Huttig Building Products 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	HUTTIG BUILDING PRODUCTS, INC.
Entity Central Index Key	0001093082
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Non-accelerated Filer
Smaller reporting company	true
Entity Common Stock, Shares Outstanding		27,399,870
Entity Shell Company	false
Entity File Number	1-14982
Entity Tax Identification Number	43-0334550
Entity Address, Address Line One	555 Maryville University Drive Suite 400
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63141
City Area Code	314
Local Phone Number	216-2600
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common, par value $0.01 per share
Trading Symbol	HBP
Security Exchange Name	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 214.7	$ 203
Cost of sales	169	162.1
Gross margin	45.7	40.9
Operating expenses	36.9	39
Goodwill impairment		9.5
Operating income (loss)	8.8	(7.6)
Interest expense, net	0.7	1.3
Income (loss) from operations before income taxes	8.1	(8.9)
Income (loss) from continuing operations	8.1	(8.9)
Net income (loss)	$ 8.1	$ (8.9)
Earnings (loss) per share:
Earnings (loss) from continuing operations per share- basic	$ 0.30	$ (0.34)
Net earnings (loss) per share - basic	0.30	(0.34)
Earnings (loss) from continuing operations per share- diluted	0.30	(0.34)
Net income (loss) per share- diluted	$ 0.30	$ (0.34)
Weighted average shares outstanding:
Basic shares outstanding	27.3	25.9
Diluted shares outstanding	27.4	25.9

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
CURRENT ASSETS:
Cash and equivalents	$ 4.4	$ 0.3	$ 0.4
Trade accounts receivable, net	107.4	69.3	96.7
Inventories, net	122.6	105.7	147.3
Other current assets	10.4	10.6	10.7
Total current assets	244.8	185.9	255.1
PROPERTY, PLANT AND EQUIPMENT:
Land	5	5	5
Buildings and improvements	32.3	32.3	32.6
Machinery and equipment	58.5	58.2	58.4
Gross property, plant and equipment	95.8	95.5	96
Less accumulated depreciation	68.2	67.1	65.5
Property, plant and equipment, net	27.6	28.4	30.5
OTHER ASSETS:
Operating lease right-of-use assets	34.3	33.9	38.6
Other	4.2	4.4	4.8
Total other assets	38.5	38.3	43.4
TOTAL ASSETS	310.9	252.6	329
CURRENT LIABILITIES:
Current maturities of long-term debt	1.7	1.7	1.7
Current maturities of operating lease right-of-use liabilities	8.9	9.1	9.2
Trade accounts payable	80	53.1	85.5
Accrued compensation	10.6	10	2.9
Other accrued liabilities	16.6	15.7	15.1
Total current liabilities	117.8	89.6	114.4
NON-CURRENT LIABILITIES:
Long-term debt, less current maturities	113.5	92.4	148.2
Operating lease right-of-use liabilities, less current maturities	25.5	24.9	29.7
Other non-current liabilities	2.5	2.4	2.4
Total non-current liabilities	141.5	119.7	180.3
SHAREHOLDERS’ EQUITY:
Preferred shares: $.01 par (5,000,000 shares authorized)
Common shares: $.01 par (75,000,000 shares authorized: 27,404,518; 26,889,190; and 26,894,681 shares issued at March 31, 2021, December 31, 2020 and March 31, 2020, respectively)	0.3	0.3	0.3
Additional paid-in capital	49.7	49.5	48.5
Retained earnings (accumulated deficit)	1.6	(6.5)	(14.5)
Total shareholders’ equity	51.6	43.3	34.3
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 310.9	$ 252.6	$ 329

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
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	27,404,518	26,889,190	26,894,681

Condensed Consolidated Statem_2

Condensed Consolidated Statement 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, 2019	$ 42.9	$ 0.3	$ 48.2	$ (5.6)
Net income (loss)	(8.9)			(8.9)
Stock compensation expense	0.3		0.3
Ending Balance at Mar. 31, 2020	34.3	0.3	48.5	(14.5)
Beginning Balance at Dec. 31, 2020	43.3	0.3	49.5	(6.5)
Net income (loss)	8.1			8.1
Payment for taxes related to sharesettlement of equity awards	(0.2)		(0.2)
Stock compensation expense	0.4		0.4
Ending Balance at Mar. 31, 2021	$ 51.6	$ 0.3	$ 49.7	$ 1.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 8.1	$ (8.9)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1.3	1.3
Non-cash interest expense	0.1	0.1
Stock-based compensation	0.4	0.3
Goodwill impairment		9.5
Changes in operating assets and liabilities:
Trade accounts receivable	(38.1)	(36.2)
Inventories, net	(16.9)	(7.9)
Trade accounts payable	26.9	28.7
Other	1.7	(1.3)
Cash used in continuing operating activities	(16.5)	(14.4)
Cash used in discontinued operating activities		(0.1)
Total cash used in operating activities	(16.5)	(14.5)
Cash Flows From Investing Activities:
Capital expenditures	(0.2)	(0.4)
Total cash used in investing activities	(0.2)	(0.4)
Cash Flows From Financing Activities:
Borrowings of debt, net	21	13.1
Repurchase of shares to satisfy employee tax withholdings	(0.2)
Total cash provided by financing activities	20.8	13.1
Net increase (decrease) in cash and equivalents	4.1	(1.8)
Cash and equivalents, beginning of period	0.3	2.2
Cash and equivalents, end of period	4.4	0.4
Supplemental Disclosure of Cash Flow Information:
Interest paid	0.6	1.2
Income taxes paid		$ 0.1
Non-cash financing activities:
Assets acquired with debt obligations	$ 0.1

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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. Financial statement preparation further requires management to make estimates and assumptions. Management bases these estimates and assumptions on historical results and known trends as well as management forecasts. Actual results could differ from these estimates and assumptions and these differences may be material. 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, 2020. 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, or any other interim period, which may differ materially due to, among other things, the factors described in Part I, Item 2 of this Quarterly Report on Form 10-Q and those set forth under Part I, Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Standards	2. NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be assessed for impairment under the current expected credit loss model rather than an incurred loss model. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The primary financial asset of the Company within the scope of ASU 2016-13 is trade receivables. The adoption of ASU 2016-13 did not materially impact the Company's consolidated financial statements. Recent accounting pronouncements pending adoption and not discussed above are either not applicable or will not have, or are not expected to have, a material impact on our consolidated financial condition, results of operations, or cash flows.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
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 vary by customer, location, and the products purchased, but are typical for the Company’s industry. 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 percentage of net sales were 25.8% and 21.8% in the three-month periods ended March 31, 2021 and 2020, respectively. The following table disaggregates revenue by product classification (in millions): Three Months Ended March 31, 2021 2020 Millwork products $ 96.2 $ 96.2 Building products 101.9 92.6 Wood products 16.6 14.2 Net sales $ 214.7 $ 203.0

Leases

Leases	3 Months Ended
	Mar. 31, 2021
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 determining the lease term, and associated potential option payments are excluded from lease payments and right-of-use calculations. Leases with an initial term of 12 months or less are likewise excluded from 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. Variable lease payments and payments for leases with an initial term of 12 months or less are recognized in the period incurred. Three Months Ended March 31, (in millions): 2021 2020 Operating Lease Cost $ 3.0 $ 3.0 Finance Lease Cost: Amortization of right-of-use assets 0.3 0.3 Interest on lease liabilities 0.1 0.1 Total finance lease cost $ 0.4 $ 0.4 The following lease assets and liabilities are included on the condensed consolidated balance sheet (in millions): March 31, December 31, March 31, 2021 2020 2020 Operating Leases: Operating lease right-of-use assets $ 34.3 $ 33.9 $ 38.6 Current maturities of operating lease right-of-use assets 8.9 9.1 9.2 Operating lease right-of-use liabilities, less current maturities 25.5 24.9 29.7 Total operating lease liabilities $ 34.4 $ 34.0 $ 38.9 Finance Leases: Gross property, plant and equipment $ 11.2 $ 11.1 $ 10.6 Accumulated depreciation (6.6 ) (6.3 ) (5.5 ) Property, plant and equipment, net $ 4.6 $ 4.8 $ 5.1 Current maturities of long-term lease liabilities $ 1.4 $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 1.7 1.9 2.6 Total finance lease liabilities $ 3.1 $ 3.3 $ 4.0 As of March 31, 2021, t he weighted average remaining lease term for the Company’s operating leases was 4.9 years and for its financing leases was 2.7 years. These leases have weighted average discount rates of 6.0% and 5.2% 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 lessor’s 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 (in millions): Three Months Ended March 31, 2021 2020 Operating cash used for operating leases $ (3.0 ) $ (3.1 ) Operating cash used for finance leases (0.1 ) (0.1 ) Financing cash used for finance leases (0.4 ) (0.4 ) Maturities of lease liabilities are as follows (in millions): Finance Leases Operating Leases 2021 (1) $ 1.1 $ 8.3 2022 1.2 9.2 2023 0.8 7.6 2024 0.3 4.9 2025 0.1 3.7 Thereafter — 6.3 Total lease payments $ 3.5 $ 40.0 Less: imputed interest (0.4 ) (5.6 ) Total future lease obligation $ 3.1 $ 34.4 (1) This amount excludes the three months ended March 31, 2021.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	5. GOODWILL Goodwill is reviewed for impairment annually, or more frequently if certain indicators arise. The Company assesses each reporting period whether events and circumstances warrant a revision to the previously established useful lives. During the first quarter of 2020, a decline in the market value of the Company’s public equity concurrent with the COVID-19 pandemic triggered an assessment of goodwill. The fair value of each reporting unit was determined using a market approach to consider factors such as market capitalization of the Company at March 31, 2020, observed ratios of enterprise value to earnings and the relative sales contribution of each reporting unit. If a reporting unit’s carrying value exceeded its estimated fair value, an impairment was recorded for the amount in excess. As a result of the interim goodwill impairment test, the Company recognized a goodwill impairment charge of $9.5 million. The following table summarizes goodwill activity for the three-month periods ended March 31, 2021 and 2020 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2020 $ 21.3 $ (11.8 ) $ 9.5 Impairment — (9.5 ) (9.5 ) Balance at March 31, 2020 $ 21.3 $ (21.3 ) $ — Balance at January 1, 2021 21.3 (21.3 ) — No activity in 2021 — — — Balance at March 31, 2021 $ 21.3 $ (21.3 ) $ —

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Allowance For Doubtful Accounts	6. ALLOWANCE FOR DOUBTFUL ACCOUNTS The allowance for doubtful accounts consisted of the following (in millions): March 31, 2021 2020 Balance at beginning of year $ 3.0 $ 3.1 Provision charged to expense 0.1 0.1 Write-offs, less recoveries (0.5 ) — Balance at end of period $ 2.6 $ 3.2

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	7. DEBT Debt consisted of the following (in millions): March 31, December 31, March 31, 2021 2020 2020 Revolving credit facility $ 111.2 $ 89.8 $ 144.8 Other obligations 4.0 4.3 5.1 Total debt 115.2 94.1 149.9 Less current maturities of long-term debt 1.7 1.7 1.7 Long-term debt, less current maturities $ 113.5 $ 92.4 $ 148.2 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, 2021, the Company had revolving credit borrowings of $111.2 million outstanding at a weighted average interest rate of 1.67% per annum, letters of credit outstanding totaling $3.2 million, primarily used as collateral for health and workers’ compensation insurance, and $81.0 million of excess committed borrowing availability. The Company pays an unused commitment fee of 0.25% per annum. In addition, the Company had $0.9 million of other obligations maturing in 2023 at a borrowing rate of 6.11%. The Company also had $3.1 million of financing lease obligations at March 31, 2021. 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 While the Company believes its cash on hand, borrowing capacity available under the credit facility, and cash flows from operations for the next twelve months will be sufficient to service its liquidity needs, it cannot predict whether future developments associated with the COVID-19 pandemic will materially adversely affect its liquidity position. See Note 13, “Impact of and Company Response to the COVID-19 Pandemic” for additional disclosure regarding the potential impact the current pandemic may have on the Company’s future liquidity and financial position.

Other Accrued Liabilities

Other Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Accrued Liabilities	8. OTHER ACCRUED LIABILITIES The Company had other accrued liabilities consisting of the following (in millions): March 31, December 31, March 31, 2021 2020 2020 Self insurance $ 6.2 $ 4.0 $ 3.9 Sales incentive programs 5.4 6.8 7.1 Short-term environmental 1.1 1.1 1.1 Other accruals 3.9 3.8 3.0 Other accrued liabilities $ 16.6 $ 15.7 $ 15.1

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Contingencies	9. 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 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, and operating results in the period in which any such additional expenses are incurred or recognized. Environmental Matters 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. In September 2015, the remedial action work plan (“RAWP”) was approved. The Company paid less than $0.1 million in the first three months of 2021 implementing the RAWP. The Company estimates the total remaining cost of implementing the RAWP to be $2.7 million at March 31, 2021, with $1.1 million in short-term other accrued liabilities and $1.6 million in other non-current liabilities. As of March 31, 2021, 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. As part of the remediation process, additional soil and groundwater sampling, and bench and pilot testing are required to ensure the remediation will achieve the outcome required by the DEQ. The ultimate final amount of remediation costs and expenditures is 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, 2021 by a material amount. If actual costs are materially higher, the incremental expenses over the amount currently accrued could hav e a material adverse effect on the Company’s liquidity, financial condition and operating results. With consent of the DEQ, remediation efforts and expenditures were temporarily suspended during 2020 as a result of pandemic-related health, safety, financial and other considerations. During the first quarter of 2021, the Company re-engaged in remediation efforts in cooperation with the DEQ. 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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	10. 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 (in millions): Three Months Ended March 31, 2021 2020 Earnings allocated to participating shareholders $ 0.3 $ — Number of participating securities 1.0 0.9 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 income (loss) per share from continuing operations (in millions): Three Months Ended March 31, 2021 2020 Weighted-average number of common shares-basic 27.3 25.9 Dilutive potential common shares 0.1 — Weighted-average number of common shares-diluted 27.4 25.9

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For the three-year period ended December 31, 2020, the Company was in a three year cumulative loss position. This constitutes a significant piece of objective negative evidence. Such objective negative evidence limits the ability to consider other subjective evidence, such as our projections for future profitability and growth. Based on this evaluation, as of March 31, 2021, the Company maintained a valuation allowance of $18.2 million to reduce net deferred tax assets as their realization did not meet the more-likely-than-not criterion. The amount of deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for future profitability and growth. The Company’s effective tax rate from continuing operations was a benefit of 0% and 0% in the three-month periods ended March 31, 2021 and 2020, respectively. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“the Act”) was signed into law, making several changes to the Internal Revenue Code. The Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses, temporary changes to the prior and future limitations on interest deductions, temporary suspension of certain payment requirements for the employer portion of Social Security taxes, technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property, alternative minimum tax credit refunds, and the creation of certain refundable employee retention credits. Under the Act, the 163(j) interest deduction limitation was increased from 30% to 50% for the 2019 and 2020 tax years. The Company benefitted from the provision by being able to deduct an additional $4.3 million of interest expense in 2020. No other provisions of the Act were materially beneficial to the Company.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. STOCK-BASED COMPENSATION The Company recognized $0.4 million and $0.3 million in non-cash, stock-based compensation expense for the first quarter of 2021 and 2020, respectively. During the first three months of 2021, the Company granted an aggregate of 436,990 shares of restricted stock at a weighted average value of $3.63 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 2021, the Company granted an aggregate of 139,880 shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $3.58 per share. The directors’ restricted shares vest on the first anniversary of the grant date. 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, 2021 and 2020, the total compensation expense not yet recognized related to all outstanding restricted stock awards was $2.2 million and $1.8 million, respectively.

Impact of and Company Response

Impact of and Company Response to COVID-19	3 Months Ended
	Mar. 31, 2021
Extraordinary And Unusual Items [Abstract]
Impact of and Company Response to COVID-19	13. IMPACT OF AND COMPANY RESPONSE TO COVID-19 In March 2020, the World Health Organization recognized the novel strain of coronavirus, COVID-19, as a pandemic. The United States, various other countries and state and local jurisdictions have imposed, among other things, travel and business operation restrictions intended to limit the spread of the COVID-19 virus and have advised or required individuals to adhere to social distancing or limit or forego their time outside of their home. This pandemic and the governmental response have resulted in significant and widespread economic disruptions to, and uncertainty in, the global and U.S. economies, including in the regions in which the Company operates. In many jurisdictions, the Company and its customers were deemed “essential businesses” and continued to operate, reducing the impact of these restrictions on its operations and results for the three months ended March 31, 2021 and March 31, 2020. However, the Company’s management cannot reliably predict the future impact of the pandemic and the governmental response to the pandemic on the Company’s operations and future results. With the exception of closing two branches as a part of the Company’s restructuring efforts, all of the Company’s branches remain open and capable of meeting customer needs. The Company has taken protective measures to guard the health and well-being of its employees and customers, including the implementation of social distancing requirements and remote work options where possible. Early in the COVID-19 pandemic, the Company observed certain of its customers reducing purchases and operations due to the impact of the pandemic and governmental restrictions. The pandemic has also had an adverse impact to the supply chain, with some of the Company’s vendors putting the Company on allocation as a result of reduced inventory and labor shortages resulting in longer lead-times for the fulfillment of certain products. The Company previously took proactive measures to protect its operating liquidity, including communicating with vendors and customers, seeking modification of payment and other terms of rental and procurement agreements and monitoring its accounts receivable. The Company rationalized inventory levels to meet anticipated demand and has implemented cost containment measures, including closing two of its branches, suspension of matching contributions to its qualified defined contribution plan, and eliminated non-essential spend. The Company has utilized its diverse overseas network to source alternative suppliers of its proprietary products, while simultaneously rationalizing its purchase volume to better align with its current sales projections and to manage the supply chain. While the Company believes these actions have mitigated the impact of the pandemic on its operations, it cannot provide any assurance that these actions will be successful if the pandemic continues to have a longer-term impact on the economy. As of March 31, 2021, the Company does not have any material outstanding deferred obligations to suppliers as deferred amounts have been substantially repaid. The Company continues to implement COVID-19 safety protocols, including social distancing requirements and remote work options where possible.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregation of Revenue by Product Classification	The following table disaggregates revenue by product classification (in millions): Three Months Ended March 31, 2021 2020 Millwork products $ 96.2 $ 96.2 Building products 101.9 92.6 Wood products 16.6 14.2 Net sales $ 214.7 $ 203.0

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Components of Lease Expense	Three Months Ended March 31, (in millions): 2021 2020 Operating Lease Cost $ 3.0 $ 3.0 Finance Lease Cost: Amortization of right-of-use assets 0.3 0.3 Interest on lease liabilities 0.1 0.1 Total finance lease cost $ 0.4 $ 0.4
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 (in millions): March 31, December 31, March 31, 2021 2020 2020 Operating Leases: Operating lease right-of-use assets $ 34.3 $ 33.9 $ 38.6 Current maturities of operating lease right-of-use assets 8.9 9.1 9.2 Operating lease right-of-use liabilities, less current maturities 25.5 24.9 29.7 Total operating lease liabilities $ 34.4 $ 34.0 $ 38.9 Finance Leases: Gross property, plant and equipment $ 11.2 $ 11.1 $ 10.6 Accumulated depreciation (6.6 ) (6.3 ) (5.5 ) Property, plant and equipment, net $ 4.6 $ 4.8 $ 5.1 Current maturities of long-term lease liabilities $ 1.4 $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 1.7 1.9 2.6 Total finance lease liabilities $ 3.1 $ 3.3 $ 4.0
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 (in millions): Three Months Ended March 31, 2021 2020 Operating cash used for operating leases $ (3.0 ) $ (3.1 ) Operating cash used for finance leases (0.1 ) (0.1 ) Financing cash used for finance leases (0.4 ) (0.4 )
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities are as follows (in millions): Finance Leases Operating Leases 2021 (1) $ 1.1 $ 8.3 2022 1.2 9.2 2023 0.8 7.6 2024 0.3 4.9 2025 0.1 3.7 Thereafter — 6.3 Total lease payments $ 3.5 $ 40.0 Less: imputed interest (0.4 ) (5.6 ) Total future lease obligation $ 3.1 $ 34.4 (1) This amount excludes the three months ended March 31, 2021.

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill Activity	The following table summarizes goodwill activity for the three-month periods ended March 31, 2021 and 2020 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2020 $ 21.3 $ (11.8 ) $ 9.5 Impairment — (9.5 ) (9.5 ) Balance at March 31, 2020 $ 21.3 $ (21.3 ) $ — Balance at January 1, 2021 21.3 (21.3 ) — No activity in 2021 — — — Balance at March 31, 2021 $ 21.3 $ (21.3 ) $ —

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Summary of Allowance for Doubtful Accounts	The allowance for doubtful accounts consisted of the following (in millions): March 31, 2021 2020 Balance at beginning of year $ 3.0 $ 3.1 Provision charged to expense 0.1 0.1 Write-offs, less recoveries (0.5 ) — Balance at end of period $ 2.6 $ 3.2

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-term Debt	Debt consisted of the following (in millions): March 31, December 31, March 31, 2021 2020 2020 Revolving credit facility $ 111.2 $ 89.8 $ 144.8 Other obligations 4.0 4.3 5.1 Total debt 115.2 94.1 149.9 Less current maturities of long-term debt 1.7 1.7 1.7 Long-term debt, less current maturities $ 113.5 $ 92.4 $ 148.2

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Accrued Liabilities	The Company had other accrued liabilities consisting of the following (in millions): March 31, December 31, March 31, 2021 2020 2020 Self insurance $ 6.2 $ 4.0 $ 3.9 Sales incentive programs 5.4 6.8 7.1 Short-term environmental 1.1 1.1 1.1 Other accruals 3.9 3.8 3.0 Other accrued liabilities $ 16.6 $ 15.7 $ 15.1

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Number of Participating Securities	The following table presents the number of participating securities (in millions): Three Months Ended March 31, 2021 2020 Earnings allocated to participating shareholders $ 0.3 $ — Number of participating securities 1.0 0.9
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, 2021 2020 Weighted-average number of common shares-basic 27.3 25.9 Dilutive potential common shares 0.1 — Weighted-average number of common shares-diluted 27.4 25.9

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Detail) - Accounting Standards Update 2016-13 [Member]	Mar. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2020
Change in accounting principle, accounting standards update, immaterial effect	true

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Direct Sales [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Direct sales, percentage of net sales	25.80%	21.80%

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Product Classification (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Net Sales	$ 214.7	$ 203
ASC Topic 606
Disaggregation Of Revenue [Line Items]
Net Sales	214.7	203
ASC Topic 606 | Millwork Products [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	96.2	96.2
ASC Topic 606 | Building Products [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	101.9	92.6
ASC Topic 606 | Wood Products [Member]
Disaggregation Of Revenue [Line Items]
Net Sales	$ 16.6	$ 14.2

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Leases [Line Items]
Operating lease, weighted average remaining lease term	4 years 10 months 24 days
Finance lease, weighted average remaining lease term	2 years 8 months 12 days
Operating lease, weighted average discount rate, percent	6.00%
Finance lease, weighted average discount rate, percent	5.20%
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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating Lease Cost	$ 3	$ 3
Finance Lease Cost:
Amortization of right-of-use assets	0.3	0.3
Interest on lease liabilities	0.1	0.1
Total finance lease cost	$ 0.4	$ 0.4

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Operating Leases:
Operating lease right-of-use assets	$ 34.3	$ 33.9	$ 38.6
Current maturities of operating lease right-of-use assets	8.9	9.1	9.2
Operating lease right-of-use liabilities, less current maturities	25.5	24.9	29.7
Total operating lease liabilities	34.4	34	38.9
Finance Leases:
Gross property, plant and equipment	11.2	11.1	10.6
Accumulated depreciation	(6.6)	(6.3)	(5.5)
Property, plant and equipment, net	$ 4.6	$ 4.8	$ 5.1
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Current maturities of long-term lease liabilities	$ 1.4	$ 1.4	$ 1.4
Long-term lease liabilities, less current maturities	1.7	1.9	2.6
Total finance lease liabilities	$ 3.1	$ 3.3	$ 4

Leases - Schedule of Cash Flow

Leases - Schedule of Cash Flow Items are Included on Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash used for operating leases	$ (3)	$ (3.1)
Operating cash used for finance leases	(0.1)	(0.1)
Financing cash used for finance leases	$ (0.4)	$ (0.4)

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Finance Lease Liabilities, Payments, Due [Abstract]
2021	$ 1.1
2022	1.2
2023	0.8
2024	0.3
2025	0.1
Total lease payments	3.5
Less: imputed interest	(0.4)
Total future lease obligation	3.1	$ 3.3	$ 4
Operating Lease Liabilities, Payments Due [Abstract]
2021	8.3
2022	9.2
2023	7.6
2024	4.9
2025	3.7
Thereafter	6.3
Total lease payments	40
Less: imputed interest	(5.6)
Total future lease obligation	$ 34.4	$ 34	$ 38.9

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment charge	$ 9.5

Goodwill - Summary of Goodwill

Goodwill - Summary of Goodwill Activity (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill Beginning Balance, Gross	$ 21.3	$ 21.3
Impairment		(9.5)
No activity in period	0
Goodwill Ending Balance, Gross	21.3	21.3
Accumulated Impairments	(21.3)	(21.3)	$ (21.3)	$ (11.8)
Goodwill Beginning Balance, Net	0	9.5
Goodwill Ending Balance, Net	$ 0	$ 0

Allowance for Doubtful Accoun_3

Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Balance at beginning of year	$ 3	$ 3.1
Provision charged to expense	0.1	0.1
Write-offs, less recoveries	(0.5)
Balance at end of period	$ 2.6	$ 3.2

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Revolving credit facility	$ 111.2	$ 89.8	$ 144.8
Other obligations	4	4.3	5.1
Total debt	115.2	94.1	149.9
Less current maturities of long-term debt	1.7	1.7	1.7
Long-term debt, less current maturities	$ 113.5	$ 92.4	$ 148.2

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jul. 14, 2017	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Line of Credit Facility [Line Items]
Revolving credit borrowing		$ 111,200,000	$ 89,800,000	$ 144,800,000
Letters of credit outstanding		3,200,000
Other obligations		900,000
Financing lease obligations		3,100,000	$ 3,300,000	$ 4,000,000
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
Other Obligations [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity year		2023
Debt instrument 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		$ 111,200,000
Weighted average interest rate		1.67%
Excess committed borrowing availability		$ 81,000,000
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

Other Accrued Liabilities - Sum

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Self insurance	$ 6.2	$ 4	$ 3.9
Sales incentive programs	5.4	6.8	7.1
Short-term environmental	1.1	1.1	1.1
Other accruals	3.9	3.8	3
Other accrued liabilities	$ 16.6	$ 15.7	$ 15.1

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Contingencies And Commitments [Line Items]
Accrual for reasonably estimable remediation cost	$ 2.7
Maximum [Member]
Contingencies And Commitments [Line Items]
Amount paid to implement remedial action work plan	0.1
Short-term Other Accrued Liabilities [Member]
Contingencies And Commitments [Line Items]
Accrual for reasonably estimable remediation cost	1.1
Other Non-current Liabilities [Member]
Contingencies And Commitments [Line Items]
Accrual for reasonably estimable remediation cost	$ 1.6

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Number of Participating Securities (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings allocated to participating shareholders	$ 0.3
Number of participating securities	1	0.9

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Number Of Shares Outstanding [Abstract]
Weighted-average number of common shares-basic	27.3	25.9
Dilutive potential common shares	0.1
Weighted-average number of common shares-diluted	27.4	25.9

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 26, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax assets, additional valuation allowance			$ 18.2
Effective income tax rate reconciliation expense (benefit), percent			0.00%	0.00%
Percentage of increase in interest expense deduction for 2019 and 2020 tax years	50.00%	30.00%
Additional interest expense deduction					$ 4.3

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Installment$ / sharesshares	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 0.4	$ 0.3
Number of installments of restricted shares | Installment	3
Restricted stock award vesting rights	The directors’ restricted shares vest on the first anniversary of the grant date.
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense of restricted stock | $	$ 2.2	$ 1.8
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	436,990
Weighted average fair market value of restricted shares granted | $ / shares	$ 3.63
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	139,880
Weighted average fair market value of restricted shares granted | $ / shares	$ 3.58
Cliff Vest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vesting period	5 years

Impact of and Company Respons_2

Impact of and Company Response to COVID-19 - Additional Information (Detail)	Mar. 31, 2021Branch
Extraordinary And Unusual Items [Abstract]
Number of branches closed	2