Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-22462 | ||
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 | $ 1.2 | ||
Entity Common Stock, Shares Outstanding | 30,786,457 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement to be filed for its 2023 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 | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000912562 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net sales: | $ 1,389,966 | $ 1,339,783 | $ 1,032,578 |
Cost of sales | 1,071,272 | 1,049,772 | 776,235 |
Gross profit | 318,694 | 290,011 | 256,343 |
Selling, general, and administrative expense | 188,592 | 184,723 | 149,153 |
Intangible asset impairment | 0 | 8,300 | 0 |
Income from operations | 130,102 | 96,988 | 107,190 |
Interest expense, net | 4,047 | 1,639 | 703 |
Other expense (income) | 14,565 | (4,213) | (1,272) |
Income before taxes | 111,490 | 99,562 | 107,759 |
Provision for income taxes | 29,084 | 25,046 | 24,468 |
Income from continuing operations | 82,406 | 74,516 | 83,291 |
Discontinued operations: | |||
Income (loss) before taxes | 0 | 1,479 | (16,602) |
Provision for income taxes | 0 | 366 | 2,123 |
Income (loss) from discontinued operations | 0 | 1,113 | (18,725) |
Net income | $ 82,406 | $ 75,629 | $ 64,566 |
Net earnings per share – Basic: | |||
Income from continuing operations (in dollars per share) | $ 2.57 | $ 2.27 | $ 2.55 |
(Loss) income from discontinued operations (in dollars per share) | 0 | 0.03 | (0.57) |
Net income (in dollars per share) | $ 2.57 | $ 2.30 | $ 1.98 |
Weighted average shares outstanding – Basic (in shares) | 32,096 | 32,873 | 32,664 |
Net earnings per share – Diluted: | |||
Income from continuing operations (in dollars per share) | $ 2.56 | $ 2.25 | $ 2.53 |
(Loss) income from discontinued operations (in dollars per share) | 0 | 0.04 | (0.57) |
Net income (in dollars per share) | $ 2.56 | $ 2.29 | $ 1.96 |
Weighted average shares outstanding – Diluted (in shares) | 32,192 | 33,054 | 32,918 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net income | $ 82,406 | $ 75,629 | $ 64,566 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (5,022) | 2,512 | 3,301 |
Adjustment to post-retirement benefit liability, net of tax | 1,403 | 136 | (371) |
Other comprehensive (loss) income | (3,619) | 2,648 | 2,930 |
Total comprehensive income | $ 78,787 | $ 78,277 | $ 67,496 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 17,608 | $ 12,849 |
Accounts receivable, net of allowance of $3,746 and $3,738, respectively | 217,156 | 236,444 |
Inventories, net | 170,360 | 176,207 |
Prepaid expenses and other current assets | 18,813 | 21,467 |
Total current assets | 423,937 | 446,967 |
Property, plant, and equipment, net | 109,584 | 96,885 |
Operating lease assets | 26,502 | 18,120 |
Goodwill | 512,363 | 510,942 |
Acquired intangibles | 137,526 | 141,504 |
Other assets | 701 | 483 |
Total assets | 1,210,613 | 1,214,901 |
Current liabilities: | ||
Accounts payable | 106,582 | 172,286 |
Accrued expenses | 73,721 | 67,993 |
Billings in excess of cost | 35,017 | 46,711 |
Total current liabilities | 215,320 | 286,990 |
Long-term debt | 88,762 | 23,781 |
Deferred income taxes | 47,088 | 40,278 |
Non-current operating lease liabilities | 19,041 | 11,390 |
Other non-current liabilities | 18,303 | 27,204 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 100,000 shares; 34,060 and 33,799 shares issued and outstanding in 2022 and 2021 | 340 | 338 |
Additional paid-in capital | 322,873 | 314,541 |
Retained earnings | 627,978 | 545,572 |
Accumulated other comprehensive (loss) income | (3,432) | 187 |
Cost of 3,199 and 1,107 common shares held in treasury in 2022 and 2021 | (125,660) | (35,380) |
Total stockholders’ equity | 822,099 | 825,258 |
Total liabilities and shareholders' equity | $ 1,210,613 | $ 1,214,901 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 3,746 | $ 3,738 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common stock, shares issued (in shares) | 34,060,000 | 33,799,000 |
Common stock, shares outstanding (in shares) | 34,060,000 | 33,799,000 |
Treasury stock, shares (in shares) | 3,199,000 | 1,107,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income | $ 82,406 | $ 75,629 | $ 64,566 |
Income (loss) from discontinued operations | 0 | 1,113 | (18,725) |
Income from continuing operations | 82,406 | 74,516 | 83,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26,167 | 31,966 | 20,915 |
Intangible asset impairment | 0 | 8,300 | 0 |
Held for sale valuation allowance | 13,990 | 0 | 0 |
Stock compensation expense | 8,334 | 8,652 | 8,173 |
Exit activity costs, non-cash | 2,276 | 1,193 | 493 |
Provision for deferred income taxes | 6,337 | 2,968 | 3,786 |
Other, net | 1,506 | 1,570 | 63 |
Changes in operating assets and liabilities (excluding the effects of acquisitions): | |||
Accounts receivable | 32,754 | (41,887) | 2,277 |
Inventories | 14,377 | (85,763) | (5,719) |
Other current assets and other assets | 2,062 | (426) | 5,467 |
Accounts payable | (76,260) | 38,367 | (1,160) |
Accrued expenses and other non-current liabilities | (11,258) | (14,384) | (44,570) |
Net cash provided by operating activities of continuing operations | 102,691 | 25,072 | 73,016 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | (2,002) | 16,088 |
Net cash provided by operating activities | 102,691 | 23,070 | 89,104 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment, net | (20,062) | (17,491) | (12,991) |
Acquisitions, net of cash acquired | (51,621) | 4,143 | (313,686) |
Net proceeds from sale of business | 0 | 38,062 | 2,000 |
Net cash (used in) provided by investing activities of continuing operations | (71,683) | 24,714 | (324,677) |
Net cash used in investing activities of discontinued operations | 0 | (176) | (2,033) |
Net cash (used in) provided by investing activities | (71,683) | 24,538 | (326,710) |
Cash Flows from Financing Activities | |||
Long-term debt payments | (138,000) | (120,636) | 0 |
Proceeds from long-term debt | 204,500 | 59,500 | 85,000 |
Payment of debt issuance costs | (2,013) | 0 | 0 |
Purchase of common stock at market prices | (89,494) | (6,497) | (6,656) |
Net proceeds from issuance of common stock | 0 | 1,021 | 1,119 |
Net cash (used in) provided by financing activities | (25,007) | (66,612) | 79,463 |
Effect of exchange rate changes on cash | (1,242) | (201) | (1,166) |
Net increase (decrease) in cash and cash equivalents | 4,759 | (19,205) | (159,309) |
Cash and cash equivalents at beginning of year | 12,849 | 32,054 | 191,363 |
Cash and cash equivalents at end of year | $ 17,608 | $ 12,849 | $ 32,054 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
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) | $ 0 | $ (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 | |||||||
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) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 75,629 | 75,629 | |||||||
Foreign currency translation adjustment | 2,512 | 2,512 | |||||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 136 | 136 | |||||||
Stock compensation expense | 8,652 | 8,652 | |||||||
Net settlement of restricted stock units, shares | 192,000 | 79,000 | |||||||
Net settlement of restricted stock units | (6,497) | $ 2 | (2) | $ (6,497) | |||||
Issuance of restricted stock, shares | 3,000 | ||||||||
Stock options exercised, shares | 36,000 | ||||||||
Stock options exercised | 1,021 | 1,021 | |||||||
Balance, shares at Dec. 31, 2021 | 33,799,000 | 1,107,000 | |||||||
Balance at Dec. 31, 2021 | 825,258 | $ 338 | 314,541 | 545,572 | 187 | $ (35,380) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 82,406 | 82,406 | |||||||
Foreign currency translation adjustment | (5,022) | (5,022) | |||||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 1,403 | 1,403 | |||||||
Stock compensation expense | 8,334 | 8,334 | |||||||
Net settlement of restricted stock units, shares | 245,000 | 95,000 | |||||||
Net settlement of restricted stock units | (4,404) | $ 2 | (2) | $ (4,404) | |||||
Issuance of restricted stock, shares | 16,000 | ||||||||
Common stock repurchased under stock repurchase program (in shares) | 1,997,000 | ||||||||
Common stock repurchased under stock repurchase program | $ (85,876) | $ (85,876) | |||||||
Stock options exercised, shares | 0 | ||||||||
Balance, shares at Dec. 31, 2022 | 34,060,000 | 3,199,000 | |||||||
Balance at Dec. 31, 2022 | $ 822,099 | $ 340 | $ 322,873 | $ 627,978 | $ (3,432) | $ (125,660) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Minimum pension and post retirement benefit plan adjustments, net of taxes | $ (449) | $ 43 | $ (116) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 due to uncertainty in the current economic environment. Segment Reporting The Company has four reportable segments: Renewables, Residential, Agtech and Infrastructure. In 2021, the Company's former Renewable Energy and Conservation segment was divided into two segments, Renewables and Agtech. For further disclosure regarding the Company's reportable segments, refer to Note 20 "Segment Information." Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or services. Performance obligations satisfied at a point in time and significant judgments 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. 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. 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. 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. 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. 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 using the cost-to-cost measure of progress. 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 under the cost-to-cost method and any adjustments are recognized as necessary. Changes in estimates are recognized as they become known using the cumulative catch-up basis. The Company also recognizes revenues from services contracts over time. 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 Contract assets primarily represents revenue recognized for performance obligations that have been satisfied but for which amounts receivable have not been billed. These are included as current assets and included within accounts receivable on the Company's consolidated balance sheets. Contract liabilities include payments received from customers in advance of the satisfaction of performance obligations for a contract. The Company does not consider contract advances to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in the Company's industry. 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): 2022 2021 2020 Beginning balance $ 3,738 $ 3,529 $ 5,951 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 — — 385 Bad debt expense, net of recoveries 1,221 898 1,321 Accounts written off against allowance and other adjustments (1,213) (689) (4,128) Ending balance $ 3,746 $ 3,738 $ 3,529 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, 2022 and 2021, the Company's most significant customer is a home improvement retailer. The home improvement retailer purchases from the Residential segment. Accounts receivable as a percentage of consolidated accounts receivable from the home improvement retailer was 14% as of December 31, 2022 and 2021. Net sales to the home improvement retailer as a percentage of consolidated net sales were 14%, 13%, and 14% during the years ended December 31, 2022, 2021 and 2020, respectively. 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): 2022 2021 2020 Depreciation expense $ 14,583 $ 13,110 $ 11,252 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. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of the Company's 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. For additional disclosure of the Company's goodwill and other intangible assets refer to Note 7 "Goodwill and Related Intangible 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. For additional disclosure on impairment of the Company's long-lived assets refer to Note 7 "Goodwill and Related Intangible Assets," Note 14 "Held for Sale and Discontinued Operations" and Note 15 "Exit Activity Costs and Asset Impairments." 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 sheets. 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 as a component of long-term debt and are amortized as a part of interest expense over the terms of the associated debt agreements. Advertising The Company expenses advertising and marketing costs as incurred. For the years ended December 31, 2022, 2021 and 2020, advertising and marketing costs were $10.9 million, $8.0 million, and $7.2 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 The Company considers the applicability and impact of ASUs, and ASUs effective in or after 2022, respectively, were assessed and determined to be either not applicable, or had or are expected to have minimal impact on the Company's consolidated financial statements and related disclosures. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems; electrical balance of systems; roof and foundation ventilation products; centralized mail systems and electronic package solutions; retractable awnings; gutter guards; rain dispersion products; trims and flashings and other accessories; designing, engineering, manufacturing and installation of greenhouses; structural bearings; expansion joints; pavement sealant; elastomeric concrete; and bridge cable protection systems. 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, 2022, 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, 2022 and 2021, 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 presented within accounts receivable in the Company's consolidated balance sheets. Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets. 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): 2022 2021 2020 Costs in excess of billings 41,732 $ 54,437 $ 26,915 Billings in excess of cost (35,017) (46,711) (34,702) Unearned revenue (4,572) (3,681) (21,325) Revenue recognized during the years ended December 31, 2022, 2021, and 2020 that was in contract liabilities at the beginning of the respective periods was $44.4 million, $53.0 million, and $57.8 million, respectively. The decreases in costs in excess of billings and billings in excess of cost as of December 31, 2022 compared to December 31, 2021, respectively, were primarily due to decline in volume in the Renewables and Agtech segments in 2022 compared to 2021. The increase in costs in excess of billings as of December 31, 2021 compared to December 31, 2020 was primarily due to the timing of the Company's right to invoice customers for performance satisfied by the Company for significant contracts in the Renewables and Agtech segments near the end of 2021. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE, NET Accounts receivable at December 31 consisted of the following (in thousands): 2022 2021 Trade accounts receivable $ 179,170 $ 185,745 Costs in excess of billings 41,732 54,437 Total accounts receivables 220,902 240,182 Less allowance for doubtful accounts (3,746) (3,738) Accounts receivable, net $ 217,156 $ 236,444 Refer to Note 3 "Revenue" concerning the Company's costs in excess of billings. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories at December 31 consisted of the following (in thousands): 2022 2021 Raw material $ 111,187 $ 135,558 Work-in-process 17,944 5,858 Finished goods 47,523 39,256 Gross inventory 176,654 180,672 Less reserves (6,294) (4,465) Total inventories $ 170,360 $ 176,207 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 sheets. The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2022 2021 2020 Beginning balance $ 4,400 $ 4,161 $ 3,463 Excess, obsolete and slow moving inventory expense 1,582 215 355 Scrapped inventory and other adjustments 197 24 343 Ending balance $ 6,179 $ 4,400 $ 4,161 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 Land and land improvements $ 4,704 $ 4,634 Building and improvements 43,416 42,526 Machinery and equipment 223,843 194,015 Construction in progress 13,065 20,293 Property, plant, and equipment, gross 285,028 261,468 Less: accumulated depreciation (175,444) (164,583) Property, plant, and equipment, net $ 109,584 $ 96,885 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2022 Acquisitions On August 22, 2022, the Company purchased all the issued and outstanding membership interests of Quality Aluminum Products ("QAP"), a manufacturer of aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding. The results of QAP have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment. The preliminary purchase consideration for the acquisition of QAP was $52.1 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the membership interest 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 the existence, condition, and completeness of the assets acquired and liabilities assumed to establish fair value of such assets and liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition. Due to the timing of the acquisition, the Company continues to gather information supporting the acquired assets and assumed liabilities. Accordingly, all amounts recorded are provisional. These provisional amounts are subject to change if new information is obtained concerning 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 a 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 preliminary excess consideration was recorded as goodwill and approximated $3.6 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 building products markets. The final purchase price allocation will be completed no later than the third quarter of fiscal year 2023. 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 $ 1,018 Working capital 23,759 Property, plant, and equipment 8,486 Acquired intangible assets 14,700 Other assets 1,813 Other liabilities (1,295) Goodwill 3,604 Fair value of purchase consideration $ 52,085 The intangible assets acquired in this acquisition consisted of the following as of the date of acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 2,800 Indefinite Customer relationships 11,900 12 years Total $ 14,700 2020 Acquisitions During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, described further below, two of which are included within the Company's Renewables segment, two in the Company's Agtech segment, and one in the Company's Residential segment. The 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 membership interests of TerraSmart LLC and TerraTrak LLC (collectively, "TerraSmart"), a 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 Renewables segment. The purchase consideration for the acquisition of TerraSmart was $223.9 million, which includes a working capital adjustment and certain other adjustments provided for in the equity purchase agreement. The purchase price for the TerraSmart acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has completed the process to confirm the existence, condition and completeness of assets acquired and liabilities assumed to establish fair values of the assets acquired and liabilities assumed to determine the amount of goodwill to be recognized as of the date of acquisition. The final determination of the fair value of certain assets and liabilities was completed within a measurement period of up to one year from the date of acquisition. The excess consideration was recorded as goodwill and approximated $141.0 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 allocation of the TerraSmart 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 $ 1,491 Working capital 5,569 Property, plant, and equipment 11,446 Acquired intangible assets 64,150 Other assets 1,854 Other liabilities (1,640) Goodwill 140,997 Fair value of purchase consideration $ 223,867 The intangible assets acquired in the TerraSmart acquisition consisted of the following as of the date of acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 20,830 Indefinite Technology 1,940 12 years Customer relationships 35,110 12 years Backlog 6,270 Less than 1 year Total $ 64,150 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 purchase consideration of $3.8 million, which includes a 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 Renewables segment. The excess consideration was recorded as goodwill and approximated $3.5 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 segment, for a 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 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 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 Agtech 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 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 Agtech segment. The excess consideration recorded as goodwill approximated $19.1 million, all of which is deductible for tax purposes. The allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands): Cash $ 179 Working capital (15,377) Property, plant, and equipment 1,740 Acquired intangible assets 38,066 Other current assets 1,528 Other assets 2,381 Other liabilities (5,576) Goodwill 62,161 Fair value of purchase consideration $ 85,102 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 acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo consisted of the following as of the respective date of the acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 8,100 Indefinite Trademarks 1,177 3 years Technology 8,345 5 - 15 years Customer relationships 18,480 11 - 13 years Non-compete agreements 1,036 5 years Backlog 928 Less than 1 year Total $ 38,066 The acquisition of QAP was financed primarily through borrowings under the Company's revolving credit facility. 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, and Thermo were funded from cash on hand. The Company recognized costs as a component of cost of sales related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. The Company also incurred certain acquisition-related costs composed of legal and consulting fees. These costs were recognized as a component of selling, general, and administrative expenses in the consolidated statements of operations. The acquisition-related costs consisted of the following for the years ended December 31 (in thousands): 2022 2021 2020 Cost of sales $ 1,427 $ — $ 634 Selling, general and administrative costs 545 949 3,230 Total acquisition related costs $ 1,972 $ 949 $ 3,864 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
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): Renewables Residential Agtech Infrastructure Total Balance at December 31, 2020 $ 192,527 $ 205,452 $ 84,622 $ 31,678 $ 514,279 Adjustments to prior year acquisitions (2,433) — 323 — (2,110) Foreign currency translation (1,414) — 187 — (1,227) Balance at December 31, 2021 188,680 205,452 85,132 31,678 510,942 Acquired goodwill — 3,604 — — 3,604 Adjustment to prior year acquisition 904 — — — 904 Foreign currency translation (1,554) — (1,533) — (3,087) Balance at December 31, 2022 $ 188,030 $ 209,056 $ 83,599 $ 31,678 $ 512,363 Goodwill is recognized net of accumulated impairment losses of $133.2 million as of December 31, 2022 and 2021, respectively. No goodwill impairment charges were recognized by the Company during 2022 or 2021. Annual and 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. In 2022, 2021 and 2020, no indicators of impairment were identified as of interim dates; therefore, no interim tests were performed. During the October 31, 2022 impairment test, the Company conducted a quantitative analysis for all eight 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 the Company's annual testing for 2022, 2021 and 2020, none of the reporting units with goodwill as of the testing date had carrying values in excess of their fair values. Acquired Intangible Assets Acquired intangible assets consisted of the following (in thousands): December 31, 2022 December 31, 2021 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 55,500 $ — $ 52,700 $ — Finite-lived intangible assets: Trademarks 5,448 4,481 5,521 4,011 Unpatented technology 34,163 22,037 38,474 20,656 Customer relationships 115,125 46,557 108,591 39,832 Non-compete agreements 2,371 2,006 2,686 1,969 Backlog — — 7,200 7,200 157,107 75,081 162,472 73,668 Total acquired intangible assets $ 212,607 $ 75,081 $ 215,172 $ 73,668 The Company did not recognize impairment charges related to intangible assets during the year ended December 31, 2022. During the year ended December 31, 2021, the Company recognized impairment charges 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): 2022 2021 2020 Amortization expense $ 11,584 $ 18,856 $ 9,663 Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2023 2024 2025 2026 2027 Amortization expense $ 11,102 $ 10,922 $ 10,782 $ 9,370 $ 7,728 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses at December 31 consisted of the following (in thousands): 2022 2021 Compensation $ 17,010 $ 15,293 Customer rebates 16,768 15,253 Current operating lease liability 8,620 7,239 Insurance 6,440 7,310 Accrued warranties 6,251 5,686 Interest and taxes 5,696 5,463 Unearned revenue 4,572 3,681 Current portion of MSPP liabilities 2,267 2,947 Other 6,097 5,121 Total accrued expenses $ 73,721 $ 67,993 Accrued expenses for insurance are primarily for general liability, workers’ compensation and employee healthcare policies for which the Company is self-insured up to certain per-occurrence and aggregate limits. The amounts |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt, Unclassified [Abstract] | |
Debt | DEBT Long-term debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Revolving credit facility $ 91,000 $ 24,500 Less unamortized debt issuance costs (2,238) (719) Total debt $ 88,762 $ 23,781 Revolving Credit Facility On December 8, 2022, the Company entered into a Credit Agreement (the "Credit Agreement"), and concurrently with entering into the Credit Agreement, the Company paid off all amounts owed under the Sixth Amended and Restated Credit Agreement dated as of January 24, 2019, and which was terminated without any prepayment penalties. The Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing 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 Credit Agreement. The Credit Agreement contains two financial covenants. As of December 31, 2022, the Company was in compliance with all financial covenants. The Credit Agreement terminates on December 8, 2027. Interest rates on the revolving credit facility under the Credit Agreement bear interest, at the Company’s option, at a rate equal to the applicable margin plus (a) a base rate, (b) a daily simple secured overnight financing rate ("SOFR") rate, (c) a term SOFR rate or (d) for certain foreign currencies, a foreign currency rate, in each case subject to a 0% floor. Through March 31, 2023, the Credit Agreement has an initial applicable margin of 0.125% for base rate loans and 1.125% for SOFR and alternative currency loans. Thereafter, the applicable margin ranges from 0.125% to 1.00% for base rate loans and from 1.125% to 2.00% for SOFR and alternative currency loans based on the Company’s Total Net Leverage Ratio, as defined in the Credit Agreement. In addition, the Credit Agreement is subject to an annual commitment fee, payable quarterly, which is initially 0.20% of the daily average undrawn balance of the revolving credit facility and, from and after April 1, 2023, ranges between 0.20% and 0.25% of the daily average undrawn balance of the revolving credit facility based on the Company’s Total Net Leverage Ratio. Borrowings under the Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Capital distributions are subject to certain Total Net Leverage Ratio requirements and capped by an annual aggregate limit under the 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 had the ability to 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. Interest rates on the revolving credit facility under the Senior Credit Agreement were based on LIBOR plus an additional margin that ranges from 1.125% to 2.00%. In addition, the revolving credit facility under the Senior Credit Agreement was 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 terminated on December 8, 2022. Standby letters of credit of $4.5 million have been issued under the Credit Agreement to third parties on behalf of the Company as of December 31, 2022. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $304.5 million and $369.3 million of availability under the revolving credit facility as of December 31, 2022 and 2021, respectively. Total cash paid for interest in the years ended December 31 was (in thousands): 2022 2021 2020 Interest expense, net $ 4,047 $ 1,639 $ 703 Interest income 174 269 276 Other non-cash adjustments (679) (345) (345) Cash paid for interest $ 3,542 $ 1,563 $ 634 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 401(k) plan $ 3,580 $ 3,196 $ 2,403 Multiemployer and other defined benefit and pension plans 79 78 70 Postretirement healthcare plan 342 411 351 Total retirement plan expense $ 4,001 $ 3,685 $ 2,824 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, 2022. 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): 2022 2021 Projected benefit obligation at January 1 $ 6,202 $ 6,443 Interest cost 127 125 Plan amendments — 162 Actuarial gain (1,784) (200) Benefits paid, net of contributions (316) (328) Projected benefit obligation at December 31 4,229 6,202 Fair value of plan assets — — Under funded status (4,229) (6,202) Unamortized prior service cost 352 412 Unrecognized actuarial (gain) loss (278) 1,530 Net amount recognized $ (4,155) $ (4,260) Amounts recognized in the consolidated financial statements consisted of (in thousands): 2022 2021 Accrued postretirement benefit liability: Current portion $ 353 $ 358 Long term portion 3,876 5,844 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (74) (1,942) Net amount recognized $ 4,155 $ 4,260 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): 2022 2021 2020 Service cost $ — $ — $ 10 Interest cost 127 125 172 Amortization of unrecognized prior service cost 60 44 44 Loss amortization ( 2 ) 24 113 64 Net periodic benefit cost $ 211 $ 282 $ 290 Assumptions used to calculate the benefit obligation: Discount rate 4.8 % 2.4 % 2.0 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.8 % 7.0 % 7.0 % Medical costs after age 65 ( 1) 4.5 % 4.5 % 4.5 % Prescription drug costs ( 1) 7.8 % 7.0 % 7.0 % (1) For 2022, it was assumed that these rates would gradually decline to 4.0% by 2075. For 2021 and 2020, it was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial 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): 2023 2024 2025 2026 2027 Years 2028 - 2032 Expected benefit payments $ 353 $ 357 $ 369 $ 359 $ 355 $ 1,649 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The cumulative balance of each component of accumulated other comprehensive income (loss) is as follows (in thousands): Foreign Currency Translation Adjustment Minimum post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ (837) $ (2,461) Minimum post retirement benefit plan adjustments — 179 179 43 136 Foreign currency translation adjustment 2,512 — 2,512 — 2,512 Balance at December 31, 2021 1,640 (2,247) (607) (794) 187 Minimum post retirement benefit plan adjustments — 1,852 1,852 449 1,403 Foreign currency translation adjustment (5,022) — (5,022) — (5,022) Balance at December 31, 2022 $ (3,382) $ (395) $ (3,777) $ (345) $ (3,432) The realized adjustments relating to the Company’s minimum post retirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of operations. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. Amended and Restated 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which increases the total number of shares for issuance by the Company thereunder from 100,000 shares to 200,000 shares, allows the Company to grant awards of shares of the Company's common stock to current 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. 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. At December 31, 2022, approximately 326,000 and 80,000 shares were available for issuance under the 2018 Plan and 2015 Plan, respectively, as incentive stock options or other stock awards, and approximately 101,000 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): 2022 2021 2020 Expense recognized under the Prior Plan $ 19 $ 29 $ 40 Expense recognized under the 2015 Plan 1,617 1,186 1,932 Expense recognized under the 2018 Plan 5,928 6,597 5,441 Expense recognized under the Non-Employee Directors Plan 770 840 760 Total stock compensation expense $ 8,334 $ 8,652 $ 8,173 Tax benefits recognized related to stock compensation expense $ 2,175 $ 2,189 $ 2,272 Equity Based Awards - Settled in Stock The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2022 2021 2020 Awards Number Weighted Number Weighted Number Weighted Deferred stock units 2,460 $ 42.69 7,536 $ 83.58 12,402 $ 45.98 Common stock 15,652 $ 42.49 2,512 $ 83.58 4,134 $ 45.98 Restricted stock units 132,430 $ 43.92 72,243 $ 79.28 81,397 $ 56.81 Performance stock units (1) 108,464 $ 47.00 62,778 $ 87.84 160,426 $ 55.98 (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 PSUs 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 other criteria such as revenue, gross profit, and operating profit thresholds over a 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-year performance period compared to the S&P Small Cap Industrial sector, over the same three-year performance period. Stock Options No options were granted during the years ended December 31, 2022, 2021 and 2020. 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. At December 31, 2022, the Company has one grant of options outstanding. The following table summarizes the Company's outstanding and exercisable options at December 31, 2022: Exercise Price Options Weighted Weighted Options Weighted $39.55 5,000 4.26 $ 39.55 5,000 $ 39.55 The following table summarizes information about stock option transactions: Options Weighted Weighted Aggregate Balance at January 1, 2020 117,409 $ 19.91 Exercised (75,909) 14.73 Balance at December 31, 2020 41,500 $ 29.38 Exercised (36,500) 27.99 Balance at December 31, 2021 5,000 $ 39.55 Exercised — — Balance at December 31, 2022 5,000 $ 39.55 4.26 $ 31,650 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the $45.88 per share market price of the Company’s common stock as of December 31, 2022, which would have been received by the option holder had the option holder with an exercise price below the per share market price on December 31, 2022, exercised the options as of that date. Stock Units and Common Stock The following table summarizes information about non-vested restricted stock units and performance stock units (that will convert to shares upon vesting) and common stock: Restricted Weighted Common Weighted Performance Weighted Deferred Weighted Balance at December 31, 2021 204,584 $ 52.90 — $ — 363,474 $ 55.44 52,472 $ 43.99 Granted 132,430 $ 43.92 15,652 $ 42.49 108,464 $ 47.00 2,460 $ 42.69 Adjustments (1) — $ — — $ — (65,209) $ 82.75 — $ — Vested (83,714) $ 45.77 (15,652) $ 42.49 (145,153) $ 41.28 (14,582) $ 40.53 Forfeited (17,930) $ 59.62 — $ — (50,208) $ 61.51 — $ — Balance at December 31, 2022 235,370 $ 49.87 — $ — 211,368 $ 50.96 40,350 $ 45.16 (1) The Company's PSU adjustments during 2022 represents (i) 55,959 shares for which the performance condition was not achieved and the PSUs were adjusted in the first quarter of 2022 to reflect zero PSU earned as the threshold level of achievement was not met based on the Company's actual ROIC achievement level for the performance period ended December 31, 2021 and (ii) 9,250 shares not earned that related to two separate PSU awards granted in 2019 and 2020 that the threshold level of achievement based on other performance criteria as defined in the respective awards over a two-year or three-year performance periods were not met for the performance periods ended December 31, 2021. (2) Vested and issuable 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, 2022 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, 2022 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 2022 and 2021. 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): 2022 2021 2020 Aggregate intrinsic value of options exercised $ — $ 2,103 $ 3,812 Aggregate fair value of vested restricted stock units $ 3,920 $ 6,320 $ 11,851 Aggregate fair value of vested common stock $ 665 $ 370 $ 190 Aggregate fair value of vested performance stock units $ 6,729 $ 9,080 $ 4,197 Aggregate fair value of vested deferred stock units $ 105 $ 630 $ 570 As of December 31, 2022, there was $9.3 million of total unrecognized compensation cost related to non-vested restricted and performance stock units. That cost is expected to be recognized over a weighted average period of 2.3 years. Equity Based Awards - Settled in Cash Management Stock Purchase Plan The Company's equity-based awards that are settled in cash are the awards under the Management Stock Purchase Plan (the "MSPP") which is authorized under the Company's equity incentive plans. The 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. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2022 were $15.4 million, of which $2.3 million was included in current accrued expenses and $13.1 million was included in non-current liabilities. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2021 were $22.6 million, of which $2.9 million was included in current accrued expenses and $19.7 million was included in non-current liabilities. The value of the restricted stock units within the MSPP liability were $13.4 million and $20.7 million at December 31, 2022 and 2021, respectively. 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: 2022 2021 2020 Restricted stock units credited 12,365 30,475 57,046 Restricted stock units balance, vested and unvested 158,644 223,892 231,343 Share-based liabilities paid (in thousands) $ 3,689 $ 4,915 $ 15,401 MSPP (recovery) expense (in thousands) $ (4,459) $ 6,034 $ 4,518 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. As of December 31, 2022, the Company had $91.0 million outstanding on its revolving credit facility under its 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 $24.5 million outstanding on its revolving credit facility as of December 31, 2021. 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, 2022 and 2021. Other non-recurring fair value measurements The Company recorded impairment of property, plant and equipment during the years ended December 31, 2022 and 2020, and recognized impairment charges related to certain intangible assets during the year ended December 31, 2021. 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," Note 14 "Held for Sale and Discontinued Operations" 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 2022, 2021, and 2020. 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 "Goodwill and Related Intangible Assets" of the consolidated financial statements for the results of the Company’s goodwill impairment tests. Additionally, the Company's recent acquisition activity, as described in Note 6 "Acquisitions," used Level 3 inputs to estimate fair values allocated to the assets acquired and liabilities assumed. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | HELD FOR SALE AND DISCONTINUED OPERATIONS Held for Sale During the first quarter of 2022, the Company committed to a plan to sell its Processing business (the "disposal group") which is a business within the Company's Agtech reportable segment. The planned sale does not meet the criteria to be classified as a discontinued operation. As a result, the Company will continue reporting the operating results of the disposal group in the Company's consolidated operating results from continuing operations until the sale of the business is completed. The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer and (iv) the sale and transfer of the net assets is probable within one year. Assets and liabilities held for sale are presented in prepaid expenses and other current assets and accrued expenses on the Company's consolidated balance sheets with a valuation allowance to recognize the net carrying amount at the lower of cost or fair value, less costs to sell. As of December 31, 2022, the assets and liabilities of the disposal group have been classified as held for sale. The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell. (in thousands) December 31, 2022 Assets held for sale Accounts receivable, net of allowance $ 266 Inventories, net of reserves 6,748 Other current assets 1,999 Property, plant, and equipment, net 331 Operating lease asset 495 Acquired intangibles, net 6,213 Valuation allowance (13,990) Total assets held for sale $ 2,062 Liabilities held for sale Accounts payable $ 733 Accrued expenses 1,159 Non-current operating lease liabilities 70 Total liabilities held for sale $ 1,962 Net sales, operating loss and valuation allowance recorded for this disposal group for the years ended December 31 are as follows (in thousands): 2022 2021 Net sales $ 7,840 $ 20,328 Operating loss $ (6,769) $ (3,539) Valuation allowance $ (13,990) $ — Effective with the classification of the disposal group as held for sale, depreciation of property, plant, and equipment and amortization of finite-lived intangible assets and right-of-use assets are not recorded while these assets are classified as held for sale. As a result of the Company's evaluation of the recoverability of the carrying value of the assets and liabilities held for sale relative to an estimated sales price, adjusted for costs to sell, a valuation allowance of $14.0 million was recorded during the twelve months ended December 31, 2022 and has been presented within other expense (income) in the consolidated statements of operations. The recoverability of the disposal group will be evaluated each reporting period until the sale of the business is completed. Discontinued Operations On February 23, 2021, the Company sold the stock of its Industrial business which had been classified as held for sale and reported as a discontinued operation in the Company’s consolidated financial statements for the years ended December 31, 2021 and 2020. Net proceeds of $38 million, consisting of cash and a $13 million seller note, resulted in an estimated pre-tax loss of $30 million, subject to working capital and other adjustments, of which $29.6 million was recorded when the assets of the Industrial business were written down to fair market value during the fourth quarter of 2020. The seller note was paid in full to the Company during the second quarter of 2021. The results of operations of the Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. 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. Components of the income (loss) from discontinued operations before taxes, including the interest allocated to discontinued operations, for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Net sales $ — $ 20,391 $ 128,915 Operating expenses — 17,493 115,822 Loss and adjustments to loss on disposal — 1,419 29,600 Interest expense allocation — — 95 Income (loss) from discontinued operations before taxes $ — $ 1,479 $ (16,602) On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential 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 expense (income) in the consolidated statements of operations. This divestiture did not meet the criteria to be reported as a discontinued operation nor did it have a major effect on the Company's operations. |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 12 Months Ended |
Dec. 31, 2022 | |
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 the Company's manufacturing footprint. Exit activity costs were incurred during 2022 related to moving and closing costs, severance and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, in 2022, the Company exited a facility, relocating to a new one, and separately, closed two other facilities. In 2021, the Company closed four facilities. In 2020, the Company closed two facilities and, separately, sold a facility closed in 2017. These closures resulted in exit activity costs and asset impairment charges. The following table sets forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2022 2021 2020 Exit activity costs (recoveries) Asset impairment charges Total Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 3,256 $ 1,198 $ 4,454 $ 4,769 $ 1,193 $ 5,962 $ 15 $ — $ 15 Residential 1,825 12 1,837 393 — 393 731 9 740 Agtech 771 1,066 1,837 1,687 — 1,687 860 72 932 Infrastructure (63) — (63) 26 — 26 226 — 226 Corporate 250 — 250 145 — 145 375 — 375 Total $ 6,039 $ 2,276 $ 8,315 $ 7,020 $ 1,193 $ 8,213 $ 2,207 $ 81 $ 2,288 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): 2022 2021 2020 Cost of sales $ 5,258 $ 6,176 $ 1,059 Selling, general, and administrative expense 3,057 2,037 1,229 Total exit activity costs and asset impairments $ 8,315 $ 8,213 $ 2,288 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2022 2021 Balance as of January 1 $ 272 $ 1,030 Exit activity costs recognized 6,039 7,020 Cash payments (3,894) (7,778) Balance as of December 31 $ 2,417 $ 272 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The 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 before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2022 2021 2020 Domestic $ 112,635 $ 93,155 $ 108,930 Foreign (1,145) 6,407 (1,171) Income before taxes from continuing operations $ 111,490 $ 99,562 $ 107,759 The provision for income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2022 2021 2020 Current: U.S. Federal $ 17,014 $ 16,137 $ 16,505 State 5,647 5,009 4,071 Foreign 86 932 106 Total current 22,747 22,078 20,682 Deferred: U.S. Federal 5,259 1,766 3,620 State 1,381 134 672 Foreign (303) 1,068 (506) Total deferred 6,337 2,968 3,786 Provision for income taxes $ 29,084 $ 25,046 $ 24,468 The provision for income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2022 2021 2020 Current: U.S. Federal $ — $ 362 $ 1,345 State — 139 57 Foreign — 214 1,725 Total current — 715 3,127 Deferred: U.S. Federal — (340) (876) State — 2 10 Foreign — (11) (138) Total deferred — (349) (1,004) Provision for income taxes $ — $ 366 $ 2,123 The provision for income taxes from continuing operations differs from the federal statutory rate of 21% due to the following for the years ended December 31 (in thousands, except for percentages) : 2022 2021 2020 Statutory rate 23,413 21.0 % 20,908 21.0 % 22,629 21.0 % State taxes, less federal effect 5,541 5.0 % 4,068 4.1 % 3,650 3.4 % Federal tax credits (549) (0.5) % (587) (0.6) % (1,064) (1.0) % Excess tax benefit on stock based compensation (214) (0.2) % (2,039) (2.0) % (1,674) (1.6) % Executive compensation 960 0.9 % 1,781 1.8 % 1,114 1.0 % Change in valuation allowance — — % — — % (130) (0.1) % Other (67) (0.1) % 915 0.9 % (57) — % $ 29,084 26.1 % $ 25,046 25.2 % $ 24,468 22.7 % Deferred tax liabilities at December 31 consisted of the following (in thousands): 2022 2021 Depreciation $ 14,570 $ 9,633 Goodwill 62,132 48,265 Intangible assets 3,706 1,657 Other 8,133 5,298 Gross deferred tax liabilities 88,541 64,853 Capital loss carryforward (26,490) (27,328) Equity compensation (5,993) (8,236) Assets held for sale (13,669) — Capitalized research and development costs (4,503) — Other (17,493) (15,641) Gross deferred tax assets (68,148) (51,205) Valuation allowances 26,488 26,581 Deferred tax assets, net of valuation allowances (41,660) (24,624) Net deferred tax liabilities $ 46,881 $ 40,229 At December 31, 2022, the Company had total net operating loss carry forwards of $7.9 million, which included $0.4 million for federal, $6.6 million for state, and $0.9 million for foreign income tax purposes. The federal and state net operating loss carry forwards expire between 2023 and 2042. The foreign net operating loss carry forwards expire between 2023 and 2031. The Company recognized a total of $0.7 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 $0.4 million of state deferred tax assets and $0.2 million of foreign deferred tax assets. As a result of the sale of the Industrial business during 2021, the Company generated a capital loss of $113.7 million for federal and state purposes to the extent allowable under state tax regulations. Amended Federal returns were filed to carry back $3.7 million of capital loss. As of December 31, 2022, the remaining capital loss carry forward is $110.0 million. The capital loss carryforward will expire in 2026. The Company recognized a total of $26.5 million of deferred tax assets, net of the federal benefit, related to this carryforward prior to any valuation allowances, which included $22.2 million of federal and $4.3 million of state deferred tax assets. The Company has a full valuation allowance on the capital loss carry forward and as a result there is no deferred tax asset. 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. 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. In 2021, a valuation allowance was recorded on federal and state capital loss carry forwards which are not expected to be utilized before expiration. The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2022 2021 2020 Balance as of January 1 $ 26,581 $ 111 $ 298 Cost charged to the tax provision 10 13 70 Reductions (103) (41) (248) Reclassification from discontinued operations upon sale of industrial group — 26,498 — Currency translation — — (9) Balance as of December 31 $ 26,488 $ 26,581 $ 111 The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2022 2021 2020 Payments made for income taxes, net $ 27,017 $ 22,076 $ 21,351 At December 31, 2022, the Company had approximately $2.2 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 the Company's remaining unremitted foreign earnings is not practicable due to the complexities associated with its hypothetical calculation. In 2022, 2021 and 2020, the Company did not have any unrecognized tax benefits and no activity related to such benefits has occurred in any of the years presented in the consolidated financial statements. The Company classifies accrued interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties have been recognized during the years ended December 31, 2022, 2021 or 2020. 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, 2022 | |
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 pursuant to equity based incentive compensation awards under the equity compensation plans described in Note 12 "Equity-Based Compensation" of the consolidated financial statements. Weighted average shares outstanding for basic and diluted earnings were as follows for the years ended December 31 (in thousands): 2022 2021 2020 Numerator: Income from continuing operations $ 82,406 $ 74,516 $ 83,291 Income (loss) from discontinued operations — 1,113 (18,725) Net income available to common shareholders $ 82,406 $ 75,629 $ 64,566 Denominator for basic earnings per share: Weighted average shares outstanding 32,096 32,873 32,664 Denominator for diluted earnings per share: Common stock options and stock units 96 181 254 Weighted average shares and conversions 32,192 33,054 32,918 The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards. 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. The following table provides the potential anti-dilutive common stock options and stock units for the years ended December 31 (in thousands): 2022 2021 2020 Common stock options and stock units 43 — 13 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, 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): 2022 2021 Assets Operating lease assets $ 26,502 $ 18,120 Liabilities Current Accrued expenses $ 8,620 $ 7,239 Non-current Non-current operating lease liabilities 19,041 11,390 $ 27,661 $ 18,629 The components of lease costs for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Operating lease cost $ 11,191 $ 10,977 $ 10,005 Short-term lease cost 5,694 7,153 996 Total lease cost $ 16,885 $ 18,130 $ 11,001 Information related to the Company's operating right-of-use assets and related operating lease liabilities for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Cash paid for amounts included in the measurement of operating liabilities $ 8,835 $ 9,431 $ 9,502 Right-of-use assets obtained in exchange for new lease liabilities $ 17,008 $ 1,084 $ 12,745 Information related to the Company's lease terms and discount rates as of December 31 were as follows: 2022 2021 Weighted-average remaining lease term - operating leases 5.3 years 3.0 years Weighted-average discount rate - operating leases 5.0 % 5.2 % The future maturity of the Company's lease liabilities as of December 31, 2022 were as follows (in thousands): 2023 $ 9,734 2024 6,884 2025 3,850 2026 2,444 2027 1,817 After 2027 7,011 Total lease payments 31,740 Less: present value discount (4,079) Present value of lease liabilities $ 27,661 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. Management does not believe that the outcome of any claims, or other claims which are not clearly determinable at the present time, would result in a material adverse effect on the Company's financial condition or results of operations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company is organized into four reportable segments on the basis of the production processes, products and services provided by each segment, identified as follows: (i) Renewables, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of systems; (ii) Residential, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, retractable awnings and gutter guards, and rain dispersion products, trims and flashings and other accessories; (iii) Agtech, which provides growing solutions including the designing, engineering, manufacturing and installation of greenhouses; and (iv) Infrastructure, which primarily includes structural bearings, expansion joints and pavement sealant for bridges, airport runways and roadways, 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. During the first quarter of 2021, the Company reassessed its reportable segments. As a result, the Company's former Renewable Energy and Conservation segment was divided into two reportable segments: Renewables and Agtech. The following tables illustrate 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): 2022 2021 2020 Net sales: Renewables $ 377,567 $ 432,096 $ 238,107 Residential 767,248 635,505 522,814 Agtech 168,868 199,161 209,460 Infrastructure 76,283 73,021 62,197 Total consolidated net sales $ 1,389,966 $ 1,339,783 $ 1,032,578 Income from operations: Renewables $ 25,243 $ 20,158 $ 30,105 Residential 126,458 105,821 94,430 Agtech 2,914 (931) 10,633 Infrastructure 9,003 8,911 7,233 Segments income from operations 163,618 133,959 142,401 Unallocated corporate expenses (33,516) (36,971) (35,211) Total income from operations $ 130,102 $ 96,988 $ 107,190 Depreciation and Amortization Renewables $ 8,467 $ 14,682 $ 3,377 Residential 8,983 8,694 8,110 Agtech 4,377 5,279 6,068 Infrastructure 3,150 3,092 3,060 Unallocated corporate expenses 1,190 219 300 $ 26,167 $ 31,966 $ 20,915 2022 2021 2020 Total assets Renewables $ 392,368 $ 445,486 $ 402,797 Residential 519,567 453,469 407,132 Agtech 193,966 212,038 216,274 Infrastructure 80,264 82,662 80,796 Unallocated corporate assets 24,448 21,246 28,057 Assets of discontinued operations — — 77,438 $ 1,210,613 $ 1,214,901 $ 1,212,494 Capital expenditures Renewables $ 3,589 $ 4,268 $ 423 Residential 10,050 4,182 3,313 Agtech 3,177 3,289 720 Infrastructure 1,898 2,097 1,511 Unallocated corporate expenditures 1,424 3,869 7,101 $ 20,138 $ 17,705 $ 13,068 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 27,317 $ 761,576 $ 13,011 $ 32,983 $ 834,887 Over Time 350,250 5,672 155,857 43,300 555,079 Total $ 377,567 $ 767,248 $ 168,868 $ 76,283 $ 1,389,966 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 28,630 $ 630,494 $ 20,157 $ 32,512 $ 711,793 Over Time 403,466 5,011 179,004 40,509 627,990 Total $ 432,096 $ 635,505 $ 199,161 $ 73,021 $ 1,339,783 2020 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 22,833 $ 518,281 $ 52,894 $ 22,781 $ 616,789 Over Time 215,274 4,533 156,566 39,416 415,789 Total $ 238,107 $ 522,814 $ 209,460 $ 62,197 $ 1,032,578 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): 2022 2021 2020 Net sales North America $ 1,373,907 $ 1,318,795 $ 1,018,406 Asia 16,059 20,988 14,172 Total $ 1,389,966 $ 1,339,783 $ 1,032,578 Long-lived assets North America $ 136,553 $ 97,003 $ 90,685 Asia 234 365 476 Total $ 136,787 $ 97,368 $ 91,161 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 due to uncertainty in the current economic environment. |
Segment Reporting | Segment ReportingThe Company has four reportable segments: Renewables, Residential, Agtech and Infrastructure. In 2021, the Company's former Renewable Energy and Conservation segment was divided into two segments, Renewables and Agtech. |
Revenue recognition | Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or services. Performance obligations satisfied at a point in time and significant judgments 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. 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. 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. 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. 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. 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 using the cost-to-cost measure of progress. 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 under the cost-to-cost method and any adjustments are recognized as necessary. Changes in estimates are recognized as they become known using the cumulative catch-up basis. The Company also recognizes revenues from services contracts over time. 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 Contract assets primarily represents revenue recognized for performance obligations that have been satisfied but for which amounts receivable have not been billed. These are included as current assets and included within accounts receivable on the Company's consolidated balance sheets. Contract liabilities include payments received from customers in advance of the satisfaction of performance obligations for a contract. The Company does not consider contract advances to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in the Company's industry. 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 | 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): 2022 2021 2020 Beginning balance $ 3,738 $ 3,529 $ 5,951 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 — — 385 Bad debt expense, net of recoveries 1,221 898 1,321 Accounts written off against allowance and other adjustments (1,213) (689) (4,128) Ending balance $ 3,746 $ 3,738 $ 3,529 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, 2022 and 2021, the Company's most significant customer is a home improvement retailer. The |
Inventories | 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 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. |
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. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of the Company's 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. For additional disclosure of the Company's goodwill and other intangible assets refer to Note 7 "Goodwill and Related Intangible Assets." |
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. For additional disclosure on impairment of the Company's long-lived assets refer to Note 7 "Goodwill and Related Intangible Assets," Note 14 "Held for Sale and Discontinued Operations" and Note 15 "Exit Activity Costs and Asset Impairments." |
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 consolidated balance sheets. 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 Deferred charges associated with initial costs incurred to enter into new debt arrangements are included as a component of long-term debt and are amortized as a part of interest expense over the terms of the associated debt agreements. |
Advertising | AdvertisingThe Company expenses advertising and marketing costs as incurred. |
Foreign currency transactions and translation | 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 | 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 | 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 Beginning balance $ 3,738 $ 3,529 $ 5,951 Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings at January 1, 2020 — — 385 Bad debt expense, net of recoveries 1,221 898 1,321 Accounts written off against allowance and other adjustments (1,213) (689) (4,128) Ending balance $ 3,746 $ 3,738 $ 3,529 |
Property, Plant and Equipment | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2022 2021 2020 Depreciation expense $ 14,583 $ 13,110 $ 11,252 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2022 2021 Land and land improvements $ 4,704 $ 4,634 Building and improvements 43,416 42,526 Machinery and equipment 223,843 194,015 Construction in progress 13,065 20,293 Property, plant, and equipment, gross 285,028 261,468 Less: accumulated depreciation (175,444) (164,583) Property, plant, and equipment, net $ 109,584 $ 96,885 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | 2022 2021 2020 Costs in excess of billings 41,732 $ 54,437 $ 26,915 Billings in excess of cost (35,017) (46,711) (34,702) Unearned revenue (4,572) (3,681) (21,325) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable at December 31 consisted of the following (in thousands): 2022 2021 Trade accounts receivable $ 179,170 $ 185,745 Costs in excess of billings 41,732 54,437 Total accounts receivables 220,902 240,182 Less allowance for doubtful accounts (3,746) (3,738) Accounts receivable, net $ 217,156 $ 236,444 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at December 31 consisted of the following (in thousands): 2022 2021 Raw material $ 111,187 $ 135,558 Work-in-process 17,944 5,858 Finished goods 47,523 39,256 Gross inventory 176,654 180,672 Less reserves (6,294) (4,465) Total inventories $ 170,360 $ 176,207 |
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): 2022 2021 2020 Beginning balance $ 4,400 $ 4,161 $ 3,463 Excess, obsolete and slow moving inventory expense 1,582 215 355 Scrapped inventory and other adjustments 197 24 343 Ending balance $ 6,179 $ 4,400 $ 4,161 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 Depreciation expense $ 14,583 $ 13,110 $ 11,252 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2022 2021 Land and land improvements $ 4,704 $ 4,634 Building and improvements 43,416 42,526 Machinery and equipment 223,843 194,015 Construction in progress 13,065 20,293 Property, plant, and equipment, gross 285,028 261,468 Less: accumulated depreciation (175,444) (164,583) Property, plant, and equipment, net $ 109,584 $ 96,885 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 $ 1,018 Working capital 23,759 Property, plant, and equipment 8,486 Acquired intangible assets 14,700 Other assets 1,813 Other liabilities (1,295) Goodwill 3,604 Fair value of purchase consideration $ 52,085 The allocation of the TerraSmart 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 $ 1,491 Working capital 5,569 Property, plant, and equipment 11,446 Acquired intangible assets 64,150 Other assets 1,854 Other liabilities (1,640) Goodwill 140,997 Fair value of purchase consideration $ 223,867 The allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands): Cash $ 179 Working capital (15,377) Property, plant, and equipment 1,740 Acquired intangible assets 38,066 Other current assets 1,528 Other assets 2,381 Other liabilities (5,576) Goodwill 62,161 Fair value of purchase consideration $ 85,102 |
Schedule of Acquired Intangible Assets | The intangible assets acquired in this acquisition consisted of the following as of the date of acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 2,800 Indefinite Customer relationships 11,900 12 years Total $ 14,700 The intangible assets acquired in the TerraSmart acquisition consisted of the following as of the date of acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 20,830 Indefinite Technology 1,940 12 years Customer relationships 35,110 12 years Backlog 6,270 Less than 1 year Total $ 64,150 The intangible assets acquired in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo consisted of the following as of the respective date of the acquisition (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 8,100 Indefinite Trademarks 1,177 3 years Technology 8,345 5 - 15 years Customer relationships 18,480 11 - 13 years Non-compete agreements 1,036 5 years Backlog 928 Less than 1 year Total $ 38,066 |
Schedule of Business Combination Costs | The acquisition-related costs consisted of the following for the years ended December 31 (in thousands): 2022 2021 2020 Cost of sales $ 1,427 $ — $ 634 Selling, general and administrative costs 545 949 3,230 Total acquisition related costs $ 1,972 $ 949 $ 3,864 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): Renewables Residential Agtech Infrastructure Total Balance at December 31, 2020 $ 192,527 $ 205,452 $ 84,622 $ 31,678 $ 514,279 Adjustments to prior year acquisitions (2,433) — 323 — (2,110) Foreign currency translation (1,414) — 187 — (1,227) Balance at December 31, 2021 188,680 205,452 85,132 31,678 510,942 Acquired goodwill — 3,604 — — 3,604 Adjustment to prior year acquisition 904 — — — 904 Foreign currency translation (1,554) — (1,533) — (3,087) Balance at December 31, 2022 $ 188,030 $ 209,056 $ 83,599 $ 31,678 $ 512,363 |
Schedule of Acquired Intangible Assets | Acquired intangible assets consisted of the following (in thousands): December 31, 2022 December 31, 2021 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 55,500 $ — $ 52,700 $ — Finite-lived intangible assets: Trademarks 5,448 4,481 5,521 4,011 Unpatented technology 34,163 22,037 38,474 20,656 Customer relationships 115,125 46,557 108,591 39,832 Non-compete agreements 2,371 2,006 2,686 1,969 Backlog — — 7,200 7,200 157,107 75,081 162,472 73,668 Total acquired intangible assets $ 212,607 $ 75,081 $ 215,172 $ 73,668 |
Schedule of Intangible Assets Amortization Expense | The following table summarizes amortization expense for the years ended December 31 (in thousands): 2022 2021 2020 Amortization expense $ 11,584 $ 18,856 $ 9,663 |
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): 2023 2024 2025 2026 2027 Amortization expense $ 11,102 $ 10,922 $ 10,782 $ 9,370 $ 7,728 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued expenses at December 31 consisted of the following (in thousands): 2022 2021 Compensation $ 17,010 $ 15,293 Customer rebates 16,768 15,253 Current operating lease liability 8,620 7,239 Insurance 6,440 7,310 Accrued warranties 6,251 5,686 Interest and taxes 5,696 5,463 Unearned revenue 4,572 3,681 Current portion of MSPP liabilities 2,267 2,947 Other 6,097 5,121 Total accrued expenses $ 73,721 $ 67,993 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt, Unclassified [Abstract] | |
Schedule of Debt | Long-term debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Revolving credit facility $ 91,000 $ 24,500 Less unamortized debt issuance costs (2,238) (719) Total debt $ 88,762 $ 23,781 |
Schedule of Cash Paid for Interest | Total cash paid for interest in the years ended December 31 was (in thousands): 2022 2021 2020 Interest expense, net $ 4,047 $ 1,639 $ 703 Interest income 174 269 276 Other non-cash adjustments (679) (345) (345) Cash paid for interest $ 3,542 $ 1,563 $ 634 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 401(k) plan $ 3,580 $ 3,196 $ 2,403 Multiemployer and other defined benefit and pension plans 79 78 70 Postretirement healthcare plan 342 411 351 Total retirement plan expense $ 4,001 $ 3,685 $ 2,824 |
Amounts Recognized in the Consolidated Financial Statements | Amounts recognized in the consolidated financial statements consisted of (in thousands): 2022 2021 Accrued postretirement benefit liability: Current portion $ 353 $ 358 Long term portion 3,876 5,844 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (74) (1,942) Net amount recognized $ 4,155 $ 4,260 |
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): 2022 2021 Projected benefit obligation at January 1 $ 6,202 $ 6,443 Interest cost 127 125 Plan amendments — 162 Actuarial gain (1,784) (200) Benefits paid, net of contributions (316) (328) Projected benefit obligation at December 31 4,229 6,202 Fair value of plan assets — — Under funded status (4,229) (6,202) Unamortized prior service cost 352 412 Unrecognized actuarial (gain) loss (278) 1,530 Net amount recognized $ (4,155) $ (4,260) |
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): 2022 2021 2020 Service cost $ — $ — $ 10 Interest cost 127 125 172 Amortization of unrecognized prior service cost 60 44 44 Loss amortization ( 2 ) 24 113 64 Net periodic benefit cost $ 211 $ 282 $ 290 Assumptions used to calculate the benefit obligation: Discount rate 4.8 % 2.4 % 2.0 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.8 % 7.0 % 7.0 % Medical costs after age 65 ( 1) 4.5 % 4.5 % 4.5 % Prescription drug costs ( 1) 7.8 % 7.0 % 7.0 % (1) For 2022, it was assumed that these rates would gradually decline to 4.0% by 2075. For 2021 and 2020, it was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial 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): 2023 2024 2025 2026 2027 Years 2028 - 2032 Expected benefit payments $ 353 $ 357 $ 369 $ 359 $ 355 $ 1,649 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The cumulative balance of each component of accumulated other comprehensive income (loss) is as follows (in thousands): Foreign Currency Translation Adjustment Minimum post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ (837) $ (2,461) Minimum post retirement benefit plan adjustments — 179 179 43 136 Foreign currency translation adjustment 2,512 — 2,512 — 2,512 Balance at December 31, 2021 1,640 (2,247) (607) (794) 187 Minimum post retirement benefit plan adjustments — 1,852 1,852 449 1,403 Foreign currency translation adjustment (5,022) — (5,022) — (5,022) Balance at December 31, 2022 $ (3,382) $ (395) $ (3,777) $ (345) $ (3,432) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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): 2022 2021 2020 Expense recognized under the Prior Plan $ 19 $ 29 $ 40 Expense recognized under the 2015 Plan 1,617 1,186 1,932 Expense recognized under the 2018 Plan 5,928 6,597 5,441 Expense recognized under the Non-Employee Directors Plan 770 840 760 Total stock compensation expense $ 8,334 $ 8,652 $ 8,173 Tax benefits recognized related to stock compensation expense $ 2,175 $ 2,189 $ 2,272 |
Schedule of Number of Awards and Weighted Average Grant Date Fair Value | The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2022 2021 2020 Awards Number Weighted Number Weighted Number Weighted Deferred stock units 2,460 $ 42.69 7,536 $ 83.58 12,402 $ 45.98 Common stock 15,652 $ 42.49 2,512 $ 83.58 4,134 $ 45.98 Restricted stock units 132,430 $ 43.92 72,243 $ 79.28 81,397 $ 56.81 Performance stock units (1) 108,464 $ 47.00 62,778 $ 87.84 160,426 $ 55.98 (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 PSUs 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 other criteria such as revenue, gross profit, and operating profit thresholds over a 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-year performance period compared to the S&P Small Cap Industrial sector, over the same three-year performance period. |
Summary of Ranges of Outstanding and Exercisable Options | The following table summarizes the Company's outstanding and exercisable options at December 31, 2022: Exercise Price Options Weighted Weighted Options Weighted $39.55 5,000 4.26 $ 39.55 5,000 $ 39.55 |
Summary of Stock Options Transactions | The following table summarizes information about stock option transactions: Options Weighted Weighted Aggregate Balance at January 1, 2020 117,409 $ 19.91 Exercised (75,909) 14.73 Balance at December 31, 2020 41,500 $ 29.38 Exercised (36,500) 27.99 Balance at December 31, 2021 5,000 $ 39.55 Exercised — — Balance at December 31, 2022 5,000 $ 39.55 4.26 $ 31,650 |
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 and performance stock units (that will convert to shares upon vesting) and common stock: Restricted Weighted Common Weighted Performance Weighted Deferred Weighted Balance at December 31, 2021 204,584 $ 52.90 — $ — 363,474 $ 55.44 52,472 $ 43.99 Granted 132,430 $ 43.92 15,652 $ 42.49 108,464 $ 47.00 2,460 $ 42.69 Adjustments (1) — $ — — $ — (65,209) $ 82.75 — $ — Vested (83,714) $ 45.77 (15,652) $ 42.49 (145,153) $ 41.28 (14,582) $ 40.53 Forfeited (17,930) $ 59.62 — $ — (50,208) $ 61.51 — $ — Balance at December 31, 2022 235,370 $ 49.87 — $ — 211,368 $ 50.96 40,350 $ 45.16 (1) The Company's PSU adjustments during 2022 represents (i) 55,959 shares for which the performance condition was not achieved and the PSUs were adjusted in the first quarter of 2022 to reflect zero PSU earned as the threshold level of achievement was not met based on the Company's actual ROIC achievement level for the performance period ended December 31, 2021 and (ii) 9,250 shares not earned that related to two separate PSU awards granted in 2019 and 2020 that the threshold level of achievement based on other performance criteria as defined in the respective awards over a two-year or three-year performance periods were not met for the performance periods ended December 31, 2021. (2) Vested and issuable 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): 2022 2021 2020 Aggregate intrinsic value of options exercised $ — $ 2,103 $ 3,812 Aggregate fair value of vested restricted stock units $ 3,920 $ 6,320 $ 11,851 Aggregate fair value of vested common stock $ 665 $ 370 $ 190 Aggregate fair value of vested performance stock units $ 6,729 $ 9,080 $ 4,197 Aggregate fair value of vested deferred stock units $ 105 $ 630 $ 570 |
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: 2022 2021 2020 Restricted stock units credited 12,365 30,475 57,046 Restricted stock units balance, vested and unvested 158,644 223,892 231,343 Share-based liabilities paid (in thousands) $ 3,689 $ 4,915 $ 15,401 MSPP (recovery) expense (in thousands) $ (4,459) $ 6,034 $ 4,518 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell. (in thousands) December 31, 2022 Assets held for sale Accounts receivable, net of allowance $ 266 Inventories, net of reserves 6,748 Other current assets 1,999 Property, plant, and equipment, net 331 Operating lease asset 495 Acquired intangibles, net 6,213 Valuation allowance (13,990) Total assets held for sale $ 2,062 Liabilities held for sale Accounts payable $ 733 Accrued expenses 1,159 Non-current operating lease liabilities 70 Total liabilities held for sale $ 1,962 Net sales, operating loss and valuation allowance recorded for this disposal group for the years ended December 31 are as follows (in thousands): 2022 2021 Net sales $ 7,840 $ 20,328 Operating loss $ (6,769) $ (3,539) Valuation allowance $ (13,990) $ — Components of the income (loss) from discontinued operations before taxes, including the interest allocated to discontinued operations, for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Net sales $ — $ 20,391 $ 128,915 Operating expenses — 17,493 115,822 Loss and adjustments to loss on disposal — 1,419 29,600 Interest expense allocation — — 95 Income (loss) from discontinued operations before taxes $ — $ 1,479 $ (16,602) |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Reconciliation of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts | The following table sets forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2022 2021 2020 Exit activity costs (recoveries) Asset impairment charges Total Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 3,256 $ 1,198 $ 4,454 $ 4,769 $ 1,193 $ 5,962 $ 15 $ — $ 15 Residential 1,825 12 1,837 393 — 393 731 9 740 Agtech 771 1,066 1,837 1,687 — 1,687 860 72 932 Infrastructure (63) — (63) 26 — 26 226 — 226 Corporate 250 — 250 145 — 145 375 — 375 Total $ 6,039 $ 2,276 $ 8,315 $ 7,020 $ 1,193 $ 8,213 $ 2,207 $ 81 $ 2,288 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2022 2021 Balance as of January 1 $ 272 $ 1,030 Exit activity costs recognized 6,039 7,020 Cash payments (3,894) (7,778) Balance as of December 31 $ 2,417 $ 272 |
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): 2022 2021 2020 Cost of sales $ 5,258 $ 6,176 $ 1,059 Selling, general, and administrative expense 3,057 2,037 1,229 Total exit activity costs and asset impairments $ 8,315 $ 8,213 $ 2,288 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Taxes from Continuing Operations | The components of income before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2022 2021 2020 Domestic $ 112,635 $ 93,155 $ 108,930 Foreign (1,145) 6,407 (1,171) Income before taxes from continuing operations $ 111,490 $ 99,562 $ 107,759 |
Summary of Provision for Income Taxes for Continuing Operations | The provision for income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2022 2021 2020 Current: U.S. Federal $ 17,014 $ 16,137 $ 16,505 State 5,647 5,009 4,071 Foreign 86 932 106 Total current 22,747 22,078 20,682 Deferred: U.S. Federal 5,259 1,766 3,620 State 1,381 134 672 Foreign (303) 1,068 (506) Total deferred 6,337 2,968 3,786 Provision for income taxes $ 29,084 $ 25,046 $ 24,468 |
(Benefit of) Provision for Income Taxes from Discontinued Operations | The provision for income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2022 2021 2020 Current: U.S. Federal $ — $ 362 $ 1,345 State — 139 57 Foreign — 214 1,725 Total current — 715 3,127 Deferred: U.S. Federal — (340) (876) State — 2 10 Foreign — (11) (138) Total deferred — (349) (1,004) Provision for income taxes $ — $ 366 $ 2,123 |
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 for the years ended December 31 (in thousands, except for percentages) : 2022 2021 2020 Statutory rate 23,413 21.0 % 20,908 21.0 % 22,629 21.0 % State taxes, less federal effect 5,541 5.0 % 4,068 4.1 % 3,650 3.4 % Federal tax credits (549) (0.5) % (587) (0.6) % (1,064) (1.0) % Excess tax benefit on stock based compensation (214) (0.2) % (2,039) (2.0) % (1,674) (1.6) % Executive compensation 960 0.9 % 1,781 1.8 % 1,114 1.0 % Change in valuation allowance — — % — — % (130) (0.1) % Other (67) (0.1) % 915 0.9 % (57) — % $ 29,084 26.1 % $ 25,046 25.2 % $ 24,468 22.7 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities at December 31 consisted of the following (in thousands): 2022 2021 Depreciation $ 14,570 $ 9,633 Goodwill 62,132 48,265 Intangible assets 3,706 1,657 Other 8,133 5,298 Gross deferred tax liabilities 88,541 64,853 Capital loss carryforward (26,490) (27,328) Equity compensation (5,993) (8,236) Assets held for sale (13,669) — Capitalized research and development costs (4,503) — Other (17,493) (15,641) Gross deferred tax assets (68,148) (51,205) Valuation allowances 26,488 26,581 Deferred tax assets, net of valuation allowances (41,660) (24,624) Net deferred tax liabilities $ 46,881 $ 40,229 |
Summary of Valuation Allowance | The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2022 2021 2020 Balance as of January 1 $ 26,581 $ 111 $ 298 Cost charged to the tax provision 10 13 70 Reductions (103) (41) (248) Reclassification from discontinued operations upon sale of industrial group — 26,498 — Currency translation — — (9) Balance as of December 31 $ 26,488 $ 26,581 $ 111 |
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): 2022 2021 2020 Payments made for income taxes, net $ 27,017 $ 22,076 $ 21,351 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | Weighted average shares outstanding for basic and diluted earnings were as follows for the years ended December 31 (in thousands): 2022 2021 2020 Numerator: Income from continuing operations $ 82,406 $ 74,516 $ 83,291 Income (loss) from discontinued operations — 1,113 (18,725) Net income available to common shareholders $ 82,406 $ 75,629 $ 64,566 Denominator for basic earnings per share: Weighted average shares outstanding 32,096 32,873 32,664 Denominator for diluted earnings per share: Common stock options and stock units 96 181 254 Weighted average shares and conversions 32,192 33,054 32,918 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table provides the potential anti-dilutive common stock options and stock units for the years ended December 31 (in thousands): 2022 2021 2020 Common stock options and stock units 43 — 13 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Amounts recognized in the Company's consolidated balance sheet at December 31 were as follows (in thousands): 2022 2021 Assets Operating lease assets $ 26,502 $ 18,120 Liabilities Current Accrued expenses $ 8,620 $ 7,239 Non-current Non-current operating lease liabilities 19,041 11,390 $ 27,661 $ 18,629 |
Lease, Cost | The components of lease costs for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Operating lease cost $ 11,191 $ 10,977 $ 10,005 Short-term lease cost 5,694 7,153 996 Total lease cost $ 16,885 $ 18,130 $ 11,001 Information related to the Company's operating right-of-use assets and related operating lease liabilities for the years ended December 31 were as follows (in thousands): 2022 2021 2020 Cash paid for amounts included in the measurement of operating liabilities $ 8,835 $ 9,431 $ 9,502 Right-of-use assets obtained in exchange for new lease liabilities $ 17,008 $ 1,084 $ 12,745 Information related to the Company's lease terms and discount rates as of December 31 were as follows: 2022 2021 Weighted-average remaining lease term - operating leases 5.3 years 3.0 years Weighted-average discount rate - operating leases 5.0 % 5.2 % |
Lessee, Operating Lease, Liability, Maturity | The future maturity of the Company's lease liabilities as of December 31, 2022 were as follows (in thousands): 2023 $ 9,734 2024 6,884 2025 3,850 2026 2,444 2027 1,817 After 2027 7,011 Total lease payments 31,740 Less: present value discount (4,079) Present value of lease liabilities $ 27,661 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Measurements Used by Management to Assess Performance of Segments | 2022 2021 2020 Total assets Renewables $ 392,368 $ 445,486 $ 402,797 Residential 519,567 453,469 407,132 Agtech 193,966 212,038 216,274 Infrastructure 80,264 82,662 80,796 Unallocated corporate assets 24,448 21,246 28,057 Assets of discontinued operations — — 77,438 $ 1,210,613 $ 1,214,901 $ 1,212,494 Capital expenditures Renewables $ 3,589 $ 4,268 $ 423 Residential 10,050 4,182 3,313 Agtech 3,177 3,289 720 Infrastructure 1,898 2,097 1,511 Unallocated corporate expenditures 1,424 3,869 7,101 $ 20,138 $ 17,705 $ 13,068 |
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): 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 27,317 $ 761,576 $ 13,011 $ 32,983 $ 834,887 Over Time 350,250 5,672 155,857 43,300 555,079 Total $ 377,567 $ 767,248 $ 168,868 $ 76,283 $ 1,389,966 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 28,630 $ 630,494 $ 20,157 $ 32,512 $ 711,793 Over Time 403,466 5,011 179,004 40,509 627,990 Total $ 432,096 $ 635,505 $ 199,161 $ 73,021 $ 1,339,783 2020 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 22,833 $ 518,281 $ 52,894 $ 22,781 $ 616,789 Over Time 215,274 4,533 156,566 39,416 415,789 Total $ 238,107 $ 522,814 $ 209,460 $ 62,197 $ 1,032,578 |
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): 2022 2021 2020 Net sales North America $ 1,373,907 $ 1,318,795 $ 1,018,406 Asia 16,059 20,988 14,172 Total $ 1,389,966 $ 1,339,783 $ 1,032,578 Long-lived assets North America $ 136,553 $ 97,003 $ 90,685 Asia 234 365 476 Total $ 136,787 $ 97,368 $ 91,161 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 3,738 | $ 3,529 | $ 5,951 |
Bad debt expense, net of recoveries | 1,221 | 898 | 1,321 |
Accounts written off against allowance and other adjustments | (1,213) | (689) | (4,128) |
Ending balance | 3,746 | 3,738 | 3,529 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 0 | 0 | 385 |
Ending balance | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 segment | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||
Number of reportable segments | 4 | |||
Advertising costs | $ | $ 10.9 | $ 8 | $ 7.2 | |
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 | Home Improvement Retail Company | Accounts Receivable | Customer Concentration Risk | ||||
Sale Leaseback Transaction [Line Items] | ||||
Concentrations of credit risk | 14% | |||
Residential | Home Improvement Retail Company | Net sales | Customer Concentration Risk | ||||
Sale Leaseback Transaction [Line Items] | ||||
Concentrations of credit risk | 14% | 13% | 14% | |
Renewables and Agtech | ||||
Sale Leaseback Transaction [Line Items] | ||||
Number of reportable segments | 2 | 2 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 14,583 | $ 13,110 | $ 11,252 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Asset recognized related to incremental costs of obtaining a contract | $ 0 | $ 0 | |
Costs in excess of billings | 41,732,000 | 54,437,000 | $ 26,915,000 |
Unearned revenue | 4,572,000 | 3,681,000 | 21,325,000 |
Revenue recognized which was in contract liabilities | 44,400,000 | 53,000,000 | 57,800,000 |
Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | $ 35,017,000 | $ 46,711,000 | $ 34,702,000 |
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs in excess of billings | $ 41,732 | $ 54,437 | $ 26,915 |
Contract with customer liability | (4,572) | (3,681) | (21,325) |
Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer liability | $ (35,017) | $ (46,711) | $ (34,702) |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||
Trade accounts receivable | $ 179,170 | $ 185,745 | ||
Costs in excess of billings | 41,732 | 54,437 | ||
Total contract receivables | 220,902 | 240,182 | ||
Less allowance for doubtful accounts | (3,746) | (3,738) | $ (3,529) | $ (5,951) |
Accounts receivable | $ 217,156 | $ 236,444 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 111,187 | $ 135,558 |
Work-in-process | 17,944 | 5,858 |
Finished goods | 47,523 | 39,256 |
Gross inventory | 176,654 | 180,672 |
Less reserves | (6,294) | (4,465) |
Total inventories | $ 170,360 | $ 176,207 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Roll Forward] | |||
Beginning balance | $ 4,400 | $ 4,161 | $ 3,463 |
Excess, obsolete and slow moving inventory expense | 1,582 | 215 | 355 |
Scrapped inventory and other adjustments | (197) | (24) | (343) |
Ending balance | $ 6,179 | $ 4,400 | $ 4,161 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 4,704 | $ 4,634 |
Building and improvements | 43,416 | 42,526 |
Machinery and equipment | 223,843 | 194,015 |
Construction in progress | 13,065 | 20,293 |
Property, plant, and equipment, gross | 285,028 | 261,468 |
Less: accumulated depreciation | (175,444) | (164,583) |
Property, plant, and equipment, net | $ 109,584 | $ 96,885 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||||
Aug. 22, 2022 USD ($) | Dec. 11, 2020 USD ($) | Oct. 15, 2020 USD ($) | Feb. 13, 2020 USD ($) | Jan. 15, 2020 USD ($) | Dec. 31, 2022 USD ($) business | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 512,363 | $ 510,942 | $ 514,279 | |||||
Number of businesses acquired | business | 5 | |||||||
Renewables | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 188,030 | 188,680 | 192,527 | |||||
Number of businesses acquired | business | 2 | |||||||
Agtech | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 83,599 | 85,132 | 84,622 | |||||
Number of businesses acquired | business | 2 | |||||||
Residential | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 209,056 | $ 205,452 | $ 205,452 | |||||
Number of businesses acquired | business | 1 | |||||||
Quality Aluminum Products | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition purchase price | $ 52,100 | |||||||
Goodwill | $ 3,604 | |||||||
TerraSmart LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition purchase price | $ 223,900 | |||||||
Goodwill | $ 140,997 | |||||||
Sunfig Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition purchase price | $ 3,800 | |||||||
Goodwill | $ 3,500 | |||||||
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 | $ 19,100 |
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, 2022 | Aug. 22, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 15, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 512,363 | $ 510,942 | $ 514,279 | ||
Quality Aluminum Products | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1,018 | ||||
Working capital | 23,759 | ||||
Property, plant, and equipment | 8,486 | ||||
Acquired intangible assets | 14,700 | ||||
Other assets | 1,813 | ||||
Other liabilities | (1,295) | ||||
Goodwill | 3,604 | ||||
Fair value of purchase consideration | $ 52,085 | ||||
TerraSmart LLC | |||||
Business Acquisition [Line Items] | |||||
Cash | 1,491 | ||||
Working capital | 5,569 | ||||
Property, plant, and equipment | 11,446 | ||||
Acquired intangible assets | 64,150 | ||||
Other assets | 1,854 | ||||
Other liabilities | (1,640) | ||||
Goodwill | 140,997 | ||||
Fair value of purchase consideration | $ 223,867 | ||||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 179 | ||||
Working capital | (15,377) | ||||
Property, plant, and equipment | 1,740 | ||||
Acquired intangible assets | 38,066 | ||||
Other current assets | 1,528 | ||||
Other assets | 2,381 | ||||
Other liabilities | (5,576) | ||||
Goodwill | 62,161 | ||||
Fair value of purchase consideration | $ 85,102 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Quality Aluminum Products | |
Business Acquisition [Line Items] | |
Fair Value | $ 14,700 |
Quality Aluminum Products | Trademarks | |
Business Acquisition [Line Items] | |
Fair Value | 2,800 |
Quality Aluminum Products | Customer relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 11,900 |
Weighted-Average Amortization Period | 12 years |
TerraSmart LLC | |
Business Acquisition [Line Items] | |
Fair Value | $ 64,150 |
TerraSmart LLC | Trademarks | |
Business Acquisition [Line Items] | |
Fair Value | 20,830 |
TerraSmart LLC | Technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 1,940 |
Weighted-Average Amortization Period | 12 years |
TerraSmart LLC | Customer relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 35,110 |
Weighted-Average Amortization Period | 12 years |
TerraSmart LLC | Backlog | |
Business Acquisition [Line Items] | |
Fair Value | $ 6,270 |
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | |
Business Acquisition [Line Items] | |
Fair Value | 38,066 |
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Trademarks | |
Business Acquisition [Line Items] | |
Fair Value | 8,100 |
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 | $ 8,345 |
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Technology | Minimum | |
Business Acquisition [Line Items] | |
Weighted-Average Amortization Period | 5 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 | $ 18,480 |
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | Customer relationships | Minimum | |
Business Acquisition [Line Items] | |
Weighted-Average Amortization Period | 11 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 |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 1,972 | $ 949 | $ 3,864 |
Cost of sales | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | 1,427 | 0 | 634 |
Selling, general and administrative costs | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 545 | $ 949 | $ 3,230 |
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, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance at | $ 510,942 | $ 514,279 |
Acquired goodwill | 3,604 | |
Adjustments to prior year acquisitions | 904 | (2,110) |
Foreign currency translation | (3,087) | (1,227) |
Balance at | 512,363 | 510,942 |
Renewables | ||
Goodwill [Roll Forward] | ||
Balance at | 188,680 | 192,527 |
Acquired goodwill | 0 | |
Adjustments to prior year acquisitions | 904 | (2,433) |
Foreign currency translation | (1,554) | (1,414) |
Balance at | 188,030 | 188,680 |
Residential | ||
Goodwill [Roll Forward] | ||
Balance at | 205,452 | 205,452 |
Acquired goodwill | 3,604 | |
Adjustments to prior year acquisitions | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at | 209,056 | 205,452 |
Agtech | ||
Goodwill [Roll Forward] | ||
Balance at | 85,132 | 84,622 |
Acquired goodwill | 0 | |
Adjustments to prior year acquisitions | 0 | 323 |
Foreign currency translation | (1,533) | 187 |
Balance at | 83,599 | 85,132 |
Infrastructure | ||
Goodwill [Roll Forward] | ||
Balance at | 31,678 | 31,678 |
Acquired goodwill | 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) | 12 Months Ended | |||
Oct. 31, 2021 reporting_unit | Dec. 31, 2022 USD ($) reporting_unit | Dec. 31, 2021 USD ($) reporting_unit | Dec. 31, 2020 reporting_unit | |
Goodwill [Line Items] | ||||
Accumulated impairment losses | $ 133,200,000 | $ 133,200,000 | ||
Goodwill impairment | $ 0 | $ 0 | ||
Number of reporting units | reporting_unit | 8 | |||
Carrying amount in excess of fair value, number of reporting units | reporting_unit | 0 | 0 | 0 | |
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill and Intangible Asset Impairment | |||
Trademarks | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite-lived intangibles | $ 8,300,000 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 157,107 | $ 162,472 |
Total acquired intangible assets, Gross Carrying Amount | 212,607 | 215,172 |
Accumulated Amortization, Finite-lived intangible assets | 75,081 | 73,668 |
Total acquired intangible assets, Accumulated Amortization | 75,081 | 73,668 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 5,448 | 5,521 |
Accumulated Amortization, Finite-lived intangible assets | 4,481 | 4,011 |
Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 34,163 | 38,474 |
Accumulated Amortization, Finite-lived intangible assets | 22,037 | 20,656 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 115,125 | 108,591 |
Accumulated Amortization, Finite-lived intangible assets | 46,557 | 39,832 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 2,371 | 2,686 |
Accumulated Amortization, Finite-lived intangible assets | 2,006 | 1,969 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 0 | 7,200 |
Accumulated Amortization, Finite-lived intangible assets | 0 | 7,200 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 55,500 | 52,700 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Goodwill and Related Intangib_6
Goodwill and Related Intangible Assets (Schedule of Impairment Charges) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of indefinite-lived intangibles | $ 8.3 |
Goodwill and Related Intangib_7
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 11,584 | $ 18,856 | $ 9,663 |
Goodwill and Related Intangib_8
Goodwill and Related Intangible Assets (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 11,102 |
2021 | 10,922 |
2022 | 10,782 |
2023 | 9,370 |
2024 | $ 7,728 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | |||
Customer rebates | $ 16,768 | $ 15,253 | |
Current portion of MSPP liabilities | 2,267 | 2,947 | |
Insurance | 6,440 | 7,310 | |
Accrued warranties | 6,251 | 5,686 | |
Compensation | 17,010 | 15,293 | |
Interest and taxes | 5,696 | 5,463 | |
Current operating lease liability | 8,620 | 7,239 | |
Unearned revenue | 4,572 | 3,681 | $ 21,325 |
Other | 6,097 | 5,121 | |
Total accrued expenses | $ 73,721 | $ 67,993 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses | Accrued expenses |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less unamortized debt issuance costs | $ (2,238) | $ (719) |
Total debt | 88,762 | 23,781 |
Revolving Credit Facility | 2019 Senior Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long term debt gross | $ 91,000 | $ 24,500 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Dec. 08, 2022 USD ($) debtCovenant | Jan. 24, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Carrying value of outstanding debt | $ 88,762,000 | $ 23,781,000 | ||
2022 Senior Credit Agreement | Applicable rate through March 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Annual commitment fee (as a percentage) | 0.20% | |||
2022 Senior Credit Agreement | Base Rate | Applicable rate through March 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 0.125% | |||
2022 Senior Credit Agreement | Secured Overnight Financing Rate (SOFR) | Applicable rate through March 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 1.125% | |||
2022 Senior Credit Agreement | Minimum | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Annual commitment fee (as a percentage) | 0.20% | |||
2022 Senior Credit Agreement | Minimum | Base Rate | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 0.125% | |||
2022 Senior Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 1.125% | |||
2022 Senior Credit Agreement | Maximum | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Annual commitment fee (as a percentage) | 0.25% | |||
2022 Senior Credit Agreement | Maximum | Base Rate | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 1% | |||
2022 Senior Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Applicable rate after April 1, 2023 | ||||
Debt Instrument [Line Items] | ||||
Initial applicable margin | 2% | |||
Senior Credit Agreement | Standby Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under the revolving credit facility | 4,500,000 | |||
Senior Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Carrying value of outstanding debt | 91,000,000 | 24,500,000 | ||
Availability amount | $ 304,500,000 | $ 369,300,000 | ||
Revolving Credit Facility | 2022 Senior Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | $ 400,000,000 | |||
Maximum borrowing capacity under the revolving credit facility | $ 700,000,000 | |||
Number of debt covenants | debtCovenant | 2 | |||
Revolving Credit Facility | 2019 Senior Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
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% | |||
Term Loan | 2022 Senior Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Term loan (up to) | $ 300,000,000 | |||
Term Loan | 2019 Senior Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Term loan (up to) | $ 300,000,000 |
Debt (Schedule of Cash Paid for
Debt (Schedule of Cash Paid for Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-Term Debt, Unclassified [Abstract] | |||
Interest expense, net | $ (4,047) | $ (1,639) | $ (703) |
Interest income | 174 | 269 | 276 |
Other non-cash adjustments | (679) | (345) | (345) |
Cash paid for interest | $ 3,542 | $ 1,563 | $ 634 |
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, 2022 USD ($) plan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 4,001 | $ 3,685 | $ 2,824 |
401(k) plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 3,580 | 3,196 | 2,403 |
Multiemployer and other defined benefit and pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 79 | 78 | 70 |
Number of plans | plan | 1 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 342 | $ 411 | $ 351 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Changes in the Accumulated Postretirement Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Plan amendments | $ 0 | $ 162 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at | 6,202 | 6,443 | |
Service cost | 0 | 0 | $ 10 |
Interest cost | 127 | 125 | 172 |
Actuarial losses (gains) | (1,784) | (200) | |
Benefits paid | (316) | (328) | |
Projected benefit obligation at | 4,229 | 6,202 | $ 6,443 |
Fair value of plan assets | 0 | 0 | |
Under funded status | (4,229) | (6,202) | |
Unamortized prior service cost | 352 | 412 | |
Unrecognized actuarial gain | (278) | 1,530 | |
Net amount recognized | $ (4,155) | $ (4,260) |
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, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued post retirement liability: Current portion | $ 353 | $ 358 |
Accrued post retirement liability: Long term portion | 3,876 | 5,844 |
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs | 74 | 1,942 |
Net amount recognized | $ 4,155 | $ 4,260 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate healthcare trend rates | 4% | 3.80% | 3.80% |
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 10 |
Interest cost | 127 | 125 | 172 |
Amortization of unrecognized prior service cost | 60 | 44 | 44 |
Loss amortization (2) | 24 | 113 | 64 |
Net periodic pension cost | $ 211 | $ 282 | $ 290 |
Discount rate | 4.80% | 2.40% | 2% |
Annual rate of increase in the per capita cost of: Medical costs before age 65 | 7.80% | 7% | 7% |
Annual rate of increase in the per capita cost of: Medical costs after age 65 | 4.50% | 4.50% | 4.50% |
Annual rate of increase in the per capita cost of: Prescription drug costs | 7.80% | 7% | 7% |
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, 2022 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2023 | $ 353,000 |
2024 | 357,000 |
2025 | 369,000 |
2026 | 359,000 |
2027 | 355,000 |
Years 2028 - 2032 | $ 1,649,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (607) | $ (3,298) | |
Balance at end of period | (3,777) | (607) | $ (3,298) |
Tax (Benefit) Expense | |||
Balance at beginning of period | (794) | (837) | |
Tax (Benefit) Expense | 449 | 43 | |
Balance at end of period | (345) | (794) | (837) |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance at beginning of period | 187 | (2,461) | |
Minimum post retirement benefit plan adjustments | 1,403 | 136 | |
Foreign currency translation adjustment | 3,619 | (2,648) | (2,930) |
Balance at end of period | (3,432) | 187 | (2,461) |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 1,640 | (872) | |
Other Comprehensive Income (Loss), before Tax | (5,022) | 2,512 | |
Balance at end of period | (3,382) | 1,640 | (872) |
Tax (Benefit) Expense | |||
Tax (Benefit) Expense | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Foreign currency translation adjustment | (5,022) | 2,512 | |
Minimum post retirement benefit plan adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (2,247) | (2,426) | |
Other Comprehensive Income (Loss), before Tax | (1,852) | (179) | |
Balance at end of period | $ (395) | $ (2,247) | $ (2,426) |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 04, 2022 | May 03, 2022 | 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 | $ 45.88 | |||||
Unrecognized compensation cost | $ 9.3 | |||||
Weighted average cost recognition period, in years | 2 years 3 months 18 days | |||||
Accrued equity based compensation | $ 15.4 | $ 22.6 | ||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Typical vesting period, in years | 4 years | |||||
Performance stock units (1) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares awarded (in shares) | 108,464 | |||||
Forfeited in period (in shares) | 50,208 | |||||
Performance stock units outstanding (in shares) | 211,368 | 363,474 | ||||
Performance stock units (1) | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award performance period | 3 years | |||||
Performance Shares, Market Condition | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares awarded (in shares) | 0 | 0 | ||||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares awarded (in shares) | 132,430 | |||||
Forfeited in period (in shares) | 17,930 | |||||
Performance stock units outstanding (in shares) | 235,370 | 204,584 | ||||
Accrued equity based compensation | $ 13.4 | $ 20.7 | ||||
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 | 326,000 | |||||
2015 Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for issuance under the Plan | 80,000 | |||||
Non-Employee Directors Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for issuance under the Plan | 101,000 | |||||
Non-Employee Directors Plan | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 200,000 | 100,000 | ||||
Management Stock Purchase Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Average Company Stock Price, Measurement Period | 200 days | |||||
Accrued Expenses, Current | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Accrued equity based compensation | $ 2.3 | 2.9 | ||||
Non Current Liabilities | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Accrued equity based compensation | $ 13.1 | $ 19.7 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Compensation Expense Connection with Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Prior Plan | $ 19 | $ 29 | $ 40 |
Expense recognized under the Non-Employee Directors Plan | 770 | 840 | 760 |
Total stock compensation expense | 8,334 | 8,652 | 8,173 |
Tax benefits recognized related to stock compensation expense | 2,175 | 2,189 | 2,272 |
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | 1,617 | 1,186 | 1,932 |
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | $ 5,928 | $ 6,597 | $ 5,441 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,460 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 42.69 | ||
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 15,652 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 42.49 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 132,430 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 43.92 | ||
Performance stock units (1) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 108,464 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 47 | ||
2019 | Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,460 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 42.69 | ||
2019 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 15,652 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 42.49 | ||
2019 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 132,430 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 43.92 | ||
2019 | Performance stock units (1) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 108,464 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 47 | ||
2018 | Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,536 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 83.58 | ||
2018 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,512 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 83.58 | ||
2018 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 72,243 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 79.28 | ||
2018 | Performance stock units (1) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 62,778 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 87.84 | ||
2017 | 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 | ||
2017 | 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 | ||
2017 | 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 | ||
2017 | Performance stock units (1) | |||
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 |
Equity-Based Compensation (Su_2
Equity-Based Compensation (Summary of Ranges of Outstanding and Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding | 5,000 | 41,500 | 5,000 | 117,409 |
Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 3 days | |||
Weighted Average Exercise Price | $ 0 | $ 14.73 | ||
$39.55 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | $ 39.55 | |||
Options Outstanding | 5,000 | |||
Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 3 days | |||
Weighted Average Exercise Price | $ 39.55 | |||
Options Exercisable | 5,000 | |||
Weighted Average Exercise Price | $ 39.55 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options (in shares): | |||
Beginning balance (in shares) | 5,000 | 41,500 | 117,409 |
Exercised (in shares) | 0 | (75,909) | |
Forfeited (in shares) | (36,500) | ||
Ending balance (in shares) | 5,000 | 5,000 | 41,500 |
Weighted Average Exercise Price (in dollars per share) | |||
Begininng balance (in dollars per share) | $ 39.55 | $ 29.38 | $ 19.91 |
Exercised (in dollars per share) | 0 | 14.73 | |
Forfeited (in dollars per share) | 27.99 | ||
Ending balance (in dollars per share) | $ 39.55 | $ 39.55 | $ 29.38 |
Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 3 days | ||
Aggregate Intrinsic Value | $ 31,650 |
Equity-Based Compensation (Su_4
Equity-Based Compensation (Summary of Information about Restricted Stock Units and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Shares for which performance condition was not achieved (in shares) | 55,959 | 9,250 |
Restricted stock units | ||
Restricted Stock Units / Restricted Stock (in shares) | ||
Balance at beginning of period (in shares) | 204,584 | |
Granted (in shares) | 132,430 | |
Adjustments (in shares) | 0 | |
Vested (in shares) | (83,714) | |
Forfeited (in shares) | (17,930) | |
Balance at end of period (in shares) | 235,370 | 204,584 |
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Balance at beginning of period (in USD per share) | $ 52.90 | |
Granted (in USD per share) | 43.92 | |
Adjustments (in USD per share) | 0 | |
Vested (in USD per share) | 45.77 | |
Forfeited (in USD per share) | 59.62 | |
Balance at end of period (in USD per share) | $ 49.87 | $ 52.90 |
Common stock | ||
Restricted Stock Units / Restricted Stock (in shares) | ||
Balance at beginning of period (in shares) | 0 | |
Granted (in shares) | 15,652 | |
Adjustments (in shares) | 0 | |
Vested (in shares) | (15,652) | |
Forfeited (in shares) | 0 | |
Balance at end of period (in shares) | 0 | 0 |
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Balance at beginning of period (in USD per share) | $ 0 | |
Granted (in USD per share) | 42.49 | |
Adjustments (in USD per share) | 0 | |
Vested (in USD per share) | 42.49 | |
Forfeited (in USD per share) | 0 | |
Balance at end of period (in USD per share) | $ 0 | $ 0 |
Performance stock units (1) | ||
Restricted Stock Units / Restricted Stock (in shares) | ||
Balance at beginning of period (in shares) | 363,474 | |
Granted (in shares) | 108,464 | |
Adjustments (in shares) | (65,209) | |
Vested (in shares) | (145,153) | |
Forfeited (in shares) | (50,208) | |
Balance at end of period (in shares) | 211,368 | 363,474 |
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Balance at beginning of period (in USD per share) | $ 55.44 | |
Granted (in USD per share) | 47 | |
Adjustments (in USD per share) | 82.75 | |
Vested (in USD per share) | 41.28 | |
Forfeited (in USD per share) | 61.51 | |
Balance at end of period (in USD per share) | $ 50.96 | $ 55.44 |
Deferred Stock Units | ||
Restricted Stock Units / Restricted Stock (in shares) | ||
Balance at beginning of period (in shares) | 52,472 | |
Granted (in shares) | 2,460 | |
Adjustments (in shares) | 0 | |
Vested (in shares) | (14,582) | |
Forfeited (in shares) | 0 | |
Balance at end of period (in shares) | 40,350 | 52,472 |
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Balance at beginning of period (in USD per share) | $ 43.99 | |
Granted (in USD per share) | 42.69 | |
Adjustments (in USD per share) | 0 | |
Vested (in USD per share) | 40.53 | |
Forfeited (in USD per share) | 0 | |
Balance at end of period (in USD per share) | $ 45.16 | $ 43.99 |
Minimum | Performance stock units (1) | ||
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Percent of grants awarded based on target threshold | 0% | |
Award performance period | 2 years | |
Maximum | Performance stock units (1) | ||
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Percent of grants awarded based on target threshold | 200% | |
Award performance period | 3 years | |
2015 Equity Incentive Plan | Gross Profit Threshold | Performance stock units (1) | ||
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 (1) | ||
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Award performance period | 3 years | |
2018 Plan | Return On Invested Capital | Performance stock units (1) | ||
Weighted Average Grant Date Fair Value (in dollars per share) | ||
Award performance period | 1 year |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 0 | $ 2,103 | $ 3,812 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 3,920 | 6,320 | 11,851 |
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 665 | 370 | 190 |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 6,729 | 9,080 | 4,197 |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 105 | $ 630 | $ 570 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
MSPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited | $ 3,689 | $ 4,915 | $ 15,401 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited (in shares) | 12,365 | 30,475 | 57,046 |
Restricted stock units balance, vested and unvested (in shares) | 158,644 | 223,892 | 231,343 |
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MSPP (recovery) expense (in thousands) | $ (4,459) | $ 6,034 | $ 4,518 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Extinguishment of Debt [Line Items] | ||
Carrying value of outstanding debt | $ 88,762,000 | $ 23,781,000 |
Revolving Credit Facility | Senior Credit Agreement | ||
Extinguishment of Debt [Line Items] | ||
Carrying value of outstanding debt | $ 91,000,000 | $ 24,500,000 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Disposal Group) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Processing Business - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets held for sale | ||
Accounts receivable, net of allowance | $ 266 | |
Inventories, net of reserves | 6,748 | |
Other current assets | 1,999 | |
Property, plant, and equipment, net | 331 | |
Operating lease asset | 495 | |
Acquired intangibles, net | 6,213 | |
Valuation allowance | (13,990) | $ 0 |
Total assets held for sale | 2,062 | |
Liabilities held for sale | ||
Accounts payable | 733 | |
Accrued expenses | 1,159 | |
Non-current operating lease liabilities | 70 | |
Total liabilities held for sale | $ 1,962 |
Discontinued Operations (Net Sa
Discontinued Operations (Net Sales and Operating Loss for Held for Sale Operations) (Details) - Processing Business - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | $ 7,840 | $ 20,328 |
Operating loss | $ (6,769) | $ (3,539) |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Feb. 23, 2021 | Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) on disposal | $ (13,990) | $ 0 | $ 0 | ||
Apartment Tour Application Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) on disposal | $ 1,900 | ||||
Cash proceeds from sale of business | $ 2,000 | ||||
Discontinued Operations, Disposed of by Sale | Industrial Business Segment | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds of sale of business | $ 38,000 | ||||
Seller note principal amount | 13,000 | ||||
Estimated pre-tax loss | 30,000 | ||||
Gain (loss) on disposal | $ (29,600) | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Processing Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Valuation allowance | $ 13,990 | $ 0 |
Discontinued Operations (Compon
Discontinued Operations (Components of Income from Discontinued Operations before Taxes, Including the Interest Allocated to Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Held for sale valuation allowance | $ 13,990 | $ 0 | $ 0 |
(Loss) income before taxes | 0 | 1,479 | (16,602) |
Discontinued Operations, Held-for-sale | Industrial Business Segment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 0 | 20,391 | 128,915 |
Operating expenses | 0 | 17,493 | 115,822 |
Held for sale valuation allowance | 0 | 1,419 | 29,600 |
Interest expense allocation | 0 | 0 | 95 |
(Loss) income before taxes | $ 0 | $ 1,479 | $ (16,602) |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Dec. 31, 2020 USD ($) facility | |
Restructuring Cost and Reserve [Line Items] | ||||
Number of consolidated facilities to be closed | facility | 2 | 4 | 2 | |
Held for sale valuation allowance | $ (13,990) | $ 0 | $ 0 | |
Apartment Tour Application Business | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash proceeds from sale of business | $ 2,000 | |||
Held for sale valuation allowance | $ 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | $ 6,039 | $ 7,020 | $ 2,207 |
Asset impairment charges | 2,276 | 1,193 | 81 |
Restructuring charges | 8,315 | 8,213 | 2,288 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | 250 | 145 | 375 |
Asset impairment charges | 0 | 0 | 0 |
Restructuring charges | 250 | 145 | 375 |
Renewables | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | 3,256 | 4,769 | 15 |
Asset impairment charges | 1,198 | 1,193 | 0 |
Restructuring charges | 4,454 | 5,962 | 15 |
Residential | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | 1,825 | 393 | 731 |
Asset impairment charges | 12 | 0 | 9 |
Restructuring charges | 1,837 | 393 | 740 |
Infrastructure | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | (63) | 26 | 226 |
Asset impairment charges | 0 | 0 | 0 |
Restructuring charges | (63) | 26 | 226 |
Agtech | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Exit activity costs (recoveries) | 771 | 1,687 | 860 |
Asset impairment charges | 1,066 | 0 | 72 |
Restructuring charges | $ 1,837 | $ 1,687 | $ 932 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 8,315 | $ 8,213 | $ 2,288 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5,258 | 6,176 | 1,059 |
Selling, general, and administrative expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,057 | $ 2,037 | $ 1,229 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Balance as of | $ 272 | $ 1,030 | |
Exit activity costs recognized | 6,039 | 7,020 | $ 2,207 |
Cash payments | (3,894) | (7,778) | |
Balance as of | $ 2,417 | $ 272 | $ 1,030 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 112,635 | $ 93,155 | $ 108,930 |
Foreign | (1,145) | 6,407 | (1,171) |
Income before taxes | $ 111,490 | $ 99,562 | $ 107,759 |
Income Taxes (Benefit of) Provi
Income Taxes (Benefit of) Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Provision for income taxes | $ 0 | $ 366 | $ 2,123 |
Deferred: | |||
Total deferred | 6,337 | 2,968 | 3,786 |
Provision for income taxes | 29,084 | 25,046 | 24,468 |
Continuing Operations | |||
Current: | |||
U.S. Federal | 17,014 | 16,137 | 16,505 |
State | 5,647 | 5,009 | 4,071 |
Foreign | 86 | 932 | 106 |
Total current | 22,747 | 22,078 | 20,682 |
Deferred: | |||
U.S. Federal | 5,259 | 1,766 | 3,620 |
State | 1,381 | 134 | 672 |
Foreign | (303) | 1,068 | (506) |
Total deferred | 6,337 | 2,968 | 3,786 |
Provision for income taxes | 29,084 | 25,046 | 24,468 |
Discontinued Operations | |||
Current: | |||
U.S. Federal | 0 | 362 | 1,345 |
State | 0 | 139 | 57 |
Foreign | 0 | 214 | 1,725 |
Total current | 0 | 715 | 3,127 |
Provision for income taxes | 0 | 366 | 2,123 |
Deferred: | |||
U.S. Federal | 0 | (340) | (876) |
State | 0 | 2 | 10 |
Foreign | 0 | (11) | (138) |
Total deferred | $ 0 | $ (349) | $ (1,004) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate | $ 23,413 | $ 20,908 | $ 22,629 |
State taxes, less federal effect | 5,541 | 4,068 | 3,650 |
Federal tax credits | (549) | (587) | (1,064) |
Excess tax benefit on stock based compensation | (214) | (2,039) | (1,674) |
Executive compensation | 960 | 1,781 | 1,114 |
Change in valuation allowance | 0 | 0 | (130) |
Other | (67) | 915 | (57) |
Provision for income taxes | $ 29,084 | $ 25,046 | $ 24,468 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate | 21% | 21% | 21% |
State taxes, less federal effect | 5% | 4.10% | 3.40% |
Federal tax credits | (0.50%) | (0.60%) | (1.00%) |
Excess tax benefit on stock based compensation | (0.20%) | (2.00%) | (1.60%) |
Executive compensation | 0.90% | 1.80% | 1% |
Change in valuation allowance | 0% | 0% | (0.10%) |
Other | (0.10%) | 0.90% | 0% |
Effective income tax rate, percentage | 26.10% | 25.20% | 22.70% |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 14,570 | $ 9,633 |
Goodwill | 62,132 | 48,265 |
Intangible assets | 3,706 | 1,657 |
Other | 8,133 | 5,298 |
Gross deferred tax liabilities | 88,541 | 64,853 |
Capital loss carryforward | (26,490) | (27,328) |
Equity compensation | (5,993) | (8,236) |
Assets held for sale | (13,669) | 0 |
Capitalized research and development costs | (4,503) | 0 |
Other | (17,493) | (15,641) |
Gross deferred tax assets | (68,148) | (51,205) |
Valuation allowances | 26,488 | 26,581 |
Deferred tax assets, net of valuation allowances | (41,660) | (24,624) |
Net deferred tax liabilities | $ 46,881 | $ 40,229 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory tax rate, percentage | 21% | 21% | 21% |
Deferred tax assets, net of operating losses | $ 7,900,000 | ||
Deferred tax assets, net of operating losses | 700,000 | ||
Undistributed earnings of foreign subsidiaries | 2,200,000 | ||
Capital loss carryforward | 110,000,000 | $ 113,700,000 | |
Amended returns | 3,700,000 | ||
Deferred tax assets, capital loss carryforwards | 26,500,000 | ||
Interest and penalties recognized | $ 0 | $ 0 | $ 0 |
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 | $ 400,000 | ||
Deferred tax assets, net of operating losses | 100,000 | ||
Deferred tax assets, capital loss carryforwards | 22,200,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 6,600,000 | ||
Deferred tax assets, net of operating losses | 400,000 | ||
Deferred tax assets, capital loss carryforwards | 4,300,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 900,000 | ||
Deferred tax assets, net of operating losses | $ 200,000 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance as of January 1 | $ 26,581 | $ 111 | $ 298 |
Cost charged to the tax provision | 10 | 13 | 70 |
Reductions | (103) | (41) | (248) |
Reclassification from discontinued operations upon sale of industrial group | 0 | 26,498 | 0 |
Currency translation | 0 | 0 | (9) |
Balance as of December 31 | $ 26,488 | $ 26,581 | $ 111 |
Income Taxes (Income Taxes Paid
Income Taxes (Income Taxes Paid, Net of Tax Refunds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Payments made for income taxes, net | $ 27,017 | $ 22,076 | $ 21,351 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive number of shares | 43,000 | 0 | 13,000 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations | $ 82,406 | $ 74,516 | $ 83,291 |
Income (loss) from discontinued operations | 0 | 1,113 | (18,725) |
Net income | $ 82,406 | $ 75,629 | $ 64,566 |
Weighted average shares outstanding (in shares) | 32,096 | 32,873 | 32,664 |
Common stock options and restricted stock (in shares) | 96 | 181 | 254 |
Weighted average shares and conversions (in shares) | 32,192 | 33,054 | 32,918 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ 822,099 | $ 825,258 | $ 743,805 | $ 673,964 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | (291) | |||
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 | $ 627,978 | $ 545,572 | $ 469,943 | 405,668 |
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||
Lessee, Lease, Description [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ (291) |
Leases - Assets and Liabilities
Leases - Assets and Liabilities of Lessee (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease assets | $ 26,502 | $ 18,120 |
Current operating lease liability | 8,620 | 7,239 |
Non-current operating lease liabilities | 19,041 | 11,390 |
Total operating lease liability | $ 27,661 | $ 18,629 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 11,191 | $ 10,977 | $ 10,005 |
Short-term lease cost | 5,694 | 7,153 | 996 |
Total lease cost | 16,885 | 18,130 | 11,001 |
Cash paid for amounts included in the measurement of operating liabilities | 8,835 | 9,431 | 9,502 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 17,008 | $ 1,084 | $ 12,745 |
Weighted-average remaining lease term - operating leases | 5 years 3 months 18 days | 3 years | |
Weighted-average discount rate - operating leases | 500% | 520% |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 9,734 | |
2024 | 6,884 | |
2025 | 3,850 | |
2026 | 2,444 | |
2027 | 1,817 | |
After 2027 | 7,011 | |
Total lease payments | 31,740 | |
Less: present value discount | (4,079) | |
Present value of lease liabilities | $ 27,661 | $ 18,629 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Measuremen
Segment Information (Measurements Used by Management to Assess Performance of Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | $ 1,389,966 | $ 1,339,783 | $ 1,032,578 |
Income from operations: | 130,102 | 96,988 | 107,190 |
Depreciation and amortization | 26,167 | 31,966 | 20,915 |
Total assets | 1,210,613 | 1,214,901 | 1,212,494 |
Capital expenditures | 20,138 | 17,705 | 13,068 |
Discontinued Operations | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Total assets | 0 | 0 | 77,438 |
Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Income from operations: | 163,618 | 133,959 | 142,401 |
Unallocated Corporate Expenses | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Income from operations: | (33,516) | (36,971) | (35,211) |
Depreciation and amortization | 1,190 | 219 | 300 |
Total assets | 24,448 | 21,246 | 28,057 |
Capital expenditures | 1,424 | 3,869 | 7,101 |
Renewables | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 377,567 | 432,096 | 238,107 |
Renewables | Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 377,567 | 432,096 | 238,107 |
Income from operations: | 25,243 | 20,158 | 30,105 |
Depreciation and amortization | 8,467 | 14,682 | 3,377 |
Total assets | 392,368 | 445,486 | 402,797 |
Capital expenditures | 3,589 | 4,268 | 423 |
Residential | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 767,248 | 635,505 | 522,814 |
Residential | Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 767,248 | 635,505 | 522,814 |
Income from operations: | 126,458 | 105,821 | 94,430 |
Depreciation and amortization | 8,983 | 8,694 | 8,110 |
Total assets | 519,567 | 453,469 | 407,132 |
Capital expenditures | 10,050 | 4,182 | 3,313 |
Agtech | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 168,868 | 199,161 | 209,460 |
Agtech | Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 168,868 | 199,161 | 209,460 |
Income from operations: | 2,914 | (931) | 10,633 |
Depreciation and amortization | 4,377 | 5,279 | 6,068 |
Total assets | 193,966 | 212,038 | 216,274 |
Capital expenditures | 3,177 | 3,289 | 720 |
Infrastructure | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 76,283 | 73,021 | 62,197 |
Infrastructure | Operating Segments | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Net sales: | 76,283 | 73,021 | 62,197 |
Income from operations: | 9,003 | 8,911 | 7,233 |
Depreciation and amortization | 3,150 | 3,092 | 3,060 |
Total assets | 80,264 | 82,662 | 80,796 |
Capital expenditures | $ 1,898 | $ 2,097 | $ 1,511 |
Segment Information (Net Sales
Segment Information (Net Sales by Contract Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net sales: | $ 1,389,966 | $ 1,339,783 | $ 1,032,578 |
Renewables | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 377,567 | 432,096 | 238,107 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 767,248 | 635,505 | 522,814 |
Agtech | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 168,868 | 199,161 | 209,460 |
Infrastructure | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 76,283 | 73,021 | 62,197 |
Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 834,887 | 711,793 | 616,789 |
Point in Time | Renewables | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 27,317 | 28,630 | 22,833 |
Point in Time | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 761,576 | 630,494 | 518,281 |
Point in Time | Agtech | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 13,011 | 20,157 | 52,894 |
Point in Time | Infrastructure | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 32,983 | 32,512 | 22,781 |
Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 555,079 | 627,990 | 415,789 |
Over Time | Renewables | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 350,250 | 403,466 | 215,274 |
Over Time | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 5,672 | 5,011 | 4,533 |
Over Time | Agtech | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | 155,857 | 179,004 | 156,566 |
Over Time | Infrastructure | |||
Disaggregation of Revenue [Line Items] | |||
Net sales: | $ 43,300 | $ 40,509 | $ 39,416 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales: | $ 1,389,966 | $ 1,339,783 | $ 1,032,578 |
Long-lived assets | 136,787 | 97,368 | 91,161 |
North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales: | 1,373,907 | 1,318,795 | 1,018,406 |
Long-lived assets | 136,553 | 97,003 | 90,685 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales: | 16,059 | 20,988 | 14,172 |
Long-lived assets | $ 234 | $ 365 | $ 476 |