Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | HBP |
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC |
Entity Central Index Key | 1,093,082 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 26,070,616 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 198 | $ 175.7 |
Cost of sales | 159.3 | 140.2 |
Gross margin | 38.7 | 35.5 |
Operating expenses | 39.2 | 37 |
Operating loss | (0.5) | (1.5) |
Interest expense, net | 1.1 | 0.6 |
Loss from continuing operations before income taxes | (1.6) | (2.1) |
Benefit from income taxes | (1.1) | (1.2) |
Loss from continuing operations | (0.5) | (0.9) |
Net loss | $ (0.5) | $ (0.9) |
Loss from continuing operations per share - basic and diluted | $ (0.02) | $ (0.04) |
Net loss per share - basic and diluted | $ (0.02) | $ (0.04) |
Weighted average shares outstanding: | ||
Basic and diluted shares outstanding | 25.1 | 24.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 1.3 | $ 0.3 | $ 1.1 |
Trade accounts receivable, net | 100.9 | 66.8 | 88.4 |
Net inventories | 139.3 | 111.9 | 88.2 |
Other current assets | 10.7 | 11.4 | 7.2 |
Total current assets | 252.2 | 190.4 | 184.9 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 5 | 5 | 5 |
Buildings and improvements | 31.2 | 31.1 | 29.8 |
Machinery and equipment | 51.8 | 49.8 | 45.4 |
Gross property, plant and equipment | 88 | 85.9 | 80.2 |
Less accumulated depreciation | 57.3 | 56.4 | 54.1 |
Property, plant and equipment, net | 30.7 | 29.5 | 26.1 |
OTHER ASSETS: | |||
Goodwill | 9.5 | 9.5 | 9.5 |
Deferred income taxes | 10.8 | 9.7 | 13.4 |
Other | 6.4 | 6.8 | 7.1 |
Total other assets | 26.7 | 26 | 30 |
TOTAL ASSETS | 309.6 | 245.9 | 241 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 1.3 | 1.2 | 1 |
Trade accounts payable | 80.5 | 51 | 68.2 |
Accrued compensation | 2.5 | 6.3 | 3.2 |
Other accrued liabilities | 11.5 | 16.6 | 12.1 |
Total current liabilities | 95.8 | 75.1 | 84.5 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 145.4 | 101.8 | 78.5 |
Other non-current liabilities | 2.3 | 2.5 | 6.8 |
Total non-current liabilities | 147.7 | 104.3 | 85.3 |
SHAREHOLDERS' EQUITY: | |||
Preferred shares: $.01 par (5,000,000 shares authorized) | |||
Common shares: $.01 par (75,000,000 shares authorized: 26,070,616 25,843,166; and 25,880,851 shares issued at March 31, 2018, December 31, 2017 and March 31, 2017, respectively) | 0.3 | 0.3 | 0.3 |
Additional paid-in capital | 44.2 | 44.1 | 42.6 |
Retained earnings | 21.6 | 22.1 | 28.3 |
Total shareholders' equity | 66.1 | 66.5 | 71.2 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 309.6 | $ 245.9 | $ 241 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, shares issued | 26,070,616 | 25,843,166 | 25,880,851 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (0.5) | $ (0.9) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1.3 | 1.1 |
Non-cash interest expense | 0.1 | 0.1 |
Stock-based compensation | 0.6 | 0.5 |
Deferred income taxes | (1.1) | (1.3) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (34.1) | (29.1) |
Net inventories | (27.5) | (7.2) |
Trade accounts payable | 29.5 | 21 |
Other | (8.1) | (4.3) |
Cash used in continuing operating activities | (39.8) | (20.1) |
Cash used in discontinued operating activities | (0.3) | (0.3) |
Total cash used in operating activities | (40.1) | (20.4) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (1.6) | (1.7) |
Total cash used in investing activities | (1.6) | (1.7) |
Cash Flows From Financing Activities: | ||
Borrowings of debt, net | 43.1 | 23.6 |
Payment for taxes related to share settlement of equity awards | (0.4) | (0.7) |
Total cash provided by financing activities | 42.7 | 22.9 |
Net increase in cash and equivalents | 1 | 0.8 |
Cash and equivalents, beginning of period | 0.3 | 0.3 |
Cash and equivalents, end of period | 1.3 | 1.1 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 1 | 0.5 |
Non-cash financing activities: | ||
Assets acquired with debt obligations | $ 0.6 | $ 0.3 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Huttig Building Products, Inc. and its subsidiary (the “Company” or “Huttig”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The condensed consolidated results of operations and resulting cash flows for the interim periods presented are not necessarily indicative of the results that might be expected for the full year. Due to the seasonal nature of Huttig’s business, operating profitability is usually lower in the Company’s first and fourth quarters than in the second and third quarters. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2014-09, Revenue form Contracts with Customers (Topic 606) and all of the related amendments. We adopted the standard using the full retrospective method which did not require a cumulative effect adjustment to retained earnings. As a result of this adoption, there was no material impact on our revenue recognition practices, income from continuing operations after taxes, net income or earnings per share. See Note 3 for further discussion, including additional required qualitative and quantitative disclosures of our revenue recognition policies. Accounting Standards Issued But Not Yet Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. This guidance will be effective in the first quarter of 2020 on a prospective basis, and early adoption is permitted. We do not expect the standard to have a material impact on our consolidated financial statements. In February 2016, the FASB issued accounting guidance, "Leases", which will supersede the existing lease guidance and will require all leases with a term greater than 12 months to be recognized in the statement of financial position and eliminate current real estate-specific lease guidance, while maintaining substantially similar classification criteria for distinguishing between finance leases and operating leases. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. This standard will be adopted on a modified retrospective basis. Huttig is required to adopt the standard in the first quarter of 2019. While we continue to evaluate the effect of adopting this guidance on our consolidated financial statements and related disclosures, we expect our operating leases to be subject to the new standard. We expect to recognize right-of-use assets and operating lease liabilities on our consolidated balance sheets upon adoption, which will increase our total assets and liabilities. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. REVENUE Revenue is recognized when performance obligations with our customer are satisfied. A performance obligation is a promise to transfer a distinct good to the customer and is the unit of account in ASC Topic 606. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of our contracts have a single performance obligation as the promise to transfer the individual good is not separately identifiable from other promises and is, therefore, not distinct. Our performance obligations are satisfied at a point in time and revenue is recognized when the customer accepts the delivery of our product or takes possession of our product with rights and rewards of ownership. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. We report revenue, including our direct sales, on a net basis, which includes gross revenue adjustments for estimated returns, cash payment discounts based on the satisfaction of outstanding receivables, and volume purchase rebates. As it relates to direct sales, we are the principal of these arrangements as we are responsible for fulfilling the promise to provide specific goods to our customers including product specifications, pricing and modifications before it is delivered to our customers. The following table disaggregates our revenue by product classification: Three Months Ended March 31, 2018 2017 Millwork Products $ 95.3 $ 91.9 Building Products 85.5 68.1 Wood Products 17.2 15.7 Net Sales $ 198.0 $ 175.7 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Debt consisted of the following (in millions): March 31, December 31, March 31, 2018 2017 2017 Revolving credit facility $ 142.6 $ 99.2 $ 76.3 Other obligations 4.1 3.8 3.2 Total debt 146.7 103.0 79.5 Less current maturities of long-term debt 1.3 1.2 1.0 Long-term debt, less current maturities $ 145.4 $ 101.8 $ 78.5 Credit Facility — In July 2017, the Company amended and extended its asset-based senior secured revolving credit facility (“credit facility”) with Wells Fargo Capital Finance, Bank of America and JPMorgan Chase. The amendment, among other things, increased the borrowing capacity from $160 million to $250 million, reduced the interest rate, reduced the minimum fixed charge coverage ratio and extended the maturity to July 14, 2022. The amended facility may be increased to $300 million, through an uncommitted $50 million accordion feature, subject to certain conditions. Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets, and the Company is subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. At March 31, 2018, the Company had revolving credit borrowings of $142.6 million outstanding at a weighted average interest rate of 3.4% per annum, letters of credit outstanding totaling $3.6 million, primarily used as collateral for health and workers’ compensation insurance and $43.9 million of excess committed borrowing availability. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $4.1 million of capital lease and other obligations outstanding at March 31, 2018. The sole financial covenant in the credit facility is the minimum fixed charge coverage ratio (the “FCCR”) of 1.00:1.00, which must be tested by the Company if the excess committed borrowing availability falls below an amount in a range between $17.5 million to $31.3 million, depending on our borrowing base. The FCCR must also be tested on a pro forma basis prior to consummation of certain transactions outside the ordinary course of the Company’s business, as defined in the credit agreement. In the first quarter of 2018 the minimum FCCR was not required to be tested as excess committed borrowing availability was greater than the minimum threshold. However, if the Company’s excess borrowing availability would have fallen below that threshold, we would not have met the minimum FCCR. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 5. CONTINGENCIES The Company carries insurance policies on insurable risks with coverage and other terms that it believes to be appropriate. The Company has self-insured retention limits and has obtained fully insured layers of coverage above such self-insured retention limits. Accruals for self-insurance losses are made based on claims experience. Liabilities for existing and unreported claims are accrued for when it is probable that future costs will be incurred and can be reasonably estimated. Legal and Environmental Matters The Company accrues expenses for contingencies when it is probable that an asset has been impaired or a liability has been incurred and management can reasonably estimate the expense. Contingencies for which the Company has made accruals include environmental and other legal matters. It is possible, however, that actual expenses could exceed our accrual by a material amount which could have a material adverse effect on the Company’s future liquidity, financial condition or operating results in the period in which any such additional expenses are incurred or recognized. Environmental Matters As described in Note 7 — “Commitments and Contingencies” to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, the Company was previously identified as a potentially responsible party in connection with the cleanup of contamination at a formerly owned property in Montana. On February 18, 2015, the Montana Department of Environmental Quality (the “DEQ”) issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its Record of Decision (the “ROD”). In September 2015, the remedial action work plan (“RAWP”) was approved. The Company paid $0.3 million in the first three months of 2018 implementing the RAWP. The Company estimates the total remaining cost of implementing the RAWP to be $3.2 million at March 31, 2018. As of March 31, 2018, the Company believes the accrual represents a reasonable best estimate of the total remaining remediation costs, based on facts, circumstances, and information currently available to Huttig. However, there are currently unknown variables relating to the actual levels of contaminants and amounts of soil that will ultimately require treatment or removal and as part of the remediation process, additional soil and groundwater sampling, and bench and pilot testing is required to ensure the remediation will achieve the projected outcome required by the DEQ. The ultimate final amount of remediation costs and expenditures are difficult to estimate with certainty and as a result, the amount of actual costs and expenses ultimately incurred by Huttig with respect to this property could be lower than, or exceed the amount accrued as of March 31, 2018 by a material amount. If actual costs are materially higher, the incremental expenses over the amount currently accrued could have a material adverse effect on our liquidity, financial condition and operating results. In addition, some of the Company’s current and former distribution centers are located in areas of current or former industrial activity where environmental contamination may have occurred, and for which the Company, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of its distribution center locations. Legal Matters The Company is also involved in litigation in Colorado, Illinois, and Texas filed by PrimeSource Building Products, Inc. (“PrimeSource”) against the Company and eleven of its employees. The complaints allege, among other things, that certain former employees of PrimeSource have breached their contracts with PrimeSource (including non-competition, non‑solicitation and non-disclosure covenants) and fiduciary duties to PrimeSource, and that the former employees have misappropriated, and are using, trade secrets of PrimeSource on behalf of the Company. The complaints seek injunctive relief, compensatory damages, and with respect to certain counts, punitive damages. On July 26, 2017, the Company and certain of the employee defendants filed counterclaims in the Illinois cases alleging, among others things, that PrimeSource has asserted and is maintaining its trade secret misappropriation claims in bad faith, tortiously interfered with the Company’s business relationships, and filed sham litigation and engaged in other exclusionary and predatory conduct in violation of Section 2 of the Sherman Act. On December 9, 2017, the United States District Court of the Northern District of Illinois Eastern Division (the “Court”) ruled the evidence at the hearing failed to show a likelihood of success on the majority of PrimeSource’s claims against Huttig and the Court denied PrimeSource’s request to shut down the Huttig-Grip expansion, but granted partial injunctive relief restricting four Huttig employees from working in activities related to the Huttig-Grip expansion and in part enjoining Huttig from selling products to a list of customers that were not pre-existing customers prior to November 2016, but allows Huttig to sell all products to a list of customers that were pre-existing prior to November 2016. The injunction ends May 2018. Trial has not been scheduled for the Illinois and Texas cases. Trial is set for July 2018 for the Colorado case. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this litigation, and the Company is unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, the Company believes that PrimeSource’s claims lack merit. The Company has retained outside counsel, and is vigorously defending itself against the lawsuits. During the first three months of 2018, the Company incurred approximately $0.7 million in expenses related to the PrimeSource litigation. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 6. EARNINGS (LOSS) PER SHARE The Company calculates its basic (loss) income per share by dividing net (loss) income allocated to common shares outstanding by the weighted average number of common shares outstanding. Unvested shares of restricted stock participate in dividends on the same basis as common shares. As a result, these share-based awards meet the definition of participating securities and the Company applies the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In periods in which the Company has net losses, the losses are not allocated to participating securities because the participating security holders are not obligated to share in such losses. The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended March 31, 2018 2017 Earnings allocated to participating shareholders $ — $ — Number of participating securities 1.0 1.2 The diluted earnings per share calculations include the effect of the assumed exercise using the treasury stock method for unvested restricted stock units, except when the effect would be anti-dilutive. The following table presents the number of common shares used in the calculation of net income (loss) per share from continuing operations (in millions). Three Months Ended March 31, 2018 2017 Weighted-average number of common shares-basic 25.1 24.7 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 25.1 24.7 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The Company’s effective tax rate for continuing operations was a benefit of 69% and 57% in the three month period ended March 31, 2018 and 2017, respectively. The first quarter 2018 tax rate was impacted by the vesting of restricted stock during the quarter which provided for additional income tax deduction in excess of the compensation deduction for US GAAP purposes. This excess tax benefit increased the tax benefit reported on the first quarter loss. As of March 31, 2018, the Company has $7.1 million valuation allowance primarily relating to certain state net operating loss carryforwards that are not likely to be realized in the future periods. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION The Company recognized $0.6 million and $0.5 million in non-cash, stock-based compensation expense in the first quarter of 2018 and 2017, respectively. During the first three months of 2018, the Company granted an aggregate of 406,475 shares of restricted stock at a weighted average value of $6.84 per share under its 2005 Executive Incentive Compensation Plan, as amended and restated. Most restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date or cliff vest in five years. During the first three months of 2018, the Company granted an aggregate of 33,732 shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $7.12 per share. The directors’ restricted shares vest over one year. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of March 31, 2018 and 2017, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $5.2 million and $4.9 million, respectively. |
Rights Agreement
Rights Agreement | 3 Months Ended |
Mar. 31, 2018 | |
Warrants And Rights Note Disclosure [Abstract] | |
Rights Agreement | 9. RIGHTS AGREEMENT On May 18, 2016, the Board of Directors (the “Board”) of the Company entered into a rights agreement (the “Rights Agreement”) with Computershare Trust Company, N.A. and declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, $0.01 par value per share, of the Company. The dividend was payable upon the close of business on May 31, 2016 to the stockholders of record upon the close of business on that date. The Board adopted the Rights Agreement to protect shareholder value by attempting to reduce the risk that the Company’s ability to use its net operating losses to reduce potential future federal income tax obligations may become substantially limited. The Company’s shareholders approved the Rights Agreement at the 2017 Annual Meeting of Stockholders, held on April 25, 2017. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (“Preferred Shares”), of the Company at a price of $13.86 per one one-hundredth of a Preferred Share, subject to adjustment. As a result of the Rights Agreement, any person or group that acquires beneficial ownership of 4.99% or more of the Company’s common stock without the approval of the Board would be subject to significant dilution in the ownership interest of that person or group. In connection with the entry into the Rights Agreement, on May 18, 2016, the Company filed with the Secretary of State of the State of Delaware an Amended and Restated Certificate of Designation of Series A Junior Participating Preferred Stock to create the Preferred Shares. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Product Classification | The following table disaggregates our revenue by product classification: Three Months Ended March 31, 2018 2017 Millwork Products $ 95.3 $ 91.9 Building Products 85.5 68.1 Wood Products 17.2 15.7 Net Sales $ 198.0 $ 175.7 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): March 31, December 31, March 31, 2018 2017 2017 Revolving credit facility $ 142.6 $ 99.2 $ 76.3 Other obligations 4.1 3.8 3.2 Total debt 146.7 103.0 79.5 Less current maturities of long-term debt 1.3 1.2 1.0 Long-term debt, less current maturities $ 145.4 $ 101.8 $ 78.5 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Number of Participating Securities and Earning Allocations to those Securities | The following table presents the number of participating securities and earnings allocated to those securities (in millions). Three Months Ended March 31, 2018 2017 Earnings allocated to participating shareholders $ — $ — Number of participating securities 1.0 1.2 |
Summary of Diluted Earning Per Share | The following table presents the number of common shares used in the calculation of net income (loss) per share from continuing operations (in millions). Three Months Ended March 31, 2018 2017 Weighted-average number of common shares-basic 25.1 24.7 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 25.1 24.7 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Product Classification (Detail) - ASC Topic 606 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 198 | $ 175.7 |
Milkwork Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 95.3 | 91.9 |
Building Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 85.5 | 68.1 |
Wood Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 17.2 | $ 15.7 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 142.6 | $ 99.2 | $ 76.3 |
Other obligations | 4.1 | 3.8 | 3.2 |
Total debt | 146.7 | 103 | 79.5 |
Less current maturities of long-term debt | 1.3 | 1.2 | 1 |
Long-term debt, less current maturities | $ 145.4 | $ 101.8 | $ 78.5 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jul. 14, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Jul. 13, 2017 | Mar. 31, 2017 |
Line of Credit Facility [Line Items] | |||||
Revolving credit borrowing | $ 142,600,000 | $ 99,200,000 | $ 76,300,000 | ||
Letters of credit outstanding | 3,600,000 | ||||
Capital lease and other obligations | 4,100,000 | $ 3,800,000 | $ 3,200,000 | ||
Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fall of excess committed borrowing availability | 17,500,000 | ||||
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Fall of excess committed borrowing availability | 31,300,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, expiration date | Jul. 14, 2022 | ||||
Amortization period on real estate component of borrowing base | 12 years 6 months | ||||
Revolving credit borrowing | $ 142,600,000 | ||||
Weighted average interest rate | 3.40% | ||||
Excess committed borrowing availability | $ 43,900,000 | ||||
Unused commitment fees | 0.25% | ||||
Fixed charge coverage ratio of credit facility | 100.00% | ||||
Revolving Credit Facility [Member] | Asset Backed Securities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 160,000,000 | |||
Line of credit facility, conditional maximum borrowing capacity | 300,000,000 | ||||
Uncommitted conditional increased borrowing capacity during period | $ 50,000,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)Employee | |
Contingencies And Commitments [Line Items] | |
Amount paid to implement remedial action work plan | $ 0.3 |
Accrual for reasonably estimable remediation cost | $ 3.2 |
PrimeSource [Member] | |
Contingencies And Commitments [Line Items] | |
Number of employees, litigation filed | Employee | 11 |
Litigation expenses | $ 0.7 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Number of participating securities | 1 | 1.2 |
Earnings Per Share - Summary 23
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted-average number of common shares-basic | 25.1 | 24.7 |
Weighted-average number of common shares-dilutive | 25.1 | 24.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation, percent | 69.00% | 57.00% |
Valuation allowance for net deferred tax assets | $ 7.1 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)Installment$ / sharesshares | Mar. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ | $ 0.6 | $ 0.5 |
Number of installments of restricted shares | Installment | 3 | |
Restricted stock award vesting rights | The directors’ restricted shares vest over one year. | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense of restricted stock | $ | $ 5.2 | $ 4.9 |
2005 Executive Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 406,475 | |
Weighted average fair market value of restricted shares granted | $ / shares | $ 6.84 | |
Non-Employee Directors' Restricted Stock Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 33,732 | |
Weighted average fair market value of restricted shares granted | $ / shares | $ 7.12 | |
Non-Employee Directors' Restricted Stock Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, vesting period | 1 year | |
Cliff Vest [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares, vesting period | 5 years |
Rights Agreement - Additional I
Rights Agreement - Additional Information (Detail) - $ / shares | May 18, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Class Of Warrant Or Right [Line Items] | ||||
Conversion basis of dividend distribution | one preferred share purchase right (a “Right”) for each outstanding share of common stock | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividend payable date | May 31, 2016 | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock acquisition beneficial ownership percentage | 4.99% | |||
Series A Junior Participating Preferred Stock [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Preferred stock, par value | $ 0.01 | |||
Purchase price of one one-hundredth of preferred shares | $ 13.86 |