Trex (TREX) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 13, 2020
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001069878
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	TREX CO INC
Document Period End Date	Mar. 31, 2020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	TREX
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		57,853,215
Entity File Number	001-14649
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1910453
Entity Address, Address Line One	160 Exeter Drive
Entity Address, City or Town	Winchester
Entity Address, Postal Zip Code	22603-8605
Entity Address, State or Province	VA
City Area Code	540
Local Phone Number	542-6300
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Document Quarterly Report	true

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 200,395	$ 179,571
Cost of sales	110,699	110,206
Gross profit	89,696	69,365
Selling, general and administrative expenses	34,561	30,166
Income from operations	55,135	39,199
Interest income, net	(522)	(56)
Income before income taxes	55,657	39,255
Provision for income taxes	13,255	7,700
Net income	$ 42,402	$ 31,555
Basic earnings per common share	$ 0.73	$ 0.54
Basic weighted average common shares outstanding	58,129,529	58,543,478
Diluted earnings per common share	$ 0.73	$ 0.54
Diluted weighted average common shares outstanding	58,323,721	58,829,177
Comprehensive income	$ 42,402	$ 31,555

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 5,339	$ 148,833
Accounts receivable, net	241,242	78,462
Inventories	58,716	56,106
Prepaid expenses and other assets	16,582	19,803
Total current assets	321,879	303,204
Property, plant and equipment, net	193,099	171,300
Goodwill and other intangible assets, net	73,980	74,084
Operating lease assets	38,329	40,049
Other assets	3,569	3,602
Total assets	630,856	592,239
Current liabilities:
Accounts payable	28,917	15,227
Accrued expenses and other liabilities	54,355	58,265
Accrued warranty	5,178	5,178
Line of credit	28,500
Total current liabilities	116,950	78,670
Operating lease liabilities	32,440	34,242
Deferred income taxes	9,831	9,831
Non-current accrued warranty	19,912	20,317
Other long-term liabilities		4
Total liabilities	179,133	143,064
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 3,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value, 120,000,000 shares authorized; 70,241,911 and 70,187,463 shares issued and 57,853,160 and 58,240,721 shares outstanding at March 31, 2020 and December 31, 2019, respectively	702	702
Additional paid-in capital	123,214	123,996
Retained earnings	604,082	561,680
Treasury stock, at cost, 12,388,751 and 11,946,742 shares at March 31, 2020 and December 31, 2019, respectively	(276,275)	(237,203)
Total stockholders' equity	451,723	449,175
Total liabilities and stockholders' equity	$ 630,856	$ 592,239

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	70,241,911	70,187,463
Common stock, shares outstanding	57,853,160	58,240,721
Treasury stock, shares	12,388,751	11,946,742

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2018	$ 342,963	$ 700	$ 124,224	$ 416,942	$ (198,903)
Beginning Balance, Shares at Dec. 31, 2018		58,551,653			11,446,683
Net income	31,555			31,555
Employee stock plans	302		302
Employee stock plans, Shares		24,472
Shares withheld for taxes on awards	(5,727)		(5,727)
Shares withheld for taxes on awards, Shares		(74,010)
Stock-based compensation	2,794	$ 1	2,793
Stock-based compensation, Shares		160,359
Repurchases of common stock	(8,730)				$ (8,730)
Repurchases of common stock, Shares		(124,989)			124,989
Ending Balance at Mar. 31, 2019	363,157	$ 701	121,592	448,497	$ (207,633)
Ending Balance, Shares at Mar. 31, 2019		58,537,485			11,571,672
Beginning Balance at Dec. 31, 2019	449,175	$ 702	123,996	561,680	$ (237,203)
Beginning Balance, Shares at Dec. 31, 2019		58,240,721			11,946,742
Net income	42,402			42,402
Employee stock plans	299		299
Employee stock plans, Shares		16,386
Shares withheld for taxes on awards	(3,856)		(3,856)
Shares withheld for taxes on awards, Shares		(38,142)
Stock-based compensation	2,775		2,775
Stock-based compensation, Shares		76,204
Repurchases of common stock	(39,072)				$ (39,072)
Repurchases of common stock, Shares		(442,009)			442,009
Ending Balance at Mar. 31, 2020	$ 451,723	$ 702	$ 123,214	$ 604,082	$ (276,275)
Ending Balance, Shares at Mar. 31, 2020		57,853,160			12,388,751

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 42,402	$ 31,555
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	3,851	3,394
Stock-based compensation	2,775	2,793
(Gain) loss on disposal of property, plant and equipment	(123)	10
Other non-cash adjustments	32	31
Changes in operating assets and liabilities:
Accounts receivable	(162,780)	(128,182)
Inventories	(2,610)	7,645
Prepaid expenses and other assets	1,059	1,214
Accounts payable	8,865	(7,556)
Accrued expenses and other liabilities	(14,089)	(27,332)
Income taxes receivable/payable	11,850	6,438
Net cash used in operating activities	(108,768)	(109,990)
Investing Activities
Expenditures for property, plant and equipment	(22,733)	(8,647)
Proceeds from sales of property, plant and equipment	2,136
Net cash used in investing activities	(20,597)	(8,647)
Financing Activities
Borrowings under line of credit	36,500	35,000
Principal payments under line of credit	(8,000)
Repurchases of common stock	(42,929)	(14,457)
Proceeds from employee stock purchase and option plans	300	302
Net cash (used in) provided by financing activities	(14,129)	20,845
Net decrease in cash and cash equivalents	(143,494)	(97,792)
Cash and cash equivalents, beginning of period	148,833	105,699
Cash and cash equivalents, end of period	5,339	7,907
Supplemental Disclosure:
Cash paid for interest	1	11
Cash paid for income taxes, net	$ 1,405	$ 1,262

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. BUSINESS AND ORGANIZATION Trex Company, Inc. (Company) is the world’s largest manufacturer of wood-alternative decking and railing products, with more than 25 years of product experience, which are marketed under the brand name Trex ® low-maintenance, eco-friendly 542-6300.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and the instructions to Form 10-Q S-X The consolidated results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The Company’s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business and consumer confidence. The impact that the recent COVID-19 These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 included in the Annual Report of Trex Company, Inc. on Form 10-K,

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standards	3. RECENTLY ADOPTED ACCOUNTING STANDARDS In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of FASB Emerging Issues Task Force) internal-use In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses in Financial Instruments

New Accounting Standards Not Ye

New Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards Not Yet Adopted	4. NEW ACCOUNTING STANDARDS NOT YET ADOPTED In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Debt In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes step-up

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	5. INVENTORIES Inventories valued at LIFO (last-in, first-out), March 31, 2020 December 31, Finished goods $ 43,458 $ 42,281 Raw materials 33,050 31,686 Total FIFO (first-in, first-out) 76,508 73,967 Reserve to adjust inventories to LIFO value (19,062 ) (19,062 ) Total LIFO inventories $ 57,446 $ 54,905 The Company utilizes the LIFO method of accounting related to its Trex Residential products, which generally provides for the matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (LIFO liquidation). Reductions in interim inventory balances expected to be replenished by year-end year-end year-end Inventories valued at lower of cost (FIFO method) and net realizable value were $1.3 million at March 31, 2020 and $1.2 million at December 31, 2019, consisting primarily of raw materials. The Company Commercial

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Prepaid Expenses and Other Assets	6. PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets consist of the following (in thousands): March 31, 2020 December 31, Prepaid expenses $ 6,901 $ 8,282 Revenues in excess of billings 6,247 6,664 Contract retainage 2,273 1,832 Income tax receivable 513 2,675 Other 648 350 Total prepaid expenses and other assets $ 16,582 $ 19,803

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	7. GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of goodwill by reportable segment at March 31, 2020 and December 31, 2019 was $14.2 million for Trex Residential and $54.3 million for Trex Commercial. The Company’s intangible assets consist of domain names. At March 31, 2020 and December 31, 2019, intangible assets were $6.3 million and accumulated amortization was Intangible asset amounts were determined based on the estimated economics of the asset and are amortized over the estimated useful lives on a straight-line basis over 15 years, which approximates the pattern in which the economic benefits are expected to be received. The Company evaluates the recoverability of intangible assets periodically and considers events or circumstances that may warrant revised estimates of useful lives or that may indicate an impairment. Intangible asset amortization expense for the three months ended March , and March , , was $ million.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	8. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following (in thousands): March 31, 2020 December 31, Sales and marketing $ 18,392 $ 28,402 Income taxes 9,688 — Compensation and benefits 7,721 13,475 Operating lease liabilities 7,111 7,079 Customer deposits 3,232 2,905 Manufacturing costs 2,504 2,564 Billings in excess of revenues 2,125 816 Other 3,582 3,024 Total accrued expenses and other liabilities $ 54,355 $ 58,265

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	9. DEBT The Company’s outstanding debt consists of a revolving credit facility. The Company had $28.5 million in outstanding borrowings under its revolving credit facility and remaining available borrowing capacity of $221.5 million at March 31, 2020. Revolving Credit Facility On November 5, 2019, the Company entered into a Fourth Amended and Restated Credit Agreement (Fourth Amended Credit Agreement) as borrower, Trex Commercial Products, Inc., as guarantor; Bank of America, N.A. as a Lender, Administrative Agent, Swing Line Lender and L/C Issuer; and certain other lenders including Wells Fargo Bank, N.A., who is also Syndication Agent; SunTrust Bank; and Branch Banking and Trust Company, arranged by BOA Securities, Inc., as Sole Lead Arranger and Sole Bookrunner, to amend and restate the Third Amended and Restated Credit Agreement (Third Amended Credit Agreement), dated as of January 12, 2016, as amended. The Fourth Amended Credit Agreement provides the Company with one or more Revolving Loans in a collective maximum principal amount of $250 million from January 1 through June 30 of each year and a maximum principal amount of $200 million from July 1 through December 31 of each year throughout the term, which ends November 5, 2024. Compliance with Debt Covenants and Restrictions Pursuant to the terms of the Fourth Amended Credit Agreement, the Company is subject to certain loan compliance covenants. The Company was in compliance with all covenants as of March 31, 2020. Failure to comply with the financial covenants could be considered a default of repayment obligations and, among other remedies, could accelerate payment of any amounts outstanding.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	10. LEASES The Company leases office space, storage warehouses and certain plant equipment under various operating leases. The Company’s operating leases have remaining lease terms of 1 year to 9 years. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For the three months ended March 31, 2020 and March 31, 2019, total operating lease cost was $2.1 million. The weighted average remaining lease term at March 31, 2020 and December 31, 2019 was 6.2 years and 6.5 years, respectively. The weighted average discount rate at March 31, 2020 and December 31, 2019 was 3.66%. The following table includes supplemental cash flow information for the three months ended March 31, 2020 and March 31, 2019 and supplemental balance sheet information at March 31, 2020 and December 31, 2019 related to operating leases (in thousands): Three Months Ended Supplemental cash flow information March 31, March 31, Cash paid for amounts included in the measurement of operating lease liabilities $ 2,143 $ 2,118 Operating ROU assets obtained in exchange for lease liabilities $ — $ 388 Supplemental balance sheet information March 31, 2020 December 31, Operating lease ROU assets $ 38,329 $ 40,049 Operating lease liabilities: Accrued expenses and other current liabilities $ 7,111 $ 7,079 Operating lease liabilities 32,440 34,242 Total operating lease liabilities $ 39,551 $ 41,321 The following table summarizes maturities of operating lease liabilities at March 31, 2020 (in thousands): Maturities of operating lease liabilities 2020 $ 6,329 2021 8,279 2022 6,464 2023 6,109 2024 6,146 Thereafter 11,079 Total lease payments 44,406 Less imputed interest (4,855 ) Total operating liabilities $ 39,551

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Investments, All Other Investments [Abstract]
Financial Instruments	11. FINANCIAL INSTRUMENTS The Company considers the recorded value of its financial assets and liabilities, consisting primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities, and debt to approximate the fair value of the respective assets and liabilities on the Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	12. STOCKHOLDERS’ EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net income available to common shareholders $ 42,402 $ 31,555 Denominator: Basic weighted average shares outstanding 58,129,529 58,543,478 Effect of dilutive securities: Stock appreciation rights and options 90,723 154,076 Restricted stock 103,469 131,623 Diluted weighted average shares outstanding 58,323,721 58,829,177 Basic earnings per share $ 0.73 $ 0.54 Diluted earnings per share $ 0.73 $ 0.54 Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive: Three Months Ended 2020 2019 Stock appreciation rights 9,135 12,813 Stock Repurchase Program On February 16, 2018, the Board of Directors adopted a stock repurchase program of up to 5.8 million shares of the Company’s outstanding common stock (Stock Repurchase Program). As of March 31, 2020, the Company has repurchased 1.4 million shares of its outstanding common stock under the Stock Repurchase Program. Due to the volatility and uncertainty in the stock market associated with the COVID-19 Amendment of Restated Certificate of Incorporation At the annual meeting of stockholders of the Company held on April 29, 2020, the Company’s stockholders approved an amendment of the Company’s Restated Certificate of Incorporation (Amendment), effective as of April 29, 2020. The Company’s Board of Directors unanimously approved the Amendment on February 19, 2020, subject to stockholder approval. The Amendment increases the number of shares of common stock, par value $ .01

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	13. REVENUE FROM CONTRACTS WITH CUSTOMERS Trex Residential Products Trex Residential principally generates revenue from the manufacture and sale of its high-performance, low-maintenance, eco-friendly Trex Commercial Products Trex Commercial generates revenue from the manufacture and sale of its modular and architectural railing and staging systems. All of its revenues are from fixed-price contracts with customers. Trex Commercial contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contract and is, therefore, not distinct. The transaction price allocated to remaining performance obligations on contracts with an original duration greater than one year was $60.1 million as of March 31, 2020. The Company will recognize this revenue as contracts are completed, which is expected to occur within the next 24 months. For the three months ended March 31, 2020 and 2019, net sales were disaggregated in the following tables by (1) market, (2) timing of revenue recognition, and (3) type of contract. The tables also include a reconciliation of the respective disaggregated net sales with the Company’s reportable segments (in thousands): Three Months Ended March 31, 2020 Reportable Segment Trex Residential Trex Commercial Total Timing of Revenue Recognition and Type of Contract Products transferred at a point in time and variable consideration contracts $ 186,874 $ — $ 186,874 Products transferred over time and fixed price contracts — 13,521 13,521 $ 186,874 $ 13,521 $ 200,395 Three Months Ended March 31, 2019 Reportable Segment Trex Residential Trex Commercial Total Timing of Revenue Recognition and Type of Contract Products transferred at a point in time and variable consideration contracts $ 165,479 $ — $ 165,479 Products transferred over time and fixed price contracts — 14,092 14,092 $ 165,479 $ 14,092 $ 179,571

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	14. STOCK-BASED COMPENSATION The Company has one stock-based compensation plan, the 2014 Stock Incentive Plan (Plan), approved The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2020: Stock Awards Granted Weighted-Average Per Share Time-based restricted stock units 19,769 $ 101.53 Performance-based restricted stock units (a) 36,510 $ 78.18 Stock appreciation rights 19,792 $ 101.66 (a) Includes 24,320 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2020, and adjustments of (2,562), 3,029 and 11,723 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2019, 2018 and 2017, respectively. The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. For SARs issued in the three months ended March 31, 2020 and 2019 the data and assumptions shown in the following table were used: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Weighted-average fair value of grants $ 35.65 $ 29.56 Dividend yield 0 % 0 % Average risk-free interest rate 1.4 % 2.5 % Expected term (years) 5 5 Expected volatility 37.8 % 39.1 % Three Months Ended 2020 2019 Stock appreciation rights $ 354 $ 295 Time-based restricted stock and restricted stock units 1,256 1,149 Performance-based restricted stock and restricted stock units 1,135 1,314 Employee stock purchase plan 30 35 Total stock-based compensation $ 2,775 $ 2,793 Total unrecognized compensation cost related to unvested awards as of March 31, 2020 was $7.4 million. The cost of these unvested awards is being recognized over the requisite vesting period of each award.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	15. INCOME TAXES The Company’s effective tax rate for the three months ended March 31, 2020 and 2019 was 23.8% and 19.6%, respectively, which resulted in expense of $13.3 million and $7.7 million, respectively. The increase of 4.2% in the effective tax rate was primarily due to a current year decrease in excess tax benefits from the exercise of share-based payments and an increase in non- deductible During the three months ended March 31, 2020 and 2019, the Company realized $1.0 million and $2.3 million, respectively, of excess tax benefits from stock-based awards and recorded a corresponding benefit to income tax expense. The Company analyzes its deferred tax assets each reporting period, considering all available positive and negative evidence in determining the expected realization of those deferred tax assets. As of March 31, 2020, the Company maintains a valuation allowance of $3.0 million against deferred tax assets primarily related to state tax credits it estimates will expire before they are realized. In response to COVID-19, The Company operates in multiple tax jurisdictions and, in the normal course of business, its tax returns are subject to examination by various taxing authorities. Such examinations may result in future assessments by these taxing authorities, and the Company accrues a liability when it believes that it is more likely than not that benefits of tax positions will not be realized. The Company believes that adequate provisions have been made for all tax returns subject to examination. As of March 31, 2020, for certain tax jurisdictions tax years 2016 through 2019 remain subject to examination. The Company’s returns filed with the state of New Jersey for the tax years 2015 through 2018 are currently under examination. No material adjustments are expected as a result of the audit. Sales made to foreign distributors are not taxable in any foreign jurisdiction as the Company does not have a taxable presence in any foreign jurisdiction.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	16. SEGMENT INFORMATION The Company operates in two reportable segments: • Trex Residential manufactures wood-alternative decking and residential railing and related products marketed under the brand name Trex ® • Trex Commercial designs, engineers, and markets modular and architectural railing and staging systems for the commercial and multi-family market, including sports stadiums and performing arts venues. Trex Commercial products are marketed to architects, specifiers, contractors, and others doing business within the commercial and multi-family market. The Company’s reportable segments have been determined in accordance with its internal management structure, which is organized based on residential and commercial sales activities. The Company evaluates performance of each segment primarily based on net sales and earnings before interest, taxes, depreciation and amortization (EBITDA). The Company uses net sales to assess performance and allocate resources as this measure represents the amount of business the segment engaged in during a given period of time, is an indicator of market growth and acceptance of segment products, and represents the segment’s customers’ spending habits along with the amount of product the segment sells relative to its competitors. The Company uses EBITDA to assess performance and allocate resources because it believes that EBITDA facilitates performance comparison between the segments by eliminating interest, taxes, and depreciation and amortization charges to income. The below segment data for the three months ended March 31, 2020 and 2019 includes data for Trex Residential and Trex Commercial (in thousands): Segment Data: Three Months Ended March 31, 2020 Three Months Ended Trex Residential Trex Total Trex Trex Total Net sales $ 186,874 $ 13,521 $ 200,395 $ 165,479 $ 14,092 $ 179,571 Net income $ 41,020 $ 1,382 $ 42,402 $ 31,255 $ 300 $ 31,555 EBITDA $ 56,950 $ 2,036 $ 58,986 $ 42,067 $ 526 $ 42,593 Depreciation and amortization $ 3,664 $ 187 $ 3,851 $ 3,268 $ 126 $ 3,394 Income tax expense $ 12,788 $ 467 $ 13,255 $ 7,600 $ 100 $ 7,700 Capital expenditures $ 22,416 $ 317 $ 22,733 $ 7,694 $ 953 $ 8,647 Total assets $ 539,352 $ 91,504 $ 630,856 $ 448,303 $ 87,342 $ 535,645 Reconciliation of Net Income to EBITDA: Three Months Ended March 31, 2020 Three Months Ended Trex Residential Trex Total Trex Trex Total Net income $ 41,020 $ 1,382 $ 42,402 $ 31,255 $ 300 $ 31,555 Interest income, net (522 ) — (522 ) (56 ) — (56 ) Income tax expense 12,788 467 13,255 7,600 100 7,700 Depreciation and amortization 3,664 187 3,851 3,268 126 3,394 EBITDA $ 56,950 $ 2,036 $ 58,986 $ 42,067 $ 526 $ 42,593

Seasonality

Seasonality	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Seasonality	17. SEASONALITY The operating results for Trex Residential have historically varied from quarter to quarter. Seasonal, erratic or prolonged adverse weather conditions in certain geographic regions reduce the level of home improvement and construction activity and can shift demand for its products to a later period. As part of its normal business practice and consistent with industry practice, Trex Residential has historically offered incentive programs to its distributors and dealers to build inventory levels before the start of the prime deck-building season in order to ensure adequate availability of its product to meet anticipated seasonal consumer demand. The seasonal effects are often offset by the positive effect of the incentive programs. The operating results for Trex Commercial have not historically varied from quarter to quarter as a result of seasonality. However, they are driven by the timing of individual projects, which may vary significantly each period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. COMMITMENTS AND CONTINGENCIES Product Warranty The Company warrants that its decking and residential railing products will be free from material defects in workmanship and materials for warranty periods ranging from 10 years to 25 years, depending on the product and its use. If there is a breach of such warranties, the Company has an obligation either to replace the defective product or refund the purchase price. The Company continues to receive and settle claims for products manufactured at its Nevada facility prior to 2007 that exhibit surface flaking and maintains a warranty reserve to provide for the settlement of these claims. Estimating the warranty reserve for surface flaking claims requires management to estimate (1) the number of claims to be settled with payment and (2) the average cost to settle each claim. To estimate the number of claims to be settled with payment, the Company utilizes actuarial techniques to quantify both the expected number of claims to be received and the percentage of those claims that will ultimately require payment (collectively, elements). Estimates for these elements are quantified using a range of assumptions derived from claim count history and the identification of factors influencing the claim counts. The cost per claim varies due to a number of factors, including the size of affected decks, the availability and type of replacement material used, the cost of production of replacement material and the method of claim settlement. The Company monitors surface flaking claims activity each quarter for indications that its estimates require revision. Typically, a majority of surface flaking claims received in a year are received during the summer outdoor season, which spans the second and third quarters. It has been the Company’s practice to utilize the actuarial techniques discussed above during the third quarter, after a significant portion of all claims has been received for the fiscal year and variances to annual claims expectations are more meaningful. The number of incoming claims received in the three months ended March 31, 2020, was consistent with the Company’s expectations but higher than the number of claims received in the three months ended March 31, 2019. Average settlement cost per claim experienced in the three months ended March 31, 2020 was slightly higher than the Company’s expectations, considerably higher than that experienced in the three months ended March 31, 2019, due to an increase in larger claims settled and changes in the mix of settlement methods, and slightly lower than that experienced for the year ended December 31, 2019. The Company believes its reserve at March 31, 2020 is sufficient to cover future surface flaking obligations and no adjustments were required in the current period. The Company’s analysis is based on currently known facts and a number of assumptions, as discussed above, and current expectations. Projecting future events such as the number of claims to be received, the number of claims that will require payment and the average cost of claims could cause actual warranty liabilities to be higher or lower than those projected, which could materially affect the Company’s financial condition, results of operations or cash flows. The Company estimates that the annual number of claims received will continue to decline over time and that the average cost per claim will increase slightly, primarily due to inflation. If the level of claims received or average cost per claim differs materially from expectations, it could result in additional increases or decreases to the warranty reserve and a decrease or increase in earnings and cash flows in future periods. The Company estimates that a 10% change in the expected number of remaining claims to be settled with payment or the expected cost to settle claims may result in approximately a $1.8 million change in the surface flaking warranty reserve. The following is a reconciliation of the Company’s residential product warranty reserve (in thousands): Three Months Ended March 31, 2020 Surface Other Total Beginning balance, January 1 $ 19,024 $ 6,470 $ 25,494 Provisions and changes in estimates — 321 321 Settlements made during the period (557 ) (168 ) (725 ) Ending balance, March 31 $ 18,467 $ 6,623 $ 25,090 Three Months Ended March 31, 2019 Surface Other Total Beginning balance, January 1 $ 23,951 $ 6,803 $ 30,754 Provisions and changes in estimates — 505 505 Settlements made during the period (633 ) (292 ) (925 ) Ending balance, March 31 $ 23,318 $ 7,016 $ 30,334 Legal Matters The Company has lawsuits, as well as other claims, pending against it which are ordinary routine litigation and claims incidental to the business. Management has evaluated the merits of these lawsuits and claims, and believes that their ultimate resolution will not have a material effect on the Company’s consolidated financial condition, results of operations, liquidity or competitive position.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Stock-Based Compensation	The Company has one stock-based compensation plan, the 2014 Stock Incentive Plan (Plan), approved

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories valued at LIFO (last-in, first-out), March 31, 2020 December 31, Finished goods $ 43,458 $ 42,281 Raw materials 33,050 31,686 Total FIFO (first-in, first-out) 76,508 73,967 Reserve to adjust inventories to LIFO value (19,062 ) (19,062 ) Total LIFO inventories $ 57,446 $ 54,905

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Summary of Prepaid Expenses and Other Assets	Prepaid expenses and other assets consist of the following (in thousands): March 31, 2020 December 31, Prepaid expenses $ 6,901 $ 8,282 Revenues in excess of billings 6,247 6,664 Contract retainage 2,273 1,832 Income tax receivable 513 2,675 Other 648 350 Total prepaid expenses and other assets $ 16,582 $ 19,803

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): March 31, 2020 December 31, Sales and marketing $ 18,392 $ 28,402 Income taxes 9,688 — Compensation and benefits 7,721 13,475 Operating lease liabilities 7,111 7,079 Customer deposits 3,232 2,905 Manufacturing costs 2,504 2,564 Billings in excess of revenues 2,125 816 Other 3,582 3,024 Total accrued expenses and other liabilities $ 54,355 $ 58,265

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Supplemental Cash Flow information and Supplemental balance sheet information related to operating leases to operating leases	The following table includes supplemental cash flow information for the three months ended March 31, 2020 and March 31, 2019 and supplemental balance sheet information at March 31, 2020 and December 31, 2019 related to operating leases (in thousands): Three Months Ended Supplemental cash flow information March 31, March 31, Cash paid for amounts included in the measurement of operating lease liabilities $ 2,143 $ 2,118 Operating ROU assets obtained in exchange for lease liabilities $ — $ 388 Supplemental balance sheet information March 31, 2020 December 31, Operating lease ROU assets $ 38,329 $ 40,049 Operating lease liabilities: Accrued expenses and other current liabilities $ 7,111 $ 7,079 Operating lease liabilities 32,440 34,242 Total operating lease liabilities $ 39,551 $ 41,321
Maturities of operating lease liabilities	The following table summarizes maturities of operating lease liabilities at March 31, 2020 (in thousands): Maturities of operating lease liabilities 2020 $ 6,329 2021 8,279 2022 6,464 2023 6,109 2024 6,146 Thereafter 11,079 Total lease payments 44,406 Less imputed interest (4,855 ) Total operating liabilities $ 39,551

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net income available to common shareholders $ 42,402 $ 31,555 Denominator: Basic weighted average shares outstanding 58,129,529 58,543,478 Effect of dilutive securities: Stock appreciation rights and options 90,723 154,076 Restricted stock 103,469 131,623 Diluted weighted average shares outstanding 58,323,721 58,829,177 Basic earnings per share $ 0.73 $ 0.54 Diluted earnings per share $ 0.73 $ 0.54
Antidilutive Securities Excluded from Computation of Earnings Per Share	The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive: Three Months Ended 2020 2019 Stock appreciation rights 9,135 12,813

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Net Sales	The tables also include a reconciliation of the respective disaggregated net sales with the Company’s reportable segments (in thousands): Three Months Ended March 31, 2020 Reportable Segment Trex Residential Trex Commercial Total Timing of Revenue Recognition and Type of Contract Products transferred at a point in time and variable consideration contracts $ 186,874 $ — $ 186,874 Products transferred over time and fixed price contracts — 13,521 13,521 $ 186,874 $ 13,521 $ 200,395 Three Months Ended March 31, 2019 Reportable Segment Trex Residential Trex Commercial Total Timing of Revenue Recognition and Type of Contract Products transferred at a point in time and variable consideration contracts $ 165,479 $ — $ 165,479 Products transferred over time and fixed price contracts — 14,092 14,092 $ 165,479 $ 14,092 $ 179,571

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Stock-Based Compensation Expense	The following table summarizes the Company’s stock-based compensation expense (in thousands): Three Months Ended 2020 2019 Stock appreciation rights $ 354 $ 295 Time-based restricted stock and restricted stock units 1,256 1,149 Performance-based restricted stock and restricted stock units 1,135 1,314 Employee stock purchase plan 30 35 Total stock-based compensation $ 2,775 $ 2,793
Summary of Assumptions Used to Estimate Fair Value of Each SAR	For SARs issued in the three months ended March 31, 2020 and 2019 the data and assumptions shown in the following table were used: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Weighted-average fair value of grants $ 35.65 $ 29.56 Dividend yield 0 % 0 % Average risk-free interest rate 1.4 % 2.5 % Expected term (years) 5 5 Expected volatility 37.8 % 39.1 %
Summary of Stock-Based Compensation Grants	The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2020: Stock Awards Granted Weighted-Average Per Share Time-based restricted stock units 19,769 $ 101.53 Performance-based restricted stock units (a) 36,510 $ 78.18 Stock appreciation rights 19,792 $ 101.66 (a) Includes 24,320 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2020, and adjustments of (2,562), 3,029 and 11,723 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2019, 2018 and 2017, respectively.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Details of Segment Information	The below segment data for the three months ended March 31, 2020 and 2019 includes data for Trex Residential and Trex Commercial (in thousands): Segment Data: Three Months Ended March 31, 2020 Three Months Ended Trex Residential Trex Total Trex Trex Total Net sales $ 186,874 $ 13,521 $ 200,395 $ 165,479 $ 14,092 $ 179,571 Net income $ 41,020 $ 1,382 $ 42,402 $ 31,255 $ 300 $ 31,555 EBITDA $ 56,950 $ 2,036 $ 58,986 $ 42,067 $ 526 $ 42,593 Depreciation and amortization $ 3,664 $ 187 $ 3,851 $ 3,268 $ 126 $ 3,394 Income tax expense $ 12,788 $ 467 $ 13,255 $ 7,600 $ 100 $ 7,700 Capital expenditures $ 22,416 $ 317 $ 22,733 $ 7,694 $ 953 $ 8,647 Total assets $ 539,352 $ 91,504 $ 630,856 $ 448,303 $ 87,342 $ 535,645
Schedule of Reconciliation of Net Income to EBITDA	Reconciliation of Net Income to EBITDA: Three Months Ended March 31, 2020 Three Months Ended Trex Residential Trex Total Trex Trex Total Net income $ 41,020 $ 1,382 $ 42,402 $ 31,255 $ 300 $ 31,555 Interest income, net (522 ) — (522 ) (56 ) — (56 ) Income tax expense 12,788 467 13,255 7,600 100 7,700 Depreciation and amortization 3,664 187 3,851 3,268 126 3,394 EBITDA $ 56,950 $ 2,036 $ 58,986 $ 42,067 $ 526 $ 42,593

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Reconciliation of Company's Residential Product Warranty Reserve	The following is a reconciliation of the Company’s residential product warranty reserve (in thousands): Three Months Ended March 31, 2020 Surface Other Total Beginning balance, January 1 $ 19,024 $ 6,470 $ 25,494 Provisions and changes in estimates — 321 321 Settlements made during the period (557 ) (168 ) (725 ) Ending balance, March 31 $ 18,467 $ 6,623 $ 25,090 Three Months Ended March 31, 2019 Surface Other Total Beginning balance, January 1 $ 23,951 $ 6,803 $ 30,754 Provisions and changes in estimates — 505 505 Settlements made during the period (633 ) (292 ) (925 ) Ending balance, March 31 $ 23,318 $ 7,016 $ 30,334

Business and Organization - Add

Business and Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Accounting Policies [Abstract]
Number of reportable segments	2

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 43,458	$ 42,281
Raw materials	33,050	31,686
Total FIFO inventories	76,508	73,967
Reserve to adjust inventories to LIFO value	(19,062)	(19,062)
Total LIFO inventories	$ 57,446	$ 54,905

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
LIFO inventory liquidations	$ 0
Raw materials	$ 1,300,000	$ 1,200,000

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets - Summary of Prepaid Expenses and Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 6,901	$ 8,282
Revenues in excess of billings	6,247	6,664
Contract retainage	2,273	1,832
Income tax receivable	513	2,675
Other	648	350
Total prepaid expenses and other assets	$ 16,582	$ 19,803

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill [Line Items]
Amortization of intangible asset	$ 0.1	$ 0.1
Intangible Assets	6.3		$ 6.3
Accumulated Amortization	0.8		0.7
Commercial [Member]
Goodwill [Line Items]
Goodwill			$ 54.3
Residential [Member]
Goodwill [Line Items]
Goodwill	$ 14.2
Domain Names [Member]
Goodwill [Line Items]
Amortization period	15 years

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Sales and marketing	$ 18,392	$ 28,402
Income taxes	9,688	0
Compensation and benefits	7,721	13,475
Operating lease liabilities	7,111	7,079
Customer deposits	3,232	2,905
Manufacturing costs	2,504	2,564
Billings in excess of revenues	2,125	816
Other	3,582	3,024
Total accrued expenses and other liabilities	$ 54,355	$ 58,265

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowing capacity	$ 28,500,000
Remaining available borrowing capacity	$ 221,500,000
Fourth Amended And Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Termination date of the Credit Agreement	Nov. 5, 2024
Revolver Loans Portion Effective January 1 through June 30 [Member] | Fourth Amended And Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Revolving loans in a collective maximum principal amount	$ 250,000,000
Revolver Loans Portion Effective July 1 through December 31 [Member] | Fourth Amended And Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Revolving loans in a collective maximum principal amount	$ 200,000,000

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Weighted average discount rate	3.66%
Operating lease cost	$ 2.1	$ 2.1
Weighted average remaining lease term	6 years 2 months 12 days		6 years 6 months
Minimum [Member]
Operating Lease terms	1 year
Maximum [Member]
Operating Lease terms	9 years

Leases - Supplemental Cash flow

Leases - Supplemental Cash flow Information to operating leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Supplemental cash flow information
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,143	$ 2,118
Operating ROU assets obtained in exchange for lease liabilities	0	$ 388
Supplemental balance sheet information
Operating lease right-of-use assets	38,329		$ 40,049
Operating lease liabilities:
Accrued expenses and other current liabilities	7,111		7,079
Operating lease liabilities	32,440		34,242
Total operating lease liabilities	$ 39,551		$ 41,321

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due [Abstract]
2020	$ 6,329
2021	8,279
2022	6,464
2023	6,109
2024	6,146
Thereafter	11,079
Total lease payments	44,406
Less imputed interest	(4,855)
Total operating liabilities	$ 39,551	$ 41,321

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - $ / shares	23 Months Ended
	Dec. 31, 2019	Apr. 29, 2020	Mar. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized	120,000,000		120,000,000
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock, par value		$ 0.01
Common stock, shares authorized		180,000,000
Stock Repurchase Programs [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchase program, authorized shares			5,800,000
Number of shares repurchased by the Company	1,400,000

Stockholders' Equity - Computat

Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income available to common shareholders	$ 42,402	$ 31,555
Denominator:
Basic weighted average shares outstanding	58,129,529	58,543,478
Effect of dilutive securities:
Diluted weighted average shares outstanding	58,323,721	58,829,177
Basic earnings per share	$ 0.73	$ 0.54
Diluted earnings per share	$ 0.73	$ 0.54
Stock appreciation rights and options [Member]
Effect of dilutive securities:
Dilutive securities	90,723	154,076
Restricted stock [Member]
Effect of dilutive securities:
Dilutive securities	103,469	131,623

Stockholders' Equity - Antidilu

Stockholders' Equity - Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock appreciation rights [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share	9,135	12,813

Revenue From Contracts With C_3

Revenue From Contracts With Customers - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue remaining performance obligation	$ 60.1
Revenue remaining performance obligation description	greater than one year

Revenue From Contracts With C_4

Revenue From Contracts With Customers - Summary of Disaggregated Net Sales (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 200,395	$ 179,571
Products Transferred at a Point in Time and Variable Consideration Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	186,874	165,479
Products Transferred Over Time and Fixed Price Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	13,521	14,092
Residential [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	186,874	165,479
Residential [Member] | Products Transferred at a Point in Time and Variable Consideration Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	186,874	165,479
Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	13,521	14,092
Commercial [Member] | Products Transferred Over Time and Fixed Price Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 13,521	$ 14,092

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested awards | $	$ 7.4
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total aggregate number of shares of common stock that may be issued	12,840,000
Number of common stock available for future issuance	5,335,353
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumptions method used	Black-Scholes option-pricing formula

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,775	$ 2,793
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	354	295
Time-Based Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,256	1,149
Performance-Based Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,135	1,314
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 30	$ 35

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used to Estimate Fair Value of Each SAR (Detail) - Stock Appreciation Rights [Member] - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions and Methodology [Line Items]
Weighted-average fair value of grants	$ 35.65	$ 29.56
Dividend yield	0.00%	0.00%
Average risk-free interest rate	1.40%	2.50%
Expected term (years)	5 years	5 years
Expected volatility	37.80%	39.10%

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation Grants (Detail)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Time Based Restricted Stock Units [Member]
Stock Awards Granted | shares	19,769
Weighted-Average Grant Price Per Share | $ / shares	$ 101.53
Performance Based Restricted Stock Units [Member]
Stock Awards Granted | shares	36,510
Weighted-Average Grant Price Per Share | $ / shares	$ 78.18
Stock Appreciation Rights [Member]
Stock Awards Granted | shares	19,792
Weighted-Average Grant Price Per Share | $ / shares	$ 101.66

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-Based Compensation Grants (Parenthetical) (Detail) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Performance Based Restricted Stock Unit Target [Member]
Stock Awards Granted	24,320
Performance Based Restricted Stock Unit Adjustment [Member]
Stock Awards Granted		(2,562)	3,029	11,723

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Contingency [Line Items]
Valuation allowance	$ 3,000
Income tax expense (benefit)	$ 13,255	$ 7,700
Effective tax rate	23.80%	19.60%
Decrease in effective tax rate due to increase in domestic production activities deduction	4.20%
Excess tax benefits from stock based awards	$ 1,000	$ 2,300
Earliest Tax Year [Member] | Federal Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Tax years subject to examination	2016
Latest Tax Year [Member] | Federal Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Tax years subject to examination	2019

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting Information [Line Items]
Number of reportable segment	2

Segment Information - Details o

Segment Information - Details of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 200,395	$ 179,571
Net income	42,402	31,555
Depreciation and amortization	3,851	3,394
Income tax expense	13,255	7,700
Total Assets	630,856		$ 592,239
Residential [Member]
Segment Reporting Information [Line Items]
Net sales	186,874	165,479
Commercial [Member]
Segment Reporting Information [Line Items]
Net sales	13,521	14,092
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	200,395	179,571
Net income	42,402	31,555
EBITDA	58,986	42,593
Depreciation and amortization	3,851	3,394
Income tax expense	13,255	7,700
Capital expenditures	22,733	8,647
Total Assets	630,856	535,645
Operating Segments [Member] | Residential [Member]
Segment Reporting Information [Line Items]
Net sales	186,874	165,479
Net income	41,020	31,255
EBITDA	56,950	42,067
Depreciation and amortization	3,664	3,268
Income tax expense	12,788	7,600
Capital expenditures	22,416	7,694
Total Assets	539,352	448,303
Operating Segments [Member] | Commercial [Member]
Segment Reporting Information [Line Items]
Net sales	13,521	14,092
Net income	1,382	300
EBITDA	2,036	526
Depreciation and amortization	187	126
Income tax expense	467	100
Capital expenditures	317	953
Total Assets	$ 91,504	$ 87,342

Segment Information - Schedule

Segment Information - Schedule of Reconciliation of Net Income to EBITDA (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net income	$ 42,402	$ 31,555
Interest income, net	(522)	(56)
Income tax expense	13,255	7,700
Depreciation and Amortization	3,851	3,394
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net income	42,402	31,555
Interest income, net	(522)	(56)
Income tax expense	13,255	7,700
Depreciation and Amortization	3,851	3,394
EBITDA	58,986	42,593
Operating Segments [Member] | Residential [Member]
Segment Reporting Information [Line Items]
Net income	41,020	31,255
Interest income, net	(522)	(56)
Income tax expense	12,788	7,600
Depreciation and Amortization	3,664	3,268
EBITDA	56,950	42,067
Operating Segments [Member] | Commercial [Member]
Segment Reporting Information [Line Items]
Net income	1,382	300
Income tax expense	467	100
Depreciation and Amortization	187	126
EBITDA	$ 2,036	$ 526

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Change in warranty reserve for disclosure purposes only	$ 1.8
Minimum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Warranty period	10 years
Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Warranty period	25 years
Surface Flaking Warranty Reserve [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage change in warranty claims used as a threshold for disclosure	10.00%

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Reconciliation of Company's Residential Product Warranty Reserve (Detail) - Surface Flaking Warranty Reserve [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Product Warranty Liability [Line Items]
Beginning balance	$ 25,494	$ 30,754
Provisions and changes in estimates	321	505
Settlements made during the period	(725)	(925)
Ending balance	25,090	30,334
Surface Flaking [Member]
Product Warranty Liability [Line Items]
Beginning balance	19,024	23,951
Settlements made during the period	(557)	(633)
Ending balance	18,467	23,318
Other Residential [Member]
Product Warranty Liability [Line Items]
Beginning balance	6,470	6,803
Provisions and changes in estimates	321	505
Settlements made during the period	(168)	(292)
Ending balance	$ 6,623	$ 7,016