Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.5 | ||
Entity Common Stock, Shares Outstanding | 32,570,961 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement to be filed for its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000912562 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales: | $ 1,032,578 | $ 898,233 | $ 837,097 |
Cost of sales | 776,235 | 678,336 | 626,171 |
Gross profit | 256,343 | 219,897 | 210,926 |
Selling, general, and administrative expense | 149,153 | 139,085 | 128,233 |
Intangible asset impairment | 0 | 0 | 1,552 |
Income from operations | 107,190 | 80,812 | 81,141 |
Interest expense, net | 703 | 2,323 | 10,709 |
Other (income) expense | (1,272) | 408 | 3,309 |
Income before taxes | 107,759 | 78,081 | 67,123 |
Provision for income taxes | 24,468 | 18,153 | 13,011 |
Income from continuing operations | 83,291 | 59,928 | 54,112 |
Discontinued operations: | |||
(Loss) income before taxes | (16,602) | 6,682 | 12,822 |
Provision for income taxes | 2,123 | 1,519 | 3,125 |
(Loss) income from discontinued operations | (18,725) | 5,163 | 9,697 |
Net income | $ 64,566 | $ 65,091 | $ 63,809 |
Net earnings per share – Basic: | |||
Income from continuing operations (in dollars per share) | $ 2.55 | $ 1.85 | $ 1.69 |
(Loss) income from discontinued operations (in dollars per share) | (0.57) | 0.16 | 0.31 |
Net income (in dollars per share) | $ 1.98 | $ 2.01 | $ 2 |
Weighted average shares outstanding – Basic (in shares) | 32,664 | 32,389 | 31,979 |
Net earnings per share – Diluted: | |||
Income from continuing operations (in dollars per share) | $ 2.53 | $ 1.83 | $ 1.66 |
(Loss) income from discontinued operations (in dollars per share) | (0.57) | 0.16 | 0.30 |
Net income (in dollars per share) | $ 1.96 | $ 1.99 | $ 1.96 |
Weighted average shares outstanding – Diluted (in shares) | 32,918 | 32,722 | 32,534 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net income | $ 64,566 | $ 65,091 | $ 63,809 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 3,301 | 1,766 | (3,241) |
Cumulative effect of accounting change | 0 | 0 | (350) |
Adjustment to pension and post-retirement benefit liability, net of tax | (371) | 77 | 723 |
Other comprehensive income (loss) | 2,930 | 1,843 | (2,868) |
Total comprehensive income | $ 67,496 | $ 66,934 | $ 60,941 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 32,054 | $ 191,363 |
Accounts receivable, net of allowance of $3,529 and $5,951 | 197,990 | 133,895 |
Inventories, net | 98,307 | 61,957 |
Prepaid expenses and other current assets | 19,671 | 18,959 |
Assets of discontinued operations | 77,438 | 30,928 |
Total current assets | 425,460 | 437,102 |
Property, plant, and equipment, net | 89,562 | 78,152 |
Operating lease assets | 25,229 | 21,201 |
Goodwill | 514,279 | 307,355 |
Acquired intangibles | 156,365 | 76,734 |
Other assets | 1,599 | 1,980 |
Assets of discontinued operations | 0 | 61,926 |
Total assets | 1,212,494 | 984,450 |
Current liabilities: | ||
Accounts payable | 134,738 | 72,628 |
Accrued expenses | 83,505 | 86,597 |
Billings in excess of cost | 34,702 | 47,598 |
Liabilities of discontinued operations | 49,295 | 22,374 |
Total current liabilities | 302,240 | 229,197 |
Long-term debt | 85,636 | 0 |
Deferred income taxes | 39,057 | 35,404 |
Non-current operating lease liabilities | 17,730 | 14,943 |
Other non-current liabilities | 24,026 | 21,272 |
Liabilities of discontinued operations | 0 | 9,670 |
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; 33,568 and 33,192 shares issued in 2020 and 2019 | 336 | 332 |
Additional paid-in capital | 304,870 | 295,582 |
Retained earnings | 469,943 | 405,668 |
Accumulated other comprehensive loss | (2,461) | (5,391) |
Cost of 1,028 and 906 common shares held in treasury in 2020 and 2019 | (28,883) | (22,227) |
Total shareholders’ equity | 743,805 | 673,964 |
Total liabilities and shareholders' equity | $ 1,212,494 | $ 984,450 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 3,529 | $ 5,951 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 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) | 33,568,000 | 33,192,000 |
Treasury stock, shares (in shares) | 1,028,000 | 906,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net income | $ 64,566 | $ 65,091 | $ 63,809 |
(Loss) income from discontinued operations | (18,725) | 5,163 | 9,697 |
Income from continuing operations | 83,291 | 59,928 | 54,112 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,915 | 17,557 | 17,439 |
Intangible asset impairment | 0 | 0 | 1,552 |
Gain on sale of business | (1,881) | 0 | 0 |
Stock compensation expense | 8,173 | 12,570 | 9,189 |
Exit activity costs, non-cash | 493 | 408 | 1,344 |
Provision for deferred income taxes | 3,786 | 4,120 | 4,725 |
Other, net | 1,944 | 5,399 | 1,759 |
Changes in operating assets and liabilities (excluding the effects of acquisitions): | |||
Accounts receivable | 2,277 | (11,256) | 9,665 |
Inventories | (5,719) | 14,272 | (12,322) |
Other current assets and other assets | 5,467 | (9,306) | 38 |
Accounts payable | (1,160) | 4,804 | (5,491) |
Accrued expenses and other non-current liabilities | (44,570) | 14,040 | 2,351 |
Net cash provided by operating activities of continuing operations | 73,016 | 112,536 | 84,361 |
Net cash provided by operating activities of discontinued operations | 16,088 | 17,399 | 13,184 |
Net cash provided by operating activities | 89,104 | 129,935 | 97,545 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (13,068) | (8,776) | (10,368) |
Acquisitions, net of cash acquired | (313,686) | (8,595) | (5,241) |
Net proceeds from sale of property and equipment | 77 | 92 | 348 |
Net proceeds from sale of business | 2,000 | 0 | 0 |
Net cash used in investing activities of continuing operations | (324,677) | (17,279) | (15,261) |
Net cash (used in) provided by investing activities of discontinued operations | (2,033) | (2,394) | 712 |
Net cash used in investing activities | (326,710) | (19,673) | (14,549) |
Cash Flows from Financing Activities | |||
Long-term debt payments | 0 | (212,000) | (400) |
Proceeds from long-term debt | 85,000 | 0 | 0 |
Payment of debt issuance costs | 0 | (1,235) | 0 |
Purchase of treasury stock at market prices | (6,656) | (4,305) | (7,165) |
Net proceeds from issuance of common stock | 1,119 | 490 | 1,385 |
Net cash provided by (used in) financing activities | 79,463 | (217,050) | (6,180) |
Effect of exchange rate changes on cash | (1,166) | 1,145 | (2,090) |
Net (decrease) increase in cash and cash equivalents | (159,309) | (105,643) | 74,726 |
Cash and cash equivalents at beginning of year | 191,363 | 297,006 | 222,280 |
Cash and cash equivalents at end of year | $ 32,054 | $ 191,363 | $ 297,006 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ 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 | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Balance, shares at Dec. 31, 2017 | 32,332,000 | 615,000 | |||||||
Balance at Dec. 31, 2017 | $ 531,719 | $ 274 | $ 323 | $ 271,957 | $ 274,562 | $ 624 | $ (4,366) | $ (350) | $ (10,757) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 63,809 | 63,809 | |||||||
Foreign currency translation adjustment | (3,241) | (3,241) | |||||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 723 | 723 | |||||||
Stock compensation expense | 9,189 | 9,189 | |||||||
Net settlement of restricted stock units, shares | 460,000 | 181,000 | |||||||
Net settlement of restricted stock units | $ (7,165) | $ 5 | (5) | $ (7,165) | |||||
Issuance of restricted stock, shares | 7,000 | ||||||||
Stock options exercised, shares | 87,907 | 88,000 | |||||||
Stock options exercised | $ 1,385 | 1,384 | |||||||
Balance, shares at Dec. 31, 2018 | 32,887,000 | 796,000 | |||||||
Balance at Dec. 31, 2018 | 596,693 | 1,582 | $ 329 | 282,525 | 338,995 | 1,582 | (7,234) | $ (17,922) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 65,091 | 65,091 | |||||||
Foreign currency translation adjustment | 1,766 | 1,766 | |||||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 77 | 77 | |||||||
Stock compensation expense | $ 12,570 | 12,570 | |||||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Net settlement of restricted stock units, shares | 255,000 | 110,000 | |||||||
Net settlement of restricted stock units | $ (4,305) | $ 3 | (3) | $ (4,305) | |||||
Issuance of restricted stock, shares | 8,000 | ||||||||
Stock options exercised, shares | 42,000 | ||||||||
Stock options exercised | 490 | 490 | |||||||
Balance, shares at Dec. 31, 2019 | 33,192,000 | 906,000 | |||||||
Balance 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 | 64,566 | 64,566 | |||||||
Foreign currency translation adjustment | 3,301 | 3,301 | |||||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | (371) | (371) | |||||||
Stock compensation expense | $ 8,173 | 8,173 | |||||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Net settlement of restricted stock units, shares | 296,000 | 122,000 | |||||||
Net settlement of restricted stock units | $ (6,656) | $ 4 | (4) | $ (6,656) | |||||
Issuance of restricted stock, shares | 4,000 | ||||||||
Stock options exercised, shares | 75,909 | 76,000 | |||||||
Stock options exercised | $ 1,119 | 1,119 | |||||||
Balance, shares at Dec. 31, 2020 | 33,568,000 | 1,028,000 | |||||||
Balance at Dec. 31, 2020 | $ 743,805 | $ 336 | $ 304,870 | $ 469,943 | $ (2,461) | $ (28,883) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Minimum pension and post retirement benefit plan adjustments, net of taxes | $ 116 | $ 24 | $ 225 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The consolidated financial statements include the accounts of Gibraltar Industries, Inc. and subsidiaries (the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or service to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or service. Performance obligations satisfied at a point in time and significant judgments The majority of the Company's revenue from contracts with customers is recognized when the Company transfers control of the promised product at a point in time, which is determined when the customer has legal title and the significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts with customers include promised products, which are generally capable of being distinct and accounted for as separate performance obligations. Accordingly, the Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation in an amount based on an observable price of the products as the Company frequently sells these products separately in similar circumstances and to similar customers. These products are generally sold with rights of return and these contracts may provide other credits or incentives, which are accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Sales returns, allowances, and customer incentives, including rebates, are treated as reductions to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Performance obligations satisfied over time and significant judgments For a contract to construct an asset that the customer controls as it is being created or enhanced, or a promise to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment, the Company recognizes revenue over time. For the contracts to construct a certain asset, the Company determines that the customer controls the asset while it is being constructed. For the contracts for products that have no alternative use and for which the Company has an enforceable right to payment, the Company identifies these products as products that are not a standard inventory item or the Company cannot readily direct the product to another customer for use without incurring a significant economic loss, or significant costs to rework the product. When the promised products and services are to construct a certain asset that the customer controls, the entire contract is accounted for as one performance obligation. The Company determines the transaction price for each contract based on the consideration the Company expects to receive for the promised products and services under the entire contract, which is generally the stated contract price based on an expected cost plus a margin. When the promised products do not have an alternative use to the Company, and the Company has enforceable rights to payment, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised products under the contract and is generally the stated contract price based on an expected cost plus a margin for each performance obligation. These promised products are generally capable of being distinct and accounted for as separate performance obligations. For the above contracts with customers with respect to which the Company satisfies a performance obligation over time, the Company recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contract as the incurred costs are proportionate to the Company's progress in satisfying the performance obligation. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Costs to fulfill a contract include all direct costs related to contract performance. Selling and administrative expenses are charged to operations as incurred. Provision for loss on an uncompleted performance obligation is recognized in the period in which such loss is determined. The Company regularly reviews the progress and performance of the performance obligation recognized over time under the cost-to-cost method. Any adjustments to net sales, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. Changes in estimates of net sales, cost of sales, and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current or prior periods based on a performance obligation's cost-to-cost measure of progress. The Company also recognizes revenues from services contracts over time. For these contracts, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised service under the contract, which generally is the stated contract price. In order to estimate the standalone selling price of the performance obligation, the Company evaluates the market in which the promised service is sold and estimates the price that customers in the market would be willing to pay. Further, the Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's performance. Therefore due to control transferring over time, the Company recognizes revenue on a straight-line basis throughout the contract period. Contract assets and contract liabilities Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts do not exceed their net realizable value. Costs in excess of billings are classified as current assets and are reported net of contract billings on a contract-by-contract basis at the end of each reporting period. Billings in excess of cost includes billings in excess of revenue recognized and deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported net of contract cost on a contract-by-contract basis at the end of each reporting period and are classified as current liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract by contract basis when the Company incurs costs to satisfy the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. Unearned revenue relates to payments received in advance of performance under the contract and is recognized when the Company performs under the contract. Unearned revenue is presented within accrued expenses in the Company's consolidated balance sheets. Costs to obtain a contract with a customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. If the amortization period of the asset is one year or less, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Cash and cash equivalents All highly liquid investments with a maturity of three months or less are considered cash equivalents. Accounts receivable and allowance for doubtful accounts and contract assets Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. 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. The Company is exposed to credit losses through sales of products and services. 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 after all means of collection have been exhausted and the potential for recovery is considered remote. Estimates are used to determine the allowance. These estimates are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table summarizes activity recorded within the allowance for doubtful accounts and contract assets balances for the years ended December 31 (in thousands): 2020 2019 2018 Beginning balance $ 5,951 $ 6,170 $ 5,599 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 385 — — Bad debt expense, net of recoveries 1,321 2,577 1,308 Accounts written off against allowance and other adjustments (4,128) (2,796) (737) Ending balance $ 3,529 $ 5,951 $ 6,170 Concentrations of credit risk in accounts receivable are limited to those from significant customers that are believed to be financially sound. As of December 31, 2020 and 2019, the Company's most significant customer is a home improvement retailer. The home improvement retailer purchases from the Residential Products and the Renewable Energy and Conservation segments. Accounts receivable as a percentage of consolidated accounts receivable from the home improvement retailer was 11% and 15% as of December 31, 2020 and 2019, respectively. Net sales to the home improvement retailer as a percentage of consolidated net sales were 14% in each of the years ended December 31, 2020, 2019 and 2018, with the majority of those sales within the Company's Residential Products segment. Inventories Inventories are valued at the lower of cost, determined using the first-in, first-out method, or net realizable value. Shipping and handling costs are recognized as a component of cost of sales. Property, plant, and equipment Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Interest is capitalized in connection with construction of qualified assets. Expenditures that exceed an established dollar threshold and that extend the useful lives of assets are capitalized, while repair and maintenance costs are expensed as incurred. The estimated useful lives of land improvements, buildings, and building improvements are 15 to 40 years, while the estimated useful lives for machinery and equipment are 3 to 20 years. The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2020 2019 2018 Depreciation expense $ 11,252 $ 10,666 $ 10,249 Acquisition related assets and liabilities Accounting for the acquisition of a business as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most complex estimations of individual fair values are those involving long-lived assets, such as property, plant, and equipment and intangible assets. The Company uses all available information to make these fair value determinations and engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. Goodwill and other intangible assets The Company tests goodwill for impairment at the reporting unit level on an annual basis at October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of a reporting unit could be below its carrying value. The reporting units are at the component level, or one level below the operating segment level. Goodwill is assigned to each reporting unit as of the date the reporting unit is acquired and based upon the expected synergies of the acquisition. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of our selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test for any or all of the Company's reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit, determined using two valuation techniques, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired, and a loss measured by the excess of the carrying value of the reporting unit over the fair value of the reporting unit must be recorded. The Company also tests its indefinite-lived intangible assets for impairment on an annual basis as of October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of an indefinite-lived intangible asset could be below its carrying value. The impairment test consists of comparing the fair value of the indefinite-lived intangible asset, determined using discounted cash flows on a relief-from-royalty basis, with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. Acquired identifiable intangible assets are recorded at cost. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives. Impairment of long-lived assets Long-lived assets, including acquired identifiable intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. In specific situations, when the Company has selected individual assets to be sold or scrapped, the Company obtains market value data for those specific assets and measures and records the impairment loss based on such data. Otherwise, the Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss by approximating fair value using acceptable valuation techniques, including discounted cash flow models and third-party appraisals. While the Company did not recognize any impairment charges related to intangible assets and other long-lived assets during the years ended December 31, 2020 and 2019, impairment charges related to intangible assets and other long-lived assets were recognized during the year ended December 31, 2018. Several of these impairment charges related to exit activities during the year ended December 31, 2018, as described in Note 15 of the consolidated financial statements. Leases The Company determines if an agreement is, or contains, a lease at the inception of the agreement. At lease commencement, the Company recognizes a right-of-use asset and a lease liability for leases with terms greater than twelve months. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's consolidated balance sheet. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company combines lease and non-lease components, such as common area maintenance costs, in calculating the related asset and lease liabilities for all underlying asset groups. Operating lease cost is included in income from operations and includes short-term leases and variable lease costs which are immaterial. Deferred charges Deferred charges associated with initial costs incurred to enter into new debt arrangements are included in other assets and are amortized as a part of interest expense over the terms of the associated debt agreements. Advertising The Company expenses advertising costs as incurred. For the years ended December 31, 2020, 2019 and 2018, advertising costs were $7.2 million, $5.7 million, and $5.0 million, respectively. Foreign currency transactions and translation The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. Income taxes The provision for income taxes is determined using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets when uncertainty exists regarding their realization. Equity-based compensation The Company measures the cost of equity-based compensation based on grant date fair value and recognizes the cost over the period in which the employee is required to provide service in exchange for the award reduced by forfeitures. Equity-based compensation consists of grants of stock options, deferred stock units, common stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. 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. Date of adoption: Q1 2020 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. The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have minimal impact on our financial statements and related disclosures. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUESales 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; expansion joints and structural bearings. Refer to Note 20 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days, or in certain cases, up front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. As of December 31, 2020, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Additionally, as of December 31, 2020 and 2019, there were no assets recognized related to incremental costs of obtaining a contract with a customer as the benefits of these costs are not expected to exceed one year. Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue, respectively. The following table presents the ending and beginning balances of costs in excess of billings, billings in excess of cost and unearned revenue, respectively, as of December 31, (in thousands): 2020 2019 2018 Costs in excess of billings $ 26,915 $ 20,607 $ 22,634 Billings in excess of cost (34,702) (47,598) (17,857) Unearned revenue (21,325) (15,389) (10,847) Revenue recognized that was included in billings in excess of cost and unearned revenue at the beginning of the periods, respectively, during the years ended December 31, (in thousands): 2020 2019 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost $ 45,536 $ 17,371 $ 10,097 Amounts included in unearned revenue $ 12,229 $ 10,090 $ 2,988 At December 31, 2020, costs in excess of billings, billings in excess of cost, and unearned revenue included approximately $6.8 million, $12.4 million and $9.0 million, respectively, from acquisitions during the year ended December 31, 2020. The increase in contract liabilities as of December 31, 2019 compared to December 31, 2018 was primarily due to the timing of significant advanced and up-fronts payments in the Renewable Energy and Conservation segment near the end of December 31, 2019 from contracts with customers for which the performance obligations had not been satisfied. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE, NET Accounts receivable at December 31 consisted of the following (in thousands): 2020 2019 Trade accounts receivable $ 174,604 $ 119,239 Costs in excess of billings 26,915 20,607 Total accounts receivables 201,519 139,846 Less allowance for doubtful accounts (3,529) (5,951) Accounts receivable, net $ 197,990 $ 133,895 Refer to Note 3 "Revenue" concerning the Company's costs in excess of billings. The Company's accounts receivable balance as of December 31, 2020 primarily increased from December 31, 2019 due to acquired receivables of approximately $62 million during 2020. Refer to Note 6 "Acquisitions" for additional information concerning the Company's acquisitions. 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 December 31, 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories at December 31 consisted of the following (in thousands): 2020 2019 Raw material $ 66,018 $ 42,030 Work-in-process 5,382 5,023 Finished goods 31,205 18,460 Gross inventory $ 102,605 $ 65,513 Less reserves (4,298) (3,556) Total inventories $ 98,307 $ 61,957 The Company's gross inventory balances are reduced by reserves for excess, obsolete and slow moving inventory and estimates for determining net realizable value of the inventory that are reported on a net basis on the Company's consolidated balance sheet. The Company's total inventory balance as of December 31, 2020 increased from December 31, 2019 largely due to acquired inventory of approximately $30 million during 2020. Refer to Note 6 "Acquisitions" for additional information concerning the Company's acquisitions. The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2020 2019 2018 Beginning balance $ 3,463 $ 2,971 $ 2,852 Excess, obsolete and slow moving inventory expense 355 1,134 363 Scrapped inventory and other adjustments 343 (642) (244) Ending balance $ 4,161 $ 3,463 $ 2,971 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2020 2019 Land and land improvements $ 4,605 $ 4,583 Building and improvements 41,164 39,901 Machinery and equipment 188,853 174,058 Construction in progress 10,458 5,131 Property, plant, and equipment, gross 245,080 223,673 Less: accumulated depreciation (155,518) (145,521) Property, plant, and equipment, net $ 89,562 $ 78,152 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2020 Acquisitions During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, four of which are included within our Renewable Energy and Conversation and one in our Residential Products segments. The total preliminary purchase consideration was $313.3 million, and the preliminary allocation of purchase consideration for each acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. On December 31, 2020, the Company purchased all the outstanding stock of TerraSmart LLC ("TerraSmart"), the leading provider of screw-based, ground-mount solar racking technology, particularly used for solar projects installed on challenging terrain. The results of TerraSmart 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 TerraSmart was $228.2 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The purchase price for the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has commenced the process to confirm existence, condition and completeness of assets acquired and liabilities assumed to obtain fair values of the assets acquired and liabilities assumed to determine the amount of goodwill to be recognized as of the date of acquisition. Due to the timing of the acquisition, we continue to gather information supporting the acquired assets and liabilities. Accordingly, all amounts recorded were provisional. These provisional amounts are subject to change if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date The final determination of the fair value of certain assets and liabilities will be completed within the measurement period of up to one year from the date of acquisition. The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant and equipment and acquired intangible assets. The excess consideration was recorded as goodwill and approximated $143.2 million, all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic solar energy market. The final purchase price allocation will be completed no later than December 31, 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 $ 1,712 Working capital 23,833 Property, plant and equipment 8,345 Acquired intangible assets 51,700 Other assets 1,478 Other liabilities (2,081) Goodwill 143,245 Fair value of purchase consideration $ 228,232 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 16,400 Indefinite Trademarks 300 7 years Technology 2,500 15 years Customer relationships 24,000 10 years Non-compete agreements 2,200 5 years Backlog 6,300 Less than 1 year Total $ 51,700 On December 11, 2020, the Company purchased all the outstanding stock of Sunfig Corporation ("Sunfig"), a provider of software solutions that optimize solar energy investments through upstream design, performance and financial modeling, for a preliminary purchase consideration of $3.8 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The results of Sunfig 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 excess consideration was recorded as goodwill and approximated $3.2 million, all of which is deductible for tax purposes. On October 15, 2020, the Company purchased substantially all of the assets of Architectural Mailboxes LLC ("Architectural Mailboxes"), a complementary addition to Gibraltar's existing mail and package solutions business within the Residential Products segment, for a preliminary purchase consideration of $26.9 million, which includes a working capital adjustment and certain other adjustments provided for in the asset purchase agreement. The results of Architectural Mailboxes have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential Products segment. The excess consideration was recorded as goodwill and approximated $7.4 million, all of which is deductible for tax purposes. 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, "Delta Separations") for a preliminary purchase consideration of $47.1 million, which includes a working capital adjustment and certain other adjustments provided for in the asset purchase agreement. 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 excess consideration was recorded as goodwill and approximated $32.2 million, all of which is deductible for tax purposes. 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 providing growing infrastructure for the plant based organic food market, for a preliminary purchase consideration of $7.3 million. 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. Goodwill of approximately $18.7 million was recorded, all of which is deductible for tax purposes. The preliminary allocation of the purchase price of the four 2020 acquisitions noted above - Sunfig, Architectural Mailboxes, Delta Separations, and Thermo - is subject to adjustments during the measurement period as third-party valuations are finalized. The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in these four acquisitions is as follows as of the respective date of the acquisition (in thousands): Cash $ 145 Working capital (14,930) Property, plant and equipment 1,740 Acquired intangible assets 38,296 Other current assets 1,528 Other assets 2,381 Other liabilities (5,508) Goodwill 61,436 Fair value of purchase consideration $ 85,088 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 respective markets. The intangible assets acquired in the four acquisitions noted above consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 8,200 Indefinite Trademarks 1,177 3 years Technology 8,175 7 - 15 years Customer relationships 18,780 5 - 13 years Non-compete agreements 1,036 5 years Backlog 928 Less than 1 year Total $ 38,296 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 2018 Acquisition On August 21, 2018, the Company acquired all of the outstanding stock of SolarBOS. SolarBOS is a provider of electrical balance of systems products, which consists of electrical components such as wiring, switches, and combiner boxes that support photovoltaic systems, for the U.S. renewable energy market. The Company expects the acquisition of SolarBOS to enable the Company to provide complementary product offerings to its existing customers and strengthen its position in the renewable energy market. The results of SolarBOS have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Renewable Energy and Conservation segment). The aggregate purchase consideration for the acquisition of SolarBOS was $6.4 million, which includes a working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $2.9 million, all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the renewable energy markets. The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51) Goodwill 2,879 Fair value of purchase consideration $ 6,369 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 The acquisition of TerraSmart was financed through a combination of cash on hand and borrowings under the Company's revolving credit facility. The acquisitions of Sunfig, Architectural Mailboxes, Delta Separations, Thermo, Apeks and SolarBOS were funded from cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees, and these costs were recognized as a component of selling, general, and administrative expenses in the consolidated statements of operations. The Company also recognized costs related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. All acquisition related costs consisted of the following for the years ended December 31 (in thousands): 2020 2019 2018 Cost of sales $ 634 $ 401 $ — Selling, general and administrative costs 3,230 1,517 497 Total acquisition related costs $ 3,864 $ 1,918 $ 497 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 12 Months Ended |
Dec. 31, 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 years ended December 31 were as follows (in thousands): Renewable Energy & Conservation Residential Products Infrastructure Products Total Balance at December 31, 2018 $ 71,827 $ 198,075 $ 31,678 $ 301,580 Acquired goodwill 5,857 — — 5,857 Adjustments to prior year acquisitions (172) — — (172) Foreign currency translation 90 — — 90 Balance at December 31, 2019 $ 77,602 $ 198,075 31,678 $ 307,355 Acquired goodwill 197,866 7,377 — 205,243 Adjustments to prior year acquisitions 578 — — 578 Foreign currency translation 1,103 — — 1,103 Balance at December 31, 2020 $ 277,149 $ 205,452 31,678 $ 514,279 Goodwill is recognized net of accumulated impairment losses of $133.2 million as of December 31, 2020 and 2019, respectively. No goodwill impairment charges were recognized by the Company during 2020 or 2019. Annual Impairment Testing The Company performed its annual goodwill impairment test as of October 31, 2020, 2019, and 2018. During the October 31, 2020 impairment test, the Company conducted a quantitative analysis for all ten of the Company’s reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit with its carrying value including goodwill. The fair value of each reporting unit evaluated under the quantitative test was determined using two valuation techniques: an income approach and a market approach. Each valuation approach relies on significant assumptions including a weighted average cost of capital ("WACC") based upon the capital structure of market participants in the Company’s peer groups, projected revenue growth, forecasted cash flows, and earnings multiples based on the market value of the Company and market participants within its peer groups. As a result of our annual testing for 2020, 2019 and 2018, none of the reporting units with goodwill as of our testing date had carrying values in excess of their fair values. Interim Impairment Testing The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of October 31 and at interim dates when indicators of impairment are present. 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 during the interim periods. The Company determined that no triggering events had occurred which would require an interim impairment test to be performed. In 2020, 2019 and 2018, no indicators of impairment were identified as of interim dates; therefore, no interim tests were performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): December 31, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 56,570 $ — $ 32,570 $ — Finite-lived intangible assets: Trademarks 5,818 3,385 4,340 2,680 Unpatented technology 38,752 17,765 28,177 15,196 Customer relationships 98,500 31,580 55,401 26,028 Non-compete agreements 4,885 1,747 1,649 1,499 Backlog 7,228 911 — — 155,183 55,388 89,567 45,403 Total acquired intangible assets $ 211,753 $ 55,388 $ 122,137 $ 45,403 The Company did not recognize impairment charges related to indefinite-lived trademark intangible assets for the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company recognized impairment charges of $1.2 million related to indefinite-lived trademark intangible assets. The Company also recognized impairment charges of $0.3 million related to finite-lived intangible assets for the year ended December 31, 2018. The Company recognized amortization expense related to the definite-lived intangible assets. The following table summarizes amortization expense for the years ended December 31 (in thousands): 2020 2019 2018 Amortization expense $ 9,663 $ 6,891 $ 7,190 Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2021 2022 2023 2024 2025 Amortization expense $ 18,362 $ 11,584 $ 10,721 $ 10,611 $ 10,382 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses at December 31 consist of the following (in thousands): 2020 2019 Compensation $ 18,131 $ 13,509 Current portion of cash-settled share-based liabilities 3,504 14,817 Interest and taxes 1,850 3,569 Customer rebates 11,575 10,266 Insurance 6,915 8,353 Current operating lease liability 8,034 6,487 Unearned revenue 21,325 15,389 Other 12,171 14,207 Total accrued expenses $ 83,505 $ 86,597 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
Debt | DEBT The Company's long-term debt outstanding at December 31, 2020 was $85.6 million, consisting of $85.0 million of borrowings under the revolving credit facility and $0.6 million of other debt. As of December 31, 2019, the Company had no outstanding debt. Senior Credit Agreement On January 24, 2019, the Company entered into the 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 provided a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing 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 December 31, 2020, the Company was in compliance with all three covenants. Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125% to 2.00%. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio and the daily average undrawn balance. The Senior Credit Agreement terminates on January 23, 2024. 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 $5.8 million have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of December 31, 2020. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $309.2 million and $394.0 million of availability under the revolving credit facility as of December 31, 2020 and 2019, respectively. Total cash paid for interest in the years ended December 31 was (in thousands): 2020 2019 2018 Interest expense, net $ 703 $ 2,323 $ 10,709 Interest income 276 764 2,156 Other non-cash adjustments (345) (380) (529) Cash paid for interest $ 634 $ 2,707 $ 12,336 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company has a 401(k) plan which all employees of U.S. subsidiaries are eligible to participate. The Company contributes to a multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers union-represented employees. The Company has an unfunded postretirement healthcare plan which provides health insurance to certain employees and their spouses upon retirement. This plan has been frozen and no additional participants will be added to the plan in the future. Total expense for all retirement plans for the years ended December 31 was (in thousands): 2020 2019 2018 401(k) plan $ 2,403 $ 2,031 $ 1,876 Multiemployer and other defined benefit and pension plans 70 195 239 Postretirement healthcare plan 351 346 427 Total retirement plan expense $ 2,824 $ 2,572 $ 2,542 The Company's one multiemployer plan is underfunded and has a rehabilitation plan in place. The rehabilitation plan requires minimum contributions from the Company. Given the status of this plan, it is reasonably possible that future contributions to the plan will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2020. The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands): 2020 2019 Projected benefit obligation at January 1 $ 6,024 $ 6,135 Service cost 10 17 Interest cost 172 234 Actuarial gain 580 (52) Benefits paid, net of contributions (343) (310) Projected benefit obligation at December 31 6,443 6,024 Fair value of plan assets — — Under funded status (6,443) (6,024) Unamortized prior service cost 294 338 Unrecognized actuarial loss 1,843 1,328 Net amount recognized $ (4,306) $ (4,358) Amounts recognized in the consolidated financial statements consisted of (in thousands): 2020 2019 Accrued postretirement benefit liability Current portion $ 335 $ 330 Long term portion 6,108 5,694 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (2,137) (1,666) Net amount recognized $ 4,306 $ 4,358 The measurement date used to determine postretirement benefit obligation measures was December 31. Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands): 2020 2019 2018 Service cost $ 10 $ 17 $ 18 Interest cost 172 234 233 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 64 51 132 Net periodic benefit cost $ 290 $ 346 $ 427 Assumptions used to calculate the benefit obligation: Discount rate 2.0 % 2.9 % 4.1 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.0 % 6.8 % 7.0 % Medical costs after age 65 ( 1) 4.5 % 4.5 % 5.0 % Prescription drug costs ( 1) 7.0 % 7.0 % 9.5 % (1) It was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants. Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2021 2022 2023 2024 2025 Years 2026 - 2030 Expected benefit payments $ 335 $ 349 $ 358 $ 366 $ 376 $ 1,910 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The cumulative balance of each component of accumulated other comprehensive (loss) income is as follows (in thousands): Foreign Minimum post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Balance at December 31, 2018 $ (5,939) $ (2,040) $ (7,979) $ (745) $ (7,234) Minimum post retirement benefit plan adjustments — 101 101 24 77 Foreign currency translation adjustment 1,766 — 1,766 — 1,766 Balance at December 31, 2019 $ (4,173) $ (1,939) $ (6,112) $ (721) $ (5,391) Minimum post retirement benefit plan adjustments — (487) (487) (116) (371) Foreign currency translation adjustment 3,301 — 3,301 — 3,301 Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ (837) $ (2,461) |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION The Company awards equity-based compensation to employees and directors, which is recognized in the statements of operations based on the grant-date fair value of the award. The Company uses the straight-line method for recording compensation expense over a vesting period generally up to four years with either graded or cliff vesting. Stock compensation expense recognized during the period is based on the value of the portion of equity-based awards that is ultimately expected to vest during the period reduced by the expense on unvested awards forfeited during the period. 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"). The Company's 2005 Equity Incentive Plan (the "Prior Plan") was amended in 2015 to terminate issuance of further awards from the Prior 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. At December 31, 2020, 513,000 and 136,000 shares were available for issuance under the 2018 Plan and 2015 Plan, respectively, as incentive stock options or other stock awards, and 29,000 shares were available for issuance under the Non-Employee Directors Plan as awards of shares of the Company's common stock. The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands): 2020 2019 2018 Expense recognized under the Prior Plan $ 40 $ 192 $ 569 Expense recognized under the 2015 Plan 1,932 5,077 7,988 Expense recognized under the 2018 Plan 5,441 6,731 188 Expense recognized under the Non-Employee Directors Plan 760 570 444 Total stock compensation expense $ 8,173 $ 12,570 $ 9,189 Tax benefits recognized related to stock compensation expense $ 2,272 $ 3,136 $ 2,509 Equity Based Awards - Settled in Stock The following table provides the number of stock options, stock units, and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2020 2019 2018 Awards Number of Weighted Number of Weighted Number of Weighted Deferred stock units 12,402 $ 45.98 7,509 $ 37.95 10,255 $ 35.96 Common stock 4,134 $ 45.98 7,509 $ 37.95 2,113 $ 35.50 Restricted stock units 81,397 $ 56.81 152,472 $ 39.73 116,174 $ 36.61 Performance stock units 160,426 $ 55.98 183,908 $ 40.49 135,929 $ 33.63 Stock Options No options were granted in 2020, 2019 and 2018. The Company determines the fair value of stock options granted based on the Black-Scholes option pricing model on the date of grant, and the expected stock volatility is based on volatility of the Company’s stock price using a historical period commensurate with the expected life of the options. The following table summarizes the ranges of outstanding and exercisable options at December 31, 2020: Range of Exercise Prices Options Weighted Average Weighted Options Weighted $8.00 – $10.00 16,500 0.7 $ 9.74 16,500 $ 9.74 $10.01 – $39.00 — 0 $ — — $ — $39.01 – $44.00 25,000 1.4 $ 42.35 25,000 $ 42.35 41,500 41,500 The following table summarizes information about stock option transactions: Options Weighted Weighted Average Aggregate Balance at January 1, 2018 247,666 $ 17.01 Exercised (87,907) 15.75 Balance at December 31, 2018 159,759 $ 17.70 Exercised (42,350) 11.57 Balance at December 31, 2019 117,409 $ 19.91 Exercised (75,909) 14.73 Balance at December 31, 2020 41,500 $ 29.38 1.13 $ 1,766,000 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the $71.94 per share market price of the Company’s common stock as of December 31, 2020, which would have been received by the option holders had all option holders with an exercise price below the per share market price on December 31, 2020, exercised their options as of that date. Stock Units and Common Stock The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common stock: Restricted Weighted Common Stock Weighted Performance Stock Units (1) (2) Weighted Average Grant Date Fair Value Deferred Stock Units (3) Weighted Average Grant Date Fair Value Balance at December 31, 2019 374,432 $ 33.74 — $ — 329,257 $ 38.53 34,752 $ 34.21 Granted 82,328 $ 56.81 4,134 $ 45.98 160,426 $ 55.98 12,402 $ 45.98 Adjustments — $ — — $ — 27,528 $ 40.98 — $ — Vested (213,448) $ 34.14 (4,134) $ 45.98 (81,366) $ 40.77 — $ — Forfeited (5,870) $ 40.92 — $ — (28,556) $ 40.27 — $ — Balance at December 31, 2020 237,442 $ 41.15 — $ — 407,289 $ 45.00 47,154 $ 37.30 (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-year period performance period or revenue, gross profit, and operating profit thresholds over a two-year or three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three three (2) The Company's PSU adjustments during 2020 represent additional shares granted for achievement in excess of targeted thresholds at the end of the performance period. The Company's PSUs with a financial performance condition, based on the Company’s ROIC, granted in 2019 accounted for 23,628 units of the total adjustments at a final achievement ratio of 116%. The Company's PSUs with a market condition, based on the relative ranking of the Company’s TSR performance, granted in 2017 accounted for the remaining 3,900 units at final achievement ratio of 115.6%. (3) Vested and issued upon termination from service as a member of the Company's Board of Directors. The fair value of the common stock, restricted stock units, and deferred stock units, as well as the performance stock units with a financial performance condition granted during the three years ended December 31, 2020 was based on the Company stock price at grant date of the award. The fair value of the performance stock units with a market condition granted during the three years ended December 31, 2020 were determined using a Monte Carlo simulation as of the grant date of the award. The Company granted performance units with a market condition during 2020, however, no such awards were granted in 2019 and 2018. The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands): 2020 2019 2018 Aggregate intrinsic value of options exercised $ 3,812 $ 1,371 $ 2,128 Aggregate fair value of vested restricted stock units $ 11,851 $ 10,017 $ 5,307 Aggregate fair value of vested common and restricted shares $ 190 $ 285 $ 149 Aggregate fair value of vested deferred stock units $ 570 $ 285 $ 369 As of December 31, 2020, there was $14.1 million of total unrecognized compensation cost related to non-vested options, restricted shares, and restricted stock units. That cost is expected to be recognized over a weighted average period of 2.3 years. Equity Based Awards - Settled in Cash As of December 31, 2020, the Company's total share-based liabilities recorded on the consolidated balance sheet was $18.2 million, of which $3.5 million was included in current accrued expenses and $14.7 million was included in non-current liabilities. Total share-based liabilities as of December 31, 2019 were $28.0 million, of which $13.2 million was included in non-current liabilities. At December 31, 2020, the Company's equity based awards that are settled in cash are the awards under the management stock purchase plan. Management Stock Purchase Plan 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 deferred compensation. The deferrals and related company match are credited to an account that represents a share-based liability. The portion of the account deferred to unrestricted investments is measured at fair market value of the unrestricted investments, and the portion of the account deferred to restricted stock units and company-matching restricted stock units is measured at a 200-day average of the Company 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, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31: 2020 2019 2018 Restricted stock units credited 57,046 61,369 66,843 Restricted stock units balance, vested and unvested 231,343 415,760 387,870 Share-based liabilities paid, in thousands $ 15,401 $ 6,543 $ 5,232 MSPP expense, in thousands $ 4,518 $ 2,699 $ 4,809 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices in active markets for similar assets and liabilities. • Level 3 - Inputs that are unobservable inputs for the asset or liability. The Company had no financial assets or liabilities measured at fair value on a recurring basis and did not have any financial instruments for which carrying value differed from its fair value at December 31, 2020 and 2019. As of December 31, 2020, the Company had $85 million outstanding on its revolving credit facility under its Senior Credit Agreement. The Company determined the carrying value of the outstanding balance on its revolving credit facility approximates fair value due to the variable market interest rate terms of the credit facility. The Company had no balance outstanding on its revolving credit facility as of December 31, 2019. The Company’s other financial instruments primarily consist of cash and cash equivalents, accounts receivable, notes receivable, and accounts payable. The carrying values for these financial instruments approximate fair value. The Company did not have any other material assets or liabilities carried at fair value and measured on a recurring basis as of December 31, 2020 and 2019. Other non-recurring fair value measurements While the Company did not recognize any impairment changes related to certain intangible assets and property, plant, and equipment during the year ended December 31, 2019, the Company did recognize impairment of property, plant, and equipment during the year ended December 31, 2020 and impairment of certain intangible assets and property, plant, and equipment during the year ended December 31, 2018. The Company uses unobservable inputs, classified as Level 3 inputs, in determining the fair value of these assets. See Note 7 "Goodwill and Related Intangible Assets" and Note 15 "Exit Activity Costs and Asset Impairments" for more disclosure regarding the impairment of certain intangible assets and property, plant, and equipment, respectively. The Company also applied fair value principles for the goodwill impairment tests performed during 2020, 2019, and 2018. The Company used two valuation models to estimate the fair values of its reporting units, both of which primarily use Level 3 inputs. See Note 7 of the consolidated financial statements for the results of the Company’s goodwill impairment tests. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS During the fourth quarter of 2020, the Company committed to a plan to dispose its Industrial business as a result of its portfolio management strategy to focus on participation in higher value and faster growing markets. The Industrial business, previously reported in the Company's Industrial and Infrastructure Products segment, has been classified as held for sale. Accordingly, the results of operations and financial position of the held for sale Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. The assets and liabilities of discontinued operations held for sale are presented as current respectively at December 31, 2020 as it is probable that the disposal by sale will occur and proceeds will be collected within one year. The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets. The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business has been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale. respectively, in the consolidated balance sheets at December 31, (in thousands): 2020 2019 Assets Accounts receivable, net $ 11,261 $ 13,620 Inventories, net 13,041 16,519 Prepaid expenses and other current assets 21,310 789 Total current assets (1) 45,612 30,928 Property, plant, and equipment, net 16,999 17,257 Operating lease assets 6,470 6,461 Goodwill 22,475 22,350 Acquired intangibles 15,482 15,858 Loss recognized on classification as held for sale (29,600) — Total noncurrent assets (1) 31,826 61,926 Total assets classified as held for sale $ 77,438 $ 92,854 Liabilities Accounts payable $ 10,708 $ 10,508 Accrued expenses 9,274 11,866 Total current liabilities (1) 19,982 22,374 Deferred income taxes 24,657 4,930 Non-current operating lease liabilities 4,639 4,726 Other non-current liabilities 17 14 Total noncurrent liabilities (1) 29,313 9,670 Total liabilities classified as held for sale $ 49,295 $ 32,044 (1) The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2020 consolidated balance sheet because it is probable that the sale will occur and proceeds will be collected within one year. Components of the (loss) income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the years ended December 31 were as follows (in thousands): 2020 2019 2018 Net sales $ 128,915 $ 150,225 $ 166,378 Operating expenses 115,822 143,335 151,924 Loss on classification as held for sale 29,600 — — Interest expense allocation 95 208 1,632 (Loss) income from discontinued operations before taxes $ (16,602) $ 6,682 $ 12,822 |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 12 Months Ended |
Dec. 31, 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, in the sale and exiting of less profitable businesses or products lines, and the reduction in our manufacturing footprint. Exit activity costs were incurred during 2020 related to moving and closing costs, severance and contract terminations incurred as a result of process simplification initiatives. In conjunction with these initiatives, in 2020, the Company closed two facilities and, separately, sold a facility closed in 2017. The Company closed and consolidated one facility during 2019. In 2018, the Company sold and leased back a facility which resulted in a gain, and closed four other facilities. These closures resulted in asset impairment charges and exit activity costs. The following table sets forth the asset impairment charges and exit activity costs incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2020 2019 2018 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy & Conservation $ 72 $ 875 $ 947 $ (9) $ 66 $ 57 $ 105 $ (33) $ 72 Residential Products 9 731 740 417 3,440 3,857 1,586 1,321 2,907 Infrastructure Products — 226 226 — — — 227 1,075 1,302 Corporate — 375 375 — 1,660 1,660 — 438 438 Total exit activity costs & asset impairments $ 81 $ 2,207 $ 2,288 $ 408 $ 5,166 $ 5,574 $ 1,918 $ 2,801 $ 4,719 The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of operations for the years ended December 31 (in thousands): 2020 2019 2018 Cost of sales $ 1,059 $ 767 $ 1,320 Selling, general, and administrative expense 1,229 4,807 3,399 Total exit activity costs and asset impairments $ 2,288 $ 5,574 $ 4,719 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 as of January 1 $ 2,083 $ 1,865 Exit activity costs recognized 2,207 5,166 Cash payments (3,260) (3,799) Non-cash charges — (1,149) Balance as of December 31 $ 1,030 $ 2,083 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 | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESThe Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. The components of income (loss) before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2020 2019 2018 Domestic $ 108,930 $ 78,351 $ 70,783 Foreign (1,171) (270) (3,660) Income before taxes from continuing operations $ 107,759 $ 78,081 $ 67,123 The provision for (benefit of) income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2020 2019 2018 Current: U.S. Federal $ 16,505 $ 10,394 $ 8,316 State 4,071 3,547 2,942 Foreign 106 92 (2,972) Total current 20,682 14,033 8,286 Deferred: U.S. Federal 3,620 3,740 4,253 State 672 486 853 Foreign (506) (106) (381) Total deferred 3,786 4,120 4,725 Provision for income taxes $ 24,468 $ 18,153 $ 13,011 The provision for (benefit of) income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2020 2019 2018 Current: U.S. Federal $ 1,345 $ 885 $ 1,086 State 57 4 202 Foreign 1,725 1,447 1,781 Total current 3,127 2,336 3,069 Deferred: U.S. Federal (876) (823) (95) State 10 23 194 Foreign (138) (17) (43) Total deferred (1,004) (817) 56 Provision for income taxes $ 2,123 $ 1,519 $ 3,125 The provision for income taxes from continuing operations differs from the federal statutory rate of 21% due to the following (in thousands) for the years ended December 31: 2020 2019 2018 Statutory rate 22,629 21.0 % 16,397 21.0 % 14,096 21.0 % State taxes, less federal effect 3,650 3.4 % 3,194 4.1 % 2,901 4.3 % Federal tax credits (1,064) (1.0) % (1,621) (2.1) % (742) (1.1) % Excess tax benefit on stock based compensation (1,674) (1.6) % (871) (1.1) % (2,224) (3.3) % Uncertain tax positions — — % (260) (0.3) % (3,051) (4.5) % Executive compensation 1,114 1.0 % 1,132 1.4 % 1,369 2.0 % Change in valuation allowance (130) (0.1) % 88 0.1 % (1,694) (2.5) % Net operating loss (NOL) write down — — % — — % 1,640 2.4 % Change in Indemnification Asset — — % — — % 643 1.0 % Other (57) — % 94 0.1 % 73 0.1 % $ 24,468 22.7 % $ 18,153 23.2 % $ 13,011 19.4 % Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2020 2019 Depreciation $ 7,697 $ 7,556 Goodwill 41,842 38,610 Intangible assets 5,632 6,171 Other 6,878 6,158 Gross deferred tax liabilities 62,049 58,495 Equity compensation (7,496) (9,530) Other (15,682) (13,939) Gross deferred tax assets (23,178) (23,469) Valuation allowances 111 298 Deferred tax assets, net of valuation allowances (23,067) (23,171) Net deferred tax liabilities $ 38,982 $ 35,324 At December 31, 2020, the Company had total net operating loss carry forwards of $14.7 million, which included $0.5 million for federal, $10.2 million for state, and $4.0 million for foreign income tax purposes. The federal and state net operating loss carry forwards expire between 2021 and 2040. The foreign net operating loss carry forwards expire between 2022 and 2040. The Company recognized a total of $1.5 million of deferred tax assets, net of the federal tax benefit, related to these net operating losses prior to any valuation allowances, which included $0.1 million of federal and $0.3 million of state deferred tax assets and $1.1 million of foreign deferred tax assets. Deferred taxes include net deferred tax assets relating to certain state and foreign tax jurisdictions. A reduction of the carrying amount of deferred tax assets by a valuation allowance is required if it is more likely than not that such assets will not be realized. The Company derecognized net operating loss carry forwards, and the corresponding valuation allowances of $1.7 million in Germany and Brazil since it exited both markets in 2018. In 2019, a valuation allowance was recorded in China. In 2020, the valuation allowance in China was reversed and a tax attribute valuation allowance was also reversed as the Company expects to utilize the attribute. The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2020 2019 2018 Balance as of January 1 $ 298 $ 206 $ 2,002 Cost charged to the tax provision 70 100 45 Reductions (248) (10) (1,747) Currency translation (9) 2 (94) Balance as of December 31 $ 111 $ 298 $ 206 Interest (net of federal tax benefit) and penalties recognized during the years ended December 31 were (in thousands): 2020 2019 2018 Interest and penalties recognized as income — — 13 The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2020 2019 2018 Payments made for income taxes, net $ 21,351 $ 16,744 $ 14,128 At December 31, 2020, the Company had approximately $0.2 million of undistributed earnings of foreign subsidiaries. The Company continues to maintain its assertion that all remaining foreign earnings will be indefinitely reinvested. Any excess earnings could be used to grow the Company's foreign operations through launches of new capital projects or additional acquisitions. Determination of the amount of unrecognized deferred U.S. income tax liability related to our remaining unremitted foreign earnings is not practicable due to the complexities associated with its hypothetical calculation. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2020 2019 2018 Balance as of January 1 $ — $ 329 $ 3,536 Additions for tax positions of the current year — — 15 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — — — Lapses of applicable statute of limitations — (329) (3,060) Divestitures and foreign currency translation — — (162) Balance as of December 31 $ — $ — $ 329 In 2020, the Company did not have any unrecognized tax benefits. In 2019, unrecognized tax benefit of $0.3 million was reversed as a result of the lapse of the statute of limitations. In 2018, the corresponding indemnification asset was also reversed in pretax income. The Company classifies accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company and its U.S. subsidiaries file a U.S. federal consolidated income tax return. Foreign and U.S. state jurisdictions have statute of limitations generally ranging from four |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive common shares which include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of diluted shares does not include potential anti-dilutive common shares aggregating 13,000, 30,000 and 303,000 at December 31, 2020, 2019 and 2018, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the options, restricted shares, restricted stock units, and performance stock units assumed to have vested. Weighted average shares outstanding for basic and diluted earnings are as follows for the years ended December 31 (in thousands): 2020 2019 2018 Numerator: Income from continuing operations $ 83,291 $ 59,928 $ 54,112 (Loss) income from discontinued operations (18,725) 5,163 9,697 Net income available to common shareholders $ 64,566 $ 65,091 $ 63,809 Denominator for basic earnings per share: Weighted average shares outstanding 32,664 32,389 31,979 Denominator for diluted earnings per share: Common stock options and stock units 254 333 555 Weighted average shares and conversions 32,918 32,722 32,534 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES The Company's leases are classified as operating leases and consist of manufacturing facilities, distribution centers, office space, vehicles and equipment. Most of the Company's leases include one or more options to renew, with renewal terms that can extend the respective lease term from one month to fifteen years. The exercise of lease renewal options is at the Company's sole discretion. As of December 31, 2020, the Company's renewal options are not part of the Company's operating lease assets and operating lease liabilities. Certain leases also include options to purchase at fair value the underlying leased asset at the Company's sole discretion. Amounts recognized in the Company's consolidated balance sheet at December 31 were as follows (in thousands): 2020 2019 Assets Operating lease assets $ 25,229 $ 21,201 Liabilities Current Accrued expenses $ 8,034 $ 6,487 Non-current Non-current operating lease liabilities 17,730 14,943 $ 25,764 $ 21,430 Lease costs and other lease information for the year ended December 31 were as follows (in thousands): 2020 2019 Operating lease cost $ 11,001 $ 10,441 Cash paid for amounts included in the measurement of operating liabilities $ 9,502 $ 9,238 Right-of-use assets obtained in exchange for new lease liabilities $ 12,745 $ 6,364 Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term - operating leases 3.6 years 3.8 years Weighted-average discount rate - operating leases 5.2 % 5.7 % Maturity of lease liabilities (In thousands) 2021 $ 9,139 2022 7,635 2023 6,483 2024 3,298 2025 1,043 After 2025 673 Total lease payments 28,271 Less: present value discount (2,507) Present value of lease liabilities $ 25,764 The Company uses the its incremental borrowing rate based on information available at the commencement date of a lease in determining the present value of lease payments as the rates implicit in most of the Company's leases are not readily determinable. Upon adoption of ASU 2016-02 on January 1, 2019, an unrecognized deferred gain of $1.6 million related to sale-leaseback transactions was recorded as a cumulative-effect adjustment to increase retained earnings, net of related income tax effects. Rent expense under operating leases aggregated to $9.7 million for the year ended December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESThe Company is a party to certain claims and legal actions generally incidental to its business. For certain divestiture transactions completed in prior years, the Company has agreed to indemnify the buyer for various liabilities that may arise after the disposal date. The Company is a party to certain claims made under these indemnification provisions. As of December 31, 2020, the Company has a contingent liability recorded for such provisions related to discontinued operations. Management does not believe that the outcome of this claim, or other claims which are not clearly determinable at the present time, would significantly affect the Company's financial condition or results of operation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company is organized into three reportable segments on the basis of the production processes, 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) Infrastructure Products, which primarily includes expansion joints, structural bearings, rubber pre-formed seals and other sealants, elastomeric concrete, and bridge cable protection systems. 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 the performance of the segments described above as of and for the years ended December 31 (in thousands): 2020 2019 2018 Net sales: Renewable Energy and Conservation $ 447,567 $ 373,023 $ 317,253 Residential Products 522,814 461,630 463,216 Infrastructure Products 62,197 63,580 56,628 Total consolidated net sales $ 1,032,578 $ 898,233 $ 837,097 Income from operations: Renewable Energy and Conservation $ 40,738 $ 47,558 $ 37,423 Residential Products 94,430 63,047 69,838 Infrastructure Products 7,233 6,428 2,509 Segments income from operations 142,401 117,033 109,770 Unallocated corporate expenses (35,211) (36,221) (28,629) Total income from operations $ 107,190 $ 80,812 $ 81,141 Depreciation and Amortization Renewable Energy and Conservation $ 9,445 $ 6,132 $ 5,790 Residential Products 8,110 7,906 8,217 Infrastructure Products 3,060 3,129 3,100 Unallocated corporate expenses 300 390 332 $ 20,915 $ 17,557 $ 17,439 Total assets Renewable Energy and Conservation $ 619,071 $ 246,853 $ 218,048 Residential Products 407,132 359,657 361,499 Infrastructure Products 80,796 110,611 114,354 Unallocated corporate assets 28,057 174,475 271,616 Assets of discontinued operations 77,438 92,854 96,128 $ 1,212,494 $ 984,450 $ 1,061,645 Capital expenditures Renewable Energy and Conservation $ 1,143 $ 2,199 $ 1,345 Residential Products 3,313 4,968 7,921 Infrastructure Products 1,511 1,028 927 Unallocated corporate expenditures 7,101 581 175 $ 13,068 $ 8,776 $ 10,368 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2020 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 75,727 $ 518,281 $ 22,781 $ 616,789 Over Time 371,840 4,533 39,416 415,789 Total $ 447,567 $ 522,814 $ 62,197 $ 1,032,578 2019 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 42,596 $ 458,006 $ 26,490 $ 527,092 Over Time 330,427 3,624 37,090 371,141 Total $ 373,023 $ 461,630 $ 63,580 $ 898,233 2018 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 33,427 $ 460,513 $ 22,806 $ 516,746 Over Time 283,826 2,703 33,822 320,351 Total $ 317,253 $ 463,216 $ 56,628 $ 837,097 Net sales by region or origin and long-lived assets by region of domicile for the years ended and as of December 31 are as follows (in thousands): 2020 2019 2018 Net sales North America $ 1,018,406 $ 881,432 $ 825,497 Asia 14,172 16,801 11,600 Total $ 1,032,578 $ 898,233 $ 837,097 Long-lived assets North America $ 90,685 $ 79,590 $ 79,544 Asia 476 542 704 Total $ 91,161 $ 80,132 $ 80,248 |
Quarterly Unaudited Financial D
Quarterly Unaudited Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY UNAUDITED FINANCIAL DATA | QUARTERLY UNAUDITED FINANCIAL DATA GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA (in thousands, except per share data) 2020 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 215,401 $ 255,184 $ 296,792 $ 265,201 $ 1,032,578 Gross profit $ 49,861 $ 65,561 $ 78,495 $ 62,426 $ 256,343 Income from continuing operations $ 12,777 $ 30,748 $ 40,943 $ 22,722 $ 107,190 Interest expense $ 44 $ 222 $ 217 $ 220 $ 703 Net income from continuing operations $ 9,902 $ 24,457 $ 31,334 $ 17,598 $ 83,291 Net income (loss) from discontinued operations $ 2,157 $ 2,835 $ 2,426 $ (26,143) $ (18,725) Total net income (loss) $ 12,059 $ 27,292 $ 33,760 $ (8,545) $ 64,566 Income per share from continuing operations: Basic $ 0.30 $ 0.75 $ 0.96 $ 0.54 $ 2.55 Diluted $ 0.30 $ 0.74 $ 0.95 $ 0.53 $ 2.53 Income (loss) per share from discontinued operations: Basic $ 0.07 $ 0.09 $ 0.07 $ (0.80) $ (0.57) Diluted $ 0.07 $ 0.09 $ 0.07 $ (0.79) $ (0.57) 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 187,160 $ 224,255 $ 260,784 $ 226,034 $ 898,233 Gross profit $ 37,259 $ 56,468 $ 68,744 $ 57,426 $ 219,897 Income from continuing operations $ 7,192 $ 25,073 $ 28,314 $ 20,233 $ 80,812 Interest expense (income) $ 2,000 $ 249 $ 79 $ (5) $ 2,323 Net income from continuing operations $ 4,131 $ 18,803 $ 21,951 $ 15,043 $ 59,928 Net income (loss) from discontinued operations $ 2,214 $ 1,110 $ 2,525 $ (686) $ 5,163 Total net income $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Income per share from continuing operations: Basic $ 0.13 $ 0.58 $ 0.68 $ 0.46 $ 1.85 Diluted $ 0.13 $ 0.58 $ 0.67 $ 0.46 $ 1.83 Income (loss) per share from discontinued operations: Basic $ 0.07 $ 0.04 $ 0.07 $ (0.02) $ 0.16 Diluted $ 0.06 $ 0.03 $ 0.08 $ (0.02) $ 0.16 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn February 23, 2021, the Company sold the stock of its Industrial business for net proceeds of approximately $38 million, consisting of $25 million in cash and a $13 million seller note, subject to working capital adjustments. The Industrial business was classified as held for sale and reported as discontinued operations in the Company's consolidated financial statements on this Form 10-K for the year ended December 31, 2020. The estimated loss on the sale of this business is $29.6 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of Gibraltar Industries, Inc. and subsidiaries (the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue recognition | Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or service to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or service. Performance obligations satisfied at a point in time and significant judgments The majority of the Company's revenue from contracts with customers is recognized when the Company transfers control of the promised product at a point in time, which is determined when the customer has legal title and the significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts with customers include promised products, which are generally capable of being distinct and accounted for as separate performance obligations. Accordingly, the Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation in an amount based on an observable price of the products as the Company frequently sells these products separately in similar circumstances and to similar customers. These products are generally sold with rights of return and these contracts may provide other credits or incentives, which are accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Sales returns, allowances, and customer incentives, including rebates, are treated as reductions to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Performance obligations satisfied over time and significant judgments For a contract to construct an asset that the customer controls as it is being created or enhanced, or a promise to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment, the Company recognizes revenue over time. For the contracts to construct a certain asset, the Company determines that the customer controls the asset while it is being constructed. For the contracts for products that have no alternative use and for which the Company has an enforceable right to payment, the Company identifies these products as products that are not a standard inventory item or the Company cannot readily direct the product to another customer for use without incurring a significant economic loss, or significant costs to rework the product. When the promised products and services are to construct a certain asset that the customer controls, the entire contract is accounted for as one performance obligation. The Company determines the transaction price for each contract based on the consideration the Company expects to receive for the promised products and services under the entire contract, which is generally the stated contract price based on an expected cost plus a margin. When the promised products do not have an alternative use to the Company, and the Company has enforceable rights to payment, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised products under the contract and is generally the stated contract price based on an expected cost plus a margin for each performance obligation. These promised products are generally capable of being distinct and accounted for as separate performance obligations. For the above contracts with customers with respect to which the Company satisfies a performance obligation over time, the Company recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contract as the incurred costs are proportionate to the Company's progress in satisfying the performance obligation. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Costs to fulfill a contract include all direct costs related to contract performance. Selling and administrative expenses are charged to operations as incurred. Provision for loss on an uncompleted performance obligation is recognized in the period in which such loss is determined. The Company regularly reviews the progress and performance of the performance obligation recognized over time under the cost-to-cost method. Any adjustments to net sales, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. Changes in estimates of net sales, cost of sales, and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current or prior periods based on a performance obligation's cost-to-cost measure of progress. The Company also recognizes revenues from services contracts over time. For these contracts, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised service under the contract, which generally is the stated contract price. In order to estimate the standalone selling price of the performance obligation, the Company evaluates the market in which the promised service is sold and estimates the price that customers in the market would be willing to pay. Further, the Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's performance. Therefore due to control transferring over time, the Company recognizes revenue on a straight-line basis throughout the contract period. Contract assets and contract liabilities Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts do not exceed their net realizable value. Costs in excess of billings are classified as current assets and are reported net of contract billings on a contract-by-contract basis at the end of each reporting period. Billings in excess of cost includes billings in excess of revenue recognized and deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported net of contract cost on a contract-by-contract basis at the end of each reporting period and are classified as current liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract by contract basis when the Company incurs costs to satisfy the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. Unearned revenue relates to payments received in advance of performance under the contract and is recognized when the Company performs under the contract. Unearned revenue is presented within accrued expenses in the Company's consolidated balance sheets. Costs to obtain a contract with a customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. If the amortization period of the asset is one year or less, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Refer to Note 20 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days, or in certain cases, up front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. As of December 31, 2020, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Additionally, as of December 31, 2020 and 2019, there were no assets recognized related to incremental costs of obtaining a contract with a customer as the benefits of these costs are not expected to exceed one year. Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue, respectively. The following table presents the ending and beginning balances of costs in excess of billings, billings in excess of cost and unearned revenue, respectively, as of December 31, (in thousands): 2020 2019 2018 Costs in excess of billings $ 26,915 $ 20,607 $ 22,634 Billings in excess of cost (34,702) (47,598) (17,857) Unearned revenue (21,325) (15,389) (10,847) |
Cash and cash equivalents | Cash and cash equivalents All highly liquid investments with a maturity of three months or less are considered cash equivalents. |
Accounts receivable and allowance for doubtful accounts and contract assets | Accounts receivable and allowance for doubtful accounts and contract assets Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. 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. The Company is exposed to credit losses through sales of products and services. 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 after all means of collection have been exhausted and the potential for recovery is considered remote. Estimates are used to determine the allowance. These estimates are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table summarizes activity recorded within the allowance for doubtful accounts and contract assets balances for the years ended December 31 (in thousands): 2020 2019 2018 Beginning balance $ 5,951 $ 6,170 $ 5,599 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 385 — — Bad debt expense, net of recoveries 1,321 2,577 1,308 Accounts written off against allowance and other adjustments (4,128) (2,796) (737) Ending balance $ 3,529 $ 5,951 $ 6,170 |
Inventories | InventoriesInventories are valued at the lower of cost, determined using the first-in, first-out method, or net realizable value. Shipping and handling costs are recognized as a component of cost of sales. |
Property, plant, and equipment | Property, plant, and equipmentProperty, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Interest is capitalized in connection with construction of qualified assets. Expenditures that exceed an established dollar threshold and that extend the useful lives of assets are capitalized, while repair and maintenance costs are expensed as incurred. The estimated useful lives of land improvements, buildings, and building improvements are 15 to 40 years, while the estimated useful lives for machinery and equipment are 3 to 20 years. |
Acquisition related assets and liabilities | Acquisition related assets and liabilities Accounting for the acquisition of a business as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most complex estimations of individual fair values are those involving long-lived assets, such as property, plant, and equipment and intangible assets. The Company uses all available information to make these fair value determinations and engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. |
Goodwill and other intangible assets | Goodwill and other intangible assets The Company tests goodwill for impairment at the reporting unit level on an annual basis at October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of a reporting unit could be below its carrying value. The reporting units are at the component level, or one level below the operating segment level. Goodwill is assigned to each reporting unit as of the date the reporting unit is acquired and based upon the expected synergies of the acquisition. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of our selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test for any or all of the Company's reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit, determined using two valuation techniques, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired, and a loss measured by the excess of the carrying value of the reporting unit over the fair value of the reporting unit must be recorded. The Company also tests its indefinite-lived intangible assets for impairment on an annual basis as of October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of an indefinite-lived intangible asset could be below its carrying value. The impairment test consists of comparing the fair value of the indefinite-lived intangible asset, determined using discounted cash flows on a relief-from-royalty basis, with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. Acquired identifiable intangible assets are recorded at cost. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets, including acquired identifiable intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. In specific situations, when the Company has selected individual assets to be sold or scrapped, the Company obtains market value data for those specific assets and measures and records the impairment loss based on such data. Otherwise, the Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss by approximating fair value using acceptable valuation techniques, including discounted cash flow models and third-party appraisals. While the Company did not recognize any impairment charges related to intangible assets and other long-lived assets during the years ended December 31, 2020 and 2019, impairment charges related to intangible assets and other long-lived assets were recognized during the year ended December 31, 2018. Several of these impairment charges related to exit activities during the year ended December 31, 2018, as described in Note 15 of the consolidated financial statements. |
Leases | Leases The Company determines if an agreement is, or contains, a lease at the inception of the agreement. At lease commencement, the Company recognizes a right-of-use asset and a lease liability for leases with terms greater than twelve months. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's |
Deferred charges | Deferred chargesDeferred charges associated with initial costs incurred to enter into new debt arrangements are included in other assets and are amortized as a part of interest expense over the terms of the associated debt agreements. |
Advertising | AdvertisingThe Company expenses advertising costs as incurred. |
Foreign currency transactions and translation | Foreign currency transactions and translationThe assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. |
Income taxes | Income taxesThe provision for income taxes is determined using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets when uncertainty exists regarding their realization. |
Equity-based compensation | Equity-based compensationThe Company measures the cost of equity-based compensation based on grant date fair value and recognizes the cost over the period in which the employee is required to provide service in exchange for the award reduced by forfeitures. Equity-based compensation consists of grants of stock options, deferred stock units, common stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. |
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. Date of adoption: Q1 2020 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Activity Recorded Within The Allowance For Doubtful Accounts | The following table summarizes activity recorded within the allowance for doubtful accounts and contract assets balances for the years ended December 31 (in thousands): 2020 2019 2018 Beginning balance $ 5,951 $ 6,170 $ 5,599 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 385 — — Bad debt expense, net of recoveries 1,321 2,577 1,308 Accounts written off against allowance and other adjustments (4,128) (2,796) (737) Ending balance $ 3,529 $ 5,951 $ 6,170 |
Property, Plant and Equipment | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2020 2019 2018 Depreciation expense $ 11,252 $ 10,666 $ 10,249 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2020 2019 Land and land improvements $ 4,605 $ 4,583 Building and improvements 41,164 39,901 Machinery and equipment 188,853 174,058 Construction in progress 10,458 5,131 Property, plant, and equipment, gross 245,080 223,673 Less: accumulated depreciation (155,518) (145,521) Property, plant, and equipment, net $ 89,562 $ 78,152 |
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. Date of adoption: Q1 2020 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. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents the ending and beginning balances of costs in excess of billings, billings in excess of cost and unearned revenue, respectively, as of December 31, (in thousands): 2020 2019 2018 Costs in excess of billings $ 26,915 $ 20,607 $ 22,634 Billings in excess of cost (34,702) (47,598) (17,857) Unearned revenue (21,325) (15,389) (10,847) Revenue recognized that was included in billings in excess of cost and unearned revenue at the beginning of the periods, respectively, during the years ended December 31, (in thousands): 2020 2019 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost $ 45,536 $ 17,371 $ 10,097 Amounts included in unearned revenue $ 12,229 $ 10,090 $ 2,988 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable at December 31 consisted of the following (in thousands): 2020 2019 Trade accounts receivable $ 174,604 $ 119,239 Costs in excess of billings 26,915 20,607 Total accounts receivables 201,519 139,846 Less allowance for doubtful accounts (3,529) (5,951) Accounts receivable, net $ 197,990 $ 133,895 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at December 31 consisted of the following (in thousands): 2020 2019 Raw material $ 66,018 $ 42,030 Work-in-process 5,382 5,023 Finished goods 31,205 18,460 Gross inventory $ 102,605 $ 65,513 Less reserves (4,298) (3,556) Total inventories $ 98,307 $ 61,957 |
Summary of Activity within the Reserve for Excess, Obsolete, and Slow Moving Inventory | The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2020 2019 2018 Beginning balance $ 3,463 $ 2,971 $ 2,852 Excess, obsolete and slow moving inventory expense 355 1,134 363 Scrapped inventory and other adjustments 343 (642) (244) Ending balance $ 4,161 $ 3,463 $ 2,971 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant, and Equipment | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2020 2019 2018 Depreciation expense $ 11,252 $ 10,666 $ 10,249 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2020 2019 Land and land improvements $ 4,605 $ 4,583 Building and improvements 41,164 39,901 Machinery and equipment 188,853 174,058 Construction in progress 10,458 5,131 Property, plant, and equipment, gross 245,080 223,673 Less: accumulated depreciation (155,518) (145,521) Property, plant, and equipment, net $ 89,562 $ 78,152 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed | 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 $ 1,712 Working capital 23,833 Property, plant and equipment 8,345 Acquired intangible assets 51,700 Other assets 1,478 Other liabilities (2,081) Goodwill 143,245 Fair value of purchase consideration $ 228,232 The preliminary allocation of the purchase price of the four 2020 acquisitions noted above - Sunfig, Architectural Mailboxes, Delta Separations, and Thermo - is subject to adjustments during the measurement period as third-party valuations are finalized. The preliminary allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in these four acquisitions is as follows as of the respective date of the acquisition (in thousands): Cash $ 145 Working capital (14,930) Property, plant and equipment 1,740 Acquired intangible assets 38,296 Other current assets 1,528 Other assets 2,381 Other liabilities (5,508) Goodwill 61,436 Fair value of purchase consideration $ 85,088 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 allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51) Goodwill 2,879 Fair value of purchase consideration $ 6,369 |
Schedule of Acquired Intangible Assets | The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 16,400 Indefinite Trademarks 300 7 years Technology 2,500 15 years Customer relationships 24,000 10 years Non-compete agreements 2,200 5 years Backlog 6,300 Less than 1 year Total $ 51,700 The intangible assets acquired in the four acquisitions noted above consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 8,200 Indefinite Trademarks 1,177 3 years Technology 8,175 7 - 15 years Customer relationships 18,780 5 - 13 years Non-compete agreements 1,036 5 years Backlog 928 Less than 1 year Total $ 38,296 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 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 |
Schedule of Business Combination Costs | All acquisition related costs consisted of the following for the years ended December 31 (in thousands): 2020 2019 2018 Cost of sales $ 634 $ 401 $ — Selling, general and administrative costs 3,230 1,517 497 Total acquisition related costs $ 3,864 $ 1,918 $ 497 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 were as follows (in thousands): Renewable Energy & Conservation Residential Products Infrastructure Products Total Balance at December 31, 2018 $ 71,827 $ 198,075 $ 31,678 $ 301,580 Acquired goodwill 5,857 — — 5,857 Adjustments to prior year acquisitions (172) — — (172) Foreign currency translation 90 — — 90 Balance at December 31, 2019 $ 77,602 $ 198,075 31,678 $ 307,355 Acquired goodwill 197,866 7,377 — 205,243 Adjustments to prior year acquisitions 578 — — 578 Foreign currency translation 1,103 — — 1,103 Balance at December 31, 2020 $ 277,149 $ 205,452 31,678 $ 514,279 |
Schedule of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): December 31, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 56,570 $ — $ 32,570 $ — Finite-lived intangible assets: Trademarks 5,818 3,385 4,340 2,680 Unpatented technology 38,752 17,765 28,177 15,196 Customer relationships 98,500 31,580 55,401 26,028 Non-compete agreements 4,885 1,747 1,649 1,499 Backlog 7,228 911 — — 155,183 55,388 89,567 45,403 Total acquired intangible assets $ 211,753 $ 55,388 $ 122,137 $ 45,403 |
Schedule of Intangible Assets Amortization Expense | The following table summarizes amortization expense for the years ended December 31 (in thousands): 2020 2019 2018 Amortization expense $ 9,663 $ 6,891 $ 7,190 |
Schedule of Amortization Expense | Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2021 2022 2023 2024 2025 Amortization expense $ 18,362 $ 11,584 $ 10,721 $ 10,611 $ 10,382 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued expenses at December 31 consist of the following (in thousands): 2020 2019 Compensation $ 18,131 $ 13,509 Current portion of cash-settled share-based liabilities 3,504 14,817 Interest and taxes 1,850 3,569 Customer rebates 11,575 10,266 Insurance 6,915 8,353 Current operating lease liability 8,034 6,487 Unearned revenue 21,325 15,389 Other 12,171 14,207 Total accrued expenses $ 83,505 $ 86,597 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Cash Paid for Interest | Total cash paid for interest in the years ended December 31 was (in thousands): 2020 2019 2018 Interest expense, net $ 703 $ 2,323 $ 10,709 Interest income 276 764 2,156 Other non-cash adjustments (345) (380) (529) Cash paid for interest $ 634 $ 2,707 $ 12,336 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Total Expense for All Retirement Plans | Total expense for all retirement plans for the years ended December 31 was (in thousands): 2020 2019 2018 401(k) plan $ 2,403 $ 2,031 $ 1,876 Multiemployer and other defined benefit and pension plans 70 195 239 Postretirement healthcare plan 351 346 427 Total retirement plan expense $ 2,824 $ 2,572 $ 2,542 |
Amounts Recognized in the Consolidated Financial Statements | Amounts recognized in the consolidated financial statements consisted of (in thousands): 2020 2019 Accrued postretirement benefit liability Current portion $ 335 $ 330 Long term portion 6,108 5,694 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (2,137) (1,666) Net amount recognized $ 4,306 $ 4,358 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Changes in the Accumulated Postretirement Benefit Obligation | The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands): 2020 2019 Projected benefit obligation at January 1 $ 6,024 $ 6,135 Service cost 10 17 Interest cost 172 234 Actuarial gain 580 (52) Benefits paid, net of contributions (343) (310) Projected benefit obligation at December 31 6,443 6,024 Fair value of plan assets — — Under funded status (6,443) (6,024) Unamortized prior service cost 294 338 Unrecognized actuarial loss 1,843 1,328 Net amount recognized $ (4,306) $ (4,358) |
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs | Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands): 2020 2019 2018 Service cost $ 10 $ 17 $ 18 Interest cost 172 234 233 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 64 51 132 Net periodic benefit cost $ 290 $ 346 $ 427 Assumptions used to calculate the benefit obligation: Discount rate 2.0 % 2.9 % 4.1 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.0 % 6.8 % 7.0 % Medical costs after age 65 ( 1) 4.5 % 4.5 % 5.0 % Prescription drug costs ( 1) 7.0 % 7.0 % 9.5 % (1) It was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants. |
Expected Benefit Payments from the Plan | Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2021 2022 2023 2024 2025 Years 2026 - 2030 Expected benefit payments $ 335 $ 349 $ 358 $ 366 $ 376 $ 1,910 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive (Loss) Income | The cumulative balance of each component of accumulated other comprehensive (loss) income is as follows (in thousands): Foreign Minimum post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Balance at December 31, 2018 $ (5,939) $ (2,040) $ (7,979) $ (745) $ (7,234) Minimum post retirement benefit plan adjustments — 101 101 24 77 Foreign currency translation adjustment 1,766 — 1,766 — 1,766 Balance at December 31, 2019 $ (4,173) $ (1,939) $ (6,112) $ (721) $ (5,391) Minimum post retirement benefit plan adjustments — (487) (487) (116) (371) Foreign currency translation adjustment 3,301 — 3,301 — 3,301 Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ (837) $ (2,461) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Compensation Expense Connection with Awards | The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands): 2020 2019 2018 Expense recognized under the Prior Plan $ 40 $ 192 $ 569 Expense recognized under the 2015 Plan 1,932 5,077 7,988 Expense recognized under the 2018 Plan 5,441 6,731 188 Expense recognized under the Non-Employee Directors Plan 760 570 444 Total stock compensation expense $ 8,173 $ 12,570 $ 9,189 Tax benefits recognized related to stock compensation expense $ 2,272 $ 3,136 $ 2,509 |
Schedule of Number of Awards and Weighted Average Grant Date Fair Value | The following table provides the number of stock options, stock units, and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2020 2019 2018 Awards Number of Weighted Number of Weighted Number of Weighted Deferred stock units 12,402 $ 45.98 7,509 $ 37.95 10,255 $ 35.96 Common stock 4,134 $ 45.98 7,509 $ 37.95 2,113 $ 35.50 Restricted stock units 81,397 $ 56.81 152,472 $ 39.73 116,174 $ 36.61 Performance stock units 160,426 $ 55.98 183,908 $ 40.49 135,929 $ 33.63 |
Summary of Ranges of Outstanding and Exercisable Options | The following table summarizes the ranges of outstanding and exercisable options at December 31, 2020: Range of Exercise Prices Options Weighted Average Weighted Options Weighted $8.00 – $10.00 16,500 0.7 $ 9.74 16,500 $ 9.74 $10.01 – $39.00 — 0 $ — — $ — $39.01 – $44.00 25,000 1.4 $ 42.35 25,000 $ 42.35 41,500 41,500 |
Summary of Stock Options Transactions | The following table summarizes information about stock option transactions: Options Weighted Weighted Average Aggregate Balance at January 1, 2018 247,666 $ 17.01 Exercised (87,907) 15.75 Balance at December 31, 2018 159,759 $ 17.70 Exercised (42,350) 11.57 Balance at December 31, 2019 117,409 $ 19.91 Exercised (75,909) 14.73 Balance at December 31, 2020 41,500 $ 29.38 1.13 $ 1,766,000 |
Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value | The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common stock: Restricted Weighted Common Stock Weighted Performance Stock Units (1) (2) Weighted Average Grant Date Fair Value Deferred Stock Units (3) Weighted Average Grant Date Fair Value Balance at December 31, 2019 374,432 $ 33.74 — $ — 329,257 $ 38.53 34,752 $ 34.21 Granted 82,328 $ 56.81 4,134 $ 45.98 160,426 $ 55.98 12,402 $ 45.98 Adjustments — $ — — $ — 27,528 $ 40.98 — $ — Vested (213,448) $ 34.14 (4,134) $ 45.98 (81,366) $ 40.77 — $ — Forfeited (5,870) $ 40.92 — $ — (28,556) $ 40.27 — $ — Balance at December 31, 2020 237,442 $ 41.15 — $ — 407,289 $ 45.00 47,154 $ 37.30 (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-year period performance period or revenue, gross profit, and operating profit thresholds over a two-year or three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three three (2) The Company's PSU adjustments during 2020 represent additional shares granted for achievement in excess of targeted thresholds at the end of the performance period. The Company's PSUs with a financial performance condition, based on the Company’s ROIC, granted in 2019 accounted for 23,628 units of the total adjustments at a final achievement ratio of 116%. The Company's PSUs with a market condition, based on the relative ranking of the Company’s TSR performance, granted in 2017 accounted for the remaining 3,900 units at final achievement ratio of 115.6%. (3) Vested and issued upon termination from service as a member of the Company's Board of Directors. |
Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested | The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands): 2020 2019 2018 Aggregate intrinsic value of options exercised $ 3,812 $ 1,371 $ 2,128 Aggregate fair value of vested restricted stock units $ 11,851 $ 10,017 $ 5,307 Aggregate fair value of vested common and restricted shares $ 190 $ 285 $ 149 Aggregate fair value of vested deferred stock units $ 570 $ 285 $ 369 |
Cash Paid to Settle Liability Awards | The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31: 2020 2019 2018 Restricted stock units credited 57,046 61,369 66,843 Restricted stock units balance, vested and unvested 231,343 415,760 387,870 Share-based liabilities paid, in thousands $ 15,401 $ 6,543 $ 5,232 MSPP expense, in thousands $ 4,518 $ 2,699 $ 4,809 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business has been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations held for sale. respectively, in the consolidated balance sheets at December 31, (in thousands): 2020 2019 Assets Accounts receivable, net $ 11,261 $ 13,620 Inventories, net 13,041 16,519 Prepaid expenses and other current assets 21,310 789 Total current assets (1) 45,612 30,928 Property, plant, and equipment, net 16,999 17,257 Operating lease assets 6,470 6,461 Goodwill 22,475 22,350 Acquired intangibles 15,482 15,858 Loss recognized on classification as held for sale (29,600) — Total noncurrent assets (1) 31,826 61,926 Total assets classified as held for sale $ 77,438 $ 92,854 Liabilities Accounts payable $ 10,708 $ 10,508 Accrued expenses 9,274 11,866 Total current liabilities (1) 19,982 22,374 Deferred income taxes 24,657 4,930 Non-current operating lease liabilities 4,639 4,726 Other non-current liabilities 17 14 Total noncurrent liabilities (1) 29,313 9,670 Total liabilities classified as held for sale $ 49,295 $ 32,044 (1) The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2020 consolidated balance sheet because it is probable that the sale will occur and proceeds will be collected within one year. Components of the (loss) income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the years ended December 31 were as follows (in thousands): 2020 2019 2018 Net sales $ 128,915 $ 150,225 $ 166,378 Operating expenses 115,822 143,335 151,924 Loss on classification as held for sale 29,600 — — Interest expense allocation 95 208 1,632 (Loss) income from discontinued operations before taxes $ (16,602) $ 6,682 $ 12,822 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Reconciliation of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts | The following table sets forth the asset impairment charges and exit activity costs incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2020 2019 2018 Inventory write-downs &/or asset impairment charges Exit activity costs Total Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity (recoveries) costs, net Total Renewable Energy & Conservation $ 72 $ 875 $ 947 $ (9) $ 66 $ 57 $ 105 $ (33) $ 72 Residential Products 9 731 740 417 3,440 3,857 1,586 1,321 2,907 Infrastructure Products — 226 226 — — — 227 1,075 1,302 Corporate — 375 375 — 1,660 1,660 — 438 438 Total exit activity costs & asset impairments $ 81 $ 2,207 $ 2,288 $ 408 $ 5,166 $ 5,574 $ 1,918 $ 2,801 $ 4,719 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 as of January 1 $ 2,083 $ 1,865 Exit activity costs recognized 2,207 5,166 Cash payments (3,260) (3,799) Non-cash charges — (1,149) Balance as of December 31 $ 1,030 $ 2,083 |
Summary of Exit Activity Costs and Asset Impairments Recorded in the Consolidated Statements of Operations | The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of operations for the years ended December 31 (in thousands): 2020 2019 2018 Cost of sales $ 1,059 $ 767 $ 1,320 Selling, general, and administrative expense 1,229 4,807 3,399 Total exit activity costs and asset impairments $ 2,288 $ 5,574 $ 4,719 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Taxes from Continuing Operations | The components of income (loss) before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2020 2019 2018 Domestic $ 108,930 $ 78,351 $ 70,783 Foreign (1,171) (270) (3,660) Income before taxes from continuing operations $ 107,759 $ 78,081 $ 67,123 |
Summary of Provision for Income Taxes for Continuing Operations | The provision for (benefit of) income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2020 2019 2018 Current: U.S. Federal $ 16,505 $ 10,394 $ 8,316 State 4,071 3,547 2,942 Foreign 106 92 (2,972) Total current 20,682 14,033 8,286 Deferred: U.S. Federal 3,620 3,740 4,253 State 672 486 853 Foreign (506) (106) (381) Total deferred 3,786 4,120 4,725 Provision for income taxes $ 24,468 $ 18,153 $ 13,011 |
(Benefit of) Provision for Income Taxes from Discontinued Operations | The provision for (benefit of) income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2020 2019 2018 Current: U.S. Federal $ 1,345 $ 885 $ 1,086 State 57 4 202 Foreign 1,725 1,447 1,781 Total current 3,127 2,336 3,069 Deferred: U.S. Federal (876) (823) (95) State 10 23 194 Foreign (138) (17) (43) Total deferred (1,004) (817) 56 Provision for income taxes $ 2,123 $ 1,519 $ 3,125 |
Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate | The provision for income taxes from continuing operations differs from the federal statutory rate of 21% due to the following (in thousands) for the years ended December 31: 2020 2019 2018 Statutory rate 22,629 21.0 % 16,397 21.0 % 14,096 21.0 % State taxes, less federal effect 3,650 3.4 % 3,194 4.1 % 2,901 4.3 % Federal tax credits (1,064) (1.0) % (1,621) (2.1) % (742) (1.1) % Excess tax benefit on stock based compensation (1,674) (1.6) % (871) (1.1) % (2,224) (3.3) % Uncertain tax positions — — % (260) (0.3) % (3,051) (4.5) % Executive compensation 1,114 1.0 % 1,132 1.4 % 1,369 2.0 % Change in valuation allowance (130) (0.1) % 88 0.1 % (1,694) (2.5) % Net operating loss (NOL) write down — — % — — % 1,640 2.4 % Change in Indemnification Asset — — % — — % 643 1.0 % Other (57) — % 94 0.1 % 73 0.1 % $ 24,468 22.7 % $ 18,153 23.2 % $ 13,011 19.4 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2020 2019 Depreciation $ 7,697 $ 7,556 Goodwill 41,842 38,610 Intangible assets 5,632 6,171 Other 6,878 6,158 Gross deferred tax liabilities 62,049 58,495 Equity compensation (7,496) (9,530) Other (15,682) (13,939) Gross deferred tax assets (23,178) (23,469) Valuation allowances 111 298 Deferred tax assets, net of valuation allowances (23,067) (23,171) Net deferred tax liabilities $ 38,982 $ 35,324 |
Summary of Valuation Allowance | The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2020 2019 2018 Balance as of January 1 $ 298 $ 206 $ 2,002 Cost charged to the tax provision 70 100 45 Reductions (248) (10) (1,747) Currency translation (9) 2 (94) Balance as of December 31 $ 111 $ 298 $ 206 |
Interest (Net of Federal Tax Benefit) and Penalties Recognized | Interest (net of federal tax benefit) and penalties recognized during the years ended December 31 were (in thousands): 2020 2019 2018 Interest and penalties recognized as income — — 13 |
Income Taxes Paid, Net of Tax Refunds | The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2020 2019 2018 Payments made for income taxes, net $ 21,351 $ 16,744 $ 14,128 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2020 2019 2018 Balance as of January 1 $ — $ 329 $ 3,536 Additions for tax positions of the current year — — 15 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — — — Lapses of applicable statute of limitations — (329) (3,060) Divestitures and foreign currency translation — — (162) Balance as of December 31 $ — $ — $ 329 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | Weighted average shares outstanding for basic and diluted earnings are as follows for the years ended December 31 (in thousands): 2020 2019 2018 Numerator: Income from continuing operations $ 83,291 $ 59,928 $ 54,112 (Loss) income from discontinued operations (18,725) 5,163 9,697 Net income available to common shareholders $ 64,566 $ 65,091 $ 63,809 Denominator for basic earnings per share: Weighted average shares outstanding 32,664 32,389 31,979 Denominator for diluted earnings per share: Common stock options and stock units 254 333 555 Weighted average shares and conversions 32,918 32,722 32,534 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | 2020 2019 Assets Operating lease assets $ 25,229 $ 21,201 Liabilities Current Accrued expenses $ 8,034 $ 6,487 Non-current Non-current operating lease liabilities 17,730 14,943 $ 25,764 $ 21,430 |
Lease, Cost | 2020 2019 Operating lease cost $ 11,001 $ 10,441 Cash paid for amounts included in the measurement of operating liabilities $ 9,502 $ 9,238 Right-of-use assets obtained in exchange for new lease liabilities $ 12,745 $ 6,364 Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term - operating leases 3.6 years 3.8 years Weighted-average discount rate - operating leases 5.2 % 5.7 % |
Lessee, Operating Lease, Liability, Maturity | Maturity of lease liabilities (In thousands) 2021 $ 9,139 2022 7,635 2023 6,483 2024 3,298 2025 1,043 After 2025 673 Total lease payments 28,271 Less: present value discount (2,507) Present value of lease liabilities $ 25,764 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Measurements Used by Management to Assess Performance of Segments | The following table illustrates certain measurements used by management to assess the performance of the segments described above as of and for the years ended December 31 (in thousands): 2020 2019 2018 Net sales: Renewable Energy and Conservation $ 447,567 $ 373,023 $ 317,253 Residential Products 522,814 461,630 463,216 Infrastructure Products 62,197 63,580 56,628 Total consolidated net sales $ 1,032,578 $ 898,233 $ 837,097 Income from operations: Renewable Energy and Conservation $ 40,738 $ 47,558 $ 37,423 Residential Products 94,430 63,047 69,838 Infrastructure Products 7,233 6,428 2,509 Segments income from operations 142,401 117,033 109,770 Unallocated corporate expenses (35,211) (36,221) (28,629) Total income from operations $ 107,190 $ 80,812 $ 81,141 Depreciation and Amortization Renewable Energy and Conservation $ 9,445 $ 6,132 $ 5,790 Residential Products 8,110 7,906 8,217 Infrastructure Products 3,060 3,129 3,100 Unallocated corporate expenses 300 390 332 $ 20,915 $ 17,557 $ 17,439 Total assets Renewable Energy and Conservation $ 619,071 $ 246,853 $ 218,048 Residential Products 407,132 359,657 361,499 Infrastructure Products 80,796 110,611 114,354 Unallocated corporate assets 28,057 174,475 271,616 Assets of discontinued operations 77,438 92,854 96,128 $ 1,212,494 $ 984,450 $ 1,061,645 Capital expenditures Renewable Energy and Conservation $ 1,143 $ 2,199 $ 1,345 Residential Products 3,313 4,968 7,921 Infrastructure Products 1,511 1,028 927 Unallocated corporate expenditures 7,101 581 175 $ 13,068 $ 8,776 $ 10,368 |
Disaggregation of Revenue | The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2020 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 75,727 $ 518,281 $ 22,781 $ 616,789 Over Time 371,840 4,533 39,416 415,789 Total $ 447,567 $ 522,814 $ 62,197 $ 1,032,578 2019 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 42,596 $ 458,006 $ 26,490 $ 527,092 Over Time 330,427 3,624 37,090 371,141 Total $ 373,023 $ 461,630 $ 63,580 $ 898,233 2018 Renewable Energy and Conservation Residential Products Infrastructure Products Total Net sales: Point in Time $ 33,427 $ 460,513 $ 22,806 $ 516,746 Over Time 283,826 2,703 33,822 320,351 Total $ 317,253 $ 463,216 $ 56,628 $ 837,097 |
Net Sales by Region or Origin and Long-Lived Assets by Region of Domicile | Net sales by region or origin and long-lived assets by region of domicile for the years ended and as of December 31 are as follows (in thousands): 2020 2019 2018 Net sales North America $ 1,018,406 $ 881,432 $ 825,497 Asia 14,172 16,801 11,600 Total $ 1,032,578 $ 898,233 $ 837,097 Long-lived assets North America $ 90,685 $ 79,590 $ 79,544 Asia 476 542 704 Total $ 91,161 $ 80,132 $ 80,248 |
Quarterly Unaudited Financial_2
Quarterly Unaudited Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Unaudited Financial Information | GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA (in thousands, except per share data) 2020 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 215,401 $ 255,184 $ 296,792 $ 265,201 $ 1,032,578 Gross profit $ 49,861 $ 65,561 $ 78,495 $ 62,426 $ 256,343 Income from continuing operations $ 12,777 $ 30,748 $ 40,943 $ 22,722 $ 107,190 Interest expense $ 44 $ 222 $ 217 $ 220 $ 703 Net income from continuing operations $ 9,902 $ 24,457 $ 31,334 $ 17,598 $ 83,291 Net income (loss) from discontinued operations $ 2,157 $ 2,835 $ 2,426 $ (26,143) $ (18,725) Total net income (loss) $ 12,059 $ 27,292 $ 33,760 $ (8,545) $ 64,566 Income per share from continuing operations: Basic $ 0.30 $ 0.75 $ 0.96 $ 0.54 $ 2.55 Diluted $ 0.30 $ 0.74 $ 0.95 $ 0.53 $ 2.53 Income (loss) per share from discontinued operations: Basic $ 0.07 $ 0.09 $ 0.07 $ (0.80) $ (0.57) Diluted $ 0.07 $ 0.09 $ 0.07 $ (0.79) $ (0.57) 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 187,160 $ 224,255 $ 260,784 $ 226,034 $ 898,233 Gross profit $ 37,259 $ 56,468 $ 68,744 $ 57,426 $ 219,897 Income from continuing operations $ 7,192 $ 25,073 $ 28,314 $ 20,233 $ 80,812 Interest expense (income) $ 2,000 $ 249 $ 79 $ (5) $ 2,323 Net income from continuing operations $ 4,131 $ 18,803 $ 21,951 $ 15,043 $ 59,928 Net income (loss) from discontinued operations $ 2,214 $ 1,110 $ 2,525 $ (686) $ 5,163 Total net income $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Income per share from continuing operations: Basic $ 0.13 $ 0.58 $ 0.68 $ 0.46 $ 1.85 Diluted $ 0.13 $ 0.58 $ 0.67 $ 0.46 $ 1.83 Income (loss) per share from discontinued operations: Basic $ 0.07 $ 0.04 $ 0.07 $ (0.02) $ 0.16 Diluted $ 0.06 $ 0.03 $ 0.08 $ (0.02) $ 0.16 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Summary of Activity Recorded within the Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 5,951 | $ 6,170 | $ 5,599 |
Bad debt expense, net of recoveries | 1,321 | 2,577 | 1,308 |
Accounts written off against allowance and other adjustments | (4,128) | (2,796) | (737) |
Ending balance | 3,529 | 5,951 | $ 6,170 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 385 | ||
Ending balance | $ 385 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sale Leaseback Transaction [Line Items] | |||
Advertising costs | $ 7.2 | $ 5.7 | $ 5 |
Minimum | Land, Buildings and Improvements | |||
Sale Leaseback Transaction [Line Items] | |||
Estimated useful lives | 15 years | ||
Minimum | Machinery and Equipment | |||
Sale Leaseback Transaction [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum | Land, Buildings and Improvements | |||
Sale Leaseback Transaction [Line Items] | |||
Estimated useful lives | 40 years | ||
Maximum | Machinery and Equipment | |||
Sale Leaseback Transaction [Line Items] | |||
Estimated useful lives | 20 years | ||
Residential Products | Home Improvement Retail Company | Accounts Receivable | |||
Sale Leaseback Transaction [Line Items] | |||
Concentrations of credit risk | 11.00% | 15.00% | |
Residential Products | Home Improvement Retail Company | Net sales | |||
Sale Leaseback Transaction [Line Items] | |||
Concentrations of credit risk | 14.00% | 14.00% | 14.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Summary of Interest Capitalized and Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 11,252 | $ 10,666 | $ 10,249 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 469,943 | $ 405,668 | ||
Income tax benefit | $ (24,468) | $ (18,153) | $ (13,011) | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax benefit | $ 96 | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ (291) |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs in excess of billings | $ 26,915 | $ 20,607 | $ 22,634 |
Unearned revenue | 21,325 | 15,389 | |
Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | 34,702 | 47,598 | 17,857 |
Unearned revenue | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | 21,325 | $ 15,389 | $ 10,847 |
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs in excess of billings | 6,800 | ||
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | 12,400 | ||
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | Unearned revenue | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | $ 9,000 | ||
Minimum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract payment terms | 30 days | ||
Maximum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract payment terms | 60 days | ||
Remaining performance obligation expected timing of satisfaction | 1 year |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Costs in excess of billings | $ 26,915 | $ 20,607 | $ 22,634 | |
Contract with customer liability | (21,325) | (15,389) | ||
Amounts included in billings in excess of cost at the beginning of the period | 45,536 | 17,371 | $ 10,097 | |
Amounts included in unearned revenue at the beginning of the period | 12,229 | 10,090 | $ 2,988 | |
Billings in excess of cost | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer liability | (34,702) | (47,598) | (17,857) | |
Unearned revenue | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer liability | $ (21,325) | $ (15,389) | $ (10,847) |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade accounts receivable | $ 174,604 | $ 119,239 | ||
Costs in excess of billings | 26,915 | 20,607 | ||
Total contract receivables | 201,519 | 139,846 | ||
Less allowance for doubtful accounts | (3,529) | (5,951) | $ (6,170) | $ (5,599) |
Accounts receivable | 197,990 | $ 133,895 | ||
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable | $ 62,000 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Raw material | $ 66,018 | $ 42,030 |
Work-in-process | 5,382 | 5,023 |
Finished goods | 31,205 | 18,460 |
Gross inventory | 102,605 | 65,513 |
Less reserves | (4,298) | (3,556) |
Total inventories | 98,307 | $ 61,957 |
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | ||
Inventory [Line Items] | ||
Total inventories | $ 30,000 |
Inventories (Summary of Activit
Inventories (Summary of Activity within the Reserve for Excess, Obsolete, and Slow Moving Inventory) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Roll Forward] | |||
Beginning balance | $ 3,463 | $ 2,971 | $ 2,852 |
Excess, obsolete and slow moving inventory expense | 355 | 1,134 | 363 |
Scrapped inventory and other adjustments | (343) | 642 | 244 |
Ending balance | $ 4,161 | $ 3,463 | $ 2,971 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 4,605 | $ 4,583 |
Building and improvements | 41,164 | 39,901 |
Machinery and equipment | 188,853 | 174,058 |
Construction in progress | 10,458 | 5,131 |
Property, plant, and equipment, gross | 245,080 | 223,673 |
Less: accumulated depreciation | (155,518) | (145,521) |
Property, plant, and equipment, net | $ 89,562 | $ 78,152 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Dec. 11, 2020USD ($) | Oct. 15, 2020USD ($) | Feb. 13, 2020USD ($) | Jan. 15, 2020USD ($) | Aug. 30, 2019USD ($) | Aug. 21, 2018USD ($) | Dec. 31, 2020USD ($)business | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||
Number of businesses acquired | business | 5 | ||||||||
Goodwill | $ 514,279 | $ 307,355 | $ 301,580 | ||||||
Renewable Energy & Conservation | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of businesses acquired | business | 4 | ||||||||
Residential Products | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of businesses acquired | business | 1 | ||||||||
Apeks | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 12,600 | ||||||||
Goodwill | $ 6,436 | ||||||||
SolarBOS | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 6,400 | ||||||||
Goodwill | $ 2,879 | ||||||||
Thermo Energy Systems Inc., Delta Separations, LLC, Architectural Mailboxes LLC , Sunfig Corporation, and TerraSmart LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 313,300 | ||||||||
TerraSmart LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | 228,200 | ||||||||
Goodwill | $ 143,245 | ||||||||
Sunfig Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 3,800 | ||||||||
Goodwill | $ 3,200 | ||||||||
Architectural Mailboxes LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 26,900 | ||||||||
Goodwill | $ 7,400 | ||||||||
Delta Separations, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 47,100 | ||||||||
Goodwill | $ 32,200 | ||||||||
Thermo Energy Systems | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition purchase price | $ 7,300 | ||||||||
Goodwill | $ 18,700 |
Acquisitions (Schedule of Alloc
Acquisitions (Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 15, 2020 | Dec. 31, 2019 | Aug. 30, 2019 | Dec. 31, 2018 | Aug. 21, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 514,279 | $ 307,355 | $ 301,580 | |||
TerraSmart LLC | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 1,712 | |||||
Working capital | 23,833 | |||||
Property, plant, and equipment | 8,345 | |||||
Acquired intangible assets | 51,700 | |||||
Other assets | 1,478 | |||||
Other liabilities | (2,081) | |||||
Goodwill | 143,245 | |||||
Fair value of purchase consideration | $ 228,232 | |||||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 145 | |||||
Working capital | (14,930) | |||||
Property, plant, and equipment | 1,740 | |||||
Acquired intangible assets | 38,296 | |||||
Other current assets | 1,528 | |||||
Other assets | 2,381 | |||||
Other liabilities | (5,508) | |||||
Goodwill | 61,436 | |||||
Fair value of purchase consideration | $ 85,088 | |||||
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 | |||||
SolarBOS | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 915 | |||||
Working capital | 680 | |||||
Property, plant, and equipment | 483 | |||||
Acquired intangible assets | 1,450 | |||||
Other assets | 13 | |||||
Other liabilities | (51) | |||||
Goodwill | 2,879 | |||||
Fair value of purchase consideration | $ 6,369 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Aug. 21, 2018 | Dec. 31, 2020 |
TerraSmart LLC | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 51,700 | ||
TerraSmart LLC | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | 16,400 | ||
TerraSmart LLC | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 300 | ||
Weighted-Average Amortization Period | 7 years | ||
TerraSmart LLC | Technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 2,500 | ||
Weighted-Average Amortization Period | 15 years | ||
TerraSmart LLC | Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 24,000 | ||
Weighted-Average Amortization Period | 10 years | ||
TerraSmart LLC | Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 2,200 | ||
Weighted-Average Amortization Period | 5 years | ||
TerraSmart LLC | Backlog | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 6,300 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | |||
Business Acquisition [Line Items] | |||
Fair Value | 38,296 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | 8,200 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 1,177 | ||
Weighted-Average Amortization Period | 3 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 8,175 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Technology | Minimum | |||
Business Acquisition [Line Items] | |||
Weighted-Average Amortization Period | 7 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Technology | Maximum | |||
Business Acquisition [Line Items] | |||
Weighted-Average Amortization Period | 15 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 18,780 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Customer relationships | Minimum | |||
Business Acquisition [Line Items] | |||
Weighted-Average Amortization Period | 5 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Customer relationships | Maximum | |||
Business Acquisition [Line Items] | |||
Weighted-Average Amortization Period | 13 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 1,036 | ||
Weighted-Average Amortization Period | 5 years | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Backlog | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 928 | ||
Weighted-Average Amortization Period | 1 year | ||
Apeks | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 3,000 | ||
Apeks | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | 1,400 | ||
Apeks | Technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 900 | ||
Weighted-Average Amortization Period | 7 years | ||
Apeks | Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 700 | ||
Weighted-Average Amortization Period | 6 years | ||
SolarBOS | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 1,450 | ||
SolarBOS | Trademarks | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 300 | ||
Weighted-Average Amortization Period | 3 years | ||
SolarBOS | Technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 450 | ||
Weighted-Average Amortization Period | 9 years | ||
SolarBOS | Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 700 | ||
Weighted-Average Amortization Period | 9 years |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 3,864 | $ 1,918 | $ 497 |
Cost of sales | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | 634 | 401 | 0 |
Selling, general and administrative costs | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 3,230 | $ 1,517 | $ 497 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance at | $ 307,355 | $ 301,580 |
Acquired goodwill | 205,243 | 5,857 |
Adjustments to prior year acquisitions | 578 | (172) |
Foreign currency translation | 1,103 | 90 |
Balance at | 514,279 | 307,355 |
Renewable Energy & Conservation | ||
Goodwill [Roll Forward] | ||
Balance at | 77,602 | 71,827 |
Acquired goodwill | 197,866 | 5,857 |
Adjustments to prior year acquisitions | 578 | (172) |
Foreign currency translation | 1,103 | 90 |
Balance at | 277,149 | 77,602 |
Residential Products | ||
Goodwill [Roll Forward] | ||
Balance at | 198,075 | 198,075 |
Acquired goodwill | 7,377 | 0 |
Adjustments to prior year acquisitions | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at | 205,452 | 198,075 |
Infrastructure Products | ||
Goodwill [Roll Forward] | ||
Balance at | 31,678 | 31,678 |
Acquired goodwill | 0 | 0 |
Adjustments to prior year acquisitions | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at | $ 31,678 | $ 31,678 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Narrative) (Details) | Oct. 31, 2017reporting_unit | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Goodwill [Line Items] | ||||
Accumulated impairment losses | $ 133,200,000 | $ 133,200,000 | ||
Goodwill impairment | $ 0 | $ 0 | ||
Number of reporting units tested | reporting_unit | 10 | |||
Impairment of definite-lived intangibles | $ 300,000 | |||
Trademarks | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite-lived intangibles | $ 1,200,000 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 155,183 | $ 89,567 |
Total acquired intangible assets, Gross Carrying Amount | 211,753 | 122,137 |
Accumulated Amortization, Finite-lived intangible assets | 55,388 | 45,403 |
Total acquired intangible assets, Accumulated Amortization | 55,388 | 45,403 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 5,818 | 4,340 |
Accumulated Amortization, Finite-lived intangible assets | 3,385 | 2,680 |
Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 38,752 | 28,177 |
Accumulated Amortization, Finite-lived intangible assets | 17,765 | 15,196 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 98,500 | 55,401 |
Accumulated Amortization, Finite-lived intangible assets | 31,580 | 26,028 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 4,885 | 1,649 |
Accumulated Amortization, Finite-lived intangible assets | 1,747 | 1,499 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 7,228 | 0 |
Accumulated Amortization, Finite-lived intangible assets | 911 | 0 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 56,570 | 32,570 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Goodwill and Related Intangib_6
Goodwill and Related Intangible Assets (Schedule of Impairment Charges) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of definite-lived intangibles | $ 300 |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangibles | $ 1,200 |
Goodwill and Related Intangib_7
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 9,663 | $ 6,891 | $ 7,190 |
Goodwill and Related Intangib_8
Goodwill and Related Intangible Assets (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 18,362 |
2021 | 11,584 |
2022 | 10,721 |
2023 | 10,611 |
2024 | $ 10,382 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 18,131 | $ 13,509 |
Current portion of cash-settled share-based liabilities | 3,504 | 14,817 |
Interest and taxes | 1,850 | 3,569 |
Customer rebates | 11,575 | 10,266 |
Insurance | 6,915 | 8,353 |
Current operating lease liability | 8,034 | 6,487 |
Unearned revenue | 21,325 | 15,389 |
Other | 12,171 | 14,207 |
Total accrued expenses | $ 83,505 | $ 86,597 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Jan. 24, 2019USD ($) | Dec. 31, 2020USD ($)debtCovenant | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||
Carrying value of outstanding debt | $ 85,600,000 | $ 0 | |
Number of debt covenants | debtCovenant | 3 | ||
Other Debt | |||
Debt Instrument [Line Items] | |||
Carrying value of outstanding debt | $ 600,000 | ||
Revolving Credit Facility | 2019 Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Carrying value of outstanding debt | 85,000,000 | ||
Current borrowing capacity | $ 400,000,000 | ||
Maximum borrowing capacity under the revolving credit facility | $ 700,000,000 | ||
Revolving Credit Facility | 2019 Senior Credit Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Annual commitment fee | 0.15% | ||
Revolving Credit Facility | 2019 Senior Credit Agreement | Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
LIBOR floor, plus | 1.125% | ||
Revolving Credit Facility | 2019 Senior Credit Agreement | Maximum | |||
Debt Instrument [Line Items] | |||
Annual commitment fee | 0.25% | ||
Revolving Credit Facility | 2019 Senior Credit Agreement | Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
LIBOR floor, plus | 2.00% | ||
Term Loan | 2019 Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Term loan (up to) | $ 300,000,000 | ||
Standby Letters of Credit | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under the revolving credit facility | 5,800,000 | ||
Revolving Credit Facility | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Carrying value of outstanding debt | 85,000,000 | 0 | |
Availability amount | $ 309,200,000 | $ 394,000,000 |
Debt (Schedule of Cash Paid for
Debt (Schedule of Cash Paid for Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |||||||||||
Interest expense, net | $ (220) | $ (217) | $ (222) | $ (44) | $ 5 | $ (79) | $ (249) | $ (2,000) | $ (703) | $ (2,323) | $ (10,709) |
Interest income | 276 | 764 | 2,156 | ||||||||
Other non-cash adjustments | (345) | (380) | (529) | ||||||||
Cash paid for interest | $ 634 | $ 2,707 | $ 12,336 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Schedule of Total Expense for All Retirement Plans) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 2,824 | $ 2,572 | $ 2,542 |
401(k) plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 2,403 | 2,031 | 1,876 |
Multiemployer and other defined benefit and pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 70 | 195 | 239 |
Number of plans | plan | 1 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 351 | $ 346 | $ 427 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Changes in the Accumulated Postretirement Benefit Obligation) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at | $ 6,024 | $ 6,135 | |
Service cost | 10 | 17 | $ 18 |
Interest cost | 172 | 234 | 233 |
Actuarial losses (gains) | 580 | (52) | |
Benefits paid | (343) | (310) | |
Projected benefit obligation at | 6,443 | 6,024 | $ 6,135 |
Fair value of plan assets | 0 | 0 | |
Under funded status | (6,443) | (6,024) | |
Unamortized prior service cost | 294 | 338 | |
Unrecognized actuarial gain | 1,843 | 1,328 | |
Net amount recognized | $ (4,306) | $ (4,358) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Amounts Recognized in the Consolidated Financial Statements) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued post retirement liability: Current portion | $ 335 | $ 330 |
Accrued post retirement liability: Long term portion | 6,108 | 5,694 |
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs | 2,137 | 1,666 |
Net amount recognized | $ 4,306 | $ 4,358 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Components of Net Periodic Postretirement Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate healthcare trend rates | 3.80% | ||
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 10 | $ 17 | $ 18 |
Interest cost | 172 | 234 | 233 |
Amortization of unrecognized prior service cost | 44 | 44 | 44 |
Loss amortization (2) | 64 | 51 | 132 |
Net periodic pension cost | $ 290 | $ 346 | $ 427 |
Discount rate | 2.00% | 2.90% | 4.10% |
Annual rate of increase in the per capita cost of: Medical costs before age 65 | 7.00% | 6.80% | 7.00% |
Annual rate of increase in the per capita cost of: Medical costs after age 65 | 4.50% | 4.50% | 5.00% |
Annual rate of increase in the per capita cost of: Prescription drug costs | 7.00% | 7.00% | 9.50% |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Expected Benefit Payments from the Plan) (Details) - Unamortized Post-Retirement Health Care Costs $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | $ 335 |
2022 | 349 |
2023 | 358 |
2024 | 366 |
2025 | 376 |
Years 2026 - 2030 | $ 1,910 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (6,112) | $ (7,979) | |
Balance at end of period | (3,298) | (6,112) | $ (7,979) |
Tax (Benefit) Expense | |||
Balance at beginning of period | (721) | (745) | |
Minimum post retirement benefit plan adjustments | (116) | 24 | |
Balance at end of period | (837) | (721) | (745) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | (5,391) | (7,234) | |
Minimum post retirement benefit plan adjustments | (371) | 77 | |
Foreign currency translation adjustment | (2,930) | (1,843) | 2,868 |
Balance at end of period | (2,461) | (5,391) | (7,234) |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (4,173) | (5,939) | |
Other Comprehensive Income (Loss), before Tax | 3,301 | 1,766 | |
Balance at end of period | (872) | (4,173) | (5,939) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Foreign currency translation adjustment | 3,301 | 1,766 | |
Minimum post retirement benefit plan adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,939) | (2,040) | |
Other Comprehensive Income (Loss), before Tax | 487 | (101) | |
Balance at end of period | $ (2,426) | $ (1,939) | $ (2,040) |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 04, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | 0 | 0 | |
Market price of common stock, per share | $ 71.94 | |||
Unrecognized compensation cost | $ 14.1 | |||
Weighted average cost recognition period, in years | 2 years 3 months 18 days | |||
Accrued equity based compensation | $ 18.2 | $ 28 | ||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Typical vesting period, in years | 4 years | |||
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares awarded (in shares) | 160,426 | |||
Forfeited in period (in shares) | 28,556 | |||
Performance stock units outstanding (in shares) | 407,289 | 329,257 | ||
2018 Plan | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,000,000 | |||
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance under the Plan | 513,000 | |||
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance under the Plan | 136,000 | |||
Non-Employee Directors Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance under the Plan | 29,000 | |||
Accrued Expenses, Current | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accrued equity based compensation | $ 3.5 | |||
Non Current Liabilities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accrued equity based compensation | $ 14.7 | $ 13.2 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Compensation Expense Connection with Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Prior Plan | $ 40 | $ 192 | $ 569 |
Expense recognized under the Non-Employee Directors Plan | 760 | 570 | 444 |
Total stock compensation expense | 8,173 | 12,570 | 9,189 |
Tax benefits recognized related to stock compensation expense | 2,272 | 3,136 | 2,509 |
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | 1,932 | 5,077 | 7,988 |
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | $ 5,441 | $ 6,731 | $ 188 |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 12,402 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 45.98 | ||
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 4,134 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 45.98 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 82,328 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 56.81 | ||
Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 160,426 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 55.98 | ||
2019 | Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 12,402 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 45.98 | ||
2019 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 4,134 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 45.98 | ||
2019 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 81,397 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 56.81 | ||
2019 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 160,426 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 55.98 | ||
2018 | Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
2018 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
2018 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 152,472 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 39.73 | ||
2018 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 183,908 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 40.49 | ||
2017 | Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 10,255 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.96 | ||
2017 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,113 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.50 | ||
2017 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 116,174 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 36.61 | ||
2017 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 135,929 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 33.63 |
Equity-Based Compensation (Su_2
Equity-Based Compensation (Summary of Ranges of Outstanding and Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding | 41,500 | 159,759 | 117,409 | 247,666 |
Weighted Average Remaining Contractual Life (in years) | 1 year 1 month 17 days | |||
Weighted Average Exercise Price | $ 14.73 | $ 15.75 | ||
Options Exercisable | 41,500 | |||
$8.00 – $10.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | $ 8 | |||
Exercise Price Range, Upper Range Limit | $ 10 | |||
Options Outstanding | 16,500 | |||
Weighted Average Remaining Contractual Life (in years) | 8 months 12 days | |||
Weighted Average Exercise Price | $ 9.74 | |||
Options Exercisable | 16,500 | |||
Weighted Average Exercise Price | $ 9.74 | |||
$10.01 – $39.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 10.01 | |||
Exercise Price Range, Upper Range Limit | $ 39 | |||
Options Outstanding | 0 | |||
Weighted Average Remaining Contractual Life (in years) | 0 years | |||
Weighted Average Exercise Price | $ 0 | |||
Options Exercisable | 0 | |||
Weighted Average Exercise Price | $ 0 | |||
$39.01 – $44.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 39.01 | |||
Exercise Price Range, Upper Range Limit | $ 44 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life (in years) | 1 year 4 months 24 days | |||
Weighted Average Exercise Price | $ 42.35 | |||
Options Exercisable | 25,000 | |||
Weighted Average Exercise Price | $ 42.35 |
Equity-Based Compensation (Su_3
Equity-Based Compensation (Summary of Stock Option Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options (in shares): | |||
Beginning balance (in shares) | 117,409 | 159,759 | 247,666 |
Exercised (in shares) | (75,909) | (87,907) | |
Forfeited (in shares) | (42,350) | ||
Ending balance (in shares) | 41,500 | 117,409 | 159,759 |
Weighted Average Exercise Price (in dollars per share) | |||
Begininng balance (in dollars per share) | $ 19.91 | $ 17.70 | $ 17.01 |
Exercised (in dollars per share) | 14.73 | 15.75 | |
Forfeited (in dollars per share) | 11.57 | ||
Ending balance (in dollars per share) | $ 29.38 | $ 19.91 | $ 17.70 |
Weighted Average Remaining Contractual Life (in years) | 1 year 1 month 17 days | ||
Aggregate Intrinsic Value | $ 1,766 |
Equity-Based Compensation (Su_4
Equity-Based Compensation (Summary of Information about Restricted Stock Units and Weighted Average Grant Date Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted stock units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 374,432 |
Granted (in shares) | shares | 82,328 |
Vested (in shares) | shares | (213,448) |
Forfeited (in shares) | shares | (5,870) |
Balance at end of period (in shares) | shares | 237,442 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 33.74 |
Granted (in USD per share) | $ / shares | 56.81 |
Vested (in USD per share) | $ / shares | 34.14 |
Forfeited (in USD per share) | $ / shares | 40.92 |
Balance at end of period (in USD per share) | $ / shares | $ 41.15 |
Common stock | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 4,134 |
Vested (in shares) | shares | (4,134) |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 0 |
Granted (in USD per share) | $ / shares | 45.98 |
Vested (in USD per share) | $ / shares | 45.98 |
Forfeited (in USD per share) | $ / shares | 0 |
Balance at end of period (in USD per share) | $ / shares | $ 0 |
Performance stock units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 329,257 |
Granted (in shares) | shares | 160,426 |
Vested (in shares) | shares | (81,366) |
Forfeited (in shares) | shares | (28,556) |
Balance at end of period (in shares) | shares | 407,289 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 38.53 |
Granted (in USD per share) | $ / shares | 55.98 |
Vested (in USD per share) | $ / shares | 40.77 |
Forfeited (in USD per share) | $ / shares | 40.27 |
Balance at end of period (in USD per share) | $ / shares | $ 45 |
Deferred Stock Units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 34,752 |
Granted (in shares) | shares | 12,402 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 47,154 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 34.21 |
Granted (in USD per share) | $ / shares | 45.98 |
Vested (in USD per share) | $ / shares | 0 |
Forfeited (in USD per share) | $ / shares | 0 |
Balance at end of period (in USD per share) | $ / shares | $ 37.30 |
Minimum | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Percent of grants awarded based on target threshold | 0.00% |
Maximum | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Percent of grants awarded based on target threshold | 200.00% |
2015 Equity Incentive Plan | Return On Invested Capital | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Award performance period | 1 year |
2015 Equity Incentive Plan | Gross Profit Threshold | Minimum | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Award performance period | 2 years |
2015 Equity Incentive Plan | Gross Profit Threshold | Maximum | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Award performance period | 3 years |
2015 Equity Incentive Plan | Total Shareholder Return | Performance stock units | |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Award performance period | 3 years |
Equity-Based Compensation (Aggr
Equity-Based Compensation (Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 3,812 | $ 1,371 | $ 2,128 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 11,851 | 10,017 | 5,307 |
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 190 | 285 | 149 |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 570 | $ 285 | $ 369 |
Equity-Based Compensation (Cash
Equity-Based Compensation (Cash Paid to Settle Liability Awards) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
MSPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited | $ 15,401 | $ 6,543 | $ 5,232 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited (in shares) | 57,046 | 61,369 | 66,843 |
Restricted stock units balance, vested and unvested (in shares) | 231,343 | 415,760 | 387,870 |
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MSPP expense, in thousands | $ 4,518 | $ 2,699 | $ 4,809 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Extinguishment of Debt [Line Items] | ||
Carrying value of outstanding debt | $ 85,600,000 | $ 0 |
Revolving Credit Facility | Senior Credit Agreement | ||
Extinguishment of Debt [Line Items] | ||
Carrying value of outstanding debt | $ 85,000,000 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Assets of discontinued operations | $ 77,438 | $ 30,928 | |
Total noncurrent assets | 0 | 61,926 | |
Liabilities | |||
Total current liabilities | 49,295 | 22,374 | |
Total noncurrent liabilities | 0 | 9,670 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Loss on classification as held for sale | (1,881) | 0 | $ 0 |
(Loss) income from discontinued operations before taxes | (16,602) | 6,682 | 12,822 |
Industrial Business Segment | |||
Assets | |||
Total assets classified as held for sale | 77,438 | 92,854 | |
Liabilities | |||
Total liabilities classified as held for sale | 49,295 | 32,044 | |
Discontinued Operations, Held-for-sale | Industrial Business Segment | |||
Assets | |||
Accounts receivable, net | 11,261 | 13,620 | |
Inventories, net | 13,041 | 16,519 | |
Prepaid expenses and other current assets | 21,310 | 789 | |
Assets of discontinued operations | 45,612 | 30,928 | |
Property, plant, and equipment, net | 16,999 | 17,257 | |
Operating lease assets | 6,470 | 6,461 | |
Goodwill | 22,475 | 22,350 | |
Acquired intangibles | 15,482 | 15,858 | |
Loss recognized on classification as held for sale | (29,600) | 0 | |
Total noncurrent assets | 31,826 | 61,926 | |
Liabilities | |||
Accounts payable | 10,708 | 10,508 | |
Accrued expenses | 9,274 | 11,866 | |
Total current liabilities | 19,982 | 22,374 | |
Deferred income taxes | 24,657 | 4,930 | |
Non-current operating lease liabilities | 4,639 | 4,726 | |
Other non-current liabilities | 17 | 14 | |
Total noncurrent liabilities | 29,313 | 9,670 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net sales | 128,915 | 150,225 | 166,378 |
Operating expenses | 115,822 | 143,335 | 151,924 |
Loss on classification as held for sale | 29,600 | 0 | 0 |
Interest expense allocation | 95 | 208 | 1,632 |
(Loss) income from discontinued operations before taxes | $ (16,602) | $ 6,682 | $ 12,822 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||
Number of consolidated facilities to be closed | facility | 2 | 1 | ||
Gain on sale of business | $ 1,881 | $ 0 | $ 0 | |
Apartment Tour Application Business | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash 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 (Schedule Of Asset Impairment Charges Related To Restructuring Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges | $ 81 | $ 408 | $ 1,918 |
Exit activity costs | 2,207 | 5,166 | 2,801 |
Total exit activity costs & asset impairments | 2,288 | 5,574 | 4,719 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges | 0 | 0 | 0 |
Exit activity costs | 375 | 1,660 | 438 |
Total exit activity costs & asset impairments | 375 | 1,660 | 438 |
Renewable Energy & Conservation | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges | 72 | (9) | 105 |
Exit activity costs | 875 | 66 | (33) |
Total exit activity costs & asset impairments | 947 | 57 | 72 |
Residential Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges | 9 | 417 | 1,586 |
Exit activity costs | 731 | 3,440 | 1,321 |
Total exit activity costs & asset impairments | 740 | 3,857 | 2,907 |
Infrastructure Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges | 0 | 0 | 227 |
Exit activity costs | 226 | 0 | 1,075 |
Total exit activity costs & asset impairments | $ 226 | $ 0 | $ 1,302 |
Exit Activity Costs and Asset_5
Exit Activity Costs and Asset Impairments (Summary Of Exit Activity Costs And Asset Impairments Recorded in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 2,288 | $ 5,574 | $ 4,719 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | 1,059 | 767 | 1,320 |
Selling, general, and administrative expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 1,229 | $ 4,807 | $ 3,399 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Balance as of | $ 2,083 | $ 1,865 | |
Exit activity costs recognized | 2,207 | 5,166 | $ 2,801 |
Cash payments | (3,260) | (3,799) | |
Non-cash charges | 0 | (1,149) | |
Balance as of | $ 1,030 | $ 2,083 | $ 1,865 |
Income Taxes (Components of Inc
Income Taxes (Components of Income (Loss) before Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 108,930 | $ 78,351 | $ 70,783 |
Foreign | (1,171) | (270) | (3,660) |
Income before taxes | $ 107,759 | $ 78,081 | $ 67,123 |
Income Taxes (Benefit of) Provi
Income Taxes (Benefit of) Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Provision for income taxes | $ 2,123 | $ 1,519 | $ 3,125 |
Deferred: | |||
Total deferred | 3,786 | 4,120 | 4,725 |
Provision for income taxes | 24,468 | 18,153 | 13,011 |
Continuing Operations | |||
Current: | |||
U.S. Federal | 16,505 | 10,394 | 8,316 |
State | 4,071 | 3,547 | 2,942 |
Foreign | 106 | 92 | (2,972) |
Total current | 20,682 | 14,033 | 8,286 |
Deferred: | |||
U.S. Federal | 3,620 | 3,740 | 4,253 |
State | 672 | 486 | 853 |
Foreign | (506) | (106) | (381) |
Total deferred | 3,786 | 4,120 | 4,725 |
Provision for income taxes | 24,468 | 18,153 | 13,011 |
Discontinued Operations | |||
Current: | |||
U.S. Federal | 1,345 | 885 | 1,086 |
State | 57 | 4 | 202 |
Foreign | 1,725 | 1,447 | 1,781 |
Total current | 3,127 | 2,336 | 3,069 |
Provision for income taxes | 2,123 | 1,519 | 3,125 |
Deferred: | |||
U.S. Federal | (876) | (823) | (95) |
State | 10 | 23 | 194 |
Foreign | (138) | (17) | (43) |
Total deferred | $ (1,004) | $ (817) | $ 56 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate | $ 22,629 | $ 16,397 | $ 14,096 |
State taxes, less federal effect | 3,650 | 3,194 | 2,901 |
Federal tax credits | (1,064) | (1,621) | (742) |
Excess tax benefit on stock based compensation | (1,674) | (871) | (2,224) |
Uncertain tax positions | 0 | (260) | (3,051) |
Executive compensation | 1,114 | 1,132 | 1,369 |
Change in valuation allowance | (130) | 88 | (1,694) |
Net operating loss (NOL) write down | 0 | 0 | 1,640 |
Change in Indemnification Asset | 0 | 0 | 643 |
Other | (57) | 94 | 73 |
Provision for income taxes | $ 24,468 | $ 18,153 | $ 13,011 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, less federal effect | 3.40% | 4.10% | 4.30% |
Federal tax credits | (1.00%) | (2.10%) | (1.10%) |
Excess tax benefit on stock based compensation | (1.60%) | (1.10%) | (3.30%) |
Uncertain tax positions | 0.00% | (0.30%) | (4.50%) |
Executive compensation | 1.00% | 1.40% | 2.00% |
Change in valuation allowance | (0.10%) | 0.10% | (2.50%) |
Net operating loss (NOL) write down | 0.00% | 0.00% | 2.40% |
Change in Indemnification Asset | 0.00% | 0.00% | 1.00% |
Other | 0.00% | 0.10% | 0.10% |
Effective income tax rate, percentage | 22.70% | 23.20% | 19.40% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory tax rate, percentage | 21.00% | 21.00% | 21.00% |
Deferred tax assets, net of operating losses | $ 14,700 | ||
Deferred tax assets, net of operating losses | 1,500 | ||
Undistributed earnings of foreign subsidiaries | 200 | ||
Lapses of applicable statute of limitations | $ 0 | $ 329 | $ 3,060 |
Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Statute of limitations expiration period, in years | 4 years | ||
Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Statute of limitations expiration period, in years | 10 years | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 500 | ||
Deferred tax assets, net of operating losses | 100 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 10,200 | ||
Deferred tax assets, net of operating losses | 300 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 4,000 | ||
Deferred tax assets, net of operating losses | $ 1,100 | ||
Germany and Brazil | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 1,700 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 7,697 | $ 7,556 |
Goodwill | 41,842 | 38,610 |
Intangible assets | 5,632 | 6,171 |
Other | 6,878 | 6,158 |
Gross deferred tax liabilities | 62,049 | 58,495 |
Equity compensation | (7,496) | (9,530) |
Other | (15,682) | (13,939) |
Gross deferred tax assets | (23,178) | (23,469) |
Valuation allowances | 111 | 298 |
Deferred tax assets, net of valuation allowances | (23,067) | (23,171) |
Net deferred tax liabilities | $ 38,982 | $ 35,324 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance as of January 1 | $ 298 | $ 206 | $ 2,002 |
Cost charged to the tax provision | 70 | 100 | 45 |
Currency translation | (248) | (10) | (1,747) |
Currency translation | (9) | 2 | (94) |
Balance as of December 31 | $ 111 | $ 298 | $ 206 |
Income Taxes (Interest (Net of
Income Taxes (Interest (Net of Federal Tax Benefit) and Penalties Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Interest and penalties recognized as income | $ 0 | $ 0 | $ 13 |
Income Taxes (Income Taxes Paid
Income Taxes (Income Taxes Paid, Net of Tax Refunds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Payments made for income taxes, net | $ 21,351 | $ 16,744 | $ 14,128 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $ 0 | $ 329 | $ 3,536 |
Additions for tax positions of the current year | 0 | 0 | 15 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Settlements and changes in judgment | 0 | 0 | 0 |
Lapses of applicable statute of limitations | 0 | (329) | (3,060) |
Divestitures and foreign currency translation | 0 | 0 | (162) |
Balance as of December 31 | $ 0 | $ 0 | $ 329 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive number of shares | 13,000 | 30,000 | 303,000 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 17,598 | $ 31,334 | $ 24,457 | $ 9,902 | $ 15,043 | $ 21,951 | $ 18,803 | $ 4,131 | $ 83,291 | $ 59,928 | $ 54,112 |
(Loss) income from discontinued operations | (26,143) | 2,426 | 2,835 | 2,157 | (686) | 2,525 | 1,110 | 2,214 | (18,725) | 5,163 | 9,697 |
Net income | $ (8,545) | $ 33,760 | $ 27,292 | $ 12,059 | $ 14,357 | $ 24,476 | $ 19,913 | $ 6,345 | $ 64,566 | $ 65,091 | $ 63,809 |
Weighted average shares outstanding (in shares) | 32,664 | 32,389 | 31,979 | ||||||||
Common stock options and restricted stock (in shares) | 254 | 333 | 555 | ||||||||
Weighted average shares and conversions (in shares) | 32,918 | 32,722 | 32,534 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 596,693 | $ 743,805 | $ 673,964 | $ 531,719 | |
Rent expense | 9,700 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 1,582 | (291) | 274 | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease renewal term | 1 month | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease renewal term | 15 years | ||||
Retained Earnings | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | 338,995 | $ 469,943 | 405,668 | 274,562 | |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 1,582 | $ (291) | $ 624 | ||
Accounting Standards Update 2016-02 | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||
Lessee, Lease, Description [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ 1,600 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 25,229 | $ 21,201 |
Current operating lease liability | 8,034 | 6,487 |
Non-current operating lease liabilities | 17,730 | 14,943 |
Total operating lease liability | $ 25,764 | $ 21,430 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 11,001 | $ 10,441 |
Cash paid for amounts included in the measurement of operating liabilities | 9,502 | 9,238 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 12,745 | $ 6,364 |
Weighted-average remaining lease term - operating leases | 3 years 7 months 6 days | 3 years 9 months 18 days |
Weighted-average discount rate - operating leases | 5.20% | 5.70% |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 9,139 | |
2022 | 7,635 | |
2023 | 6,483 | |
2024 | 3,298 | |
2025 | 1,043 | |
After 2025 | 673 | |
Total lease payments | 28,271 | |
Less: present value discount | (2,507) | |
Present value of lease liabilities | $ 25,764 | $ 21,430 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of reportable segments | 3 |
Segment Information (Measuremen
Segment Information (Measurements Used by Management to Assess Performance of Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | $ 265,201 | $ 296,792 | $ 255,184 | $ 215,401 | $ 226,034 | $ 260,784 | $ 224,255 | $ 187,160 | $ 1,032,578 | $ 898,233 | $ 837,097 |
Income from operations: | 22,722 | $ 40,943 | $ 30,748 | $ 12,777 | 20,233 | $ 28,314 | $ 25,073 | $ 7,192 | 107,190 | 80,812 | 81,141 |
Depreciation and amortization | 20,915 | 17,557 | 17,439 | ||||||||
Total assets | 1,212,494 | 984,450 | 1,212,494 | 984,450 | 1,061,645 | ||||||
Capital expenditures | 13,068 | 8,776 | 10,368 | ||||||||
Discontinued Operations | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Total assets | 77,438 | 92,854 | 77,438 | 92,854 | 96,128 | ||||||
Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Income from operations: | 142,401 | 117,033 | 109,770 | ||||||||
Unallocated Corporate Expenses | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Income from operations: | (35,211) | (36,221) | (28,629) | ||||||||
Depreciation and amortization | 300 | 390 | 332 | ||||||||
Total assets | 28,057 | 174,475 | 28,057 | 174,475 | 271,616 | ||||||
Capital expenditures | 7,101 | 581 | 175 | ||||||||
Renewable Energy & Conservation | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 447,567 | 373,023 | 317,253 | ||||||||
Renewable Energy & Conservation | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 447,567 | 373,023 | 317,253 | ||||||||
Income from operations: | 40,738 | 47,558 | 37,423 | ||||||||
Depreciation and amortization | 9,445 | 6,132 | 5,790 | ||||||||
Total assets | 619,071 | 246,853 | 619,071 | 246,853 | 218,048 | ||||||
Capital expenditures | 1,143 | 2,199 | 1,345 | ||||||||
Residential Products | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 522,814 | 461,630 | 463,216 | ||||||||
Residential Products | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 522,814 | 461,630 | 463,216 | ||||||||
Income from operations: | 94,430 | 63,047 | 69,838 | ||||||||
Depreciation and amortization | 8,110 | 7,906 | 8,217 | ||||||||
Total assets | 407,132 | 359,657 | 407,132 | 359,657 | 361,499 | ||||||
Capital expenditures | 3,313 | 4,968 | 7,921 | ||||||||
Infrastructure Products | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 62,197 | 63,580 | 56,628 | ||||||||
Infrastructure Products | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 62,197 | 63,580 | 56,628 | ||||||||
Income from operations: | 7,233 | 6,428 | 2,509 | ||||||||
Depreciation and amortization | 3,060 | 3,129 | 3,100 | ||||||||
Total assets | $ 80,796 | $ 110,611 | 80,796 | 110,611 | 114,354 | ||||||
Capital expenditures | $ 1,511 | $ 1,028 | $ 927 |
Segment Information (Net Sales
Segment Information (Net Sales by Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 265,201 | $ 296,792 | $ 255,184 | $ 215,401 | $ 226,034 | $ 260,784 | $ 224,255 | $ 187,160 | $ 1,032,578 | $ 898,233 | $ 837,097 |
Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 447,567 | 373,023 | 317,253 | ||||||||
Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 522,814 | 461,630 | 463,216 | ||||||||
Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 62,197 | 63,580 | 56,628 | ||||||||
Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 616,789 | 527,092 | 516,746 | ||||||||
Point in Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 75,727 | 42,596 | 33,427 | ||||||||
Point in Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 518,281 | 458,006 | 460,513 | ||||||||
Point in Time | Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 22,781 | 26,490 | 22,806 | ||||||||
Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 415,789 | 371,141 | 320,351 | ||||||||
Over Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 371,840 | 330,427 | 283,826 | ||||||||
Over Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 4,533 | 3,624 | 2,703 | ||||||||
Over Time | Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 39,416 | $ 37,090 | $ 33,822 |
Segment Information (Net Sale_2
Segment Information (Net Sales by Region or Origin and Long-Lived Assets by Region of Domicile) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | $ 265,201 | $ 296,792 | $ 255,184 | $ 215,401 | $ 226,034 | $ 260,784 | $ 224,255 | $ 187,160 | $ 1,032,578 | $ 898,233 | $ 837,097 |
Long-lived assets | 91,161 | 80,132 | 91,161 | 80,132 | 80,248 | ||||||
North America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 1,018,406 | 881,432 | 825,497 | ||||||||
Long-lived assets | 90,685 | 79,590 | 90,685 | 79,590 | 79,544 | ||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 14,172 | 16,801 | 11,600 | ||||||||
Long-lived assets | $ 476 | $ 542 | $ 476 | $ 542 | $ 704 |
Quarterly Unaudited Financial_3
Quarterly Unaudited Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales: | $ 265,201 | $ 296,792 | $ 255,184 | $ 215,401 | $ 226,034 | $ 260,784 | $ 224,255 | $ 187,160 | $ 1,032,578 | $ 898,233 | $ 837,097 |
Gross profit | 62,426 | 78,495 | 65,561 | 49,861 | 57,426 | 68,744 | 56,468 | 37,259 | 256,343 | 219,897 | 210,926 |
Income from operations: | 22,722 | 40,943 | 30,748 | 12,777 | 20,233 | 28,314 | 25,073 | 7,192 | 107,190 | 80,812 | 81,141 |
Interest expense, net | 220 | 217 | 222 | 44 | (5) | 79 | 249 | 2,000 | 703 | 2,323 | 10,709 |
Income from continuing operations | 17,598 | 31,334 | 24,457 | 9,902 | 15,043 | 21,951 | 18,803 | 4,131 | 83,291 | 59,928 | 54,112 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (26,143) | 2,426 | 2,835 | 2,157 | (686) | 2,525 | 1,110 | 2,214 | (18,725) | 5,163 | 9,697 |
Net income | $ (8,545) | $ 33,760 | $ 27,292 | $ 12,059 | $ 14,357 | $ 24,476 | $ 19,913 | $ 6,345 | $ 64,566 | $ 65,091 | $ 63,809 |
Income per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 0.54 | $ 0.96 | $ 0.75 | $ 0.30 | $ 0.46 | $ 0.68 | $ 0.58 | $ 0.13 | $ 2.55 | $ 1.85 | $ 1.69 |
Diluted (in dollars per share) | 0.53 | 0.95 | 0.74 | 0.30 | 0.46 | 0.67 | 0.58 | 0.13 | 2.53 | 1.83 | 1.66 |
Income (loss) per share from discontinued operations: | |||||||||||
Basic (in dollars per share) | (0.80) | 0.07 | 0.09 | 0.07 | (0.02) | 0.07 | 0.04 | 0.07 | (0.57) | 0.16 | 0.31 |
Diluted (in dollars per share) | $ (0.79) | $ 0.07 | $ 0.09 | $ 0.07 | $ (0.02) | $ 0.08 | $ 0.03 | $ 0.06 | $ (0.57) | $ 0.16 | $ 0.30 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 22, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Loss on classification as held for sale | $ (1,881) | $ 0 | $ 0 | |
Subsequent Event | Industrial Business Segment | Discontinued Operations, Disposed of by Sale | ||||
Subsequent Event [Line Items] | ||||
Net proceeds of sale of business | $ 38,000 | |||
Cash proceeds from sale of business | 25,000 | |||
Seller note principal amount | 13,000 | |||
Loss on classification as held for sale | $ 29,600 |