Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-22462 | |
Entity Registrant Name | GIBRALTAR INDUSTRIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1445150 | |
Entity Address, Address Line One | 3556 Lake Shore Road | |
Entity Address, Address Line Two | P.O. Box 2028 | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14219-0228 | |
City Area Code | 716 | |
Local Phone Number | 826-6500 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | ROCK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,423,220 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000912562 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net Sales | $ 285,814 | $ 262,655 | $ 535,253 | $ 490,072 |
Cost of sales | 213,556 | 199,097 | 406,608 | 382,614 |
Gross profit | 72,258 | 63,558 | 128,645 | 107,458 |
Selling, general, and administrative expense | 37,667 | 36,952 | 78,864 | 70,286 |
Income from operations | 34,591 | 26,606 | 49,781 | 37,172 |
Interest expense | 214 | 219 | 167 | 2,280 |
Other (income) expense | (1,787) | (13) | (1,595) | 576 |
Income before taxes | 36,164 | 26,400 | 51,209 | 34,316 |
Provision for income taxes | 8,872 | 6,487 | 11,858 | 8,058 |
Net income | $ 27,292 | $ 19,913 | $ 39,351 | $ 26,258 |
Net earnings per share: | ||||
Basic (in USD per share) | $ 0.84 | $ 0.62 | $ 1.21 | $ 0.81 |
Diluted (in USD per share) | $ 0.83 | $ 0.61 | $ 1.20 | $ 0.80 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 32,605 | 32,321 | 32,596 | 32,300 |
Diluted (in shares) | 32,860 | 32,642 | 32,868 | 32,630 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net income | $ 27,292 | $ 19,913 | $ 39,351 | $ 26,258 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 2,815 | 998 | (3,083) | 1,840 |
Minimum pension and post retirement benefit plan adjustments | 18 | 12 | 36 | 24 |
Other comprehensive income (loss) | 2,833 | 1,010 | (3,047) | 1,864 |
Total comprehensive income | $ 30,125 | $ 20,923 | $ 36,304 | $ 28,122 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 120,859 | $ 191,363 |
Accounts receivable, net of allowance of $6,270 and $6,330 | 193,609 | 147,515 |
Inventories | 79,058 | 78,476 |
Prepaid expenses and other current assets | 22,849 | 19,748 |
Total current assets | 416,375 | 437,102 |
Property, plant, and equipment, net | 94,723 | 95,409 |
Operating lease assets | 33,383 | 27,662 |
Goodwill | 378,740 | 329,705 |
Acquired intangibles | 110,481 | 92,592 |
Other assets | 1,794 | 1,980 |
Total assets | 1,035,496 | 984,450 |
Current liabilities: | ||
Accounts payable | 116,853 | 83,136 |
Accrued expenses | 94,009 | 98,463 |
Billings in excess of cost | 29,281 | 47,598 |
Total current liabilities | 240,143 | 229,197 |
Deferred income taxes | 40,022 | 40,334 |
Non-current operating lease liabilities | 24,400 | 19,669 |
Other non-current liabilities | 21,167 | 21,286 |
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; 33,413 shares and 33,192 shares issued and outstanding in 2020 and 2019 | 334 | 332 |
Additional paid-in capital | 299,829 | 295,582 |
Retained earnings | 444,728 | 405,668 |
Accumulated other comprehensive loss | (8,438) | (5,391) |
Cost of 993 and 906 common shares held in treasury in 2020 and 2019 | (26,689) | (22,227) |
Total shareholders’ equity | 709,764 | 673,964 |
Total liabilities and shareholders' equity | $ 1,035,496 | $ 984,450 |
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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 6,270 | $ 6,330 |
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) | 33,413,000 | 33,192,000 |
Treasury stock, shares (in shares) | 993,000 | 906,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 39,351 | $ 26,258 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 11,054 | 9,892 |
Stock compensation expense | 4,171 | 6,091 |
Gain on sale of business | (1,881) | 0 |
Exit activity costs, non-cash | 346 | 0 |
(Benefit of) provision for deferred income taxes | (216) | 278 |
Other, net | 1,018 | 2,437 |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||
Accounts receivable | (25,842) | (41,156) |
Inventories | 5,661 | 13,464 |
Other current assets and other assets | 1,996 | (4,983) |
Accounts payable | (1,732) | 4,012 |
Accrued expenses and other non-current liabilities | (41,181) | (9,807) |
Net cash (used in) provided by operating activities | (7,255) | 6,486 |
Cash Flows from Investing Activities | ||
Acquisitions, net of cash acquired | (54,385) | (264) |
Net proceeds from sale of property and equipment | 59 | 60 |
Purchases of property, plant, and equipment | (5,231) | (6,265) |
Net proceeds from sale of business | 704 | 0 |
Net cash used in investing activities | (58,853) | (6,469) |
Cash Flows from Financing Activities | ||
Long-term debt payments | 0 | (212,000) |
Payment of debt issuance costs | 0 | (1,235) |
Purchase of treasury stock at market prices | (4,462) | (3,149) |
Net proceeds from issuance of common stock | 78 | 208 |
Net cash used in financing activities | (4,384) | (216,176) |
Effect of exchange rate changes on cash | (12) | 1,035 |
Net decrease in cash and cash equivalents | (70,504) | (215,124) |
Cash and cash equivalents at beginning of year | 191,363 | 297,006 |
Cash and cash equivalents at end of period | $ 120,859 | $ 81,882 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance, shares at Dec. 31, 2018 | 32,887 | 796 | ||||||
Balance, value at Dec. 31, 2018 | $ 596,693 | $ 329 | $ 282,525 | $ 338,995 | $ 1,582 | $ (7,234) | $ (17,922) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 6,345 | 6,345 | ||||||
Foreign currency translation adjustment | 842 | 842 | ||||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $7 | 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) | ||
Balance, shares at Dec. 31, 2018 | 32,887 | 796 | ||||||
Balance, value at Dec. 31, 2018 | 596,693 | $ 329 | 282,525 | 338,995 | 1,582 | (7,234) | $ (17,922) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 26,258 | |||||||
Foreign currency translation adjustment | 1,840 | |||||||
Balance, shares at Jun. 30, 2019 | 33,101 | 880 | ||||||
Balance, value at Jun. 30, 2019 | 629,547 | $ 331 | 288,822 | 366,835 | (5,370) | $ (21,071) | ||
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) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 19,913 | 19,913 | ||||||
Foreign currency translation adjustment | 998 | 998 | ||||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $7 | 12 | 12 | ||||||
Stock compensation expense | 3,720 | 3,720 | ||||||
Stock options exercised, shares | 5 | |||||||
Stock options exercised | 69 | 69 | ||||||
Net settlement of restricted stock units, shares | 62 | 25 | ||||||
Net settlement of restricted stock units | (998) | $ 1 | (1) | $ (998) | ||||
Balance, shares at Jun. 30, 2019 | 33,101 | 880 | ||||||
Balance, value at Jun. 30, 2019 | 629,547 | $ 331 | 288,822 | 366,835 | (5,370) | $ (21,071) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, New Issues | 8 | |||||||
Balance, shares at Dec. 31, 2019 | 33,192 | 906 | ||||||
Balance, value at Dec. 31, 2019 | 673,964 | $ (291) | $ 332 | 295,582 | 405,668 | (291) | (5,391) | $ (22,227) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 12,059 | 12,059 | ||||||
Foreign currency translation adjustment | (5,898) | (5,898) | ||||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $7 | 18 | 18 | ||||||
Stock compensation expense | 1,665 | 1,665 | ||||||
Stock options exercised, shares | 3 | |||||||
Stock options exercised | 24 | 24 | ||||||
Net settlement of restricted stock units, shares | 193 | 80 | ||||||
Net settlement of restricted stock units | (4,184) | $ 2 | (2) | $ (4,184) | ||||
Balance, shares at Mar. 31, 2020 | 33,388 | 986 | ||||||
Balance, value at Mar. 31, 2020 | 677,357 | $ 334 | 297,269 | 417,436 | (11,271) | $ (26,411) | ||
Balance, shares at Dec. 31, 2019 | 33,192 | 906 | ||||||
Balance, value at Dec. 31, 2019 | 673,964 | $ (291) | $ 332 | 295,582 | 405,668 | $ (291) | (5,391) | $ (22,227) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 39,351 | |||||||
Foreign currency translation adjustment | (3,083) | |||||||
Balance, shares at Jun. 30, 2020 | 33,413 | 993 | ||||||
Balance, value at Jun. 30, 2020 | 709,764 | $ 334 | 299,829 | 444,728 | (8,438) | $ (26,689) | ||
Balance, shares at Mar. 31, 2020 | 33,388 | 986 | ||||||
Balance, value at Mar. 31, 2020 | 677,357 | $ 334 | 297,269 | 417,436 | (11,271) | $ (26,411) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 27,292 | 27,292 | ||||||
Foreign currency translation adjustment | 2,815 | 2,815 | ||||||
Minimum pension and post retirement benefit plan adjustments, net of taxes of $7 | 18 | 18 | ||||||
Stock compensation expense | 2,506 | 2,506 | ||||||
Stock options exercised, shares | 6 | |||||||
Stock options exercised | 54 | 54 | ||||||
Net settlement of restricted stock units, shares | 15 | 7 | ||||||
Net settlement of restricted stock units | (278) | $ 0 | 0 | $ (278) | ||||
Balance, shares at Jun. 30, 2020 | 33,413 | 993 | ||||||
Balance, value at Jun. 30, 2020 | $ 709,764 | $ 334 | $ 299,829 | $ 444,728 | $ (8,438) | $ (26,689) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, New Issues | 4 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Adjustment to pension benefit liability, taxes | $ 6 | $ 7 | $ 5 | $ 4 |
Consolidated Financial Statemen
Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements of Gibraltar Industries, Inc. (the "Company") 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, such as the impact of the COVID-19 pandemic, financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or 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, 2019. The balance sheet at December 31, 2019 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) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 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 standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings of $291,000, net of $96,000 of income taxes, on the opening consolidated balance sheet as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and implemented appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the prospective method of adoption, and the adoption did not have a material impact to the Company's financial statements. Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable consists of the following (in thousands): June 30, 2020 December 31, 2019 Trade accounts receivable $ 175,251 $ 133,238 Costs in excess of billings 24,628 20,607 Total accounts receivables 199,879 153,845 Less allowance for doubtful accounts and contract assets (6,270) (6,330) Accounts receivable $ 193,609 $ 147,515 Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings. The Company is exposed to credit losses through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable and costs in excess of billings (collectively "accounts receivable") is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' accounts receivables. Due to the short-term nature of such accounts receivable, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances. Additionally, specific allowance amounts are established to record the appropriate provision for customers that no longer share risk characteristics similar with other accounts receivable. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be u ncollectible. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted as of June 30, 2020. Estimates are used to determine the allowance. It is based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Beginning balance as of January 1, 2020 $ 6,330 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 387 Bad debt expense 687 Write-off charged against the allowance and other adjustments (1,134) Ending balance as of June 30, 2020 $ 6,270 |
Revenue Revenue
Revenue Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures; extraction systems; 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. Refer to Note 14 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. As of June 30, 2020, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue. The following table presents the beginning and ending balances of costs in excess of billings, billings in excess of cost and unearned revenue as of June 30, 2020 and December 31, 2019, respectively, and revenue recognized during the six months ended June 30, 2020 and 2019, respectively, that was in billings in excess of cost and unearned revenue at the beginning of the period (in thousands): June 30, 2020 December 31, 2019 Costs in excess of billings $ 24,627 $ 20,607 Billings in excess of cost (29,281) (47,598) Unearned revenue (16,503) (17,311) Six Months Ended Six Months Ended Revenue recognized in the period from: Amounts included in billings in excess of cost $ 42,115 $ 11,357 Amounts included in unearned revenue $ 12,553 $ 6,153 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following (in thousands): June 30, 2020 December 31, 2019 Raw material $ 43,234 $ 45,700 Work-in-process 6,206 5,988 Finished goods 29,618 26,788 Total inventories $ 79,058 $ 78,476 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 2020 Acquisitions On February 13, 2020, the Company purchased substantially all of the assets of Delta Separations, LLC, a California limited liability company, and Teaching Tech, LLC, a California limited liability company (collectively described as "Delta Separations"). Delta Separations was a privately-held engineering company primarily engaged in the assembly and sale of centrifugal ethanol-based extraction systems. The results of Delta Separations 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 purchase consideration for the acquisition of Delta Separations was $47.1 million, which includes a working capital adjustment and certain other adjustments provided for in the asset purchase agreement. The purchase price for the acquisition of the assets was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $32.9 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 presence in the extraction processing 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): Working capital $ 4,063 Property, plant and equipment 219 Acquired intangible assets 13,000 Other assets 951 Other liabilities (4,027) Goodwill 32,906 Fair value of purchase consideration $ 47,112 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 6,000 Indefinite Technology 3,200 10 years Customer relationships 3,200 11 years Non-compete agreements 300 5 years Backlog 300 0.25 years Total $ 13,000 On January 15, 2020, the Company purchased substantially all of the assets of Thermo Energy Systems Inc. ("Thermo"), a Canadian-based, privately held provider of commercial greenhouse solutions in North America supporting the plant based organic food market. The results of Thermo 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 purchase consideration for the acquisition of Thermo was $7.3 million. The purchase price for the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective estimated fair values and the remaining consideration was recorded to goodwill. Goodwill of approximately $16.1 million was recorded, 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 commercial greenhouse markets. The preliminary allocation of the purchase price is subject to adjustments during the measurement period as third-party valuations are finalized. The final purchase price allocation will be completed no later than the first quarter of 2021. The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 135 Working capital (19,718) Property, plant and equipment 1,069 Acquired intangible assets 9,750 Other current assets 35 Other assets 1,335 Other liabilities (1,335) Goodwill 16,062 Fair value of purchase consideration $ 7,333 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 660 3 years Technology 2,639 15 years Customer relationships 6,451 10 years Total $ 9,750 2019 Acquisition On August 30, 2019, the Company acquired all of the outstanding membership interests of Apeks LLC ("Apeks"), a designer and manufacturer of botanical oil extraction systems and equipment. The results of Apeks 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 Apeks was $12.6 million, which includes a working capital adjustment and certain other adjustments provided for in the membership interest purchase agreement. 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 $6.4 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 presence in the extraction processing 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 $ 4,154 Working capital (1,515) Property, plant and equipment 1,059 Acquired intangible assets 3,000 Other assets 508 Other liabilities (1,081) Goodwill 6,436 Fair value of purchase consideration $ 12,561 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 1,400 Indefinite Technology 900 7 years Customer relationships 700 6 years Total $ 3,000 In determining the allocation of the purchase price to the assets acquired and the liabilities assumed, the Company uses all available information to make fair value determinations using Level 3 unobservable inputs in which little or no market data exists, and therefore, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. The acquisitions of Delta Separations, Thermo and Apeks were funded from available cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees. These costs were recognized as a component of selling, general, and administrative expenses in the consolidated statement of operations. The Company also recognized costs as a component of cost of sales related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. The acquisition-related costs consisted of the following for the three and six months ended June 30 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Selling, general and administrative costs $ 588 $ 4 $ 1,848 $ 4 Cost of sales 634 — 634 — Total acquisition-related costs $ 1,222 $ 4 $ 2,482 $ 4 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 are as follows (in thousands): Renewable Energy & Conservation Residential Products Industrial and Total Balance at December 31, 2019 $ 77,602 $ 198,075 $ 54,028 $ 329,705 Acquired goodwill 49,001 — — 49,001 Adjustments to prior year acquisitions 579 — — 579 Foreign currency translation (281) — (264) (545) Balance at June 30, 2020 $ 126,901 $ 198,075 $ 53,764 $ 378,740 The Company conducts its annual goodwill impairment test as of October 31 each year. All of the Company’s ten reporting units had fair values exceeding their carrying values as of October 31, 2019. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and future macroeconomic and market conditions, along with its current market capitalization, projected cash flows and internal and external forecasts, and projections relating to the impact of the COVID-19 pandemic on each of its reporting units. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): June 30, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 51,295 $ — $ 45,770 $ — Finite-lived intangible assets: Trademarks 6,753 4,328 6,139 4,105 Unpatented technology 35,383 17,031 29,544 15,807 Customer relationships 80,976 42,876 71,195 40,294 Non-compete agreements 1,949 1,640 1,649 1,499 Backlog 300 300 — — 125,361 66,175 108,527 61,705 Total acquired intangible assets $ 176,656 $ 66,175 $ 154,297 $ 61,705 The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization expense $ 2,412 $ 1,797 $ 4,490 $ 3,594 Amortization expense related to acquired intangible assets for the remainder of fiscal 2020 and the next five years thereafter is estimated as follows (in thousands): 2020 2021 2022 2023 2024 2025 Amortization expense $ 3,860 $ 7,633 $ 7,154 $ 6,617 $ 6,363 $ 6,203 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The Company did not have any long-term debt outstanding at June 30, 2020 and December 31, 2019. Senior Credit Agreement On January 24, 2019, the Company entered into a Sixth Amended and Restated Credit Agreement ("Senior Credit Agreement"), which amended and restated the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015, and 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 Senior Credit Agreement contains three financial covenants. As of June 30, 2020, 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 general intangibles of the Company’s significant domestic subsidiaries. Standby letters of credit of $5.9 million have been issued under the Senior Credit Agreement on behalf of the Company as of June 30, 2020. These letters of credit reduce the amount otherwise available under the revolving credit facility. As of June 30, 2020, the Company had $394.1 million of availability under the revolving credit facility. No borrowings were outstanding under the Company's revolving credit facility at June 30, 2020 and December 31, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2020 | |
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 and six months ended June 30, (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, 2019 $ (4,173) $ (1,939) $ (6,112) $ (721) $ (5,391) Minimum pension and post retirement health care plan adjustments — 25 25 7 18 Foreign currency translation adjustment (5,898) — (5,898) — (5,898) Balance at March 31, 2020 $ (10,071) $ (1,914) $ (11,985) $ (714) $ (11,271) Minimum pension and post retirement health care plan adjustments — 24 24 6 18 Foreign currency translation adjustment 2,815 — 2,815 — 2,815 Balance at June 30, 2020 $ (7,256) $ (1,890) $ (9,146) $ (708) $ (8,438) 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) Minimum pension and post retirement health care plan adjustments — 17 17 5 12 Foreign currency translation adjustment 998 — 998 — 998 Balance at June 30, 2019 $ (4,099) $ (2,007) $ (6,106) $ (736) $ (5,370) |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [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 six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2020 2019 Awards Number of Weighted Number of Weighted Performance stock units 127,397 $ 53.16 145,420 $ 40.55 Restricted stock units 43,842 $ 52.12 117,821 $ 39.37 Deferred stock units 12,402 $ 45.98 7,509 $ 37.95 Common shares 4,134 $ 45.98 7,509 $ 37.95 (1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of performance stock units granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one two three Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three three (2) Performance stock units granted in 2019 have converted to 168,688 shares to be issued to recipients in the first quarter of 2022, representing 116% of the targeted 2019 award, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2019. Equity Based Awards - Settled in Cash The Company's equity-based liability includes awards under a management stock purchase plan. As of June 30, 2020, the Company's total share-based liabilities recorded on the consolidated balance sheet were $29.2 million, of which $12.7 million was included in non-current liabilities. The share-based liabilities as of December 31, 2019 were $28.0 million, of which $13.2 million was included in non-current liabilities. The Management Stock Purchase Plan ("MSPP") provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their directors’ fees, convertible to restricted stock units. 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 compensation. The deferrals and company-matching are credited to an account that represents a share-based liability. Eligible employees may direct their deferrals to invest in phantom restricted stock units that are measured on the 200-day average of the Company’s stock price, hypothetical investment alternatives available under Company’s 401(k) plan that are measured at market value, or a combination of both. Non-employee directors may only direct their deferrals into phantom restricted stock units that are measured on the 200-day average of the Company’s stock price. The company-matching is made in phantom restricted stock units and measured on the 200-day average of the Company’s stock price. The account 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 six months ended June 30,: 2020 2019 Restricted stock units credited 52,965 55,513 Share-based liabilities paid (in thousands) $ 4,433 $ 5,742 |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 6 Months Ended |
Jun. 30, 2020 | |
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, the sale and exiting of less profitable businesses or product lines, and the reduction in our manufacturing footprint. Exit activity costs were incurred during the six months ended June 30, 2020 and 2019 which related to moving and closing costs, contract terminations, and severance incurred as a result of process simplification initiatives. During the six months ended June 30, 2020, the Company closed one facility in conjunction with these initiatives. No facilities were closed as a result of these initiatives during the first half of 2019. The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands): Three months ended June 30, 2020 2019 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy and Conservation $ 72 $ 316 $ 388 $ — $ (95) $ (95) Residential Products — 263 263 — 219 219 Industrial and Infrastructure Products 274 40 314 — 1,346 1,346 Corporate — 45 45 — 666 666 Total exit activity costs & asset impairments $ 346 $ 664 $ 1,010 $ — $ 2,136 $ 2,136 Six months ended June 30, 2020 2019 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy and Conservation $ 72 $ 334 $ 406 $ — $ (1) $ (1) Residential Products — 484 484 — 370 370 Industrial and Infrastructure Products 274 38 312 — 1,313 1,313 Corporate — 99 99 — 673 673 Total exit activity costs & asset impairments $ 346 $ 955 $ 1,301 $ — $ 2,355 $ 2,355 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 six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Cost of sales $ 786 $ 319 $ 873 $ 285 Selling, general, and administrative expense 224 1,817 428 2,070 Total asset impairment and exit activity charges $ 1,010 $ 2,136 $ 1,301 $ 2,355 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2020 2019 Balance at January 1 $ 5,449 $ 1,923 Exit activity costs recognized 955 2,355 Cash payments (5,575) (1,329) Balance at June 30 $ 829 $ 2,949 On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential Products segment. The $2.0 million net proceeds from the sale resulted in pre-tax net gain of $1.9 million and has been presented within other (income) expense in the consolidated statements of income. This divestiture does not meet the criteria to be reported as a discontinued operation nor will it have a major effect on the Company's operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, and the applicable effective tax rates: Three Months Ended Six Months Ended 2020 2019 2020 2019 Provision for income taxes $ 8,872 $ 6,487 $ 11,858 $ 8,058 Effective tax rate 24.5 % 24.6 % 23.2 % 23.5 % The effective tax rate for the three and six months ended June 30, 2020 and 2019, respectively, was more than the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by favorable discrete items. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations; however, these benefits do not materially impact the Company’s income tax provision. On July 20, 2020, the Department of Treasury and the Internal Revenue Service issued final regulations addressing the treatment of income earned by certain foreign corporations related to the treatment of income that is subject to high rate of foreign tax under the global intangible low-taxed income ("GILTI") and subpart F income regimes. These provisions would be effective for the Company starting in 2021 but includes retroactive provisions that may allow for retroactive application. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator: Net income available to common shareholders $ 27,292 $ 19,913 $ 39,351 $ 26,258 Denominator for basic earnings per share: Weighted average shares outstanding 32,605 32,321 32,596 32,300 Denominator for diluted earnings per share: Weighted average shares outstanding 32,605 32,321 32,596 32,300 Common stock options and stock units 255 321 272 330 Weighted average shares and conversions 32,860 32,642 32,868 32,630 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 77,000 and 366,000 for the three months ended June 30, 2020 and 2019, respectively, and 47,000 and 312,000 for the six months ended June 30, 2020 and 2019, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATIONThe 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) Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking, electrical balance of systems, extraction systems and greenhouse structures; (ii) Residential Products, which primarily includes roof and foundation ventilation products, rain dispersion products and roofing accessories, centralized mail systems and electronic package solutions; and (iii) Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, perimeter security systems, expansion joints, and structural bearings. 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 six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Net sales: Renewable Energy and Conservation $ 98,259 $ 76,004 $ 194,756 $ 144,841 Residential Products 139,472 130,433 242,891 234,142 Industrial and Infrastructure Products 48,263 56,547 98,064 111,735 Less: Intersegment sales (180) (329) (458) (646) Net Industrial and Infrastructure Products 48,083 56,218 97,606 111,089 Total consolidated net sales $ 285,814 $ 262,655 $ 535,253 $ 490,072 Income from operations: Renewable Energy and Conservation $ 9,188 $ 9,649 $ 14,887 $ 11,281 Residential Products 27,964 20,778 41,689 32,868 Industrial and Infrastructure Products 6,644 4,069 10,633 8,198 Unallocated Corporate Expenses (9,205) (7,890) (17,428) (15,175) Total consolidated income from operations $ 34,591 $ 26,606 $ 49,781 $ 37,172 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands): Three Months Ended June 30, 2020 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 12,416 $ 138,288 $ 37,179 $ 187,883 Over Time 85,843 1,184 10,904 97,931 Total net sales $ 98,259 $ 139,472 $ 48,083 $ 285,814 Three Months Ended June 30, 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 8,469 $ 129,566 $ 46,315 $ 184,350 Over Time 67,535 867 9,903 78,305 Total net sales $ 76,004 $ 130,433 $ 56,218 $ 262,655 Six Months Ended June 30, 2020 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 27,004 $ 240,619 $ 76,674 $ 344,297 Over Time 167,752 2,272 20,932 190,956 Total net sales $ 194,756 $ 242,891 $ 97,606 $ 535,253 Six Months Ended June 30, 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 15,759 $ 232,458 $ 91,602 $ 339,819 Over Time 129,082 1,684 19,487 150,253 Total net sales $ 144,841 $ 234,142 $ 111,089 $ 490,072 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings of $291,000, net of $96,000 of income taxes, on the opening consolidated balance sheet as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and implemented appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the prospective method of adoption, and the adoption did not have a material impact to the Company's financial statements. Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements 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 standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings of $291,000, net of $96,000 of income taxes, on the opening consolidated balance sheet as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and implemented appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The standard is effective for the Company as of January 1, 2020. The Company adopted the amendments in this update using the prospective method of adoption, and the adoption did not have a material impact to the Company's financial statements. Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Doubtful Accounts (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands): June 30, 2020 December 31, 2019 Trade accounts receivable $ 175,251 $ 133,238 Costs in excess of billings 24,628 20,607 Total accounts receivables 199,879 153,845 Less allowance for doubtful accounts and contract assets (6,270) (6,330) Accounts receivable $ 193,609 $ 147,515 The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Beginning balance as of January 1, 2020 $ 6,330 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings 387 Bad debt expense 687 Write-off charged against the allowance and other adjustments (1,134) Ending balance as of June 30, 2020 $ 6,270 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents the beginning and ending balances of costs in excess of billings, billings in excess of cost and unearned revenue as of June 30, 2020 and December 31, 2019, respectively, and revenue recognized during the six months ended June 30, 2020 and 2019, respectively, that was in billings in excess of cost and unearned revenue at the beginning of the period (in thousands): June 30, 2020 December 31, 2019 Costs in excess of billings $ 24,627 $ 20,607 Billings in excess of cost (29,281) (47,598) Unearned revenue (16,503) (17,311) Six Months Ended Six Months Ended Revenue recognized in the period from: Amounts included in billings in excess of cost $ 42,115 $ 11,357 Amounts included in unearned revenue $ 12,553 $ 6,153 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following (in thousands): June 30, 2020 December 31, 2019 Raw material $ 43,234 $ 45,700 Work-in-process 6,206 5,988 Finished goods 29,618 26,788 Total inventories $ 79,058 $ 78,476 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Acquisition | 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): Working capital $ 4,063 Property, plant and equipment 219 Acquired intangible assets 13,000 Other assets 951 Other liabilities (4,027) Goodwill 32,906 Fair value of purchase consideration $ 47,112 The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 135 Working capital (19,718) Property, plant and equipment 1,069 Acquired intangible assets 9,750 Other current assets 35 Other assets 1,335 Other liabilities (1,335) Goodwill 16,062 Fair value of purchase consideration $ 7,333 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 $ 4,154 Working capital (1,515) Property, plant and equipment 1,059 Acquired intangible assets 3,000 Other assets 508 Other liabilities (1,081) Goodwill 6,436 Fair value of purchase consideration $ 12,561 The acquisition-related costs consisted of the following for the three and six months ended June 30 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Selling, general and administrative costs $ 588 $ 4 $ 1,848 $ 4 Cost of sales 634 — 634 — Total acquisition-related costs $ 1,222 $ 4 $ 2,482 $ 4 |
Intangible Assets Acquired | The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 6,000 Indefinite Technology 3,200 10 years Customer relationships 3,200 11 years Non-compete agreements 300 5 years Backlog 300 0.25 years Total $ 13,000 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 660 3 years Technology 2,639 15 years Customer relationships 6,451 10 years Total $ 9,750 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 1,400 Indefinite Technology 900 7 years Customer relationships 700 6 years Total $ 3,000 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2020 are as follows (in thousands): Renewable Energy & Conservation Residential Products Industrial and Total Balance at December 31, 2019 $ 77,602 $ 198,075 $ 54,028 $ 329,705 Acquired goodwill 49,001 — — 49,001 Adjustments to prior year acquisitions 579 — — 579 Foreign currency translation (281) — (264) (545) Balance at June 30, 2020 $ 126,901 $ 198,075 $ 53,764 $ 378,740 |
Schedule Of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): June 30, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 51,295 $ — $ 45,770 $ — Finite-lived intangible assets: Trademarks 6,753 4,328 6,139 4,105 Unpatented technology 35,383 17,031 29,544 15,807 Customer relationships 80,976 42,876 71,195 40,294 Non-compete agreements 1,949 1,640 1,649 1,499 Backlog 300 300 — — 125,361 66,175 108,527 61,705 Total acquired intangible assets $ 176,656 $ 66,175 $ 154,297 $ 61,705 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization expense $ 2,412 $ 1,797 $ 4,490 $ 3,594 |
Schedule Of Amortization Expense | Amortization expense related to acquired intangible assets for the remainder of fiscal 2020 and the next five years thereafter is estimated as follows (in thousands): 2020 2021 2022 2023 2024 2025 Amortization expense $ 3,860 $ 7,633 $ 7,154 $ 6,617 $ 6,363 $ 6,203 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 and six months ended June 30, (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, 2019 $ (4,173) $ (1,939) $ (6,112) $ (721) $ (5,391) Minimum pension and post retirement health care plan adjustments — 25 25 7 18 Foreign currency translation adjustment (5,898) — (5,898) — (5,898) Balance at March 31, 2020 $ (10,071) $ (1,914) $ (11,985) $ (714) $ (11,271) Minimum pension and post retirement health care plan adjustments — 24 24 6 18 Foreign currency translation adjustment 2,815 — 2,815 — 2,815 Balance at June 30, 2020 $ (7,256) $ (1,890) $ (9,146) $ (708) $ (8,438) 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) Minimum pension and post retirement health care plan adjustments — 17 17 5 12 Foreign currency translation adjustment 998 — 998 — 998 Balance at June 30, 2019 $ (4,099) $ (2,007) $ (6,106) $ (736) $ (5,370) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [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 six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2020 2019 Awards Number of Weighted Number of Weighted Performance stock units 127,397 $ 53.16 145,420 $ 40.55 Restricted stock units 43,842 $ 52.12 117,821 $ 39.37 Deferred stock units 12,402 $ 45.98 7,509 $ 37.95 Common shares 4,134 $ 45.98 7,509 $ 37.95 (1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of performance stock units granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one two three three three |
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 six months ended June 30,: 2020 2019 Restricted stock units credited 52,965 55,513 Share-based liabilities paid (in thousands) $ 4,433 $ 5,742 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Exit Activity Costs And Asset Impairments | The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands): Three months ended June 30, 2020 2019 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy and Conservation $ 72 $ 316 $ 388 $ — $ (95) $ (95) Residential Products — 263 263 — 219 219 Industrial and Infrastructure Products 274 40 314 — 1,346 1,346 Corporate — 45 45 — 666 666 Total exit activity costs & asset impairments $ 346 $ 664 $ 1,010 $ — $ 2,136 $ 2,136 Six months ended June 30, 2020 2019 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy and Conservation $ 72 $ 334 $ 406 $ — $ (1) $ (1) Residential Products — 484 484 — 370 370 Industrial and Infrastructure Products 274 38 312 — 1,313 1,313 Corporate — 99 99 — 673 673 Total exit activity costs & asset impairments $ 346 $ 955 $ 1,301 $ — $ 2,355 $ 2,355 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 six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Cost of sales $ 786 $ 319 $ 873 $ 285 Selling, general, and administrative expense 224 1,817 428 2,070 Total asset impairment and exit activity charges $ 1,010 $ 2,136 $ 1,301 $ 2,355 |
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): 2020 2019 Balance at January 1 $ 5,449 $ 1,923 Exit activity costs recognized 955 2,355 Cash payments (5,575) (1,329) Balance at June 30 $ 829 $ 2,949 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, and the applicable effective tax rates: Three Months Ended Six Months Ended 2020 2019 2020 2019 Provision for income taxes $ 8,872 $ 6,487 $ 11,858 $ 8,058 Effective tax rate 24.5 % 24.6 % 23.2 % 23.5 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Loss Per Share | Basic earnings and diluted weighted-average shares outstanding are as follows for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator: Net income available to common shareholders $ 27,292 $ 19,913 $ 39,351 $ 26,258 Denominator for basic earnings per share: Weighted average shares outstanding 32,605 32,321 32,596 32,300 Denominator for diluted earnings per share: Weighted average shares outstanding 32,605 32,321 32,596 32,300 Common stock options and stock units 255 321 272 330 Weighted average shares and conversions 32,860 32,642 32,868 32,630 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Net sales: Renewable Energy and Conservation $ 98,259 $ 76,004 $ 194,756 $ 144,841 Residential Products 139,472 130,433 242,891 234,142 Industrial and Infrastructure Products 48,263 56,547 98,064 111,735 Less: Intersegment sales (180) (329) (458) (646) Net Industrial and Infrastructure Products 48,083 56,218 97,606 111,089 Total consolidated net sales $ 285,814 $ 262,655 $ 535,253 $ 490,072 Income from operations: Renewable Energy and Conservation $ 9,188 $ 9,649 $ 14,887 $ 11,281 Residential Products 27,964 20,778 41,689 32,868 Industrial and Infrastructure Products 6,644 4,069 10,633 8,198 Unallocated Corporate Expenses (9,205) (7,890) (17,428) (15,175) Total consolidated income from operations $ 34,591 $ 26,606 $ 49,781 $ 37,172 |
Disaggregation of Revenue | The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands): Three Months Ended June 30, 2020 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 12,416 $ 138,288 $ 37,179 $ 187,883 Over Time 85,843 1,184 10,904 97,931 Total net sales $ 98,259 $ 139,472 $ 48,083 $ 285,814 Three Months Ended June 30, 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 8,469 $ 129,566 $ 46,315 $ 184,350 Over Time 67,535 867 9,903 78,305 Total net sales $ 76,004 $ 130,433 $ 56,218 $ 262,655 Six Months Ended June 30, 2020 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 27,004 $ 240,619 $ 76,674 $ 344,297 Over Time 167,752 2,272 20,932 190,956 Total net sales $ 194,756 $ 242,891 $ 97,606 $ 535,253 Six Months Ended June 30, 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 15,759 $ 232,458 $ 91,602 $ 339,819 Over Time 129,082 1,684 19,487 150,253 Total net sales $ 144,841 $ 234,142 $ 111,089 $ 490,072 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Narrative (Details) - USD ($) | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Retained earnings | $ 444,728,000 | $ 444,728,000 | $ 405,668,000 | |||
Income tax benefit | $ (8,872,000) | $ (6,487,000) | $ (11,858,000) | $ (8,058,000) | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Income tax benefit | $ 96,000 | |||||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Retained earnings | $ (291,000) |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Doubtful Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 175,251 | $ 133,238 |
Costs in excess of billings | 24,628 | 20,607 |
Total accounts receivables | 199,879 | 153,845 |
Less allowance for doubtful accounts and contract assets | (6,270) | (6,330) |
Accounts receivable | $ 193,609 | $ 147,515 |
Accounts Receivable and Allow_4
Accounts Receivable and Allowance for Doubtful Accounts - Schedule of Accounts Receivable Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jan. 01, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance as of January 1, 2020 | $ 6,330 | |
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | 6,330 | |
Bad debt expense | 687 | |
Write-off charged against the allowance and other adjustments | (1,134) | |
Ending balance as of June 30, 2020 | $ 6,270 | |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings | $ 387 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | Jun. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | |||
Costs in excess of billings | $ 24,627 | $ 20,607 | |
Amounts included in billings in excess of cost at the beginning of the period | 42,115 | $ 11,357 | |
Amounts included in unearned revenue at the beginning of the period | 12,553 | $ 6,153 | |
Billings in excess of cost | |||
Capitalized Contract Cost [Line Items] | |||
Contract with customer liability | (29,281) | (47,598) | |
Unearned revenue | |||
Capitalized Contract Cost [Line Items] | |||
Contract with customer liability | $ (16,503) | $ (17,311) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 43,234 | $ 45,700 |
Work-in-process | 6,206 | 5,988 |
Finished goods | 29,618 | 26,788 |
Total inventories | $ 79,058 | $ 78,476 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Feb. 13, 2020 | Jan. 15, 2020 | Aug. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 378,740 | $ 378,740 | $ 329,705 | |||||
Total acquisition-related costs | 1,222 | $ 4 | 2,482 | $ 4 | ||||
Delta Separations | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate consideration for acquisition | $ 47,100 | |||||||
Goodwill | $ 32,906 | |||||||
Thermo Energy Systems | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate consideration for acquisition | $ 7,300 | |||||||
Goodwill | $ 16,062 | |||||||
Apeks | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate consideration for acquisition | $ 12,600 | |||||||
Goodwill | $ 6,436 | |||||||
Selling, general and administrative costs | ||||||||
Business Acquisition [Line Items] | ||||||||
Total acquisition-related costs | $ 588 | $ 4 | $ 1,848 | $ 4 |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Consideration to the Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Feb. 13, 2020 | Jan. 15, 2020 | Dec. 31, 2019 | Aug. 30, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 378,740 | $ 329,705 | |||
Delta Separations | |||||
Business Acquisition [Line Items] | |||||
Working capital | $ 4,063 | ||||
Property, plant and equipment | 219 | ||||
Acquired intangible assets | 13,000 | ||||
Other assets | 951 | ||||
Other liabilities | (4,027) | ||||
Goodwill | 32,906 | ||||
Fair value of purchase consideration | $ 47,112 | ||||
Thermo Energy Systems | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 135 | ||||
Working capital | (19,718) | ||||
Property, plant and equipment | 1,069 | ||||
Acquired intangible assets | 9,750 | ||||
Other current assets | 35 | ||||
Other assets | 1,335 | ||||
Other liabilities | (1,335) | ||||
Goodwill | 16,062 | ||||
Fair value of purchase consideration | $ 7,333 | ||||
Apeks | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 4,154 | ||||
Working capital | (1,515) | ||||
Property, plant and equipment | 1,059 | ||||
Acquired intangible assets | 3,000 | ||||
Other assets | 508 | ||||
Other liabilities | (1,081) | ||||
Goodwill | 6,436 | ||||
Fair value of purchase consideration | $ 12,561 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Feb. 13, 2020 | Jan. 15, 2020 | Aug. 30, 2019 |
Delta Separations | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 13,000 | ||
Delta Separations | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | 6,000 | ||
Delta Separations | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 3,200 | ||
Estimated Useful Life | 10 years | ||
Delta Separations | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 3,200 | ||
Estimated Useful Life | 11 years | ||
Delta Separations | Non-compete agreements | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 300 | ||
Estimated Useful Life | 5 years | ||
Delta Separations | Backlog | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 300 | ||
Estimated Useful Life | 3 months | ||
Thermo Energy Systems | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 9,750 | ||
Thermo Energy Systems | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 660 | ||
Estimated Useful Life | 3 years | ||
Thermo Energy Systems | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 2,639 | ||
Estimated Useful Life | 15 years | ||
Thermo Energy Systems | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 6,451 | ||
Estimated Useful Life | 10 years | ||
Apeks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 3,000 | ||
Apeks | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | 1,400 | ||
Apeks | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 900 | ||
Estimated Useful Life | 7 years | ||
Apeks | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Fair Value, finite-lived intangible assets acquired | $ 700 | ||
Estimated Useful Life | 6 years |
Acquisitions - Acquisition Rela
Acquisitions - Acquisition Related Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Total acquisition-related costs | $ 1,222 | $ 4 | $ 2,482 | $ 4 |
Selling, general and administrative costs | ||||
Business Acquisition [Line Items] | ||||
Total acquisition-related costs | 588 | 4 | 1,848 | 4 |
Cost of sales | ||||
Business Acquisition [Line Items] | ||||
Total acquisition-related costs | $ 634 | $ 0 | $ 634 | $ 0 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2019 | $ 329,705 |
Acquired goodwill | 49,001 |
Adjustments to prior year acquisitions | 579 |
Foreign currency translation | (545) |
Balance at June 30, 2020 | 378,740 |
Renewable Energy and Conservation | |
Goodwill [Roll Forward] | |
Balance at December 31, 2019 | 77,602 |
Acquired goodwill | 49,001 |
Adjustments to prior year acquisitions | 579 |
Foreign currency translation | (281) |
Balance at June 30, 2020 | 126,901 |
Residential Products | |
Goodwill [Roll Forward] | |
Balance at December 31, 2019 | 198,075 |
Acquired goodwill | 0 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 0 |
Balance at June 30, 2020 | 198,075 |
Industrial and Infrastructure Products | |
Goodwill [Roll Forward] | |
Balance at December 31, 2019 | 54,028 |
Acquired goodwill | 0 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | (264) |
Balance at June 30, 2020 | $ 53,764 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 125,361 | $ 108,527 |
Total acquired intangible assets, Gross Carrying Amount | 176,656 | 154,297 |
Accumulated Amortization, Finite-lived intangible assets | 66,175 | 61,705 |
Total acquired intangible assets, Accumulated Amortization | 66,175 | 61,705 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,753 | 6,139 |
Accumulated Amortization, Finite-lived intangible assets | 4,328 | 4,105 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 35,383 | 29,544 |
Accumulated Amortization, Finite-lived intangible assets | 17,031 | 15,807 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 80,976 | 71,195 |
Accumulated Amortization, Finite-lived intangible assets | 42,876 | 40,294 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 1,949 | 1,649 |
Accumulated Amortization, Finite-lived intangible assets | 1,640 | 1,499 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 300 | 0 |
Accumulated Amortization, Finite-lived intangible assets | 300 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 51,295 | 45,770 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,412 | $ 1,797 | $ 4,490 | $ 3,594 |
2020 | 3,860 | 3,860 | ||
2021 | 7,633 | 7,633 | ||
2022 | 7,154 | 7,154 | ||
2023 | 6,617 | 6,617 | ||
2024 | 6,363 | 6,363 | ||
2025 | $ 6,203 | $ 6,203 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2020USD ($)covenant | Dec. 31, 2019USD ($) | Jan. 24, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Carrying value of outstanding debt | $ 0 | $ 0 | |
Revolving Credit Facility | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, availability amount | 394,100,000 | ||
Borrowings outstanding | 0 | $ 0 | |
Standby Letters of Credit | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Letters of credit issued | $ 5,900,000 | ||
Line of Credit | 2019 Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 400,000,000 | ||
Letters of credit issued | 700,000,000 | ||
Number of debt covenants | covenant | 3 | ||
Medium-term Notes | 2019 Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, issued value | $ 300,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
AOCI before tax, beginning balance | $ (11,985) | $ (6,112) | $ (7,121) | $ (7,979) | $ (6,112) | $ (7,979) |
Accumulated other comprehensive income, tax, beginning balance | (714) | (721) | (741) | (745) | (721) | (745) |
Accumulated Other Comprehensive Income Beginning Balance | (11,271) | (5,391) | (6,380) | (7,234) | (5,391) | (7,234) |
Other comprehensive income (loss), net of tax | 2,833 | 1,010 | (3,047) | 1,864 | ||
AOCI before tax, ending balance | (9,146) | (11,985) | (6,106) | (7,121) | (9,146) | (6,106) |
Accumulated other comprehensive income, tax, ending balance | (708) | (714) | (736) | (741) | (708) | (736) |
Accumulated Other Comprehensive Income Ending Balance | (8,438) | (11,271) | (5,370) | (6,380) | (8,438) | (5,370) |
Accumulated Translation Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
AOCI before tax, beginning balance | (10,071) | (4,173) | (5,097) | (5,939) | (4,173) | (5,939) |
Other comprehensive income adjustments | 2,815 | (5,898) | 998 | 842 | ||
Other comprehensive income (loss), net of tax | 2,815 | (5,898) | 998 | 842 | ||
AOCI before tax, ending balance | (7,256) | (10,071) | (4,099) | (5,097) | (7,256) | (4,099) |
Accumulated Defined Benefit Plans Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income adjustments | 24 | 25 | 17 | 16 | ||
Other comprehensive income (loss), tax | 6 | 7 | 5 | 4 | ||
Other comprehensive income (loss), net of tax | 18 | 18 | 12 | 12 | ||
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 | (1,914) | (1,939) | (2,024) | (2,040) | (1,939) | (2,040) |
Other comprehensive income adjustments | 24 | 25 | 17 | 16 | ||
AOCI before tax, ending balance | $ (1,890) | $ (1,914) | $ (2,007) | $ (2,024) | $ (1,890) | $ (2,007) |
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 | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2020 | Jun. 30, 2019 | |
Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards (in shares) | 127,397 | 145,420 | |
Weighted average grant date fair value (in USD per share) | $ 53.16 | $ 40.55 | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards (in shares) | 43,842 | 117,821 | |
Weighted average grant date fair value (in USD per share) | $ 52.12 | $ 39.37 | |
Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards (in shares) | 12,402 | 7,509 | |
Weighted average grant date fair value (in USD per share) | $ 45.98 | $ 37.95 | |
Common shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards (in shares) | 4,134 | 7,509 | |
Weighted average grant date fair value (in USD per share) | $ 45.98 | $ 37.95 | |
2018 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 | 116.00% | ||
2018 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) | 168,688 | ||
Minimum | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants based on targeted thresholds, percent | 0.00% | ||
Maximum | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants based on targeted thresholds, percent | 200.00% | ||
Return on Invested Capital | 2018 Plan | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 1 year | ||
Gross Profit Threshold | Minimum | 2018 Plan | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2 years | ||
Gross Profit Threshold | Maximum | 2018 Plan | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Total Shareholder Return | 2018 Plan | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years |
Equity-Based Compensation (Equi
Equity-Based Compensation (Equity Based Awards - Settled in Cash) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 29,200,000 | $ 28,000,000 | |
Non Current Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | 12,700,000 | $ 13,200,000 | |
Management Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based liabilities paid (in thousands) | $ 4,433,000 | $ 5,742,000 | |
Management Stock Purchase Plan | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average company stock price measurement period | 200 days | ||
Restricted stock units credited (in shares) | $ 52,965 | $ 55,513 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) $ in Thousands | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)facility | Jun. 30, 2019USD ($)facility |
Restructuring and Related Activities [Abstract] | |||
Number of facilities closed | facility | 1 | 0 | |
Restructuring Cost and Reserve [Line Items] | |||
Gain on sale of business | $ 1,881 | $ 0 | |
Apartment Tour Application Business | |||
Restructuring Cost and Reserve [Line Items] | |||
Proceeds from sale of business | $ 2,000 | ||
Gain on sale of business | $ 1,900 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | $ 346 | $ 0 | $ 346 | $ 0 |
Exit activity costs | 664 | 2,136 | 955 | 2,355 |
Total | 1,010 | 2,136 | 1,301 | 2,355 |
Renewable Energy and Conservation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 72 | 0 | 72 | 0 |
Exit activity costs | 316 | (95) | 334 | (1) |
Total | 388 | (95) | 406 | (1) |
Residential Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 0 | 0 | 0 | 0 |
Exit activity costs | 263 | 219 | 484 | 370 |
Total | 263 | 219 | 484 | 370 |
Industrial and Infrastructure Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 274 | 0 | 274 | 0 |
Exit activity costs | 40 | 1,346 | 38 | 1,313 |
Total | 314 | 1,346 | 312 | 1,313 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory write-downs &/or asset impairment charges | 0 | 0 | 0 | 0 |
Exit activity costs | 45 | 666 | 99 | 673 |
Total | $ 45 | $ 666 | $ 99 | $ 673 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 1,010 | $ 2,136 | $ 1,301 | $ 2,355 |
Exit activity costs | 664 | 2,136 | 955 | 2,355 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 786 | 319 | 873 | 285 |
Selling, general, and administrative expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 224 | $ 1,817 | $ 428 | $ 2,070 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 5,449 | $ 1,923 | ||
Exit activity costs | $ 664 | $ 2,136 | 955 | 2,355 |
Cash payments | (5,575) | (1,329) | ||
Ending balance | $ 829 | $ 2,949 | $ 829 | $ 2,949 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 8,872 | $ 6,487 | $ 11,858 | $ 8,058 |
Effective tax rate | 24.50% | 24.60% | 23.20% | 23.50% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Net income | $ 27,292 | $ 12,059 | $ 19,913 | $ 6,345 | $ 39,351 | $ 26,258 |
Weighted average basic shares outstanding (in shares) | 32,605,000 | 32,321,000 | 32,596,000 | 32,300,000 | ||
Common stock options and restricted stock (in shares) | 255,000 | 321,000 | 272,000 | 330,000 | ||
Weighted average shares outstanding, diluted (in shares) | 32,860,000 | 32,642,000 | 32,868,000 | 32,630,000 | ||
Common shares | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive securities excluded from earnings per share calculation (in shares) | 77,000 | 366,000 | 47,000 | 312,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Net Sales | $ 285,814 | $ 262,655 | $ 535,253 | $ 490,072 |
Total consolidated income from operations | 34,591 | 26,606 | 49,781 | 37,172 |
Renewable Energy and Conservation | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 98,259 | 76,004 | 194,756 | 144,841 |
Residential Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 139,472 | 130,433 | 242,891 | 234,142 |
Industrial and Infrastructure Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 48,083 | 56,218 | 97,606 | 111,089 |
Operating Segments | Renewable Energy and Conservation | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 98,259 | 76,004 | 194,756 | 144,841 |
Total consolidated income from operations | 9,188 | 9,649 | 14,887 | 11,281 |
Operating Segments | Residential Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 139,472 | 130,433 | 242,891 | 234,142 |
Total consolidated income from operations | 27,964 | 20,778 | 41,689 | 32,868 |
Operating Segments | Industrial and Infrastructure Products | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | 48,263 | 56,547 | 98,064 | 111,735 |
Total consolidated income from operations | 6,644 | 4,069 | 10,633 | 8,198 |
Intersegment Elimination | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Sales | (180) | (329) | (458) | (646) |
Corporate | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Unallocated Corporate Expenses | $ (9,205) | $ (7,890) | $ (17,428) | $ (15,175) |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 285,814 | $ 262,655 | $ 535,253 | $ 490,072 |
Renewable Energy and Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 98,259 | 76,004 | 194,756 | 144,841 |
Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 139,472 | 130,433 | 242,891 | 234,142 |
Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 48,083 | 56,218 | 97,606 | 111,089 |
Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 187,883 | 184,350 | 344,297 | 339,819 |
Point in Time | Renewable Energy and Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 12,416 | 8,469 | 27,004 | 15,759 |
Point in Time | Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 138,288 | 129,566 | 240,619 | 232,458 |
Point in Time | Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 37,179 | 46,315 | 76,674 | 91,602 |
Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 97,931 | 78,305 | 190,956 | 150,253 |
Over Time | Renewable Energy and Conservation | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 85,843 | 67,535 | 167,752 | 129,082 |
Over Time | Residential Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,184 | 867 | 2,272 | 1,684 |
Over Time | Industrial and Infrastructure Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 10,904 | $ 9,903 | $ 20,932 | $ 19,487 |