, value at Mar. 31, 2018 | 541,955 | $ 324 | 274,279 | 283,538 | (4,579) | $ (11,607) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,837 | |||||
Foreign currency translation adjustment | (1,787) | (1,787) | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (5) | (5) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 31 | 31 | ||||
Stock compensation expense | 2,731 | 2,731 | ||||
Stock options exercised, shares | 21 | |||||
Stock options exercised | 300 | $ 0 | 300 | |||
Issuance of restricted stock (in shares) | 2 | |||||
Issuance of restricted stock | 0 | |||||
Net settlement of restricted stock units, shares | 334 | 128 | ||||
Net settlement of restricted stock units | (5,166) | $ 3 | (3) | $ (5,166) | ||
Balance, shares at Jun. 30, 2018 | 32,755 | 767 | ||||
Balance, value at Jun. 30, 2018 | 560,896 | $ 327 | 277,307 | 306,375 | (6,340) | $ (16,773) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 19,503 | |||||
Foreign currency translation adjustment | 139 | 139 | ||||
Adjustment to retirement benefit liability, net of taxes of $(2) | (5) | (5) | ||||
Adjustment to post employment health care benefit liability, net of taxes of $12 | 32 | 32 | ||||
Stock compensation expense | 2,026 | 2,026 | ||||
Stock options exercised, shares | 50 | |||||
Stock options exercised | 817 | $ 1 | 816 | |||
Net settlement of restricted stock units, shares | 37 | 11 | ||||
Net settlement of restricted stock units | (533) | $ 0 | 0 | $ (533) | ||
Balance, shares at Sep. 30, 2018 | 32,842 | 778 | ||||
Balance, value at Sep. 30, 2018 | $ 582,875 | $ 328 | $ 280,149 | $ 325,878 | $ (6,174) | $ (17,306) |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Adjustment to pension benefit liability, taxes | $ (2) | $ (2) | $ (2) | $ (2) | $ (1) | $ (2) |
Adjustment to post-retirement health care benefit liability, taxes | $ 12 | $ 13 | $ 12 | $ 18 | $ 17 | $ 19 |
Consolidated Financial Statemen
Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The Company's operations are seasonal; for this and other reasons, financial results for any interim period are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual Form 10-K for the year ended December 31, 2017 . The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. Refer to Note 1 of the Company's annual report on Form 10-K for the year ended December 31, 2017 for the cumulative effect of an accounting change adjustment recognized during the quarter ended March 31, 2017 and presented in the Company's Consolidated Statement of Shareholders' Equity for the nine months ended September 30, 2017 in this Form 10-Q. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) And All Related ASUs The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. The Company has adopted this standard using the modified retrospective method. The Company recognized the cumulative- effect adjustment of initially applying this standard of $274,000 to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for that period. Refer to Note 4 for further disclosure of the financial statement effect and other significant matters as a result of the adoption of this standard. Date of adoption: Q1 2018 ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard provides guidance on eight specific cash flow issues to reduce diversity in reporting. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory The standard allows an entity to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this standard are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this standard are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the standard is permitted, including adoption in any interim period. The Company has early adopted this standard. As a result of adopting this standard, the Company recorded an adjustment of $350,000 from accumulated other comprehensive income to retained earnings in the consolidated statement of shareholders' equity as of the beginning of the January 1, 2018, and will record any subsequent period adjustments, if changes to provisional amounts result in additional amounts stranded in accumulated other comprehensive income. Date of adoption: Q1 2018 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-02 Leases (Topic 842) The standard requires lessees to recognize most leases as assets and liabilities on the balance sheet, but record expenses on the statement of operations in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The standard also requires additional disclosures about leasing arrangements and requires a modified retrospective transition approach for existing leases, whereby the standard will be applied to the earliest year presented. The provisions of the standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company continues to evaluate the impact of the standard on the Company’s consolidated financial statements and related disclosures. The new standard requires lessees to recognize a lease liability and right of use asset on the balance sheet. While the adoption will result in an increase to assets and liabilities on the Company’s balance sheet, we do not expect that the impact will be material. In addition, the Company does not expect that the adoption will result in a material impact to our consolidated statement of operations. The Company intends to adopt this guidance by applying the transition provisions on a modified retrospective basis as of the effective date January 1, 2019. Planned date of adoption: Q1 2019 |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the following (in thousands): September 30, 2018 December 31, 2017 Trade accounts receivable $ 166,208 $ 140,209 Costs in excess of billings 21,522 11,610 Total accounts receivables 187,730 151,819 Less allowance for doubtful accounts (6,855 ) (6,434 ) Accounts receivable $ 180,875 $ 145,385 Refer to Note 4 of the Company's consolidated financial statements included in this quarterly report on Form 10-Q for additional information concerning the Company's costs in excess of billings. |
Revenue Revenue
Revenue Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers from roof and foundation ventilation products; centralized mail systems and electronic package solutions; rain dispersion products and roofing accessories; expanded and perforated metal; perimeter security solutions; expansion joints and structural bearings; designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures. Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or service to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or service. Refer to Note 16 of this quarterly report on Form 10Q for additional information related to revenue recognized by timing of transfer of control by reportable segment. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days, or in certain cases, up front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. Performance obligations satisfied at a point in time and significant judgments The majority of the Company's revenue from contracts with customers is recognized when the Company transfers control of the promised product at a point in time, which is determined when the customer has legal title and the significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts with customers include promised products, which are generally capable of being distinct and accounted for as separate performance obligations. Accordingly, the Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation in an amount based on an observable price of the products as the Company frequently sells these products separately in similar circumstances and to similar customers. These products are generally sold with rights of return and these contracts may provide other credits or incentives, which are accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Sales returns, allowances, and customer incentives, including rebates, are treated as reductions to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Performance obligations satisfied over time and significant judgments For contracts with customers which the Company satisfies a promise to the customer to construct a certain asset that the customer controls as it is being created or enhanced, or a promise to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment, the Company satisfies the performance obligation and recognizes revenue over time. For the contracts to construct a certain asset, the Company determines that the customer controls the asset while it is being constructed. For the contracts for products that have no alternative use and for which the Company has an enforceable right to payment, the Company identifies these products as products that are not a standard inventory item or the Company cannot readily direct the product to another customer or use without incurring a significant economic loss, or significant costs to rework the product. When the promised products and services are to construct a certain asset that the customer controls, the entire contract is accounted for as one performance obligation. The Company determines the transaction price for each contract based on the consideration the Company expects to receive for the promised products and services under the entire contract, which is generally the stated contract price based on an expected cost plus a margin approach. When the promised products do not have an alternative use to the Company, and the Company has enforceable rights to payment, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised products under the contract and is generally the stated contract price based on an expected cost plus a margin approach for each performance obligation. These promised products are generally capable of being distinct and accounted for as separate performance obligations. For the above contracts with customers with respect to which the Company satisfies a performance obligation over time, the Company recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contract as the incurred costs are proportionate to the Company's progress in satisfying the performance obligation. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Costs to fulfill a contract include all direct costs related to contract performance. Selling and administrative expenses are charged to operations as incurred. Provision for loss on an uncompleted performance obligation is recognized in the period in which such loss is determined. The Company regularly reviews the progress and performance of the performance obligation recognized over time under the cost-to-cost method. Any adjustments to net sales, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. Changes in estimates of net sales, cost of sales, and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current or prior periods based on a performance obligation's cost-to-cost measure of progress. The Company also recognizes revenues from services contracts over time. For these contracts, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised service under the contract, which generally is the stated contract price. In order to estimate the standalone selling price of the performance obligation, the Company evaluates the market in which the promised service is sold and estimates the price that customers in the market would be willing to pay. Further, the Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's performance. Therefore due to control transferring over time, the Company recognizes revenue on a straight-line basis throughout the contract period. Remaining performance obligations As of September 30, 2018 , the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Therefore, any remaining performance obligations are not required to be disclosed. Contract assets Contract assets consist of costs in excess of billings. Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs in excess of billings are classified as current assets and are reported net of contract billings on a contract-by-contract basis at the end of each reporting period. Contract liabilities Contract liabilities consist of billings in excess of cost. Billings in excess of cost includes billings in excess of revenue recognized and deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported net of contract cost on a contract-by-contract basis at the end of each reporting period and are classified as current liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract by contract basis when the Company incurs costs to satisfy the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. Costs to obtain a contract with a customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. As of September 30, 2018 , the Company does not have any open contracts with an original expected duration of greater than one year, and therefore, we expense such costs as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Contract assets and contract liabilities The Company's contract assets and contract liabilities consist of costs in excess of billings and billings in excess of cost, respectively. The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the three months ended September 30, 2018 : Costs in Excess of Billings Billings in Excess of Cost Beginning balance, January 1, 2018 (1) $ 16,532 $ (12,779 ) Reclassification of the beginning balances of: Costs in excess of billings to receivables (15,450 ) — Billings in excess of cost to revenue — 9,294 Costs in excess of billings recognized, net of reclassification to receivables 20,440 — Net billings in advance and cash payments not recognized as revenue — (18,415 ) Ending balance, September 30, 2018 $ 21,522 $ (21,900 ) (1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606. Transition disclosures On January 1, 2018, the Company adopted the accounting standard ASC 606, Revenue from Contracts with Customers, only for contracts that were not completed at the date of initial application using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative period information has not been restated and continues to be reported under the accounting standards in effect for that period. The Company does not expect the adoption of this standard to have a material impact to the Company's net income on an ongoing basis. A majority of the Company's revenues continue to be recognized when products are shipped or service is provided and the customer takes ownership and assumes the risk of loss. For certain custom fabricated products for which there is no alternative use and the Company has enforceable rights to payment for performance to date where revenue was previously recognized upon transfer of title and risk of loss, the Company now recognizes revenue as the Company satisfies its performance over time in accordance with ASC 606. The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands): Balance at December 31, 2017 Adjustments Balance at January 1, 2018 Assets Accounts receivable, net $ 145,385 $ 4,922 $ 150,307 Costs in excess of billings (1) $ 11,610 $ 4,922 $ 16,532 Inventories $ 86,372 $ (4,735 ) $ 81,637 Total current assets $ 462,764 $ 187 $ 462,951 Total assets $ 991,385 $ 187 $ 991,572 Liabilities Accrued expenses $ 75,467 $ (87 ) $ 75,380 Total current liabilities $ 171,033 $ (87 ) $ 170,946 Shareholders' equity Retained earnings $ 274,562 $ 274 $ 274,836 Total shareholders' equity $ 531,719 $ 274 $ 531,993 Total liabilities and shareholders' equity $ 991,385 $ 187 $ 991,572 (1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 3 of this Form 10-Q for the nine months ended September 30, 2018. In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of income and balance sheet for the periods ended September 30, 2018 is as follows (in thousands): Consolidated Statement of Income Three Months Ended September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 280,086 $ 281,156 $ (1,070 ) Cost of sales 209,807 210,878 (1,071 ) Gross profit 70,279 70,278 1 Provision for income taxes 6,473 6,473 — Net income $ 19,503 $ 19,502 $ 1 Consolidated Statement of Income Nine Months Ended September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 761,459 $ 760,277 $ 1,182 Cost of sales 572,359 572,039 320 Gross profit 189,100 188,238 862 Provision for income taxes 15,574 15,332 242 Net income $ 50,692 $ 50,072 $ 620 Consolidated Balance Sheet September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Assets Accounts receivable, net $ 180,875 $ 174,426 $ 6,449 Inventories 97,486 102,662 (5,176 ) Total current assets 532,723 531,450 1,273 Total assets 1,053,787 1,052,514 1,273 Liabilities Accrued expenses 76,268 75,889 379 Total current liabilities 191,565 191,186 379 Shareholders' equity Retained earnings 325,878 324,984 894 Total shareholders' equity 582,875 581,981 894 Total liabilities and shareholders' equity $ 1,053,787 $ 1,052,514 $ 1,273 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following (in thousands): September 30, 2018 December 31, 2017 Raw material $ 51,860 $ 42,661 Work-in-process 7,861 10,598 Finished goods 37,765 33,113 Total inventories $ 97,486 $ 86,372 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS On August 21, 2018, the Company acquired all of the outstanding stock of SolarBOS. SolarBOS is a provider of electrical balance of systems products, which consists of electrical components such as wiring, switches, and combiner boxes that support photovoltaic systems, for the U.S. solar renewable energy market. The Company expects the acquisition of SolarBOS to enable the Company to provide complementary product offerings to its existing customers and strengthen its position in the solar renewable energy market. The results of SolarBOS have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Renewable Energy and Conservation segment). The preliminary aggregate purchase consideration for the acquisition of SolarBOS was $6.5 million , which includes a working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The acquisition was financed through cash on hand. The preliminary purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $2.8 million , all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the solar renewable energy markets. The allocation of the preliminary purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 828 Property, plant and equipment 547 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,838 Fair value of purchase consideration $ 6,540 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 The Company incurred certain acquisition-related costs composed of legal and consulting fees, and these costs were recognized as a component of selling, general and administrative expenses in the consolidated statements of income. Acquisition-related costs were $0.5 million , for both the three and nine months ended September 30, 2018. On February 22, 2017, the Company acquired all of the outstanding stock of Package Concierge. Package Concierge is a leading provider of multifamily electronic package delivery locker systems in the United States. The acquisition of Package Concierge is expected to enable the Company to expand its position in the fast-growing package delivery solutions market. The results of Package Concierge have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Residential Products segment). The final aggregate purchase consideration for the acquisition of Package Concierge was $18.9 million. The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $16.8 million, which is not deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the building products markets. The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 590 Working capital (1,998 ) Property, plant and equipment 55 Acquired intangible assets 3,600 Other assets 8 Deferred income taxes (128 ) Goodwill 16,790 Fair value of purchase consideration $ 18,917 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 600 Indefinite Technology 1,300 10 years Customer relationships 1,700 7 years Total $ 3,600 The acquisition of Package Concierge was funded from available cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees, and these costs were recognized as a component of selling, general and administrative expenses in the consolidated statements of income. Acquisition-related costs were $31 thousand and $146 thousand for the three and nine months ended September 30 , 2017, respectively. |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND RELATED INTANGIBLE ASSETS | GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the nine months ended September 30, 2018 are as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy & Conservation Total Balance at December 31, 2017 $ 198,075 $ 54,280 $ 68,719 $ 321,074 Acquired goodwill — — 2,838 2,838 Adjustments to prior year acquisitions — (38 ) — (38 ) Foreign currency translation — (165 ) (388 ) (553 ) Balance at September 30, 2018 $ 198,075 $ 54,077 $ 71,169 $ 323,321 Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Estimated Life Indefinite-lived intangible assets: Trademarks $ 45,096 $ — $ 45,107 $ — Indefinite Finite-lived intangible assets: Trademarks 6,148 3,397 5,876 3,062 3 to 15 Years Unpatented technology 28,644 13,406 28,107 12,033 5 to 20 Years Customer relationships 70,593 34,626 80,707 39,652 5 to 17 Years Non-compete agreements 1,649 1,156 1,649 931 4 to 10 Years 107,034 52,585 116,339 55,678 Total acquired intangible assets $ 152,130 $ 52,585 $ 161,446 $ 55,678 The Company recognized impairment charges related to a finite-lived intangible asset for the three and nine months ended September 30 , 2018 of $1.3 million . The charge relates to the discontinuation of lower margin sales in the Residential Products segment. The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Amortization expense $ 2,121 $ 2,208 $ 6,408 $ 6,600 Amortization expense related to acquired intangible assets for the remainder of fiscal 2018 and the next five years thereafter is estimated as follows (in thousands): 2018 2019 2020 2021 2022 2023 Amortization expense $ 1,960 $ 7,841 $ 7,329 $ 6,726 $ 6,315 $ 5,776 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands): September 30, 2018 December 31, 2017 Senior Subordinated 6.25% Notes $ 210,000 $ 210,000 Other debt 2,000 2,400 Less unamortized debt issuance costs (1,791 ) (2,379 ) Total debt 210,209 210,021 Less current maturities 400 400 Total long-term debt $ 209,809 $ 209,621 The Company's Fifth Amended and Restated Credit Agreement dated December 9, 2015 (the "Senior Credit Agreement") was amended to convert our secured asset based credit facility into a secured cash flow revolver, and terminates on December 9, 2020. The Senior Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount of $300 million . The Company has the option to request additional financing from the banks to either increase the revolving credit facility to $500 million or to provide a term loan of up to $200 million . The Senior Credit Agreement contains three financial covenants. As of September 30, 2018 , the Company is in compliance with all three covenants. Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and certain real property of the Company’s significant domestic subsidiaries. Interest rates on the revolving credit facility are based on the LIBOR plus an additional margin that ranges from 1.25% to 2.25% for LIBOR loans based on the Total Leverage Ratio. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.20% and 0.30% based on the Total Leverage Ratio and the daily average undrawn balance. Standby letters of credit of $9.5 million have been issued under the Senior Credit Agreement on behalf of the Company as of September 30, 2018 . These letters of credit reduce the amount otherwise available under the revolving credit facility. As of September 30, 2018 , the Company had $290.5 million of availability under the revolving credit facility. No borrowings were outstanding under the revolving credit facility at September 30, 2018 and December 31, 2017 . On January 31, 2013 , the Company issued $210 million of 6.25% Senior Subordinated Notes (" 6.25% Notes") due February 1, 2021 .The provisions of the 6.25% Notes include, without limitation, restrictions on indebtedness, liens, and distributions from restricted subsidiaries, asset sales, affiliate transactions, dividends, and other restricted payments. Dividend payments are subject to annual limits and interest is paid semiannually on February 1 and August 1 of each year. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following tables summarize the cumulative balance of each component of accumulated other comprehensive loss, net of tax, for the nine months ended September 30, (in thousands): Foreign Currency Translation Adjustment Minimum Pension Unamortized Post Retirement Health Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2017 $ (2,698 ) $ 171 $ (2,809 ) $ (5,336 ) $ (970 ) $ (4,366 ) Cumulative effect of accounting change (see Note 2 ) — 15 (365 ) (350 ) — (350 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 10 27 Foreign currency translation adjustment 110 — — 110 — 110 Balance at March 31, 2018 $ (2,588 ) $ 179 $ (3,130 ) $ (5,539 ) $ (960 ) $ (4,579 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 11 $ 26 Foreign currency translation adjustment (1,787 ) — — (1,787 ) — $ (1,787 ) Balance at June 30, 2018 $ (4,375 ) $ 172 $ (3,086 ) $ (7,289 ) $ (949 ) $ (6,340 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 10 27 Foreign currency translation adjustment 139 — — 139 — 139 Balance at September 30, 2018 $ (4,236 ) $ 165 $ (3,042 ) $ (7,113 ) $ (939 ) $ (6,174 ) Foreign Currency Translation Adjustment Minimum Pension Unamortized Post Retirement Health Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2016 $ (5,848 ) $ 197 $ (3,150 ) $ (8,801 ) $ (1,080 ) $ (7,721 ) Minimum pension and post retirement health care plan adjustments — (5 ) 48 43 17 26 Foreign currency translation adjustment $ 679 $ — $ — $ 679 $ — $ 679 Balance at March 31, 2017 (5,169 ) 192 (3,102 ) (8,079 ) (1,063 ) $ (7,016 ) Minimum pension and post retirement health care plan adjustments $ — $ (4 ) $ 47 $ 43 $ 16 $ 27 Foreign currency translation adjustment 1,091 — — 1,091 — 1,091 Balance at June 30, 2017 (4,078 ) 188 (3,055 ) (6,945 ) (1,047 ) (5,898 ) Minimum pension and post retirement health care plan adjustments $ — $ (4 ) $ 47 $ 43 $ 16 $ 27 Foreign currency translation adjustment $ 1,581 $ — $ — $ 1,581 $ — $ 1,581 Balance at September 30, 2017 $ (2,497 ) $ 184 $ (3,008 ) $ (5,321 ) $ (1,031 ) $ (4,290 ) The realized adjustments relating to the Company’s minimum pension liability and post retirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of income. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION On May 4, 2018, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan provides for the issuance of up to 1,000,000 shares of common stock and supplements the remaining shares available for issuance under the existing Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 Plan"). Both the 2018 Plan and the 2015 Plan allow the Company to grant equity-based incentive compensation awards, in the form of non-qualified options, restricted shares, restricted stock units, performance shares, performance stock units, and stock rights, to eligible participants. In 2016, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which allows the Company to grant awards of shares of the Company's common stock to non-employee Directors of the Company and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan. Equity Based Awards - Settled in Stock The following table sets forth the number of equity-based awards granted during the nine months ended September 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2018 2017 Awards Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Performance stock units 135,540 $ 33.60 108,748 $ 42.72 Restricted stock units 95,674 $ 36.81 120,048 $ 37.14 Options — $ — 25,000 $ 42.35 Deferred stock units 10,255 $ 35.96 10,170 $ 34.42 Common shares 2,113 $ 35.50 2,034 $ 34.42 (1) Performance stock units granted will convert to shares based on the Company's actual return on invested capital ("ROIC") relative to the ROIC targeted for the performance period ended December 31, 2018. (2) Performance stock units granted include 78,482 units awarded in February 2017 which will convert to 23,546 shares to be issued in February 2020, representing 30% of the targeted 2017 award, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2017. The remaining performance stock units granted include 20,000 units awarded in February 2017 and 10,266 units awarded in April 2017. The number of these shares to be issued to the recipients will be determined based upon the ranking of the Company’s total shareholder return ("TSR") over a three (3) year performance period ended February 1, 2020 compared to the TSR of companies in the S&P Small Cap Industrial Sector over the same three year period. Equity Based Awards - Settled in Cash The Company's equity-based liabilities include performance based stock units settled in cash and a management stock purchase plan. As of September 30, 2018 , the Company's total share-based liabilities recorded on the consolidated balance sheet were $38.5 million , of which $23.0 million was included in non-current liabilities. Performance Stock Units - Settled in Cash The Company awarded performance stock units ("PSUs") that will convert to cash after three years based upon a one year performance period. The cost of these awards is recognized over the requisite vesting period. The PSUs earned over the performance period are determined based on the Company’s actual ROIC relative to the ROIC targeted for the performance period. During the 2016 performance period, the participants earned an aggregate of 256,000 PSUs, representing 200% the targeted 2016 award of 128,000 . This award will convert to cash payable in the first quarter of 2019. During the 2015 performance period, the participants earned an aggregate of 438,000 PSUs, representing 200% of the targeted 2015 award of 219,000 . This award converted to cash and was paid in the first quarter of 2018. The following table summarizes the compensation expense recognized for the PSUs, which will convert to cash, for the three and nine months ended September 30, (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 PSUs compensation expense $ 1,518 $ (405 ) $ 3,126 $ 1,673 Management Stock Purchase Plan The Management Stock Purchase Plan ("MSPP") provides participants the ability to defer a portion of their compensation or Directors’ fees, which deferral is converted to restricted stock units, and credited to an account. Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their deferral. Directors do not receive any company-matching on amounts deferred. The account represents a share-based liability that is converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company. The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the nine months ended September 30, 2018 2017 Restricted stock units credited 74,180 90,754 Share-based liabilities paid (in thousands) $ 4,986 $ 2,392 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices in active markets for similar assets and liabilities. • Level 3 - Inputs that are unobservable inputs for the asset or liability. The Company had no financial assets or liabilities measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017 . The Company’s only financial instrument for which the carrying value differs from its fair value is long-term debt. At September 30, 2018 and December 31, 2017 , the fair value of outstanding debt net of unamortized debt issuance costs was $211.8 million and $213.8 million, respectively, compared to its carrying value of $210.2 million and $210.0 million , respectively. The fair value of the Company’s 6.25% Notes is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices adjusted for unamortized debt issuance costs. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS For certain divestiture transactions completed in prior years, the Company has agreed to indemnify the buyer for various liabilities that may arise after the disposal date, subject to limits of time and amount. The Company is a party to certain claims made under these indemnification provisions. As of September 30, 2018 , the Company has a contingent liability recorded for such provisions related to discontinued operations. Management does not believe that the outcome of these claims, or other claims, would significantly affect the Company's financial condition or results of operation. |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS The Company has incurred exit activity costs and asset impairment charges as a result of its 80/20 simplification and portfolio management initiatives. These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, and in the sale and exiting of less profitable businesses or products lines. Exit activity costs were incurred during the nine months ended September 30, 2018 which related to contract terminations, severance, and other moving and closing costs. During this time, the Company also incurred asset impairment charges related to the write-down of inventory, impairment of machinery and equipment and intangible assets associated with either discontinued product lines or reduced sales of lower margin products. In conjunction with these initiatives, the Company also sold and leased back a facility which resulted in a gain, as well as closed two other facilities during the first nine months of 2018. During the nine months ended September 30, 2017 , the Company incurred asset impairment charges and exit activity costs resulting from the above initiatives. Also, as a result of these initiatives, the Company closed three facilities during the first nine months of 2017 . The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three and nine months ended September 30, related to the restructuring activities described above (in thousands): Three months ended September 30, 2018 2017 Inventory write-downs &/or asset impairment charges Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment charges Exit activity costs (recoveries), net Total Residential Products $ 1,392 $ 485 $ 1,877 $ 442 $ 566 $ 1,008 Industrial & Infrastructure Products 358 1,417 1,775 98 (12 ) 86 Renewable Energy & Conservation — (156 ) (156 ) 266 191 457 Corporate — 164 164 — 16 16 Total exit activity costs & asset impairments $ 1,750 $ 1,910 $ 3,660 $ 806 $ 761 $ 1,567 Nine months ended September 30, 2018 2017 Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs Total Residential Products $ 1,349 $ 333 $ 1,682 $ 295 $ 958 $ 1,253 Industrial & Infrastructure Products (345 ) 1,607 1,262 (2,492 ) 2,959 467 Renewable Energy & Conservation 84 (107 ) (23 ) 266 2,610 2,876 Corporate — 431 431 — 179 179 Total exit activity costs & asset impairments $ 1,088 $ 2,264 $ 3,352 $ (1,931 ) $ 6,706 $ 4,775 The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Cost of sales $ 1,621 $ 860 $ 1,465 $ 382 Selling, general, and administrative expense 2,039 707 1,887 4,393 Net asset impairment and exit activity charges $ 3,660 $ 1,567 $ 3,352 $ 4,775 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2018 2017 Balance at January 1 $ 961 $ 3,744 Exit activity costs recognized 2,264 6,706 Cash payments (1,608 ) (9,207 ) Balance at September 30 $ 1,617 $ 1,243 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and nine months ended September 30, and the applicable effective tax rates: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Provision for income taxes $ 6,473 $ 11,184 $ 15,574 $ 21,090 Effective tax rate 24.9 % 35.2 % 23.5 % 35.8 % The change in the effective tax rate year over year is primarily due to the reduction in the U.S. federal statutory tax rate from 35% to 21%. The effective tax rate for the three and nine months ended September 30, 2018 was greater than the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by favorable discrete items, including a $2.6 million tax benefit related to performance share unit vesting. The effective tax rate for the three and nine months ended September 30, 2017 was greater than the U.S. federal statutory rate of 35% due to state taxes and $2.2 million of pretax losses generated by the European residential solar racking business for which no tax benefit had been recorded as such benefit is not expected to be realizable, partially offset by net deductible permanent differences and favorable discrete items. On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Reform Act") was signed into law. On this day, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company recognized the provisional tax impacts related to the one-time transition tax, withholding tax and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. Our preliminary estimate of the one-time transition tax and the re-measurement of our deferred tax assets and liabilities is subject to the finalization of management’s analysis related to certain matters, such as developing interpretations of the provisions of the Tax Reform Act, changes to certain estimates and amounts related to the earnings and profits of certain subsidiaries and the filing of our tax returns, U.S. Treasury regulations, administrative interpretations or court decisions interpreting the Tax Reform Act may require further adjustments and changes in our estimates. During the nine month period ended September 30, 2018 , the Company recognized an adjustment to the provisional amounts recorded at December 31, 2017 . The following table sets forth the components of the adjustment which were recorded in income tax expense from continuing operations during nine month period ended September 30, 2018 , (in thousands): Remeasurement of certain deferred tax balances (1) 174 One-time transition tax (1) (363 ) Non-deductible performance based compensation (2) 366 Net adjustment recorded to provisional income tax expense 177 (1) Provisional amounts primarily related to return to provision adjustments. (2) Provisional amounts primarily related to further guidance of Notice 2018-68 (guidance on performance-based compensation issued in the third quarter). The Company has elected to account for global intangible low-taxed income ("GILTI") tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017, or during the three and nine months ended September 30, 2018 . As a result of proposed regulations issued in the third quarter of 2018, the impact of GILTI on our current annual effective tax decreased the impact on the effective rate from 0.6% to 0.3% . If future guidance differs from our interpretations, this amount may change. The final determination of the one-time transition tax and the re-measurement of our deferred assets and liabilities will be completed as additional information becomes available, but no later than one year from the enactment of the Tax Reform Act. In January 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated other Comprehensive Income, which gives entities the option to reclassify retained earning tax effects resulting from Tax Reform related to items in AOCI that the FASB refers to as having been stranded in AOCI. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period Tax Reform was enacted. We elected to early adopt ASU 2018-02. As a result of adopting this standard, we reclassified $350,000 from AOCI to retained earnings. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings and diluted weighted-average shares outstanding are as follows for the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations $ 19,503 $ 20,619 $ 50,692 $ 37,789 Loss from discontinued operations — — — (405 ) Net income available to common shareholders $ 19,503 $ 20,619 $ 50,692 $ 37,384 Denominator for basic earnings per share: Weighted average shares outstanding 32,115 31,703 31,922 31,700 Denominator for diluted earnings per share: Weighted average shares outstanding 32,115 31,703 31,922 31,700 Common stock options and restricted stock 456 507 602 516 Weighted average shares and conversions 32,571 32,210 32,524 32,216 The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards, aggregating to 247,000 and 489,000 for the three months ended September 30, 2018 and 2017 , respectively, and 328,000 and 523,000 for the nine months ended September 30, 2018 and 2017 , respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is organized into three reportable segments on the basis of the production process and products and services provided by each segment, identified as follows: (i) Residential Products, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, rain dispersion products and roofing accessories; (ii) Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, expansion joints, structural bearings and perimeter security; and (iii) Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net sales: Residential Products $ 125,839 $ 129,501 $ 360,915 $ 361,304 Industrial and Infrastructure Products 56,033 57,162 172,218 165,806 Less: Intersegment sales (272 ) (224 ) (861 ) (994 ) Net Industrial and Infrastructure Products 55,761 56,938 171,357 164,812 Renewable Energy and Conservation 98,486 88,135 229,187 202,690 Total consolidated net sales $ 280,086 $ 274,574 $ 761,459 $ 728,806 Income from operations: Residential Products $ 20,138 $ 23,764 $ 57,572 $ 61,984 Industrial and Infrastructure Products 2,892 2,554 12,098 5,914 Renewable Energy and Conservation 15,072 11,549 28,690 18,381 Unallocated Corporate Expenses (8,698 ) (2,174 ) (22,839 ) (15,977 ) Total income from operations $ 29,404 $ 35,693 $ 75,521 $ 70,302 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three and nine months ended September 30 (in thousands): Three Months Ended September 30, 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 125,118 $ 47,686 $ 10,784 $ 183,588 Over Time 721 8,075 87,702 96,498 Total $ 125,839 $ 55,761 $ 98,486 $ 280,086 Three Months Ended September 30, 2017 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 129,501 $ 56,938 $ 7,659 $ 194,098 Over Time — — 80,476 80,476 Total $ 129,501 $ 56,938 $ 88,135 $ 274,574 Nine Months Ended September 30, 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 358,960 $ 145,657 $ 25,128 $ 529,745 Over Time 1,955 25,700 204,059 231,714 Total $ 360,915 $ 171,357 $ 229,187 $ 761,459 Nine Months Ended September 30, 2017 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 361,304 $ 164,812 $ 18,835 $ 544,951 Over Time — — 183,855 183,855 Total $ 361,304 $ 164,812 $ 202,690 $ 728,806 |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION The following information sets forth the consolidating summary financial statements of the issuer (Gibraltar Industries, Inc.) and guarantors, which guarantee the 6.25% Notes due February 1, 2021 , and the non-guarantors. The guarantors are 100% owned domestic subsidiaries of the issuer and the guarantees are full, unconditional, joint and several. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries and non-guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 268,302 $ 19,211 $ (7,427 ) $ 280,086 Cost of sales — 200,725 16,338 (7,256 ) 209,807 Gross profit — 67,577 2,873 (171 ) 70,279 Selling, general, and administrative expense 35 39,466 1,374 — 40,875 (Loss) income from operations (35 ) 28,111 1,499 (171 ) 29,404 Interest expense (income) 3,403 (427 ) (70 ) — 2,906 Other expense — 95 427 — 522 (Loss) income before taxes (3,438 ) 28,443 1,142 (171 ) 25,976 (Benefit of) provision for income taxes (963 ) 7,182 254 — 6,473 Equity in earnings from subsidiaries 22,149 888 — (23,037 ) — Net income $ 19,674 $ 22,149 $ 888 $ (23,208 ) $ 19,503 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 264,448 $ 15,514 $ (5,388 ) $ 274,574 Cost of sales — 198,103 12,844 (5,108 ) 205,839 Gross profit — 66,345 2,670 (280 ) 68,735 Selling, general, and administrative expense 34 31,003 2,005 — 33,042 (Loss) income from operations (34 ) 35,342 665 (280 ) 35,693 Interest expense (income) 3,402 105 (21 ) — 3,486 Other expense — 100 304 — 404 (Loss) income before taxes (3,436 ) 35,137 382 (280 ) 31,803 (Benefit of) provision for income taxes (1,124 ) 12,219 89 — 11,184 Equity in earnings from subsidiaries 23,211 293 — (23,504 ) — Net income $ 20,899 $ 23,211 $ 293 $ (23,784 ) $ 20,619 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 729,256 $ 45,735 $ (13,532 ) $ 761,459 Cost of sales — 548,391 36,987 (13,019 ) 572,359 Gross profit — 180,865 8,748 (513 ) 189,100 Selling, general, and administrative expense 115 108,639 4,825 — 113,579 (Loss) income from operations (115 ) 72,226 3,923 (513 ) 75,521 Interest expense (income) 10,207 (724 ) (178 ) — 9,305 Other expense (income) — 234 (284 ) — (50 ) (Loss) income before taxes (10,322 ) 72,716 4,385 (513 ) 66,266 (Benefit of) provision for income taxes (2,890 ) 17,391 1,073 — 15,574 Equity in earnings from subsidiaries 58,637 3,312 — (61,949 ) — Net income $ 51,205 $ 58,637 $ 3,312 $ (62,462 ) $ 50,692 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 700,848 $ 37,383 $ (9,425 ) $ 728,806 Cost of sales — 527,389 30,565 (8,963 ) 548,991 Gross profit — 173,459 6,818 (462 ) 179,815 Selling, general, and administrative expense 111 101,190 8,212 — 109,513 (Loss) income from operations (111 ) 72,269 (1,394 ) (462 ) 70,302 Interest expense (income) 10,207 459 (54 ) — 10,612 Other expense — 345 466 — 811 (Loss) income before taxes (10,318 ) 71,465 (1,806 ) (462 ) 58,879 (Benefit of) provision for income taxes (3,808 ) 24,957 (59 ) — 21,090 (Loss) income from continuing operations (6,510 ) 46,508 (1,747 ) (462 ) 37,789 Discontinued operations: Loss from discontinued operations before taxes — (644 ) — — (644 ) Benefit of income taxes — (239 ) — — (239 ) Loss from discontinued operations — (405 ) — — (405 ) Equity in earnings (loss) from subsidiaries 44,356 (1,747 ) — (42,609 ) — Net income (loss) $ 37,846 $ 44,356 $ (1,747 ) $ (43,071 ) $ 37,384 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 19,674 $ 22,149 $ 888 $ (23,208 ) $ 19,503 Other comprehensive income (loss): Foreign currency translation adjustment — — 139 — 139 Adjustment to retirement benefit liability, net of tax — (5 ) — — (5 ) Adjustment to post employment health care benefit liability, net of tax — 32 — — 32 Other comprehensive income — 27 139 — 166 Total comprehensive income $ 19,674 $ 22,176 $ 1,027 $ (23,208 ) $ 19,669 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 20,899 $ 23,211 $ 293 $ (23,784 ) $ 20,619 Other comprehensive income (loss): Foreign currency translation adjustment — — 1,581 — 1,581 Adjustment to retirement benefit liability, net of tax — (2 ) — — (2 ) Adjustment to post employment health care benefit liability, net of tax — 29 — — 29 Other comprehensive income — 27 1,581 — 1,608 Total comprehensive income $ 20,899 $ 23,238 $ 1,874 $ (23,784 ) $ 22,227 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 51,205 $ 58,637 $ 3,312 $ (62,462 ) $ 50,692 Other comprehensive (loss) income: Foreign currency translation adjustment — — (1,538 ) — (1,538 ) Cumulative effect of change in accounting (see Note 2 ) — (350 ) — — (350 ) Adjustment to retirement benefit liability, net of tax — (15 ) — — (15 ) Adjustment to post employment health care benefit liability, net of tax — 95 — — 95 Other comprehensive loss — (270 ) (1,538 ) — (1,808 ) Total comprehensive income $ 51,205 $ 58,367 $ 1,774 $ (62,462 ) $ 48,884 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income (loss) $ 37,846 $ 44,356 $ (1,747 ) $ (43,071 ) $ 37,384 Other comprehensive income (loss): Foreign currency translation adjustment — — 3,351 — 3,351 Adjustment to retirement benefit liability, net of tax — (8 ) — — (8 ) Adjustment to post employment health care benefit liability, net of tax — 88 — — 88 Other comprehensive income — 80 3,351 — 3,431 Total comprehensive income $ 37,846 $ 44,436 $ 1,604 $ (43,071 ) $ 40,815 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 213,967 $ 31,446 $ — $ 245,413 Accounts receivable, net — 172,952 7,923 — 180,875 Intercompany balances (12,013 ) 15,885 (3,872 ) — — Inventories — 92,823 4,663 — 97,486 Other current assets 2,902 2,115 3,932 — 8,949 Total current assets (9,111 ) 497,742 44,092 — 532,723 Property, plant, and equipment, net — 90,883 2,835 — 93,718 Goodwill — 301,070 22,251 — 323,321 Acquired intangibles — 91,752 7,793 — 99,545 Other assets — 4,178 302 — 4,480 Investment in subsidiaries 803,058 63,166 — (866,224 ) — $ 793,947 $ 1,048,791 $ 77,273 $ (866,224 ) $ 1,053,787 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 87,351 $ 5,646 $ — $ 92,997 Accrued expenses 2,188 70,826 3,254 — 76,268 Billings in excess of cost — 19,304 2,596 21,900 Current maturities of long-term debt — 400 — — 400 Total current liabilities 2,188 177,881 11,496 — 191,565 Long-term debt 208,884 925 — — 209,809 Deferred income taxes — 29,499 2,611 — 32,110 Other non-current liabilities — 37,428 — — 37,428 Shareholders’ equity 582,875 803,058 63,166 (866,224 ) 582,875 $ 793,947 $ 1,048,791 $ 77,273 $ (866,224 ) $ 1,053,787 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 192,604 $ 29,676 $ — $ 222,280 Accounts receivable, net — 138,903 6,482 — 145,385 Intercompany balances 324 4,166 (4,490 ) — — Inventories — 82,457 3,915 — 86,372 Other current assets 5,415 (368 ) 3,680 — 8,727 Total current assets 5,739 417,762 39,263 — 462,764 Property, plant, and equipment, net — 93,906 3,192 — 97,098 Goodwill — 298,258 22,816 — 321,074 Acquired intangibles — 97,171 8,597 — 105,768 Other assets — 4,681 — — 4,681 Investment in subsidiaries 739,970 61,746 — (801,716 ) — $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 77,786 $ 4,601 $ — $ 82,387 Accrued expenses 5,469 67,746 2,252 — 75,467 Billings in excess of cost — 9,840 2,939 — 12,779 Current maturities of long-term debt — 400 — — 400 Total current liabilities 5,469 155,772 9,792 — 171,033 Long-term debt 208,521 1,100 — — 209,621 Deferred income taxes — 28,907 2,330 — 31,237 Other non-current liabilities — 47,775 — — 47,775 Shareholders’ equity 531,719 739,970 61,746 (801,716 ) 531,719 $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (13,240 ) $ 47,971 $ 3,479 $ — $ 38,210 Cash Flows from Investing Activities Cash paid for acquisitions — (5,241 ) — — (5,241 ) Net proceeds from sale of property and equipment — 3,044 103 — 3,147 Purchases of property, plant, and equipment — (6,537 ) (230 ) — (6,767 ) Net cash used in investing activities — (8,734 ) (127 ) — (8,861 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (6,549 ) — — — (6,549 ) Net proceeds from issuance of common stock 1,343 — — — 1,343 Intercompany financing 18,446 (17,474 ) (972 ) — — Net cash provided by (used in) financing activities 13,240 (17,874 ) (972 ) — (5,606 ) Effect of exchange rate changes on cash — — (610 ) — (610 ) Net increase in cash and cash equivalents — 21,363 1,770 — 23,133 Cash and cash equivalents at beginning of year — 192,604 29,676 — 222,280 Cash and cash equivalents at end of period $ — $ 213,967 $ 31,446 $ — $ 245,413 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (15,136 ) $ 64,702 $ (735 ) $ — $ 48,831 Cash Flows from Investing Activities Cash paid for acquisitions — (18,494 ) — — (18,494 ) Net proceeds from sale of property and equipment — 12,935 — — 12,935 Purchases of property, plant, and equipment — (4,929 ) (223 ) — (5,152 ) Net cash used in investing activities — (10,488 ) (223 ) — (10,711 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (1,982 ) — — — (1,982 ) Net proceeds from issuance of common stock 649 — — — 649 Intercompany financing 16,469 (14,813 ) (1,656 ) — — Net cash provided by (used in) financing activities 15,136 (15,213 ) (1,656 ) — (1,733 ) Effect of exchange rate changes on cash — — 1,468 — 1,468 Net increase (decrease) in cash and cash equivalents — 39,001 (1,146 ) — 37,855 Cash and cash equivalents at beginning of year — 143,826 26,351 — 170,177 Cash and cash equivalents at end of period $ — $ 182,827 $ 25,205 $ — $ 208,032 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) And All Related ASUs The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. The Company has adopted this standard using the modified retrospective method. The Company recognized the cumulative- effect adjustment of initially applying this standard of $274,000 to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for that period. Refer to Note 4 for further disclosure of the financial statement effect and other significant matters as a result of the adoption of this standard. Date of adoption: Q1 2018 ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard provides guidance on eight specific cash flow issues to reduce diversity in reporting. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory The standard allows an entity to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this standard are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this standard are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the standard is permitted, including adoption in any interim period. The Company has early adopted this standard. As a result of adopting this standard, the Company recorded an adjustment of $350,000 from accumulated other comprehensive income to retained earnings in the consolidated statement of shareholders' equity as of the beginning of the January 1, 2018, and will record any subsequent period adjustments, if changes to provisional amounts result in additional amounts stranded in accumulated other comprehensive income. Date of adoption: Q1 2018 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-02 Leases (Topic 842) The standard requires lessees to recognize most leases as assets and liabilities on the balance sheet, but record expenses on the statement of operations in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The standard also requires additional disclosures about leasing arrangements and requires a modified retrospective transition approach for existing leases, whereby the standard will be applied to the earliest year presented. The provisions of the standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company continues to evaluate the impact of the standard on the Company’s consolidated financial statements and related disclosures. The new standard requires lessees to recognize a lease liability and right of use asset on the balance sheet. While the adoption will result in an increase to assets and liabilities on the Company’s balance sheet, we do not expect that the impact will be material. In addition, the Company does not expect that the adoption will result in a material impact to our consolidated statement of operations. The Company intends to adopt this guidance by applying the transition provisions on a modified retrospective basis as of the effective date January 1, 2019. Planned date of adoption: Q1 2019 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands): September 30, 2018 December 31, 2017 Trade accounts receivable $ 166,208 $ 140,209 Costs in excess of billings 21,522 11,610 Total accounts receivables 187,730 151,819 Less allowance for doubtful accounts (6,855 ) (6,434 ) Accounts receivable $ 180,875 $ 145,385 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the three months ended September 30, 2018 : Costs in Excess of Billings Billings in Excess of Cost Beginning balance, January 1, 2018 (1) $ 16,532 $ (12,779 ) Reclassification of the beginning balances of: Costs in excess of billings to receivables (15,450 ) — Billings in excess of cost to revenue — 9,294 Costs in excess of billings recognized, net of reclassification to receivables 20,440 — Net billings in advance and cash payments not recognized as revenue — (18,415 ) Ending balance, September 30, 2018 $ 21,522 $ (21,900 ) (1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of income and balance sheet for the periods ended September 30, 2018 is as follows (in thousands): Consolidated Statement of Income Three Months Ended September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 280,086 $ 281,156 $ (1,070 ) Cost of sales 209,807 210,878 (1,071 ) Gross profit 70,279 70,278 1 Provision for income taxes 6,473 6,473 — Net income $ 19,503 $ 19,502 $ 1 Consolidated Statement of Income Nine Months Ended September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 761,459 $ 760,277 $ 1,182 Cost of sales 572,359 572,039 320 Gross profit 189,100 188,238 862 Provision for income taxes 15,574 15,332 242 Net income $ 50,692 $ 50,072 $ 620 Consolidated Balance Sheet September 30, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Assets Accounts receivable, net $ 180,875 $ 174,426 $ 6,449 Inventories 97,486 102,662 (5,176 ) Total current assets 532,723 531,450 1,273 Total assets 1,053,787 1,052,514 1,273 Liabilities Accrued expenses 76,268 75,889 379 Total current liabilities 191,565 191,186 379 Shareholders' equity Retained earnings 325,878 324,984 894 Total shareholders' equity 582,875 581,981 894 Total liabilities and shareholders' equity $ 1,053,787 $ 1,052,514 $ 1,273 The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands): Balance at December 31, 2017 Adjustments Balance at January 1, 2018 Assets Accounts receivable, net $ 145,385 $ 4,922 $ 150,307 Costs in excess of billings (1) $ 11,610 $ 4,922 $ 16,532 Inventories $ 86,372 $ (4,735 ) $ 81,637 Total current assets $ 462,764 $ 187 $ 462,951 Total assets $ 991,385 $ 187 $ 991,572 Liabilities Accrued expenses $ 75,467 $ (87 ) $ 75,380 Total current liabilities $ 171,033 $ (87 ) $ 170,946 Shareholders' equity Retained earnings $ 274,562 $ 274 $ 274,836 Total shareholders' equity $ 531,719 $ 274 $ 531,993 Total liabilities and shareholders' equity $ 991,385 $ 187 $ 991,572 (1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 3 of this Form 10-Q for the nine months ended September 30, 2018. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following (in thousands): September 30, 2018 December 31, 2017 Raw material $ 51,860 $ 42,661 Work-in-process 7,861 10,598 Finished goods 37,765 33,113 Total inventories $ 97,486 $ 86,372 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Allocation Of Purchase Consideration To The Assets Acquired And Liabilities Assumed | The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 590 Working capital (1,998 ) Property, plant and equipment 55 Acquired intangible assets 3,600 Other assets 8 Deferred income taxes (128 ) Goodwill 16,790 Fair value of purchase consideration $ 18,917 The allocation of the preliminary purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 828 Property, plant and equipment 547 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,838 Fair value of purchase consideration $ 6,540 |
Intangible Assets Acquired | The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 600 Indefinite Technology 1,300 10 years Customer relationships 1,700 7 years Total $ 3,600 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2018 are as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy & Conservation Total Balance at December 31, 2017 $ 198,075 $ 54,280 $ 68,719 $ 321,074 Acquired goodwill — — 2,838 2,838 Adjustments to prior year acquisitions — (38 ) — (38 ) Foreign currency translation — (165 ) (388 ) (553 ) Balance at September 30, 2018 $ 198,075 $ 54,077 $ 71,169 $ 323,321 |
Schedule Of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Estimated Life Indefinite-lived intangible assets: Trademarks $ 45,096 $ — $ 45,107 $ — Indefinite Finite-lived intangible assets: Trademarks 6,148 3,397 5,876 3,062 3 to 15 Years Unpatented technology 28,644 13,406 28,107 12,033 5 to 20 Years Customer relationships 70,593 34,626 80,707 39,652 5 to 17 Years Non-compete agreements 1,649 1,156 1,649 931 4 to 10 Years 107,034 52,585 116,339 55,678 Total acquired intangible assets $ 152,130 $ 52,585 $ 161,446 $ 55,678 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Amortization expense $ 2,121 $ 2,208 $ 6,408 $ 6,600 |
Schedule Of Amortization Expense | Amortization expense related to acquired intangible assets for the remainder of fiscal 2018 and the next five years thereafter is estimated as follows (in thousands): 2018 2019 2020 2021 2022 2023 Amortization expense $ 1,960 $ 7,841 $ 7,329 $ 6,726 $ 6,315 $ 5,776 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consists of the following (in thousands): September 30, 2018 December 31, 2017 Senior Subordinated 6.25% Notes $ 210,000 $ 210,000 Other debt 2,000 2,400 Less unamortized debt issuance costs (1,791 ) (2,379 ) Total debt 210,209 210,021 Less current maturities 400 400 Total long-term debt $ 209,809 $ 209,621 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Components Of Accumulated Other Comprehensive Loss | The following tables summarize the cumulative balance of each component of accumulated other comprehensive loss, net of tax, for the nine months ended September 30, (in thousands): Foreign Currency Translation Adjustment Minimum Pension Unamortized Post Retirement Health Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2017 $ (2,698 ) $ 171 $ (2,809 ) $ (5,336 ) $ (970 ) $ (4,366 ) Cumulative effect of accounting change (see Note 2 ) — 15 (365 ) (350 ) — (350 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 10 27 Foreign currency translation adjustment 110 — — 110 — 110 Balance at March 31, 2018 $ (2,588 ) $ 179 $ (3,130 ) $ (5,539 ) $ (960 ) $ (4,579 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 11 $ 26 Foreign currency translation adjustment (1,787 ) — — (1,787 ) — $ (1,787 ) Balance at June 30, 2018 $ (4,375 ) $ 172 $ (3,086 ) $ (7,289 ) $ (949 ) $ (6,340 ) Minimum pension and post retirement health care plan adjustments — (7 ) 44 37 10 27 Foreign currency translation adjustment 139 — — 139 — 139 Balance at September 30, 2018 $ (4,236 ) $ 165 $ (3,042 ) $ (7,113 ) $ (939 ) $ (6,174 ) Foreign Currency Translation Adjustment Minimum Pension Unamortized Post Retirement Health Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2016 $ (5,848 ) $ 197 $ (3,150 ) $ (8,801 ) $ (1,080 ) $ (7,721 ) Minimum pension and post retirement health care plan adjustments — (5 ) 48 43 17 26 Foreign currency translation adjustment $ 679 $ — $ — $ 679 $ — $ 679 Balance at March 31, 2017 (5,169 ) 192 (3,102 ) (8,079 ) (1,063 ) $ (7,016 ) Minimum pension and post retirement health care plan adjustments $ — $ (4 ) $ 47 $ 43 $ 16 $ 27 Foreign currency translation adjustment 1,091 — — 1,091 — 1,091 Balance at June 30, 2017 (4,078 ) 188 (3,055 ) (6,945 ) (1,047 ) (5,898 ) Minimum pension and post retirement health care plan adjustments $ — $ (4 ) $ 47 $ 43 $ 16 $ 27 Foreign currency translation adjustment $ 1,581 $ — $ — $ 1,581 $ — $ 1,581 Balance at September 30, 2017 $ (2,497 ) $ 184 $ (3,008 ) $ (5,321 ) $ (1,031 ) $ (4,290 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation [Abstract] | |
Schedule Of Number Of Awards And Weighted Average Grant Date Fair Value | The following table sets forth the number of equity-based awards granted during the nine months ended September 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2018 2017 Awards Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Performance stock units 135,540 $ 33.60 108,748 $ 42.72 Restricted stock units 95,674 $ 36.81 120,048 $ 37.14 Options — $ — 25,000 $ 42.35 Deferred stock units 10,255 $ 35.96 10,170 $ 34.42 Common shares 2,113 $ 35.50 2,034 $ 34.42 |
Schedule of PSU Conversion | During the 2016 performance period, the participants earned an aggregate of 256,000 PSUs, representing 200% the targeted 2016 award of 128,000 . This award will convert to cash payable in the first quarter of 2019. |
Schedule Of Compensation Expense Recognized From Change In Fair Value And Vesting Of Performance Stock Units | The following table summarizes the compensation expense recognized for the PSUs, which will convert to cash, for the three and nine months ended September 30, (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 PSUs compensation expense $ 1,518 $ (405 ) $ 3,126 $ 1,673 |
Management Stock Purchase Plan | The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the nine months ended September 30, 2018 2017 Restricted stock units credited 74,180 90,754 Share-based liabilities paid (in thousands) $ 4,986 $ 2,392 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Exit Activity Costs And Asset Impairments | The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Cost of sales $ 1,621 $ 860 $ 1,465 $ 382 Selling, general, and administrative expense 2,039 707 1,887 4,393 Net asset impairment and exit activity charges $ 3,660 $ 1,567 $ 3,352 $ 4,775 Exit activity costs were incurred during the nine months ended September 30, 2018 which related to contract terminations, severance, and other moving and closing costs. |
Reconciliation Of Liability For Exit Activity Costs Relating To Facility Consolidation Efforts | The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2018 2017 Balance at January 1 $ 961 $ 3,744 Exit activity costs recognized 2,264 6,706 Cash payments (1,608 ) (9,207 ) Balance at September 30 $ 1,617 $ 1,243 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary Of Provision For Income Taxes For Continuing Operations | The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and nine months ended September 30, and the applicable effective tax rates: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Provision for income taxes $ 6,473 $ 11,184 $ 15,574 $ 21,090 Effective tax rate 24.9 % 35.2 % 23.5 % 35.8 % The following table sets forth the components of the adjustment which were recorded in income tax expense from continuing operations during nine month period ended September 30, 2018 , (in thousands): Remeasurement of certain deferred tax balances (1) 174 One-time transition tax (1) (363 ) Non-deductible performance based compensation (2) 366 Net adjustment recorded to provisional income tax expense 177 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Loss Per Share | the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Income from continuing operations $ 19,503 $ 20,619 $ 50,692 $ 37,789 Loss from discontinued operations — — — (405 ) Net income available to common shareholders $ 19,503 $ 20,619 $ 50,692 $ 37,384 Denominator for basic earnings per share: Weighted average shares outstanding 32,115 31,703 31,922 31,700 Denominator for diluted earnings per share: Weighted average shares outstanding 32,115 31,703 31,922 31,700 Common stock options and restricted stock 456 507 602 516 Weighted average shares and conversions 32,571 32,210 32,524 32,216 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Reconciliation Of Sales To Earnings Before Income Taxes by Segment | The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and nine months ended September 30, (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Net sales: Residential Products $ 125,839 $ 129,501 $ 360,915 $ 361,304 Industrial and Infrastructure Products 56,033 57,162 172,218 165,806 Less: Intersegment sales (272 ) (224 ) (861 ) (994 ) Net Industrial and Infrastructure Products 55,761 56,938 171,357 164,812 Renewable Energy and Conservation 98,486 88,135 229,187 202,690 Total consolidated net sales $ 280,086 $ 274,574 $ 761,459 $ 728,806 Income from operations: Residential Products $ 20,138 $ 23,764 $ 57,572 $ 61,984 Industrial and Infrastructure Products 2,892 2,554 12,098 5,914 Renewable Energy and Conservation 15,072 11,549 28,690 18,381 Unallocated Corporate Expenses (8,698 ) (2,174 ) (22,839 ) (15,977 ) Total income from operations $ 29,404 $ 35,693 $ 75,521 $ 70,302 |
Disaggregation of Revenue | The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three and nine months ended September 30 (in thousands): Three Months Ended September 30, 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 125,118 $ 47,686 $ 10,784 $ 183,588 Over Time 721 8,075 87,702 96,498 Total $ 125,839 $ 55,761 $ 98,486 $ 280,086 Three Months Ended September 30, 2017 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 129,501 $ 56,938 $ 7,659 $ 194,098 Over Time — — 80,476 80,476 Total $ 129,501 $ 56,938 $ 88,135 $ 274,574 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Consolidating Statements Of Operations | GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 268,302 $ 19,211 $ (7,427 ) $ 280,086 Cost of sales — 200,725 16,338 (7,256 ) 209,807 Gross profit — 67,577 2,873 (171 ) 70,279 Selling, general, and administrative expense 35 39,466 1,374 — 40,875 (Loss) income from operations (35 ) 28,111 1,499 (171 ) 29,404 Interest expense (income) 3,403 (427 ) (70 ) — 2,906 Other expense — 95 427 — 522 (Loss) income before taxes (3,438 ) 28,443 1,142 (171 ) 25,976 (Benefit of) provision for income taxes (963 ) 7,182 254 — 6,473 Equity in earnings from subsidiaries 22,149 888 — (23,037 ) — Net income $ 19,674 $ 22,149 $ 888 $ (23,208 ) $ 19,503 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF INCOME THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 264,448 $ 15,514 $ (5,388 ) $ 274,574 Cost of sales — 198,103 12,844 (5,108 ) 205,839 Gross profit — 66,345 2,670 (280 ) 68,735 Selling, general, and administrative expense 34 31,003 2,005 — 33,042 (Loss) income from operations (34 ) 35,342 665 (280 ) 35,693 Interest expense (income) 3,402 105 (21 ) — 3,486 Other expense — 100 304 — 404 (Loss) income before taxes (3,436 ) 35,137 382 (280 ) 31,803 (Benefit of) provision for income taxes (1,124 ) 12,219 89 — 11,184 Equity in earnings from subsidiaries 23,211 293 — (23,504 ) — Net income $ 20,899 $ 23,211 $ 293 $ (23,784 ) $ 20,619 |
Schedule Of Consolidating Statements Of Comprehensive Income | IBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 19,674 $ 22,149 $ 888 $ (23,208 ) $ 19,503 Other comprehensive income (loss): Foreign currency translation adjustment — — 139 — 139 Adjustment to retirement benefit liability, net of tax — (5 ) — — (5 ) Adjustment to post employment health care benefit liability, net of tax — 32 — — 32 Other comprehensive income — 27 139 — 166 Total comprehensive income $ 19,674 $ 22,176 $ 1,027 $ (23,208 ) $ 19,669 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 20,899 $ 23,211 $ 293 $ (23,784 ) $ 20,619 Other comprehensive income (loss): Foreign currency translation adjustment — — 1,581 — 1,581 Adjustment to retirement benefit liability, net of tax — (2 ) — — (2 ) Adjustment to post employment health care benefit liability, net of tax — 29 — — 29 Other comprehensive income — 27 1,581 — 1,608 Total comprehensive income $ 20,899 $ 23,238 $ 1,874 $ (23,784 ) $ 22,227 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income $ 51,205 $ 58,637 $ 3,312 $ (62,462 ) $ 50,692 Other comprehensive (loss) income: Foreign currency translation adjustment — — (1,538 ) — (1,538 ) Cumulative effect of change in accounting (see Note 2 ) — (350 ) — — (350 ) Adjustment to retirement benefit liability, net of tax — (15 ) — — (15 ) Adjustment to post employment health care benefit liability, net of tax — 95 — — 95 Other comprehensive loss — (270 ) (1,538 ) — (1,808 ) Total comprehensive income $ 51,205 $ 58,367 $ 1,774 $ (62,462 ) $ 48,884 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net income (loss) $ 37,846 $ 44,356 $ (1,747 ) $ (43,071 ) $ 37,384 Other comprehensive income (loss): Foreign currency translation adjustment — — 3,351 — 3,351 Adjustment to retirement benefit liability, net of tax — (8 ) — — (8 ) Adjustment to post employment health care benefit liability, net of tax — 88 — — 88 Other comprehensive income — 80 3,351 — 3,431 Total comprehensive income $ 37,846 $ 44,436 $ 1,604 $ (43,071 ) $ 40,815 |
Schedule Of Consolidating Balance Sheets | STRIES, INC. CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 213,967 $ 31,446 $ — $ 245,413 Accounts receivable, net — 172,952 7,923 — 180,875 Intercompany balances (12,013 ) 15,885 (3,872 ) — — Inventories — 92,823 4,663 — 97,486 Other current assets 2,902 2,115 3,932 — 8,949 Total current assets (9,111 ) 497,742 44,092 — 532,723 Property, plant, and equipment, net — 90,883 2,835 — 93,718 Goodwill — 301,070 22,251 — 323,321 Acquired intangibles — 91,752 7,793 — 99,545 Other assets — 4,178 302 — 4,480 Investment in subsidiaries 803,058 63,166 — (866,224 ) — $ 793,947 $ 1,048,791 $ 77,273 $ (866,224 ) $ 1,053,787 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 87,351 $ 5,646 $ — $ 92,997 Accrued expenses 2,188 70,826 3,254 — 76,268 Billings in excess of cost — 19,304 2,596 21,900 Current maturities of long-term debt — 400 — — 400 Total current liabilities 2,188 177,881 11,496 — 191,565 Long-term debt 208,884 925 — — 209,809 Deferred income taxes — 29,499 2,611 — 32,110 Other non-current liabilities — 37,428 — — 37,428 Shareholders’ equity 582,875 803,058 63,166 (866,224 ) 582,875 $ 793,947 $ 1,048,791 $ 77,273 $ (866,224 ) $ 1,053,787 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 192,604 $ 29,676 $ — $ 222,280 Accounts receivable, net — 138,903 6,482 — 145,385 Intercompany balances 324 4,166 (4,490 ) — — Inventories — 82,457 3,915 — 86,372 Other current assets 5,415 (368 ) 3,680 — 8,727 Total current assets 5,739 417,762 39,263 — 462,764 Property, plant, and equipment, net — 93,906 3,192 — 97,098 Goodwill — 298,258 22,816 — 321,074 Acquired intangibles — 97,171 8,597 — 105,768 Other assets — 4,681 — — 4,681 Investment in subsidiaries 739,970 61,746 — (801,716 ) — $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 77,786 $ 4,601 $ — $ 82,387 Accrued expenses 5,469 67,746 2,252 — 75,467 Billings in excess of cost — 9,840 2,939 — 12,779 Current maturities of long-term debt — 400 — — 400 Total current liabilities 5,469 155,772 9,792 — 171,033 Long-term debt 208,521 1,100 — — 209,621 Deferred income taxes — 28,907 2,330 — 31,237 Other non-current liabilities — 47,775 — — 47,775 Shareholders’ equity 531,719 739,970 61,746 (801,716 ) 531,719 $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 |
Schedule Of Condensed Consolidating Statements Of Cash Flows | GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (13,240 ) $ 47,971 $ 3,479 $ — $ 38,210 Cash Flows from Investing Activities Cash paid for acquisitions — (5,241 ) — — (5,241 ) Net proceeds from sale of property and equipment — 3,044 103 — 3,147 Purchases of property, plant, and equipment — (6,537 ) (230 ) — (6,767 ) Net cash used in investing activities — (8,734 ) (127 ) — (8,861 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (6,549 ) — — — (6,549 ) Net proceeds from issuance of common stock 1,343 — — — 1,343 Intercompany financing 18,446 (17,474 ) (972 ) — — Net cash provided by (used in) financing activities 13,240 (17,874 ) (972 ) — (5,606 ) Effect of exchange rate changes on cash — — (610 ) — (610 ) Net increase in cash and cash equivalents — 21,363 1,770 — 23,133 Cash and cash equivalents at beginning of year — 192,604 29,676 — 222,280 Cash and cash equivalents at end of period $ — $ 213,967 $ 31,446 $ — $ 245,413 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (15,136 ) $ 64,702 $ (735 ) $ — $ 48,831 Cash Flows from Investing Activities Cash paid for acquisitions — (18,494 ) — — (18,494 ) Net proceeds from sale of property and equipment — 12,935 — — 12,935 Purchases of property, plant, and equipment — (4,929 ) (223 ) — (5,152 ) Net cash used in investing activities — (10,488 ) (223 ) — (10,711 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (1,982 ) — — — (1,982 ) Net proceeds from issuance of common stock 649 — — — 649 Intercompany financing 16,469 (14,813 ) (1,656 ) — — Net cash provided by (used in) financing activities 15,136 (15,213 ) (1,656 ) — (1,733 ) Effect of exchange rate changes on cash — — 1,468 — 1,468 Net increase (decrease) in cash and cash equivalents — 39,001 (1,146 ) — 37,855 Cash and cash equivalents at beginning of year — 143,826 26,351 — 170,177 Cash and cash equivalents at end of period $ — $ 182,827 $ 25,205 $ — $ 208,032 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||
Retained earnings | $ 325,878 | $ 274,836 | $ 274,562 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,174 | $ 6,340 | $ 4,579 | $ 4,366 | $ 4,290 | $ 5,898 | $ 7,016 | $ 7,721 | |
Accounting Standards Update 2018-02 | |||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||
Retained earnings | 350 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 350 | ||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||
Retained earnings | $ 894 | $ 274 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | |||
Trade accounts receivable | $ 166,208 | $ 140,209 | |
Costs in excess of billings | 21,522 | 11,610 | |
Total accounts receivables | 187,730 | 151,819 | |
Less allowance for doubtful accounts | (6,855) | (6,434) | |
Accounts receivable | $ 180,875 | $ 150,307 | $ 145,385 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract payment terms | 30 days |
Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract payment terms | 60 days |
Remaining performance obligation expected timing of satisfaction | 1 year |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Costs in Excess of Billings | |
Beginning balance, January 1, 2018 | $ 16,532 |
Costs in excess of billings to receivables | (15,450) |
Costs in excess of billings recognized, net of reclassification to receivables | 20,440 |
Ending balance, September 30, 2018 | 21,522 |
Billings in Excess of Cost | |
Beginning balance, January 1, 2018 | (12,779) |
Billings in excess of cost to revenue | 9,294 |
Net billings in advance and cash payments not recognized as revenue | (18,415) |
Ending balance, September 30, 2018 | $ (21,900) |
Revenue - Effects of Topic 606
Revenue - Effects of Topic 606 on Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||||||||||
Accounts receivable, net | $ 180,875 | $ 180,875 | $ 150,307 | $ 145,385 | |||||||
Costs in excess of billings | 21,522 | 21,522 | 16,532 | 16,532 | |||||||
Inventories | 97,486 | 97,486 | 81,637 | 86,372 | |||||||
Total current assets | 532,723 | 532,723 | 462,951 | 462,764 | |||||||
Total assets | 1,053,787 | 1,053,787 | 991,572 | 991,385 | |||||||
Liabilities | |||||||||||
Accrued expenses | 76,268 | 76,268 | 75,380 | 75,467 | |||||||
Total current liabilities | 191,565 | 191,565 | 170,946 | 171,033 | |||||||
Shareholders' equity | |||||||||||
Retained earnings | 325,878 | 325,878 | 274,836 | 274,562 | |||||||
Total shareholders' equity | 582,875 | $ 560,896 | $ 541,955 | $ 505,431 | $ 481,903 | $ 466,305 | 582,875 | $ 505,431 | 531,993 | 531,719 | $ 460,880 |
Total liabilities and shareholders' equity | 1,053,787 | 1,053,787 | 991,572 | 991,385 | |||||||
Net sales: | 280,086 | 274,574 | 761,459 | 728,806 | |||||||
Cost of sales | 209,807 | 205,839 | 572,359 | 548,991 | |||||||
Gross profit | 70,279 | 68,735 | 189,100 | 179,815 | |||||||
Provision for income taxes | 6,473 | 11,184 | 15,574 | 21,090 | |||||||
Net income | 19,503 | $ 22,837 | $ 8,352 | $ 20,619 | $ 12,769 | $ 3,996 | 50,692 | $ 37,384 | |||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||
Assets | |||||||||||
Accounts receivable, net | 174,426 | 174,426 | 145,385 | ||||||||
Costs in excess of billings | 11,610 | ||||||||||
Inventories | 102,662 | 102,662 | 86,372 | ||||||||
Total current assets | 531,450 | 531,450 | 462,764 | ||||||||
Total assets | 1,052,514 | 1,052,514 | 991,385 | ||||||||
Liabilities | |||||||||||
Accrued expenses | 75,889 | 75,889 | 75,467 | ||||||||
Total current liabilities | 191,186 | 191,186 | 171,033 | ||||||||
Shareholders' equity | |||||||||||
Retained earnings | 324,984 | 324,984 | 274,562 | ||||||||
Total shareholders' equity | 581,981 | 581,981 | 531,719 | ||||||||
Total liabilities and shareholders' equity | 1,052,514 | 1,052,514 | $ 991,385 | ||||||||
Net sales: | 281,156 | 760,277 | |||||||||
Cost of sales | 210,878 | 572,039 | |||||||||
Gross profit | 70,278 | 188,238 | |||||||||
Provision for income taxes | 6,473 | 15,332 | |||||||||
Net income | 19,502 | 50,072 | |||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||||||||
Assets | |||||||||||
Accounts receivable, net | 6,449 | 6,449 | 4,922 | ||||||||
Costs in excess of billings | 4,922 | ||||||||||
Inventories | (5,176) | (5,176) | (4,735) | ||||||||
Total current assets | 1,273 | 1,273 | 187 | ||||||||
Total assets | 1,273 | 1,273 | 187 | ||||||||
Liabilities | |||||||||||
Accrued expenses | 379 | 379 | (87) | ||||||||
Total current liabilities | 379 | 379 | (87) | ||||||||
Shareholders' equity | |||||||||||
Retained earnings | 894 | 894 | 274 | ||||||||
Total shareholders' equity | 894 | 894 | 274 | ||||||||
Total liabilities and shareholders' equity | 1,273 | 1,273 | $ 187 | ||||||||
Net sales: | (1,070) | 1,182 | |||||||||
Cost of sales | (1,071) | 320 | |||||||||
Gross profit | 1 | 862 | |||||||||
Provision for income taxes | 0 | 242 | |||||||||
Net income | $ 1 | $ 620 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Raw material | $ 51,860 | $ 42,661 | |
Work-in-process | 7,861 | 10,598 | |
Finished goods | 37,765 | 33,113 | |
Total inventories | $ 97,486 | $ 81,637 | $ 86,372 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Aug. 21, 2018 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Feb. 22, 2017 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 323,321 | $ 323,321 | $ 321,074 | |||||
SolarBOS | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate consideration for acquisition | $ 6,500 | |||||||
Goodwill | $ 2,838 | |||||||
Acquisition related costs | $ 500 | $ 500 | ||||||
Package Concierge | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate consideration for acquisition | $ 18,900 | |||||||
Goodwill | $ 16,790 | |||||||
Acquisition related costs | $ 31 | $ 146 |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Consideration to the Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Aug. 21, 2018 | Dec. 31, 2017 | Feb. 22, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 323,321 | $ 321,074 | ||
SolarBOS | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 915 | |||
Working capital | 828 | |||
Property, plant, and equipment | 547 | |||
Acquired intangible assets | 1,450 | |||
Other assets | 13 | |||
Other liabilities | (51) | |||
Goodwill | 2,838 | |||
Fair value of purchase consideration | $ 6,540 | |||
Package Concierge | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 590 | |||
Working capital | (1,998) | |||
Property, plant, and equipment | 55 | |||
Acquired intangible assets | 3,600 | |||
Other assets | 8 | |||
Deferred income taxes | (128) | |||
Goodwill | 16,790 | |||
Fair value of purchase consideration | $ 18,917 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Aug. 21, 2018 | Feb. 22, 2017 |
SolarBOS | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 1,450 | |
SolarBOS | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 300 | |
Estimated Useful Life | 3 years | |
SolarBOS | Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 450 | |
Estimated Useful Life | 9 years | |
SolarBOS | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 700 | |
Estimated Useful Life | 9 years | |
Package Concierge | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 3,600 | |
Package Concierge | Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 1,300 | |
Estimated Useful Life | 10 years | |
Package Concierge | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 1,700 | |
Estimated Useful Life | 7 years | |
Trademarks | Package Concierge | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value, finite-lived intangible assets acquired | $ 600 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance at | $ 321,074 |
Acquired goodwill | 2,838 |
Adjustments to prior year acquisitions | (38) |
Foreign currency translation | (553) |
Balance at | 323,321 |
Residential Products | |
Goodwill [Roll Forward] | |
Balance at | 198,075 |
Acquired goodwill | 0 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 0 |
Balance at | 198,075 |
Industrial and Infrastructure Products | |
Goodwill [Roll Forward] | |
Balance at | 54,280 |
Acquired goodwill | 0 |
Adjustments to prior year acquisitions | (38) |
Foreign currency translation | (165) |
Balance at | 54,077 |
Renewable Energy & Conservation | |
Goodwill [Roll Forward] | |
Balance at | 68,719 |
Acquired goodwill | 2,838 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | (388) |
Balance at | $ 71,169 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Residential Products | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | $ 1.3 | $ 1.3 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 107,034 | $ 116,339 |
Total acquired intangible assets, Gross Carrying Amount | 152,130 | 161,446 |
Accumulated Amortization, Finite-lived intangible assets | 52,585 | 55,678 |
Total acquired intangible assets, Accumulated Amortization | 52,585 | 55,678 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,148 | 5,876 |
Accumulated Amortization, Finite-lived intangible assets | 3,397 | 3,062 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 28,644 | 28,107 |
Accumulated Amortization, Finite-lived intangible assets | 13,406 | 12,033 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 70,593 | 80,707 |
Accumulated Amortization, Finite-lived intangible assets | 34,626 | 39,652 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 1,649 | 1,649 |
Accumulated Amortization, Finite-lived intangible assets | $ 1,156 | 931 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 3 months | |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | $ 45,096 | 45,107 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Minimum | Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 3 years | |
Minimum | Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 5 years | |
Minimum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 5 years | |
Minimum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 4 years | |
Maximum | Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 15 years | |
Maximum | Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 20 years | |
Maximum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 17 years | |
Maximum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life | 10 years |
Goodwill and Related Intangib_6
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,121 | $ 2,208 | $ 6,408 | $ 6,600 |
2,018 | 1,960 | 1,960 | ||
2,019 | 7,841 | 7,841 | ||
2,020 | 7,329 | 7,329 | ||
2,021 | 6,726 | 6,726 | ||
2,022 | 6,315 | 6,315 | ||
2,023 | $ 5,776 | $ 5,776 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2013 |
Debt Instrument [Line Items] | |||
Less unamortized debt issuance costs | $ (1,791) | $ (2,379) | |
Total debt | (210,209) | (210,021) | |
Less current maturities | 400 | 400 | |
Total long-term debt | 209,809 | 209,621 | |
Senior Subordinated 6.25% Notes | |||
Debt Instrument [Line Items] | |||
Total debt | $ (210,000) | $ (210,000) | |
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Other debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ (2,000) | $ (2,400) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Dec. 09, 2015 | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2013 | Jan. 31, 2013 |
Senior Subordinated 6.25% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issued value | $ 210,000,000 | ||||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% | ||
Revolving Credit Facility | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, availability amount | $ 290,500,000 | ||||
Borrowings outstanding | 0 | $ 0 | |||
Standby Letters of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Letters of credit issued | 9,539,000 | ||||
Secured Debt | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issued value | $ 300,000,000 | ||||
Line of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Letters of credit issued | $ 500,000,000 | ||||
Medium-term Notes | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issued value | $ 200,000,000 | ||||
Minimum | Line of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||
Maximum | Line of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||
LIBOR | Minimum | Line of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
LIBOR | Maximum | Line of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
AOCI before tax, beginning balance | $ (7,289) | $ (5,539) | $ (5,336) | $ (6,945) | $ (8,079) | $ (8,801) | $ (5,336) | $ (8,801) | ||
Accumulated other comprehensive income, tax, beginning balance | (949) | (960) | (970) | (1,047) | (1,063) | (1,080) | (970) | (1,080) | ||
Accumulated Other Comprehensive Income Beginning Balance | (6,340) | (4,579) | (4,366) | (5,898) | (7,016) | (7,721) | (4,366) | (7,721) | ||
Cumulative effect of new accounting principle in period of adoption | $ 274 | $ 0 | ||||||||
Other comprehensive income (loss), net of tax | 166 | 1,608 | (1,808) | 3,431 | ||||||
AOCI before tax, ending balance | (7,113) | (7,289) | (5,539) | (5,321) | (6,945) | (8,079) | (7,113) | (5,321) | ||
Accumulated other comprehensive income, tax, ending balance | (939) | (949) | (960) | (1,031) | (1,047) | (1,063) | (939) | (1,031) | ||
Accumulated Other Comprehensive Income Ending Balance | (6,174) | (6,340) | (4,579) | (4,290) | (5,898) | (7,016) | (6,174) | (4,290) | ||
Accumulated Translation Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
AOCI before tax, beginning balance | (4,375) | (2,588) | (2,698) | (4,078) | (5,169) | (5,848) | (2,698) | (5,848) | ||
Other comprehensive income adjustments | 139 | (1,787) | 110 | 1,581 | 1,091 | 679 | ||||
Other comprehensive income (loss), net of tax | 139 | (1,787) | 110 | 1,581 | 1,091 | 679 | ||||
AOCI before tax, ending balance | (4,236) | (4,375) | (2,588) | (2,497) | (4,078) | (5,169) | (4,236) | (2,497) | ||
Accumulated Defined Benefit Plans Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Other comprehensive income adjustments | 37 | 37 | 37 | 43 | 43 | 43 | ||||
Other comprehensive income (loss), tax | 10 | 11 | 10 | 16 | 16 | 17 | ||||
Other comprehensive income (loss), net of tax | 27 | 26 | 27 | 27 | 27 | 26 | ||||
Accumulated Other Comprehensive Loss | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | (350) | $ 0 | ||||||||
Minimum Pension Liability Adjustment | Accumulated Defined Benefit Plans Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
AOCI before tax, beginning balance | 172 | 179 | 171 | 188 | 192 | 197 | 171 | 197 | ||
Other comprehensive income adjustments | (7) | (7) | (7) | (4) | (4) | (5) | ||||
AOCI before tax, ending balance | 165 | 172 | 179 | 184 | 188 | 192 | 165 | 184 | ||
Postretirement Health Coverage | Accumulated Defined Benefit Plans Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
AOCI before tax, beginning balance | (3,086) | (3,130) | (2,809) | (3,055) | (3,102) | (3,150) | (2,809) | (3,150) | ||
Other comprehensive income adjustments | 44 | 44 | 44 | 47 | 47 | 48 | ||||
AOCI before tax, ending balance | $ (3,042) | $ (3,086) | $ (3,130) | $ (3,008) | $ (3,055) | $ (3,102) | $ (3,042) | $ (3,008) | ||
Accounting Standards Update 2014-09 | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | (350) | |||||||||
Accounting Standards Update 2014-09 | Accumulated Other Comprehensive Loss | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | (350) | |||||||||
Accounting Standards Update 2014-09 | Minimum Pension Liability Adjustment | Accumulated Defined Benefit Plans Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | 15 | |||||||||
Accounting Standards Update 2014-09 | Postretirement Health Coverage | Accumulated Defined Benefit Plans Adjustment | ||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||
Cumulative effect of new accounting principle in period of adoption | $ (365) |
Equity-Based Compensation - Inc
Equity-Based Compensation - Incentive Plan (Details) | May 04, 2018shares |
2018 Plan | Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 1,000,000 |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 135,540 | 108,748 |
Weighted average grant date fair value (in USD per share) | $ 33.60 | $ 42.72 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 95,674 | 120,048 |
Weighted average grant date fair value (in USD per share) | $ 36.81 | $ 37.14 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 0 | 25,000 |
Weighted average grant date fair value (in USD per share) | $ 0 | $ 42.35 |
Deferred stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 10,255 | 10,170 |
Weighted average grant date fair value (in USD per share) | $ 35.96 | $ 34.42 |
Common shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 2,113 | 2,034 |
Weighted average grant date fair value (in USD per share) | $ 35.50 | $ 34.42 |
Equity-Based Compensation (Equi
Equity-Based Compensation (Equity Based Awards - Settled in Stock) (Details) - Performance stock units - shares | 1 Months Ended | 9 Months Ended | |||
Feb. 29, 2020 | Apr. 30, 2017 | Feb. 28, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units awarded (in shares) | 135,540 | 108,748 | |||
Performance period | 1 year | ||||
2015 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units awarded that will convert to shares (in shares) | 78,482 | ||||
Shares to be issued on conversion as percentage of total award | 30.00% | ||||
Units awarded (in shares) | 10,266 | 20,000 | |||
Performance period | 3 years | ||||
Scenario, Forecast | 2015 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares to be issued on conversion (in shares) | 23,546 |
Equity-Based Compensation (Perf
Equity-Based Compensation (Performance Stock Units - Settled in Cash) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 38.5 | ||
Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Typical vesting period, in years | 3 years | ||
Performance period | 1 year | ||
Percentage of target performance stock units earned | 200.00% | 200.00% | |
Aggregate shares earned (in shares) | 256,000 | 438,000 | |
Targeted award (in shares) | 128,000 | 219,000 | |
Non Current Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 23 |
Equity-Based Compensation (Sc_2
Equity-Based Compensation (Schedule of Compensation Expense Recognized from Change in Fair Value and Vesting of Performance Stock Units) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
PSUs compensation expense | $ 1,518 | $ (405) | $ 3,126 | $ 1,673 |
Equity-Based Compensation (Mana
Equity-Based Compensation (Management Stock Purchase Plan) (Details) - Management Stock Purchase Plan - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based liabilities paid (in thousands) | $ 4,986,000 | $ 2,392,000 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units credited | $ 74,180 | $ 90,754 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2013 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of outstanding debt | $ 211,800 | $ 213,800 | |
Carrying value of outstanding debt | 210,209 | 210,021 | |
Senior Subordinated 6.25% Notes | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value of outstanding debt | $ 210,000 | $ 210,000 | |
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) - facility | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | ||
Number of facilities closed | 2 | 3 |
Exit Activity Costs and Asset_4
Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | $ 1,750 | $ 806 | $ 1,088 | $ (1,931) |
Exit activity costs (recoveries), net | 1,910 | 761 | 2,264 | 6,706 |
Total exit activity costs & asset impairments | 3,660 | 1,567 | 3,352 | 4,775 |
Residential Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 1,392 | 442 | 1,349 | 295 |
Exit activity costs (recoveries), net | 485 | 566 | 333 | 958 |
Total exit activity costs & asset impairments | 1,877 | 1,008 | 1,682 | 1,253 |
Industrial and Infrastructure Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 358 | 98 | (345) | (2,492) |
Exit activity costs (recoveries), net | 1,417 | (12) | 1,607 | 2,959 |
Total exit activity costs & asset impairments | 1,775 | 86 | 1,262 | 467 |
Renewable Energy & Conservation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 0 | 266 | 84 | 266 |
Exit activity costs (recoveries), net | (156) | 191 | (107) | 2,610 |
Total exit activity costs & asset impairments | (156) | 457 | (23) | 2,876 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 0 | 0 | 0 | 0 |
Exit activity costs (recoveries), net | 164 | 16 | 431 | 179 |
Total exit activity costs & asset impairments | $ 164 | $ 16 | $ 431 | $ 179 |
Exit Activity Costs and Asset_5
Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 3,660 | $ 1,567 | $ 3,352 | $ 4,775 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1,621 | 860 | 1,465 | 382 |
Selling, general, and administrative expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 2,039 | $ 707 | $ 1,887 | $ 4,393 |
Exit Activity Costs and Asset_6
Exit Activity Costs and Asset Impairments (Reconciles of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | ||||
Exit activity costs (recoveries), net | $ 1,910 | $ 761 | $ 2,264 | $ 6,706 |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 961 | 3,744 | ||
Cash payments | (1,608) | (9,207) | ||
Ending balance | $ 1,617 | $ 1,243 | $ 1,617 | $ 1,243 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 6,473 | $ 11,184 | $ 15,574 | $ 21,090 |
Effective tax rate | 24.90% | 35.20% | 23.50% | 35.80% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Tax benefit due to performance share unit vesting | $ 2,600 | ||||||||||
Pretax losses | $ 25,976 | $ 31,803 | 66,266 | $ 58,879 | |||||||
Increase in global tax rate | 0.30% | 0.60% | |||||||||
Accumulated other comprehensive loss | $ (6,174) | $ (4,290) | $ (6,340) | (6,174) | $ (4,290) | $ (4,579) | $ (4,366) | $ (5,898) | $ (7,016) | $ (7,721) | |
Retained earnings | 325,878 | 325,878 | $ 274,836 | $ 274,562 | |||||||
Accounting Standards Update 2018-02 | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Accumulated other comprehensive loss | (350) | (350) | |||||||||
Retained earnings | 350 | $ 350 | |||||||||
Europe | Solar Racking Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Pretax losses | $ 2,200 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provisional Income Tax Adjustments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Remeasurement of certain deferred tax balances | $ (174) |
One-time transition tax | (363) |
Non-deductible performance based compensation | 366 |
Net adjustment recorded to provisional income tax expense | $ 177 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net income | $ 19,503 | $ 22,837 | $ 8,352 | $ 20,619 | $ 12,769 | $ 3,996 | $ 50,692 | $ 37,384 |
Weighted average basic shares outstanding (in shares) | 32,115 | 31,703 | 31,922 | 31,700 | ||||
Common stock options and restricted stock (in shares) | 456 | 507 | 602 | 516 | ||||
Weighted average shares outstanding, diluted (in shares) | 32,571 | 32,210 | 32,524 | 32,216 | ||||
Common shares | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Antidilutive securities excluded from earnings per share calculation (in shares) | 247 | 489 | 328 | 523 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Net sales: | $ 280,086 | $ 274,574 | $ 761,459 | $ 728,806 |
Income from operations: | 70,279 | 68,735 | 189,100 | 179,815 |
Unallocated Corporate Expenses | (8,698) | (2,174) | (22,839) | (15,977) |
Total income from operations | 29,404 | 35,693 | 75,521 | 70,302 |
Residential Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net sales: | 125,839 | 129,501 | 360,915 | 361,304 |
Income from operations: | 20,138 | 23,764 | 57,572 | 61,984 |
Industrial and Infrastructure Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net sales: | 55,761 | 56,938 | 171,357 | 164,812 |
Income from operations: | 2,892 | 2,554 | 12,098 | 5,914 |
Renewable Energy & Conservation | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net sales: | 98,486 | 88,135 | 229,187 | 202,690 |
Income from operations: | 15,072 | 11,549 | 28,690 | 18,381 |
Intersegment Elimination | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net sales: | (272) | (224) | (861) | (994) |
Intersegment Elimination | Industrial and Infrastructure Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net sales: | $ 56,033 | $ 57,162 | $ 172,218 | $ 165,806 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales: | $ 280,086 | $ 274,574 | $ 761,459 | $ 728,806 |
Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 125,839 | 129,501 | 360,915 | 361,304 |
Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 55,761 | 56,938 | 171,357 | 164,812 |
Renewable Energy & Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 98,486 | 88,135 | 229,187 | 202,690 |
Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 183,588 | 194,098 | 529,745 | 544,951 |
Point in Time | Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 125,118 | 129,501 | 358,960 | 361,304 |
Point in Time | Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 47,686 | 56,938 | 145,657 | 164,812 |
Point in Time | Renewable Energy & Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 10,784 | 7,659 | 25,128 | 18,835 |
Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 96,498 | 80,476 | 231,714 | 183,855 |
Over Time | Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 721 | 0 | 1,955 | 0 |
Over Time | Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | 8,075 | 0 | 25,700 | 0 |
Over Time | Renewable Energy & Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales: | $ 87,702 | $ 80,476 | $ 204,059 | $ 183,855 |
Supplemental Financial Inform_3
Supplemental Financial Information (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2013 | |
Schedule Of Supplemental Financial Information [Line Items] | |||
Ownership percentage | 100.00% | ||
Senior Subordinated 6.25% Notes | |||
Schedule Of Supplemental Financial Information [Line Items] | |||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Supplemental Financial Inform_4
Supplemental Financial Information (Schedule of Consolidating Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net sales: | $ 280,086 | $ 274,574 | $ 761,459 | $ 728,806 | ||||
Cost of sales | 209,807 | 205,839 | 572,359 | 548,991 | ||||
Gross profit | 70,279 | 68,735 | 189,100 | 179,815 | ||||
Selling, general, and administrative expense | 40,875 | 33,042 | 113,579 | 109,513 | ||||
Income from operations | 29,404 | 35,693 | 75,521 | 70,302 | ||||
Interest expense (income) | 2,906 | 3,486 | 9,305 | 10,612 | ||||
Other expense (income) | 522 | 404 | (50) | 811 | ||||
Income before taxes | 25,976 | 31,803 | 66,266 | 58,879 | ||||
Provision for income taxes | 6,473 | 11,184 | 15,574 | 21,090 | ||||
Income from continuing operations | 19,503 | 20,619 | 50,692 | 37,789 | ||||
Loss before taxes | 0 | 0 | 0 | (644) | ||||
Benefit of income taxes | 0 | 0 | 0 | (239) | ||||
Loss from discontinued operations | 0 | 0 | 0 | (405) | ||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 19,503 | $ 22,837 | $ 8,352 | 20,619 | $ 12,769 | $ 3,996 | 50,692 | 37,384 |
Reportable Legal Entities | Guarantor Subsidiaries | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net sales: | 268,302 | 264,448 | 729,256 | 700,848 | ||||
Cost of sales | 200,725 | 198,103 | 548,391 | 527,389 | ||||
Gross profit | 67,577 | 66,345 | 180,865 | 173,459 | ||||
Selling, general, and administrative expense | 39,466 | 31,003 | 108,639 | 101,190 | ||||
Income from operations | 28,111 | 35,342 | 72,226 | 72,269 | ||||
Interest expense (income) | (427) | 105 | (724) | 459 | ||||
Other expense (income) | 95 | 100 | 234 | 345 | ||||
Income before taxes | 28,443 | 35,137 | 72,716 | 71,465 | ||||
Provision for income taxes | 7,182 | 12,219 | 17,391 | 24,957 | ||||
Income from continuing operations | 46,508 | |||||||
Loss before taxes | (644) | |||||||
Benefit of income taxes | (239) | |||||||
Loss from discontinued operations | (405) | |||||||
Equity in earnings from subsidiaries | 888 | 293 | 3,312 | (1,747) | ||||
Net income | 22,149 | 23,211 | 58,637 | 44,356 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net sales: | 19,211 | 15,514 | 45,735 | 37,383 | ||||
Cost of sales | 16,338 | 12,844 | 36,987 | 30,565 | ||||
Gross profit | 2,873 | 2,670 | 8,748 | 6,818 | ||||
Selling, general, and administrative expense | 1,374 | 2,005 | 4,825 | 8,212 | ||||
Income from operations | 1,499 | 665 | 3,923 | (1,394) | ||||
Interest expense (income) | (70) | (21) | (178) | (54) | ||||
Other expense (income) | 427 | 304 | (284) | 466 | ||||
Income before taxes | 1,142 | 382 | 4,385 | (1,806) | ||||
Provision for income taxes | 254 | 89 | 1,073 | (59) | ||||
Income from continuing operations | (1,747) | |||||||
Loss before taxes | 0 | |||||||
Benefit of income taxes | 0 | |||||||
Loss from discontinued operations | 0 | |||||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 888 | 293 | 3,312 | (1,747) | ||||
Reportable Legal Entities | Gibraltar Industries, Inc. | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net sales: | 0 | 0 | 0 | 0 | ||||
Cost of sales | 0 | 0 | 0 | 0 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Selling, general, and administrative expense | 35 | 34 | 115 | 111 | ||||
Income from operations | (35) | (34) | (115) | (111) | ||||
Interest expense (income) | 3,403 | 3,402 | 10,207 | 10,207 | ||||
Other expense (income) | 0 | 0 | 0 | 0 | ||||
Income before taxes | (3,438) | (3,436) | (10,322) | (10,318) | ||||
Provision for income taxes | (963) | (1,124) | (2,890) | (3,808) | ||||
Income from continuing operations | (6,510) | |||||||
Loss before taxes | 0 | |||||||
Benefit of income taxes | 0 | |||||||
Loss from discontinued operations | 0 | |||||||
Equity in earnings from subsidiaries | 22,149 | 23,211 | 58,637 | 44,356 | ||||
Net income | 19,674 | 20,899 | 51,205 | 37,846 | ||||
Eliminations | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net sales: | (7,427) | (5,388) | (13,532) | (9,425) | ||||
Cost of sales | (7,256) | (5,108) | (13,019) | (8,963) | ||||
Gross profit | (171) | (280) | (513) | (462) | ||||
Selling, general, and administrative expense | 0 | 0 | 0 | 0 | ||||
Income from operations | (171) | (280) | (513) | (462) | ||||
Interest expense (income) | 0 | 0 | 0 | 0 | ||||
Other expense (income) | 0 | 0 | 0 | 0 | ||||
Income before taxes | (171) | (280) | (513) | (462) | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||
Income from continuing operations | (462) | |||||||
Loss before taxes | 0 | |||||||
Benefit of income taxes | 0 | |||||||
Loss from discontinued operations | 0 | |||||||
Equity in earnings from subsidiaries | (23,037) | (23,504) | (61,949) | (42,609) | ||||
Net income | $ (23,208) | $ (23,784) | $ (62,462) | $ (43,071) |
Supplemental Financial Inform_5
Supplemental Financial Information (Schedule of Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net income | $ 19,503 | $ 22,837 | $ 8,352 | $ 20,619 | $ 12,769 | $ 3,996 | $ 50,692 | $ 37,384 |
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 139 | (1,787) | 110 | 1,581 | 1,091 | 679 | (1,538) | 3,351 |
Cumulative effect of accounting change (see Note 2) | (350) | |||||||
Adjustment to retirement benefit liability, net of tax | (5) | (2) | (15) | (8) | ||||
Adjustment to post employment health care benefit liability, net of tax | 32 | $ 31 | $ 32 | 29 | $ 30 | $ 29 | 95 | 88 |
Other comprehensive income (loss) | 166 | 1,608 | (1,808) | 3,431 | ||||
Total comprehensive income | 19,669 | 22,227 | 48,884 | 40,815 | ||||
Reportable Legal Entities | Guarantor Subsidiaries | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net income | 22,149 | 23,211 | 58,637 | 44,356 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||||
Cumulative effect of accounting change (see Note 2) | (350) | |||||||
Adjustment to retirement benefit liability, net of tax | (5) | (2) | (15) | (8) | ||||
Adjustment to post employment health care benefit liability, net of tax | 32 | 29 | 95 | 88 | ||||
Other comprehensive income (loss) | 27 | 27 | (270) | 80 | ||||
Total comprehensive income | 22,176 | 23,238 | 58,367 | 44,436 | ||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net income | 888 | 293 | 3,312 | (1,747) | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 139 | 1,581 | (1,538) | 3,351 | ||||
Cumulative effect of accounting change (see Note 2) | 0 | |||||||
Adjustment to retirement benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Adjustment to post employment health care benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | 139 | 1,581 | (1,538) | 3,351 | ||||
Total comprehensive income | 1,027 | 1,874 | 1,774 | 1,604 | ||||
Reportable Legal Entities | Gibraltar Industries, Inc. | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net income | 19,674 | 20,899 | 51,205 | 37,846 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||||
Cumulative effect of accounting change (see Note 2) | 0 | |||||||
Adjustment to retirement benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Adjustment to post employment health care benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Total comprehensive income | 19,674 | 20,899 | 51,205 | 37,846 | ||||
Eliminations | ||||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||||
Net income | (23,208) | (23,784) | (62,462) | (43,071) | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||||
Cumulative effect of accounting change (see Note 2) | 0 | |||||||
Adjustment to retirement benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Adjustment to post employment health care benefit liability, net of tax | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Total comprehensive income | $ (23,208) | $ (23,784) | $ (62,462) | $ (43,071) |
Supplemental Financial Inform_6
Supplemental Financial Information (Schedule of Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Supplemental Financial Information [Line Items] | |||||||||||
Cash and cash equivalents | $ 245,413 | $ 222,280 | $ 208,032 | $ 170,177 | $ 208,032 | $ 170,177 | |||||
Accounts receivable, net | 180,875 | $ 150,307 | 145,385 | ||||||||
Intercompany balances | 0 | 0 | |||||||||
Inventories | 97,486 | 81,637 | 86,372 | ||||||||
Other current assets | 8,949 | 8,727 | |||||||||
Total current assets | 532,723 | 462,951 | 462,764 | ||||||||
Property, plant, and equipment, net | 93,718 | 97,098 | |||||||||
Goodwill | 323,321 | 321,074 | |||||||||
Acquired intangibles | 99,545 | 105,768 | |||||||||
Other assets | 4,480 | 4,681 | |||||||||
Investment in subsidiaries | 0 | 0 | |||||||||
Total assets | 1,053,787 | 991,572 | 991,385 | ||||||||
Accounts payable | 92,997 | 82,387 | |||||||||
Accrued expenses | 76,268 | 75,380 | 75,467 | ||||||||
Billings in excess of cost | 21,900 | 12,779 | |||||||||
Current maturities of long-term debt | 400 | 400 | |||||||||
Total current liabilities | 191,565 | 170,946 | 171,033 | ||||||||
Long-term debt | 209,809 | 209,621 | |||||||||
Deferred income taxes | 32,110 | 31,237 | |||||||||
Other non-current liabilities | 37,428 | 47,775 | |||||||||
Total shareholders’ equity | 582,875 | $ 560,896 | $ 541,955 | 531,993 | 531,719 | $ 505,431 | $ 481,903 | $ 466,305 | $ 460,880 | ||
Total liabilities and shareholders' equity | 1,053,787 | $ 991,572 | 991,385 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
Schedule Of Supplemental Financial Information [Line Items] | |||||||||||
Cash and cash equivalents | 213,967 | 192,604 | 182,827 | 143,826 | |||||||
Accounts receivable, net | 172,952 | 138,903 | |||||||||
Intercompany balances | 15,885 | 4,166 | |||||||||
Inventories | 92,823 | 82,457 | |||||||||
Other current assets | 2,115 | (368) | |||||||||
Total current assets | 497,742 | 417,762 | |||||||||
Property, plant, and equipment, net | 90,883 | 93,906 | |||||||||
Goodwill | 301,070 | 298,258 | |||||||||
Acquired intangibles | 91,752 | 97,171 | |||||||||
Other assets | 4,178 | 4,681 | |||||||||
Investment in subsidiaries | 63,166 | 61,746 | |||||||||
Total assets | 1,048,791 | 973,524 | |||||||||
Accounts payable | 87,351 | 77,786 | |||||||||
Accrued expenses | 70,826 | 67,746 | |||||||||
Billings in excess of cost | 19,304 | 9,840 | |||||||||
Current maturities of long-term debt | 400 | 400 | |||||||||
Total current liabilities | 177,881 | 155,772 | |||||||||
Long-term debt | 925 | 1,100 | |||||||||
Deferred income taxes | 29,499 | 28,907 | |||||||||
Other non-current liabilities | 37,428 | 47,775 | |||||||||
Total shareholders’ equity | 803,058 | 739,970 | |||||||||
Total liabilities and shareholders' equity | 1,048,791 | 973,524 | |||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Schedule Of Supplemental Financial Information [Line Items] | |||||||||||
Cash and cash equivalents | 31,446 | 29,676 | 25,205 | 26,351 | |||||||
Accounts receivable, net | 7,923 | 6,482 | |||||||||
Intercompany balances | (3,872) | (4,490) | |||||||||
Inventories | 4,663 | 3,915 | |||||||||
Other current assets | 3,932 | 3,680 | |||||||||
Total current assets | 44,092 | 39,263 | |||||||||
Property, plant, and equipment, net | 2,835 | 3,192 | |||||||||
Goodwill | 22,251 | 22,816 | |||||||||
Acquired intangibles | 7,793 | 8,597 | |||||||||
Other assets | 302 | 0 | |||||||||
Investment in subsidiaries | 0 | 0 | |||||||||
Total assets | 77,273 | 73,868 | |||||||||
Accounts payable | 5,646 | 4,601 | |||||||||
Accrued expenses | 3,254 | 2,252 | |||||||||
Billings in excess of cost | 2,596 | 2,939 | |||||||||
Current maturities of long-term debt | 0 | 0 | |||||||||
Total current liabilities | 11,496 | 9,792 | |||||||||
Long-term debt | 0 | 0 | |||||||||
Deferred income taxes | 2,611 | 2,330 | |||||||||
Other non-current liabilities | 0 | 0 | |||||||||
Total shareholders’ equity | 63,166 | 61,746 | |||||||||
Total liabilities and shareholders' equity | 77,273 | 73,868 | |||||||||
Reportable Legal Entities | Gibraltar Industries, Inc. | |||||||||||
Schedule Of Supplemental Financial Information [Line Items] | |||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||||
Accounts receivable, net | 0 | 0 | |||||||||
Intercompany balances | (12,013) | 324 | |||||||||
Inventories | 0 | 0 | |||||||||
Other current assets | 2,902 | 5,415 | |||||||||
Total current assets | (9,111) | 5,739 | |||||||||
Property, plant, and equipment, net | 0 | 0 | |||||||||
Goodwill | 0 | 0 | |||||||||
Acquired intangibles | 0 | 0 | |||||||||
Other assets | 0 | 0 | |||||||||
Investment in subsidiaries | 803,058 | 739,970 | |||||||||
Total assets | 793,947 | 745,709 | |||||||||
Accounts payable | 0 | 0 | |||||||||
Accrued expenses | 2,188 | 5,469 | |||||||||
Billings in excess of cost | 0 | 0 | |||||||||
Current maturities of long-term debt | 0 | 0 | |||||||||
Total current liabilities | 2,188 | 5,469 | |||||||||
Long-term debt | 208,884 | 208,521 | |||||||||
Deferred income taxes | 0 | 0 | |||||||||
Other non-current liabilities | 0 | 0 | |||||||||
Total shareholders’ equity | 582,875 | 531,719 | |||||||||
Total liabilities and shareholders' equity | 793,947 | 745,709 | |||||||||
Eliminations | |||||||||||
Schedule Of Supplemental Financial Information [Line Items] | |||||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||||||
Accounts receivable, net | 0 | 0 | |||||||||
Intercompany balances | 0 | 0 | |||||||||
Inventories | 0 | 0 | |||||||||
Other current assets | 0 | 0 | |||||||||
Total current assets | 0 | 0 | |||||||||
Property, plant, and equipment, net | 0 | 0 | |||||||||
Goodwill | 0 | 0 | |||||||||
Acquired intangibles | 0 | 0 | |||||||||
Other assets | 0 | 0 | |||||||||
Investment in subsidiaries | (866,224) | (801,716) | |||||||||
Total assets | (866,224) | (801,716) | |||||||||
Accounts payable | 0 | 0 | |||||||||
Accrued expenses | 0 | 0 | |||||||||
Billings in excess of cost | 0 | ||||||||||
Current maturities of long-term debt | 0 | 0 | |||||||||
Total current liabilities | 0 | 0 | |||||||||
Long-term debt | 0 | 0 | |||||||||
Deferred income taxes | 0 | 0 | |||||||||
Other non-current liabilities | 0 | 0 | |||||||||
Total shareholders’ equity | (866,224) | (801,716) | |||||||||
Total liabilities and shareholders' equity | $ (866,224) | $ (801,716) |
Supplemental Financial Inform_7
Supplemental Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule Of Supplemental Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | $ 38,210 | $ 48,831 |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | (5,241) | (18,494) |
Net proceeds from sale of property and equipment | 3,147 | 12,935 |
Purchases of property, plant, and equipment | (6,767) | (5,152) |
Net cash used in investing activities | (8,861) | (10,711) |
Cash Flows from Financing Activities | ||
Long-term debt payments | (400) | (400) |
Purchase of treasury stock at market prices | (6,549) | (1,982) |
Net proceeds from issuance of common stock | 1,343 | 649 |
Intercompany financing | 0 | 0 |
Net cash used in financing activities | (5,606) | (1,733) |
Effect of exchange rate changes on cash | (610) | 1,468 |
Net increase in cash and cash equivalents | 23,133 | 37,855 |
Cash and cash equivalents at beginning of year | 222,280 | 170,177 |
Cash and cash equivalents at end of period | 245,413 | 208,032 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Schedule Of Supplemental Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 47,971 | 64,702 |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | (5,241) | (18,494) |
Net proceeds from sale of property and equipment | 3,044 | 12,935 |
Purchases of property, plant, and equipment | (6,537) | (4,929) |
Net cash used in investing activities | (8,734) | (10,488) |
Cash Flows from Financing Activities | ||
Long-term debt payments | (400) | (400) |
Purchase of treasury stock at market prices | 0 | 0 |
Net proceeds from issuance of common stock | 0 | 0 |
Intercompany financing | (17,474) | (14,813) |
Net cash used in financing activities | (17,874) | (15,213) |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 21,363 | 39,001 |
Cash and cash equivalents at beginning of year | 192,604 | |
Cash and cash equivalents at end of period | 213,967 | |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Schedule Of Supplemental Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 3,479 | (735) |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | 0 | 0 |
Net proceeds from sale of property and equipment | 103 | 0 |
Purchases of property, plant, and equipment | (230) | (223) |
Net cash used in investing activities | (127) | (223) |
Cash Flows from Financing Activities | ||
Long-term debt payments | 0 | 0 |
Purchase of treasury stock at market prices | 0 | 0 |
Net proceeds from issuance of common stock | 0 | 0 |
Intercompany financing | (972) | (1,656) |
Net cash used in financing activities | (972) | (1,656) |
Effect of exchange rate changes on cash | (610) | 1,468 |
Net increase in cash and cash equivalents | 1,770 | (1,146) |
Cash and cash equivalents at beginning of year | 29,676 | |
Cash and cash equivalents at end of period | 31,446 | |
Reportable Legal Entities | Gibraltar Industries, Inc. | ||
Schedule Of Supplemental Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | (13,240) | (15,136) |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | 0 | 0 |
Net proceeds from sale of property and equipment | 0 | 0 |
Purchases of property, plant, and equipment | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Long-term debt payments | 0 | 0 |
Purchase of treasury stock at market prices | (6,549) | (1,982) |
Net proceeds from issuance of common stock | 1,343 | 649 |
Intercompany financing | 18,446 | 16,469 |
Net cash used in financing activities | 13,240 | 15,136 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | |
Cash and cash equivalents at end of period | 0 | |
Eliminations | ||
Schedule Of Supplemental Financial Information [Line Items] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Cash Flows from Investing Activities | ||
Cash paid for acquisitions, net of cash acquired | 0 | 0 |
Net proceeds from sale of property and equipment | 0 | 0 |
Purchases of property, plant, and equipment | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Long-term debt payments | 0 | 0 |
Purchase of treasury stock at market prices | 0 | 0 |
Net proceeds from issuance of common stock | 0 | 0 |
Intercompany financing | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | $ 0 |
Cash and cash equivalents at beginning of year | 0 | |
Cash and cash equivalents at end of period | $ 0 |