Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | HBP |
Entity Registrant Name | HUTTIG BUILDING PRODUCTS INC |
Entity Central Index Key | 0001093082 |
Current Fiscal Year End Date | --12-31 |
Entity Emerging Growth Company | false |
Entity Filer Category | Accelerated Filer |
Smaller reporting company | true |
Entity Common Stock, Shares Outstanding | 26,548,886 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 197.4 | $ 198 |
Cost of sales | 160 | 159.3 |
Gross margin | 37.4 | 38.7 |
Operating expenses | 39.6 | 39.2 |
Operating loss | (2.2) | (0.5) |
Interest expense, net | 1.7 | 1.1 |
Loss from continuing operations before income taxes | (3.9) | (1.6) |
Income tax benefit | (0.7) | (1.1) |
Loss from continuing operations | (3.2) | (0.5) |
Net loss | $ (3.2) | $ (0.5) |
Loss from continuing operations per share - basic and diluted | $ (0.13) | $ (0.02) |
Net loss per share - basic and diluted | $ (0.13) | $ (0.02) |
Weighted average shares outstanding: | ||
Basic and diluted shares outstanding | 25.3 | 25.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 0.9 | $ 0.8 | $ 1.3 |
Trade accounts receivable, net | 89.2 | 69 | 100.9 |
Inventories, net | 149.2 | 134 | 139.3 |
Other current assets | 12.3 | 14.7 | 10.7 |
Total current assets | 251.6 | 218.5 | 252.2 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 5 | 5 | 5 |
Buildings and improvements | 32.4 | 32.3 | 31.2 |
Machinery and equipment | 56.2 | 56 | 51.8 |
Gross property, plant and equipment | 93.6 | 93.3 | 88 |
Less accumulated depreciation | 61 | 60 | 57.3 |
Property, plant and equipment, net | 32.6 | 33.3 | 30.7 |
OTHER ASSETS: | |||
Operating lease right-of-use assets | 35.2 | ||
Goodwill | 9.5 | 9.5 | 9.5 |
Deferred income taxes | 11.9 | 11.1 | 10.8 |
Other | 5.4 | 5.6 | 6.4 |
Total other assets | 62 | 26.2 | 26.7 |
TOTAL ASSETS | 346.2 | 278 | 309.6 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 1.7 | 1.8 | 1.3 |
Current maturities of operating lease right-of-use assets | 9.1 | ||
Trade accounts payable | 86.6 | 51.5 | 80.5 |
Accrued compensation | 2.1 | 5 | 2.5 |
Other accrued liabilities | 14.7 | 18 | 11.5 |
Total current liabilities | 114.2 | 76.3 | 95.8 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 143.6 | 137.1 | 145.4 |
Operating lease right-of-use liabilities, less current maturities | 26.6 | ||
Other non-current liabilities | 2.6 | 2.6 | 2.3 |
Total non-current liabilities | 172.8 | 139.7 | 147.7 |
SHAREHOLDERS’ EQUITY: | |||
Preferred shares: $.01 par (5,000,000 shares authorized) | |||
Common shares: $.01 par (75,000,000 shares authorized: 26,548,886; 25,993,441; and 26,070,616 shares issued at March 31, 2019, December 31, 2018 and March 31, 2018, respectively) | 0.3 | 0.3 | 0.3 |
Additional paid-in capital | 46.4 | 46 | 44.2 |
Retained earnings | 12.5 | 15.7 | 21.6 |
Total shareholders’ equity | 59.2 | 62 | 66.1 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 346.2 | $ 278 | $ 309.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
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 | 26,548,886 | 25,993,441 | 26,070,616 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2017 | $ 66.4 | $ 0.3 | $ 44 | $ 22.1 |
Net loss | (0.5) | (0.5) | ||
Payment for taxes related to share settlement of equity awards | (0.4) | (0.4) | ||
Stock compensation expense | 0.6 | 0.6 | ||
Ending Balance at Mar. 31, 2018 | 66.1 | 0.3 | 44.2 | 21.6 |
Beginning Balance at Dec. 31, 2018 | 62 | 0.3 | 46 | 15.7 |
Net loss | (3.2) | (3.2) | ||
Payment for taxes related to share settlement of equity awards | (0.1) | (0.1) | ||
Stock compensation expense | 0.5 | 0.5 | ||
Ending Balance at Mar. 31, 2019 | $ 59.2 | $ 0.3 | $ 46.4 | $ 12.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net Loss | $ (3.2) | $ (0.5) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1.4 | 1.3 |
Non-cash interest expense | 0.1 | 0.1 |
Stock-based compensation | 0.5 | 0.6 |
Deferred income taxes | (0.8) | (1.1) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (20.2) | (34.1) |
Inventories, net | (15.2) | (27.5) |
Trade accounts payable | 35.1 | 29.5 |
Other | (3.3) | (8.1) |
Cash used in continuing operating activities | (5.6) | (39.8) |
Cash used in discontinued operating activities | (0.1) | (0.3) |
Total cash used in operating activities | (5.7) | (40.1) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (0.4) | (1.6) |
Total cash used in investing activities | (0.4) | (1.6) |
Cash Flows From Financing Activities: | ||
Borrowings of debt, net | 6.3 | 43.1 |
Repurchase of shares to satisfy employee tax withholdings | (0.1) | (0.4) |
Total cash provided by financing activities | 6.2 | 42.7 |
Net increase in cash and equivalents | 0.1 | 1 |
Cash and equivalents, beginning of period | 0.8 | 0.3 |
Cash and equivalents, end of period | 0.9 | 1.3 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 1.6 | 1 |
Non-cash financing activities: | ||
Assets acquired with debt obligations | $ 0.1 | $ 0.6 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018. 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, 2019 | |
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, the Company adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and all related amendments. The Company 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 revenue recognition practices, income from continuing operations after taxes, net income or earnings per share. See Note 3 “Revenue” for further discussion, including additional required qualitative and quantitative disclosures of revenue recognition policies. On October 1, 2018, the Company adopted 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 now consist of a comparison of the fair value of a reporting unit with its carrying amount. Any impairment will now be determined by using the difference between the carrying amount and the fair value of the reporting unit, not to exceed the total goodwill allocated to that unit. On January 1, 2019, the Company adopted ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and a lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the standard on its effective date using the modified retrospective approach. On January 1, 2019, the Company also adopted ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting.” ASU 2018-07 more closely aligns the accounting for employee and nonemployee share-based payments. As a result of this adoption, there was no material impact on stock compensation practices, income from continuing operations after taxes, net income or earnings per share. The Company adopted the amendments to certain disclosure requirements in Securities Act of 1933, as amended, Release No. 33-10532, “Disclosure Update and Simplification” on November 5, 2018, the effective date of the release. Among the amendments is a requirement to present the changes in shareholders’ equity in the interim financial statements (either in a separate statement or footnote) in quarterly reports on Form 10-Q. See the Consolidated Statement of Shareholders’ Equity. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. REVENUE Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The Company reports sales revenue, including 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. The Company’s customer payment terms are typical for its industry. These terms vary by customer and location, as well as by the products purchased. Regarding direct sales, the Company is the principal of these arrangements and is responsible for fulfilling the promise to provide specific goods to its customers, including product specifications, pricing and modifications prior to delivery. Direct sales, as a percent of net sales, were 25% and 25% in each of the three-months ended March 31, 2019 and 2018, respectively. The following table disaggregates revenue by product classification: Three Months Ended March 31, 2019 2018 Millwork products $ 95.3 $ 95.3 Building products 88.1 85.5 Wood products 14.0 17.2 Net sales $ 197.4 $ 198.0 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 4. LEASES The Company has operating and financing leases for corporate offices, distribution centers, vehicles, and certain equipment. These leases have remaining lease terms of less than 1 year to 12 years and many of the leases have renewal options. Because the Company is not reasonably certain to exercise the renewal options, the options are not considered in determineing the lease term, and associated potential option payments are excluded from lease payments and right-of-use calculations. In addition to fixed payments, many of the Company’s lease contracts contain variable payments. Vehicle lease variable payments typically include mileage and real estate leases include variable charges for taxes and common area maintenance. March 31, 2019 Operating Lease Cost $ 3.2 Finance Lease Cost: Amortization of right-of-use assets $ 0.5 Interest on lease liabilities 0.1 Total finance lease cost $ 0.6 The following lease assets and liabilities are included on the condensed consolidated balance sheet: March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 35.2 Current maturities of operating lease right-of-use assets 9.1 Operating lease right-of-use liabilities, less current maturities 26.6 Total operating lease liabilities $ 35.7 Finance Leases: Gross property, plant and equipment $ 9.7 Accumulated depreciation (4.3 ) Property, plant and equipment, net $ 5.4 Current maturities of long-term debt $ 1.4 Long-term debt, less current maturities 3.1 Total finance lease liabilities $ 4.5 The Company has a weighted average remaining lease term of 5.72 years for its operating leases and 3.63 years for its financing leases. These leases have weighted average discount rate of 5.71% and 5.12% for operating leases and financing leases, respectively. The rate implicit in the lease is used to discount leases when known. While the implicit rate is often known for finance leases, the Company is generally unable to calculate the implicit rate in operating leases because it does not have access to the lessors residual value estimates nor the amount of the lessor’s deferred initial direct costs. When the implicit rate is not known, the Company uses the incremental borrowing rate for secured loans of similar term. The Company uses available data for unsecured loans to borrowers of similar credit to the Company and adjusts the rate to reflect the effect of providing collateral equivalent to the outstanding obligation balance. The following cash flow items are included on the condensed consolidated statement of cash flows: Three Months Ended March 31, 2019 Operating cash used for operating leases $ (3.1 ) Operating cash used for finance leases (0.1 ) Financing cash used for finance leases (0.4 ) Maturities of lease liabilities are as follows: Finance leases Operating leases 2019 (1) 1.3 8.2 2020 1.4 8.8 2021 1.2 7.1 2022 0.9 5.0 2023 0.5 4.1 Thereafter — 8.7 Total lease payments $ 5.3 $ 41.9 Less: imputed interest (0.8 ) (6.2 ) Total future lease obligation $ 4.5 $ 35.7 (1) This amount excludes the three-months ended March 31, 2019 Disclosures Related to Periods Prior to Adoption of ASU 2016-02 Operating lease rent expense was $16.6 million and $14.8 million, and sublease income $0.5 million and $0.5 million, for the years ended December 31, 2018 and 2017, respectively. Future minimum lease payments under non-cancelable rental and lease agreements with initial or remaining terms in excess of one year were as follows at December 31, 2018: Operating Leases 2019 11.5 2020 8.8 2021 7.0 2022 4.8 2023 3.9 Thereafter 8.0 Total minimum lease payments $ 44.0 Certain leases also include options to purchase the leased property. Assets recorded under capital leases as of December 31, 2018 and December 31, 2017 were $8.5 million and $6.6 million, respectively. These assets are recorded net of accumulated amortization of $2.9 million and $2.3 million as of December 31, 2018 and December 31, 2017, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 5. DEBT Debt consisted of the following (in millions): March 31, December 31, March 31, 2019 2018 2018 Revolving credit facility $ 139.3 $ 132.3 $ 142.6 Other obligations 6.0 6.6 4.1 Total debt 145.3 138.9 146.7 Less current maturities of long-term debt 1.7 1.8 1.3 Long-term debt, less current maturities $ 143.6 $ 137.1 $ 145.4 Credit Facility — The Company has a $250.0 million asset-based senior secured revolving credit facility (the “credit facility”). 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. The entire unpaid balance under the credit facility is due and payable on July 14, 2022. At March 31, 2019, the Company had revolving credit borrowings of $139.3 million outstanding at a weighted average interest rate of 4.34% per annum, letters of credit outstanding totaling $3.3 million, primarily used as collateral for health and workers’ compensation insurance, and $52.1 million of excess committed borrowing availability. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $1.5 million of other obligations outstanding at a weighted average borrowing rate of 6.11%. The Company also had $4.5 million of financing lease obligations at March 31, 2019. See Note 4 – “Leases” for more information. The sole financial covenant in the credit facility is the minimum fixed charge coverage ratio (“FCCR”) of 1.00 $17.5 million to $31.3 million |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 6. 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. Environmental and Legal 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 the accruals 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 9 — “Commitments and Contingencies” in the notes to the Company’s audited consolidated financial statements under Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, the Company was previously identified as a potentially responsible party in connection with contamination cleanup 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 $0.1 million in the first three months of 2019 implementing the RAWP. The Company estimates the total remaining cost of implementing the RAWP to be $3.2 million at March 31, 2019. As of March 31, 2019, the Company believes the accrual represents a reasonable best estimate of the total remaining remediation costs, based on facts, circumstances, and information currently available. 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 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 the Company with respect to this property could be lower than, or exceed the amount accrued as of March 31, 2019 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 the Company’s liquidity, financial condition and operating results. In addition, some of the Company’s current and former distribution centers are located in areas 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 See Note 9 – “Commitments and Contingencies” in the notes to the consolidated financial statements under Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 7 . EARNINGS (LOSS) PER SHARE The Company calculates its basic income (loss) per share by dividing net income (loss) 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, 2019 2018 Earnings allocated to participating shareholders $ — $ — Number of participating securities 1.1 1.0 The diluted earnings per share calculations include the effect of 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 loss per share from continuing operations (in millions). Three Months Ended March 31, 2019 2018 Weighted-average number of common shares-basic 25.3 25.1 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 25.3 25.1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The Company’s effective tax rate from continuing operations was a benefit of 18% and 69% in the three month periods ended March 31, 2019 and 2018, respectively. The 2019 tax rate was impacted by the vesting of restricted stock which provided an income tax deduction in excess of the compensation deduction for GAAP purposes. As of March 31, 2019, the Company had a $7.3 million valuation allowance primarily relating to certain state net operating loss carryforwards that are not likely to be realized in future periods. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION The Company recognized $0.5 million and $0.6 million in non-cash, stock-based compensation expense for the three-month periods ended March 31, 2019 and 2018, respectively. During the first three months of 2019, the Company granted an aggregate of 510,684 shares of restricted stock at a weighted average value of $2.37 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 2019, the Company granted an aggregate of 90,000 shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $2.30 per share. The directors’ restricted shares vest over one year. Unearned compensation expense is amortized into expense on a straight-line basis over the requisite service period for the entire award. As of March 31, 2019 and 2018, the total compensation expense not yet recognized related to all outstanding restricted stock awards was $3.8 million and $5.2 million, respectively. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Product Classification | The following table disaggregates revenue by product classification: Three Months Ended March 31, 2019 2018 Millwork products $ 95.3 $ 95.3 Building products 88.1 85.5 Wood products 14.0 17.2 Net sales $ 197.4 $ 198.0 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | March 31, 2019 Operating Lease Cost $ 3.2 Finance Lease Cost: Amortization of right-of-use assets $ 0.5 Interest on lease liabilities 0.1 Total finance lease cost $ 0.6 |
Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet | The following lease assets and liabilities are included on the condensed consolidated balance sheet: March 31, 2019 Operating Leases: Operating lease right-of-use assets $ 35.2 Current maturities of operating lease right-of-use assets 9.1 Operating lease right-of-use liabilities, less current maturities 26.6 Total operating lease liabilities $ 35.7 Finance Leases: Gross property, plant and equipment $ 9.7 Accumulated depreciation (4.3 ) Property, plant and equipment, net $ 5.4 Current maturities of long-term debt $ 1.4 Long-term debt, less current maturities 3.1 Total finance lease liabilities $ 4.5 |
Schedule of Cash Flow items are Included on the Condensed Consolidated Statement of Cash Flows | The following cash flow items are included on the condensed consolidated statement of cash flows: Three Months Ended March 31, 2019 Operating cash used for operating leases $ (3.1 ) Operating cash used for finance leases (0.1 ) Financing cash used for finance leases (0.4 ) |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: Finance leases Operating leases 2019 (1) 1.3 8.2 2020 1.4 8.8 2021 1.2 7.1 2022 0.9 5.0 2023 0.5 4.1 Thereafter — 8.7 Total lease payments $ 5.3 $ 41.9 Less: imputed interest (0.8 ) (6.2 ) Total future lease obligation $ 4.5 $ 35.7 (1) This amount excludes the three-months ended March 31, 2019 |
Schedule of Future Minimum Lease Payments under Non-cancelable Rental and Lease Agreements | Future minimum lease payments under non-cancelable rental and lease agreements with initial or remaining terms in excess of one year were as follows at December 31, 2018: Operating Leases 2019 11.5 2020 8.8 2021 7.0 2022 4.8 2023 3.9 Thereafter 8.0 Total minimum lease payments $ 44.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): March 31, December 31, March 31, 2019 2018 2018 Revolving credit facility $ 139.3 $ 132.3 $ 142.6 Other obligations 6.0 6.6 4.1 Total debt 145.3 138.9 146.7 Less current maturities of long-term debt 1.7 1.8 1.3 Long-term debt, less current maturities $ 143.6 $ 137.1 $ 145.4 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Earnings allocated to participating shareholders $ — $ — Number of participating securities 1.1 1.0 |
Summary of Diluted Earning Per Share | The following table presents the number of common shares used in the calculation of net loss per share from continuing operations (in millions). Three Months Ended March 31, 2019 2018 Weighted-average number of common shares-basic 25.3 25.1 Dilutive potential common shares — — Weighted-average number of common shares-dilutive 25.3 25.1 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Direct Sales [Member] | Customer Concentration Risk [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Direct sales, percentage of net sales | 25.00% | 25.00% |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Product Classification (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 197.4 | $ 198 |
ASC Topic 606 | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 197.4 | 198 |
ASC Topic 606 | Millwork Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 95.3 | 95.3 |
ASC Topic 606 | Building Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 88.1 | 85.5 |
ASC Topic 606 | Wood Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 14 | $ 17.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Line Items] | |||
Operating lease, weighted average remaining lease term | 5 years 8 months 19 days | ||
Finance lease, weighted average remaining lease term | 3 years 7 months 17 days | ||
Operating lease, weighted average discount rate, percent | 5.71% | ||
Finance lease, weighted average discount rate, percent | 5.12% | ||
Rental expense for operating leases | $ 16.6 | $ 14.8 | |
Sublease income | 0.5 | 0.5 | |
Assets recorded under capital leases, net | 8.5 | 6.6 | |
Assets recorded under capital leases, accumulated amortization | $ 2.9 | $ 2.3 | |
Minimum [Member] | |||
Leases [Line Items] | |||
Operating and Financing leases, remaining lease terms | 1 year | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Operating and Financing leases, remaining lease terms | 12 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease Cost | $ 3.2 |
Finance Lease Cost: | |
Amortization of right-of-use assets | 0.5 |
Interest on lease liabilities | 0.1 |
Total finance lease cost | $ 0.6 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets | $ 35.2 |
Current maturities of operating lease right-of-use assets | 9.1 |
Operating lease right-of-use liabilities, less current maturities | 26.6 |
Total operating lease liabilities | 35.7 |
Finance Leases: | |
Gross property, plant and equipment | 9.7 |
Accumulated depreciation | (4.3) |
Property, plant and equipment, net | $ 5.4 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Current maturities of long-term debt | $ 1.4 |
Long-term debt, less current maturities | 3.1 |
Total finance lease liabilities | $ 4.5 |
Leases - Schedule of Cash Flow
Leases - Schedule of Cash Flow Items are Included on Condensed Consolidated Statement of Cash Flows (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash used for operating leases | $ (3.1) |
Operating cash used for finance leases | (0.1) |
Financing cash used for finance leases | $ (0.4) |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of lease liabilities (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Finance Lease Liabilities, Payments, Due [Abstract] | |
2019 | $ 1.3 |
2020 | 1.4 |
2021 | 1.2 |
2022 | 0.9 |
2023 | 0.5 |
Total lease payments | 5.3 |
Less: imputed interest | (0.8) |
Total future lease obligation | 4.5 |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | 8.2 |
2020 | 8.8 |
2021 | 7.1 |
2022 | 5 |
2023 | 4.1 |
Thereafter | 8.7 |
Total lease payments | 41.9 |
Less: imputed interest | (6.2) |
Total future lease obligation | $ 35.7 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Non-cancelable Rental and Lease Agreements (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 11.5 |
2020 | 8.8 |
2021 | 7 |
2022 | 4.8 |
2023 | 3.9 |
Thereafter | 8 |
Total minimum lease payments | $ 44 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 139.3 | $ 132.3 | $ 142.6 |
Other obligations | 6 | 6.6 | 4.1 |
Total debt | 145.3 | 138.9 | 146.7 |
Less current maturities of long-term debt | 1.7 | 1.8 | 1.3 |
Long-term debt, less current maturities | $ 143.6 | $ 137.1 | $ 145.4 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jul. 14, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Line of Credit Facility [Line Items] | ||||
Revolving credit borrowing | $ 139,300,000 | $ 132,300,000 | $ 142,600,000 | |
Letters of credit outstanding | 3,300,000 | |||
Other obligations | 1,500,000 | |||
Financing lease obligations | 4,500,000 | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fall of excess borrowing availability | 17,500,000 | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fall of excess borrowing availability | $ 31,300,000 | |||
Other Obligations [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average interest rate | 6.11% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, due and payable date | Jul. 14, 2022 | |||
Amortization period on real estate component of borrowing base | 12 years 6 months | |||
Revolving credit borrowing | $ 139,300,000 | |||
Weighted average interest rate | 4.34% | |||
Excess committed borrowing availability | $ 52,100,000 | |||
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 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Amount paid to implement remedial action work plan | $ 0.1 |
Accrual for reasonably estimable remediation cost | $ 3.2 |
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, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Number of participating securities | 1.1 | 1 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted-average number of common shares-basic | 25.3 | 25.1 |
Weighted-average number of common shares-dilutive | 25.3 | 25.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate reconciliation benefit, percent | 18.00% | 69.00% |
Valuation allowance for net deferred tax assets | $ 7.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)Installment$ / sharesshares | Mar. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ | $ 0.5 | $ 0.6 |
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 | $ | $ 3.8 | $ 5.2 |
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 | 510,684 | |
Weighted average fair market value of restricted shares granted | $ / shares | $ 2.37 | |
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 | 90,000 | |
Weighted average fair market value of restricted shares granted | $ / shares | $ 2.30 | |
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 |