Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ROCK | |
Entity Registrant Name | GIBRALTAR INDUSTRIES, INC. | |
Entity Central Index Key | 0000912562 | |
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 | 32,202,885 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales: | $ 227,417 | $ 215,337 |
Cost of sales | 183,517 | 167,019 |
Gross profit | 43,900 | 48,318 |
Selling, general, and administrative expense | 33,334 | 34,475 |
Income from operations | 10,566 | 13,843 |
Interest expense | 2,061 | 3,269 |
Other expense (income) | 589 | (585) |
Income before taxes | 7,916 | 11,159 |
Provision for income taxes | 1,571 | 2,807 |
Net income | $ 6,345 | $ 8,352 |
Net earnings per share – Basic: | ||
Income from continuing operations - Net earnings per share - Basic (in USD per share) | $ 0.20 | $ 0.26 |
Income from continuing operations - Net earnings per share - Diluted (in USD per share) | $ 0.19 | $ 0.26 |
Weighted Average Number of Shares Outstanding | ||
Weighted average basic shares outstanding (in shares) | 32,279 | 31,786 |
Weighted average shares outstanding, diluted (in shares) | 32,617 | 32,444 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net income | $ 6,345 | $ 8,352 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 842 | 110 |
Cumulative effect of accounting change | 0 | (350) |
Minimum pension and post retirement benefit plan adjustments | 12 | 27 |
Other comprehensive income (loss) | 854 | (213) |
Total comprehensive income | $ 7,199 | $ 8,139 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 43,509 | $ 297,006 |
Accounts receivable, net | 167,201 | 140,283 |
Inventories | 98,594 | 98,913 |
Other current assets | 8,282 | 8,351 |
Total current assets | 317,586 | 544,553 |
Property, plant, and equipment, net | 95,856 | 95,830 |
Operating lease assets | 31,823 | |
Goodwill | 323,573 | 323,671 |
Acquired intangibles | 94,520 | 96,375 |
Other assets | 2,900 | 1,216 |
Total assets | 866,258 | 1,061,645 |
Current liabilities: | ||
Accounts payable | 84,462 | 79,136 |
Accrued expenses | 65,020 | 87,074 |
Billings in excess of cost | 18,259 | 17,857 |
Current maturities of long-term debt | 400 | 208,805 |
Total current liabilities | 168,141 | 392,872 |
Long-term debt | 1,600 | 1,600 |
Deferred income taxes | 36,916 | 36,530 |
Non-current operating lease liabilities | 22,751 | |
Other non-current liabilities | 31,017 | 33,950 |
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; 33,026 shares and 32,887 shares issued and outstanding in 2019 and 2018 | 330 | 329 |
Additional paid-in capital | 285,034 | 282,525 |
Retained earnings | 346,922 | 338,995 |
Accumulated other comprehensive loss | (6,380) | (7,234) |
Cost of 855 and 796 common shares held in treasury in 2019 and 2018 | (20,073) | (17,922) |
Total shareholders’ equity | 605,833 | 596,693 |
Total liabilities and shareholders' equity | $ 866,258 | $ 1,061,645 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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) | 33,026,000 | 32,887,000 |
Treasury stock, shares (in shares) | 855,000 | 796,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 6,345 | $ 8,352 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 4,941 | 5,189 |
Stock compensation expense | 2,371 | 2,097 |
Exit activity recoveries, non-cash | 0 | (727) |
Provision for deferred income taxes | 393 | 0 |
Other, net | 2,456 | 353 |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||
Accounts receivable | (27,623) | 4,947 |
Inventories | 35 | (8,907) |
Other current assets and other assets | 165 | 1,498 |
Accounts payable | 5,332 | (1,694) |
Accrued expenses and other non-current liabilities | (31,903) | (33,314) |
Net cash used in operating activities | (37,488) | (22,206) |
Cash Flows from Investing Activities | ||
Acquisitions, net of cash acquired | (264) | 0 |
Net proceeds from sale of property and equipment | 22 | 2,823 |
Purchases of property, plant, and equipment | (3,132) | (1,033) |
Net cash (used in) provided by investing activities | (3,374) | 1,790 |
Cash Flows from Financing Activities | ||
Long-term debt payments | (210,000) | 0 |
Payment of debt issuance costs | (1,235) | 0 |
Purchase of treasury stock at market prices | (2,151) | (850) |
Net proceeds from issuance of common stock | 139 | 226 |
Net cash used in financing activities | (213,247) | (624) |
Effect of exchange rate changes on cash | 612 | (499) |
Net decrease in cash and cash equivalents | (253,497) | (21,539) |
Cash and cash equivalents at beginning of year | 297,006 | 222,280 |
Cash and cash equivalents at end of period | $ 43,509 | $ 200,741 |
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 |
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 | ||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $4 | 27 | 27 | ||||
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, 2018 | 32,887 | 796 | ||||
Balance, value at Dec. 31, 2018 | 596,693 | $ 329 | 282,525 | 338,995 | (7,234) | $ (17,922) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 6,345 | |||||
Foreign currency translation adjustment | 842 | 842 | ||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $4 | 12 | 12 | ||||
Stock compensation expense | 2,371 | 2,371 | ||||
Stock options exercised, shares | 12 | |||||
Stock options exercised | 139 | 139 | ||||
Net settlement of restricted stock units, shares | 127 | 59 | ||||
Net settlement of restricted stock units | (2,151) | $ 1 | (1) | $ (2,151) | ||
Balance, shares at Mar. 31, 2019 | 33,026 | 855 | ||||
Balance, value at Mar. 31, 2019 | $ 605,833 | $ 330 | $ 285,034 | $ 346,922 | $ (6,380) | $ (20,073) |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Adjustment to pension benefit liability, taxes | $ 4 | $ 10 |
Consolidated Financial Statemen
Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 . The balance sheet at December 31, 2018 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements 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 has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows. Date of adoption: Q1 2019 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326) The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach. The Company is currently evaluating the requirements of this standard. It does not expect it to have a material impact on the Company's financial statements. Date of adoption: Q1 2020 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the following (in thousands): March 31, 2019 December 31, 2018 Trade accounts receivable $ 149,159 $ 124,609 Costs in excess of billings 25,519 22,634 Total accounts receivables 174,678 147,243 Less allowance for doubtful accounts (7,477 ) (6,960 ) Accounts receivable $ 167,201 $ 140,283 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 10-Q for additional information related to revenue recognized by timing of transfer of control by reportable segment. As of March 31, 2019 , the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Contract assets and contract liabilities Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue. Unearned revenue relates to payments received in advance of performance under the contract and is recognized when the Company performs under the contract. Unearned revenue is presented within accrued expenses in the Company's consolidated balance sheet. 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 March 31, 2019 and 2018, respectively (in thousands): March 31, 2019 December 31, 2018 Costs in excess of billings $ 25,519 $ 22,634 Billings in excess of cost (18,259 ) (17,857 ) Unearned revenue (12,917 ) (12,028 ) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period $ 9,697 $ 8,340 Amounts included in unearned revenue at the beginning of the period $ 4,661 $ 1,836 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Raw material $ 58,376 $ 57,845 Work-in-process 7,626 6,930 Finished goods 32,592 34,138 Total inventories $ 98,594 $ 98,913 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
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 aggregate purchase consideration for the acquisition of SolarBOS was $6.4 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 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 $2.9 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 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 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,879 Fair value of purchase consideration $ 6,369 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 During the three month periods ended March 31, 2019 and 2018, the Company did not incur any acquisition-related costs. |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 are as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy & Conservation Total Balance at December 31, 2018 $ 198,075 $ 53,769 $ 71,827 $ 323,671 Adjustments to prior year acquisitions — — (172 ) (172 ) Foreign currency translation — 116 (42 ) 74 Balance at March 31, 2019 $ 198,075 $ 53,885 $ 71,613 $ 323,573 Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Estimated Life Indefinite-lived intangible assets: Trademarks $ 43,870 $ — $ 43,870 $ — Indefinite Finite-lived intangible assets: Trademarks 6,114 3,669 6,094 3,518 3 to 15 Years Unpatented technology 28,644 14,352 28,644 13,881 5 to 20 Years Customer relationships 70,348 36,791 70,419 35,678 5 to 17 Years Non-compete agreements 1,649 1,293 1,649 1,224 4 to 10 Years 106,755 56,105 106,806 54,301 Total acquired intangible assets $ 150,625 $ 56,105 $ 150,676 $ 54,301 The following table summarizes the acquired intangible asset amortization expense for the three months ended March 31 (in thousands): Three Months Ended 2019 2018 Amortization expense $ 1,797 $ 2,139 Amortization expense related to acquired intangible assets for the remainder of fiscal 2019 and the next five years thereafter is estimated as follows (in thousands): 2019 2020 2021 2022 2023 2024 Amortization expense $ 5,390 $ 6,895 $ 6,700 $ 6,222 $ 5,684 $ 5,428 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Senior Subordinated 6.25% Notes $ — $ 210,000 Other debt 2,000 2,000 Less unamortized debt issuance costs — (1,595 ) Total debt 2,000 210,405 Less current maturities 400 208,805 Total long-term debt $ 1,600 $ 1,600 Senior Credit Agreement On January 24, 2019, the Company entered into a Sixth Amended and Restated Credit Agreement ("2019 Senior Credit Agreement"), which amends and restates the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015. The 2019 Senior Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million . The Company can request additional financing from the lenders to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Senior Credit Agreement. The 2019 Senior Credit Agreement contains three financial covenants. As of March 31, 2019, the Company is in compliance with all three covenants. Borrowings under the 2019 Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Interest rates on the 2019 revolving credit facility are based on the LIBOR plus an additional margin that ranges from 1.125% to 2.00% . In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio and the daily average undrawn balance. The 2019 Senior Credit Agreement terminates on January 23, 2024. Standby letters of credit of $8.1 million have been issued under the 2019 Senior Credit Agreement on behalf of the Company as of March 31, 2019 . These letters of credit reduce the amount otherwise available under the revolving credit facility. As of March 31, 2019 , the Company had $391.9 million of availability under the revolving credit facility. No borrowings were outstanding under the Company's revolving credit facility at March 31, 2019 and December 31, 2018 . Senior Subordinated Notes 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. On December 20, 2018, the Company announced its redemption of its $210 million outstanding Senior Subordinated 6.25% Notes, effective February 1, 2019. The 6.25% Notes were redeemed in accordance with the provisions of the indenture governing the Notes on February 1, 2019. The Company recorded a charge of $1.1 million for the write-off of deferred financing fees relating to the 6.25% Notes during the quarter ending March 31, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, (in thousands): Foreign Currency Translation Adjustment Minimum pension and post retirement benefit plan Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2018 $ (5,939 ) $ (2,040 ) $ (7,979 ) $ (745 ) $ (7,234 ) Minimum pension and post retirement health care plan adjustments — 16 16 4 12 Foreign currency translation adjustment 842 — 842 — 842 Balance at March 31, 2019 $ (5,097 ) $ (2,024 ) $ (7,121 ) $ (741 ) $ (6,380 ) Foreign Currency Translation Adjustment Minimum pension and post retirement benefit plan Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2017 $ (2,698 ) $ (2,638 ) $ (5,336 ) $ (970 ) $ (4,366 ) Cumulative effect of accounting change (350 ) (350 ) — (350 ) Minimum pension and post retirement health care plan adjustments — 37 37 10 27 Foreign currency translation adjustment 110 — 110 — 110 Balance at March 31, 2018 $ (2,588 ) $ (2,951 ) $ (5,539 ) $ (960 ) $ (4,579 ) 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2019 2018 Awards Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Performance stock units 145,420 $ 40.55 132,288 $ 33.35 Restricted stock units 117,821 $ 39.37 67,055 $ 33.35 (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, 2019. (2) Performance stock units granted in 2018 which will convert to 126,337 shares to be issued on December 31, 2020, representing 95.5% of the targeted 2018 award, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2018. Equity Based Awards - Settled in Cash The Company's equity-based liability includes awards under a management stock purchase plan and cash-settled performance awards issued in 2016. As of March 31, 2019 , the Company's total share-based liabilities recorded on the consolidated balance sheet were $26.6 million , of which $22.0 million was included in non-current liabilities. The share-based liabilities as of December 31, 2018 were $38.4 million , of which $23.6 million was included in non-current liabilities. During the quarter ended March 31, 2019, the Company paid $8.9 million to participants of cash-settled performance stock units awarded in 2016. The participants earned 200% of the target, or 256,000 units, which were converted to cash and valued at the trailing 90 -day closing price of the Company's common stock as of December 31, 2018. 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 may elect to convert their deferral to unrestricted investments, restricted stock units, or a combination of both, and also receive a company-matching award in restricted stock units equal to a percentage of their compensation. The account represents a share-based liability that will be 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 three months ended March 31, : 2019 2018 Restricted stock units credited 51,608 63,937 Share-based liabilities paid (in thousands) $ 4,933 $ 4,717 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 . As of March 31, 2019, the Company does not have any financial instrument for which the carrying value differs from its fair value. At December 31, 2018, the Company's only financial instrument for which the carrying value differs from its fair value was the Company's Senior Subordinated 6.25% Notes, which were redeemed on February 1, 2019. At December 31, 2018, the fair value of the outstanding debt, net of unamortized debt issuance costs, was $210.8 million compared to its carrying value of $210.4 million . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company leases are classified as operating leases and consist of manufacturing facilities, distribution centers, office space, vehicles and equipment. For leases with terms greater than twelve months, at lease commencement the Company recognizes a right-of-use asset and a lease liability. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's consolidated balance sheet. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company combines lease and non-lease components, such as common area maintenance costs, in calculating the related asset and lease liabilities for all underlying asset groups. Operating lease cost is included in income from operations and includes short-term leases and variable lease costs which are immaterial. Most of the Company's leases include one or more options to renew, with renewal terms that can extend the respective lease term from one month to fifteen years . The exercise of lease renewal options is at the Company's sole discretion. As of March 31, 2019, the Company's renewal options are not part of the Company's operating lease assets and operating lease liabilities. Certain leases also include options to purchase at fair value the underlying leased asset at the Company's sole discretion. Classification March 31, 2019 Assets Operating lease assets $ 31,823 Liabilities Current Accrued expenses $ 9,342 Non-current Non-current operating lease liabilities 22,751 $ 32,093 Three Months Ended March 31, 2019 Lease cost: Operating lease cost $ 3,357 Other information: Cash paid for amounts included in the measurement of operating liabilities $ 2,640 Right-of-use assets obtained in exchange for new lease liabilties $ 3,470 Weighted-average remaining lease term - operating leases 4.33 years Weighted-average discount rate - operating leases 5.70 % Maturity of lease liabilities Three Months Ended March 31, 2019 2019 (April 1, 2019 through December 31, 2019) $ 8,276 2020 8,981 2021 6,929 2022 5,175 2023 4,603 After 2023 2,328 Total lease payments 36,292 Less: present value discount (4,199 ) Present value of lease liabilities $ 32,093 The Company uses the Company's incremental borrowing rate based on information available at the commencement date of a lease in determining the present value of lease payments as the rates implicit in most of the Company's leases are not readily determinable. Upon adoption of ASU 2016-02 on January 1, 2019, the unrecognized deferred gain related to sale-leaseback transactions was recorded as a cumulative-effect adjustment to increase retained earnings, net of related income tax effects. |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 3 Months Ended |
Mar. 31, 2019 | |
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, the simplification of processes, and in the sale and exiting of less profitable businesses or products lines. Exit activity costs were incurred during the three months ended March 31, 2019 which related to contract terminations, severance, and other moving and closing costs. During the three months ended March 31, 2018 , the Company incurred exit activity costs resulting from the above initiatives. In conjunction with these initiatives, the Company closed one facility during the first three months of 2018 and sold and leased back another facility which resulted in a gain, which was partially offset by inventory impairment charges incurred for discontinued products. The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands): Three months ended March 31, 2019 2018 Inventory write-downs &/or asset impairment charges Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity (recoveries) costs, net Total Residential Products $ — $ 151 $ 151 $ (43 ) $ (123 ) $ (166 ) Industrial & Infrastructure Products — (33 ) (33 ) (703 ) 218 (485 ) Renewable Energy & Conservation — 94 94 19 117 136 Corporate — 7 7 — 44 44 Total exit activity costs & asset impairments $ — $ 219 $ 219 $ (727 ) $ 256 $ (471 ) 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 months ended March 31, (in thousands): Three Months Ended 2019 2018 Cost of sales $ (34 ) $ 37 Selling, general, and administrative expense (recoveries) 253 (508 ) Net asset impairment and exit activity charges (recoveries) $ 219 $ (471 ) The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2019 2018 Balance at January 1 $ 1,923 $ 961 Exit activity costs recognized 219 256 Cash payments (550 ) (739 ) Balance at March 31 $ 1,592 $ 478 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, and the applicable effective tax rates: Three Months Ended 2019 2018 Provision for income taxes $ 1,571 $ 2,807 Effective tax rate 19.8 % 25.2 % The effective tax rate for the three months ended March 31, 2019 was less than the U.S. federal statutory rate of 21% due to favorable discrete items partially offset by state taxes and nondeductible permanent differences. The effective tax rate for the three months ended March 31, 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. 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 was finalized in the fourth quarter of 2018. While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it included two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return any foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company has elected to account for 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 three months ended March 31, 2019 and March 31, 2018. The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The BEAT tax had no impact on the Company's consolidated financial statements for the three months ended March 31, 2019 and March 31, 2018. 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 on January 1, 2018. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings and diluted weighted-average shares outstanding are as follows for the three months ended March 31, (in thousands): Three Months Ended 2019 2018 Numerator: Income from continuing operations $ 6,345 $ 8,352 Net income available to common shareholders $ 6,345 $ 8,352 Denominator for basic earnings per share: Weighted average shares outstanding 32,279 31,786 Denominator for diluted earnings per share: Weighted average shares outstanding 32,279 31,786 Common stock options and stock units 338 658 Weighted average shares and conversions 32,617 32,444 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 258,000 and 359,000 for the three months ended March 31, 2019 and 2018 , respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
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, rain dispersion products and roofing accessories, centralized mail systems and electronic package solutions; (ii) Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, perimeter security systems, expansion joints, and structural bearings; and (iii) Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of 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 months ended March 31, (in thousands): Three Months Ended 2019 2018 Net sales: Residential Products $ 103,709 $ 103,948 Industrial and Infrastructure Products 55,188 54,624 Less: Intersegment sales (317 ) (221 ) Net Industrial and Infrastructure Products 54,871 54,403 Renewable Energy and Conservation 68,837 56,986 Total consolidated net sales $ 227,417 $ 215,337 Income from operations: Residential Products $ 12,090 $ 13,238 Industrial and Infrastructure Products 4,129 2,602 Renewable Energy and Conservation 1,632 4,062 Unallocated Corporate Expenses (7,285 ) (6,059 ) Total income from operations $ 10,566 $ 13,843 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three months ended March 31 (in thousands): Three Months Ended March 31, 2019 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 102,892 $ 45,287 $ 7,290 $ 155,469 Over Time 817 9,584 61,547 71,948 Total $ 103,709 $ 54,871 $ 68,837 $ 227,417 Three Months Ended March 31, 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 102,884 $ 46,543 $ 5,620 $ 155,047 Over Time 1,064 7,860 51,366 60,290 Total $ 103,948 $ 54,403 $ 56,986 $ 215,337 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows. Date of adoption: Q1 2019 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326) The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach. The Company is currently evaluating the requirements of this standard. It does not expect it to have a material impact on the Company's financial statements. Date of adoption: Q1 2020 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands): March 31, 2019 December 31, 2018 Trade accounts receivable $ 149,159 $ 124,609 Costs in excess of billings 25,519 22,634 Total accounts receivables 174,678 147,243 Less allowance for doubtful accounts (7,477 ) (6,960 ) Accounts receivable $ 167,201 $ 140,283 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018, respectively (in thousands): March 31, 2019 December 31, 2018 Costs in excess of billings $ 25,519 $ 22,634 Billings in excess of cost (18,259 ) (17,857 ) Unearned revenue (12,917 ) (12,028 ) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period $ 9,697 $ 8,340 Amounts included in unearned revenue at the beginning of the period $ 4,661 $ 1,836 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following (in thousands): March 31, 2019 December 31, 2018 Raw material $ 58,376 $ 57,845 Work-in-process 7,626 6,930 Finished goods 32,592 34,138 Total inventories $ 98,594 $ 98,913 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,879 Fair value of purchase consideration $ 6,369 |
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 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2019 are as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy & Conservation Total Balance at December 31, 2018 $ 198,075 $ 53,769 $ 71,827 $ 323,671 Adjustments to prior year acquisitions — — (172 ) (172 ) Foreign currency translation — 116 (42 ) 74 Balance at March 31, 2019 $ 198,075 $ 53,885 $ 71,613 $ 323,573 |
Schedule Of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Estimated Life Indefinite-lived intangible assets: Trademarks $ 43,870 $ — $ 43,870 $ — Indefinite Finite-lived intangible assets: Trademarks 6,114 3,669 6,094 3,518 3 to 15 Years Unpatented technology 28,644 14,352 28,644 13,881 5 to 20 Years Customer relationships 70,348 36,791 70,419 35,678 5 to 17 Years Non-compete agreements 1,649 1,293 1,649 1,224 4 to 10 Years 106,755 56,105 106,806 54,301 Total acquired intangible assets $ 150,625 $ 56,105 $ 150,676 $ 54,301 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the acquired intangible asset amortization expense for the three months ended March 31 (in thousands): Three Months Ended 2019 2018 Amortization expense $ 1,797 $ 2,139 |
Schedule Of Amortization Expense | Amortization expense related to acquired intangible assets for the remainder of fiscal 2019 and the next five years thereafter is estimated as follows (in thousands): 2019 2020 2021 2022 2023 2024 Amortization expense $ 5,390 $ 6,895 $ 6,700 $ 6,222 $ 5,684 $ 5,428 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt | Long-term debt consists of the following (in thousands): March 31, 2019 December 31, 2018 Senior Subordinated 6.25% Notes $ — $ 210,000 Other debt 2,000 2,000 Less unamortized debt issuance costs — (1,595 ) Total debt 2,000 210,405 Less current maturities 400 208,805 Total long-term debt $ 1,600 $ 1,600 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, (in thousands): Foreign Currency Translation Adjustment Minimum pension and post retirement benefit plan Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2018 $ (5,939 ) $ (2,040 ) $ (7,979 ) $ (745 ) $ (7,234 ) Minimum pension and post retirement health care plan adjustments — 16 16 4 12 Foreign currency translation adjustment 842 — 842 — 842 Balance at March 31, 2019 $ (5,097 ) $ (2,024 ) $ (7,121 ) $ (741 ) $ (6,380 ) Foreign Currency Translation Adjustment Minimum pension and post retirement benefit plan Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Balance at December 31, 2017 $ (2,698 ) $ (2,638 ) $ (5,336 ) $ (970 ) $ (4,366 ) Cumulative effect of accounting change (350 ) (350 ) — (350 ) Minimum pension and post retirement health care plan adjustments — 37 37 10 27 Foreign currency translation adjustment 110 — 110 — 110 Balance at March 31, 2018 $ (2,588 ) $ (2,951 ) $ (5,539 ) $ (960 ) $ (4,579 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2019 2018 Awards Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Performance stock units 145,420 $ 40.55 132,288 $ 33.35 Restricted stock units 117,821 $ 39.37 67,055 $ 33.35 (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, 2019. (2) Performance stock units granted in 2018 which will convert to 126,337 shares to be issued on December 31, 2020, representing 95.5% of the targeted 2018 award, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2018. |
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 three months ended March 31, : 2019 2018 Restricted stock units credited 51,608 63,937 Share-based liabilities paid (in thousands) $ 4,933 $ 4,717 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Classification March 31, 2019 Assets Operating lease assets $ 31,823 Liabilities Current Accrued expenses $ 9,342 Non-current Non-current operating lease liabilities 22,751 $ 32,093 |
Lease, Cost | Three Months Ended March 31, 2019 Lease cost: Operating lease cost $ 3,357 Other information: Cash paid for amounts included in the measurement of operating liabilities $ 2,640 Right-of-use assets obtained in exchange for new lease liabilties $ 3,470 Weighted-average remaining lease term - operating leases 4.33 years Weighted-average discount rate - operating leases 5.70 % |
Lessee, Operating Lease, Liability, Maturity | Maturity of lease liabilities Three Months Ended March 31, 2019 2019 (April 1, 2019 through December 31, 2019) $ 8,276 2020 8,981 2021 6,929 2022 5,175 2023 4,603 After 2023 2,328 Total lease payments 36,292 Less: present value discount (4,199 ) Present value of lease liabilities $ 32,093 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, (in thousands): Three Months Ended 2019 2018 Cost of sales $ (34 ) $ 37 Selling, general, and administrative expense (recoveries) 253 (508 ) Net asset impairment and exit activity charges (recoveries) $ 219 $ (471 ) The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands): Three months ended March 31, 2019 2018 Inventory write-downs &/or asset impairment charges Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity (recoveries) costs, net Total Residential Products $ — $ 151 $ 151 $ (43 ) $ (123 ) $ (166 ) Industrial & Infrastructure Products — (33 ) (33 ) (703 ) 218 (485 ) Renewable Energy & Conservation — 94 94 19 117 136 Corporate — 7 7 — 44 44 Total exit activity costs & asset impairments $ — $ 219 $ 219 $ (727 ) $ 256 $ (471 ) |
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): 2019 2018 Balance at January 1 $ 1,923 $ 961 Exit activity costs recognized 219 256 Cash payments (550 ) (739 ) Balance at March 31 $ 1,592 $ 478 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, and the applicable effective tax rates: Three Months Ended 2019 2018 Provision for income taxes $ 1,571 $ 2,807 Effective tax rate 19.8 % 25.2 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Loss Per Share | the three months ended March 31, (in thousands): Three Months Ended 2019 2018 Numerator: Income from continuing operations $ 6,345 $ 8,352 Net income available to common shareholders $ 6,345 $ 8,352 Denominator for basic earnings per share: Weighted average shares outstanding 32,279 31,786 Denominator for diluted earnings per share: Weighted average shares outstanding 32,279 31,786 Common stock options and stock units 338 658 Weighted average shares and conversions 32,617 32,444 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, (in thousands): Three Months Ended 2019 2018 Net sales: Residential Products $ 103,709 $ 103,948 Industrial and Infrastructure Products 55,188 54,624 Less: Intersegment sales (317 ) (221 ) Net Industrial and Infrastructure Products 54,871 54,403 Renewable Energy and Conservation 68,837 56,986 Total consolidated net sales $ 227,417 $ 215,337 Income from operations: Residential Products $ 12,090 $ 13,238 Industrial and Infrastructure Products 4,129 2,602 Renewable Energy and Conservation 1,632 4,062 Unallocated Corporate Expenses (7,285 ) (6,059 ) Total income from operations $ 10,566 $ 13,843 |
Disaggregation of Revenue | The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three months ended March 31 (in thousands): Three Months Ended March 31, 2019 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 102,892 $ 45,287 $ 7,290 $ 155,469 Over Time 817 9,584 61,547 71,948 Total $ 103,709 $ 54,871 $ 68,837 $ 227,417 Three Months Ended March 31, 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 102,884 $ 46,543 $ 5,620 $ 155,047 Over Time 1,064 7,860 51,366 60,290 Total $ 103,948 $ 54,403 $ 56,986 $ 215,337 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ 346,922 | $ 338,995 | |
Accounting Standards Update 2016-02 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ 1,600 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 149,159 | $ 124,609 |
Costs in excess of billings | 25,519 | 22,634 |
Total accounts receivables | 174,678 | 147,243 |
Less allowance for doubtful accounts | (7,477) | (6,960) |
Accounts receivable | $ 167,201 | $ 140,283 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | Mar. 31, 2019 |
Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Remaining performance obligation expected timing of satisfaction | 1 year |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Costs in excess of billings | $ 25,519 | $ 22,634 | |
Amounts included in billings in excess of cost at the beginning of the period | 9,697 | $ 8,340 | |
Amounts included in unearned revenue at the beginning of the period | 4,661 | $ 1,836 | |
Billings in excess of cost | |||
Capitalized Contract Cost [Line Items] | |||
Contract with customer liability | 18,259 | 17,857 | |
Unearned revenue | |||
Capitalized Contract Cost [Line Items] | |||
Contract with customer liability | $ 12,917 | $ 12,028 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 58,376 | $ 57,845 |
Work-in-process | 7,626 | 6,930 |
Finished goods | 32,592 | 34,138 |
Total inventories | $ 98,594 | $ 98,913 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) | Aug. 21, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 323,573,000 | $ 323,671,000 | ||
SolarBOS | ||||
Business Acquisition [Line Items] | ||||
Aggregate consideration for acquisition | $ 6,400,000 | |||
Goodwill | $ 2,879,000 | |||
Acquisition related costs | $ 0 | $ 0 |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Consideration to the Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Aug. 21, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 323,573 | $ 323,671 | |
SolarBOS | |||
Business Acquisition [Line Items] | |||
Cash | $ 915 | ||
Working capital | 680 | ||
Property, plant and equipment | 483 | ||
Acquired intangible assets | 1,450 | ||
Other assets | 13 | ||
Other liabilities | (51) | ||
Goodwill | 2,879 | ||
Fair value of purchase consideration | $ 6,369 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - SolarBOS $ in Thousands | Aug. 21, 2018USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value, finite-lived intangible assets acquired | $ 1,450 |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value, finite-lived intangible assets acquired | $ 300 |
Estimated Useful Life | 3 years |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value, finite-lived intangible assets acquired | $ 450 |
Estimated Useful Life | 9 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value, finite-lived intangible assets acquired | $ 700 |
Estimated Useful Life | 9 years |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance at | $ 323,671 |
Adjustments to prior year acquisitions | (172) |
Foreign currency translation | 74 |
Balance at | 323,573 |
Residential Products | |
Goodwill [Roll Forward] | |
Balance at | 198,075 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 0 |
Balance at | 198,075 |
Industrial and Infrastructure Products | |
Goodwill [Roll Forward] | |
Balance at | 53,769 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 116 |
Balance at | 53,885 |
Renewable Energy & Conservation | |
Goodwill [Roll Forward] | |
Balance at | 71,827 |
Adjustments to prior year acquisitions | (172) |
Foreign currency translation | (42) |
Balance at | $ 71,613 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 106,755 | $ 106,806 |
Total acquired intangible assets, Gross Carrying Amount | 150,625 | 150,676 |
Accumulated Amortization, Finite-lived intangible assets | 56,105 | 54,301 |
Total acquired intangible assets, Accumulated Amortization | 56,105 | 54,301 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,114 | 6,094 |
Accumulated Amortization, Finite-lived intangible assets | 3,669 | 3,518 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 28,644 | 28,644 |
Accumulated Amortization, Finite-lived intangible assets | 14,352 | 13,881 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 70,348 | 70,419 |
Accumulated Amortization, Finite-lived intangible assets | 36,791 | 35,678 |
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 | 1,293 | 1,224 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 43,870 | 43,870 |
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_5
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,797 | $ 2,139 |
2019 | 5,390 | |
2020 | 6,895 | |
2021 | 6,700 | |
2022 | 6,222 | |
2023 | 5,684 | |
2024 | $ 5,428 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less unamortized debt issuance costs | $ 0 | $ (1,595) |
Total debt | (2,000) | (210,405) |
Less current maturities | 400 | 208,805 |
Total long-term debt | 1,600 | 1,600 |
Senior Subordinated 6.25% Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | (210,000) |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ (2,000) | $ (2,000) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jan. 24, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2013 | Jan. 31, 2013 |
Debt Instrument [Line Items] | |||||
Carrying value of outstanding debt | $ 2,000,000 | $ 210,405,000 | |||
Senior Subordinated 6.25% Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issued value | $ 210,000,000 | ||||
Carrying value of outstanding debt | $ 0 | $ 210,000,000 | |||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% | ||
Write off of deferred debt issuance cost | $ 1,100,000 | ||||
Revolving Credit Facility | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, availability amount | 391,900,000 | ||||
Borrowings outstanding | 0 | $ 0 | |||
Standby Letters of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Letters of credit issued | $ 8,129,000 | ||||
Line of Credit | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Current borrowing capacity | $ 400,000,000 | ||||
Letters of credit issued | 700,000,000 | ||||
Medium-term Notes | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issued value | $ 300,000,000 | ||||
Minimum | Line of Credit | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.15% | ||||
Maximum | Line of Credit | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.25% | ||||
LIBOR | Minimum | Line of Credit | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||||
LIBOR | Maximum | Line of Credit | 2019 Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCI before tax, beginning balance | $ (7,979) | $ (5,336) | ||
Accumulated other comprehensive income, tax, beginning balance | (745) | (970) | ||
Accumulated Other Comprehensive Income Beginning Balance | (7,234) | (4,366) | ||
Cumulative effect of new accounting principle in period of adoption | $ 1,582 | $ 274 | ||
Other comprehensive income (loss), net of tax | 854 | (213) | ||
AOCI before tax, ending balance | (7,121) | (5,539) | ||
Accumulated other comprehensive income, tax, ending balance | (741) | (960) | ||
Accumulated Other Comprehensive Income Ending Balance | (6,380) | (4,579) | ||
Accumulated Translation Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCI before tax, beginning balance | (5,939) | (2,698) | ||
Other comprehensive income adjustments | 842 | 110 | ||
Other comprehensive income (loss), net of tax | 842 | 110 | ||
AOCI before tax, ending balance | (5,097) | (2,588) | ||
Accumulated Defined Benefit Plans Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income adjustments | 16 | 37 | ||
Other comprehensive income (loss), tax | 4 | 10 | ||
Other comprehensive income (loss), net of tax | 12 | 27 | ||
Minimum pension and post retirement benefit plan adjustments | Accumulated Defined Benefit Plans Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
AOCI before tax, beginning balance | (2,040) | (2,638) | ||
Other comprehensive income adjustments | 16 | 37 | ||
AOCI before tax, ending balance | $ (2,024) | $ (2,951) | ||
Accounting Standards Update 2018-02 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Cumulative effect of new accounting principle in period of adoption | $ (350) |
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 | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards (in shares) | 145,420 | 132,288 | ||
Weighted average grant date fair value (in USD per share) | $ 40.55 | $ 33.35 | ||
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of awards (in shares) | 117,821 | 67,055 | ||
Weighted average grant date fair value (in USD per share) | $ 39.37 | $ 33.35 | ||
2015 Incentive Plan | Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be issued on conversion as percentage of total award | 95.50% | |||
2015 Incentive Plan | Scenario, Forecast | Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares to be issued on conversion (in shares) | 126,337 |
Equity-Based Compensation (Perf
Equity-Based Compensation (Performance Stock Units - Settled in Cash) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued equity based compensation | $ 26.6 | $ 38.4 |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target performance stock units earned | 200.00% | |
Units converted (in shares) | 256,000 | |
Closing period | 90 days | |
Non Current Liabilities | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued equity based compensation | $ 22 | $ 23.6 |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
PSUs compensation expense | $ 8.9 |
Equity-Based Compensation (Mana
Equity-Based Compensation (Management Stock Purchase Plan) (Details) - Management Stock Purchase Plan - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based liabilities paid (in thousands) | $ 4,933,000 | $ 4,717,000 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units credited (in shares) | $ 51,608 | $ 63,937 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2013 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of outstanding debt | $ 210,800 | ||
Carrying value of outstanding debt | $ 2,000 | $ 210,405 | |
Senior Subordinated 6.25% Notes | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Carrying value of outstanding debt | $ 0 | $ 210,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2019 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 15 years |
Leases - Assets and Liabilities
Leases - Assets and Liabilities of Lessee (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease assets | $ 31,823 |
Accrued expenses | 9,342 |
Non-current operating lease liabilities | 22,751 |
Total operating lease liability | $ 32,093 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Assumptions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 3,357 |
Cash paid for amounts included in the measurement of operating liabilities | 2,640 |
Right-of-use assets obtained in exchange for new lease liabilties | $ 3,470 |
Weighted-average remaining lease term - operating leases | 4 years 3 months 29 days |
Weighted-average discount rate - operating leases | 5.70% |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (April 1, 2019 through December 31, 2019) | $ 8,276 |
2020 | 8,981 |
2021 | 6,929 |
2022 | 5,175 |
2023 | 4,603 |
After 2023 | 2,328 |
Total lease payments | 36,292 |
Less: present value discount | (4,199) |
Present value of lease liabilities | $ 32,093 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018facility | |
Restructuring and Related Activities [Abstract] | |
Number of facilities closed | 1 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Inventory write-downs &/or asset impairment charges | $ 0 | $ (727) |
Exit activity costs (recoveries), net | 219 | 256 |
Total exit activity costs & asset impairments | 219 | (471) |
Residential Products | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory write-downs &/or asset impairment charges | 0 | (43) |
Exit activity costs (recoveries), net | 151 | (123) |
Total exit activity costs & asset impairments | 151 | (166) |
Industrial and Infrastructure Products | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory write-downs &/or asset impairment charges | 0 | (703) |
Exit activity costs (recoveries), net | (33) | 218 |
Total exit activity costs & asset impairments | (33) | (485) |
Renewable Energy & Conservation | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory write-downs &/or asset impairment charges | 0 | 19 |
Exit activity costs (recoveries), net | 94 | 117 |
Total exit activity costs & asset impairments | 94 | 136 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory write-downs &/or asset impairment charges | 0 | 0 |
Exit activity costs (recoveries), net | 7 | 44 |
Total exit activity costs & asset impairments | $ 7 | $ 44 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 219 | $ (471) |
Cost of sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | (34) | 37 |
Selling, general, and administrative expense (recoveries) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 253 | $ (508) |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 1,923 | $ 961 |
Exit activity costs (recoveries), net | 219 | 256 |
Cash payments | (550) | (739) |
Ending balance | $ 1,592 | $ 478 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,571 | $ 2,807 |
Effective tax rate | 19.80% | 25.20% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Accumulated other comprehensive loss | $ (6,380) | $ (7,234) | $ (4,579) | $ (4,366) | |
Retained earnings | $ 346,922 | $ 338,995 | |||
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) | ||||
Retained earnings | $ 350 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Income from continuing operations | $ 6,345 | $ 8,352 |
Net income | $ 6,345 | $ 8,352 |
Weighted average basic shares outstanding (in shares) | 32,279 | 31,786 |
Common stock options and restricted stock (in shares) | 338 | 658 |
Weighted average shares outstanding, diluted (in shares) | 32,617 | 32,444 |
Common shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share calculation (in shares) | 258 | 359 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Number of reportable segments | segment | 3 | |
Net sales: | $ 227,417 | $ 215,337 |
Income from operations: | 43,900 | 48,318 |
Unallocated Corporate Expenses | (7,285) | (6,059) |
Total income from operations | 10,566 | 13,843 |
Residential Products | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | 103,709 | 103,948 |
Income from operations: | 12,090 | 13,238 |
Industrial and Infrastructure Products | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | 54,871 | 54,403 |
Income from operations: | 4,129 | 2,602 |
Renewable Energy & Conservation | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | 68,837 | 56,986 |
Income from operations: | 1,632 | 4,062 |
Operating Segments | Residential Products | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | 103,709 | 103,948 |
Operating Segments | Industrial and Infrastructure Products | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | 55,188 | 54,624 |
Intersegment Elimination | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net sales: | $ (317) | $ (221) |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net sales: | $ 227,417 | $ 215,337 |
Residential Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 103,709 | 103,948 |
Industrial and Infrastructure Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 54,871 | 54,403 |
Renewable Energy & Conservation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 68,837 | 56,986 |
Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 155,469 | 155,047 |
Point in Time | Residential Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 102,892 | 102,884 |
Point in Time | Industrial and Infrastructure Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 45,287 | 46,543 |
Point in Time | Renewable Energy & Conservation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 7,290 | 5,620 |
Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 71,948 | 60,290 |
Over Time | Residential Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 817 | 1,064 |
Over Time | Industrial and Infrastructure Products | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | 9,584 | 7,860 |
Over Time | Renewable Energy & Conservation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales: | $ 61,547 | $ 51,366 |
Uncategorized Items - rock-2019
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 624,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,582,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (350,000) |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |