Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HBP | ||
Entity Registrant Name | HUTTIG BUILDING PRODUCTS, INC. | ||
Entity Central Index Key | 0001093082 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Smaller Reporting Company | true | ||
Entity Common Stock, Shares Outstanding | 27,330,147 | ||
Entity Public Float | $ 143 | ||
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 Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Title of 12(b) Security | Common, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | KPMG LLP | ||
Auditor Location | St. Louis, Missouri | ||
Auditor Firm ID | 185 | ||
Documents Incorporated by Reference | Parts of the registrant’s definitive proxy statement for the 2022 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 937.8 | $ 792.3 | $ 812 |
Cost of sales | 729.8 | 632.9 | 650 |
Gross margin | 208 | 159.4 | 162 |
Operating expenses | 155.8 | 145.6 | 165.6 |
Gain on disposal of capital assets | (1.6) | ||
Goodwill impairment | 9.5 | ||
Restructuring charge | 1.5 | ||
Operating income (loss) | 53.8 | 2.8 | (3.6) |
Interest expense, net | 2.5 | 3.6 | 6.6 |
Income (loss) from continuing operations before income taxes | 51.3 | (0.8) | (10.2) |
Provision for income taxes | 2.2 | 0.1 | 11.1 |
Net income (loss) from continuing operations | 49.1 | (0.9) | (21.3) |
Net loss from discontinued operations, net of taxes of ($0.2), ($0.0) and ($0.0), respectively | (0.6) | ||
Net income (loss) | $ 48.5 | $ (0.9) | $ (21.3) |
Net income (loss) from continuing operations per share - basic and diluted | $ 1.79 | $ (0.03) | $ (0.84) |
Net loss from discontinued operations per share - basic and diluted | (0.02) | ||
Net income (loss) per share - basic and diluted | $ 1.77 | $ (0.03) | $ (0.84) |
Weighted average shares outstanding: | |||
Basic shares outstanding | 27.5 | 26 | 25.4 |
Diluted shares outstanding | 27.5 | 26 | 25.4 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Income tax expense (benefit) from discontinued operations | $ (0.2) | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and equivalents | $ 3.3 | $ 0.3 |
Trade accounts receivable, net | 88.6 | 69.3 |
Inventories, net | 128.8 | 105.7 |
Other current assets | 18.3 | 10.6 |
Total current assets | 239 | 185.9 |
Property, Plant and Equipment: | ||
Land | 5 | 5 |
Building and improvements | 31.8 | 32.3 |
Machinery and equipment | 60.5 | 58.2 |
Gross property, plant and equipment | 97.3 | 95.5 |
Less accumulated depreciation | 70.3 | 67.1 |
Property, plant and equipment, net | 27 | 28.4 |
Other Assets: | ||
Operating lease right-of-use assets | 38.1 | 33.9 |
Other | 5.7 | 4.4 |
Total other assets | 43.8 | 38.3 |
Total Assets | 309.8 | 252.6 |
Current Liabilities: | ||
Current maturities of long-term debt | 1.8 | 1.7 |
Current maturities of operating lease right-of-use liabilities | 10.2 | 9.1 |
Trade accounts payable | 66.4 | 53.1 |
Accrued compensation | 18 | 10 |
Other accrued liabilities | 20.1 | 15.7 |
Total current liabilities | 116.5 | 89.6 |
Non-current Liabilities: | ||
Long-term debt, less current maturities | 69.6 | 92.4 |
Operating lease right-of-use liabilities, less current maturities | 27.9 | 24.9 |
Other non-current liabilities | 2.7 | 2.4 |
Total non-current liabilities | 100.2 | 119.7 |
Shareholders’ Equity: | ||
Preferred shares; $.01 par (5,000,000 shares authorized) | ||
Common shares; $.01 par (75,000,000 shares authorized: 27,390,741 shares issued and outstanding at December 31, 2021 and 26,889,190 at December 31, 2020) | 0.3 | 0.3 |
Additional paid-in capital | 50.8 | 49.5 |
Retained earnings (accumulated deficit) | 42 | (6.5) |
Total shareholders’ equity | 93.1 | 43.3 |
Total Liabilities and Shareholders’ Equity | $ 309.8 | $ 252.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 27,390,741 | 26,889,190 |
Common stock, shares outstanding | 27,390,741 | 26,889,190 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2018 | $ 62 | $ 0.3 | $ 46 | $ 15.7 |
Net income (loss) | (21.3) | (21.3) | ||
Payment for taxes related to share settlement of equity awards | (0.1) | (0.1) | ||
Stock compensation expense | 2.3 | 2.3 | ||
Ending Balance at Dec. 31, 2019 | 42.9 | 0.3 | 48.2 | (5.6) |
Net income (loss) | (0.9) | (0.9) | ||
Stock compensation expense | 1.3 | 1.3 | ||
Ending Balance at Dec. 31, 2020 | 43.3 | 0.3 | 49.5 | (6.5) |
Net income (loss) | 48.5 | 48.5 | ||
Payment for taxes related to share settlement of equity awards | (0.3) | (0.3) | ||
Stock compensation expense | 1.6 | 1.6 | ||
Ending Balance at Dec. 31, 2021 | $ 93.1 | $ 0.3 | $ 50.8 | $ 42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ 48.5 | $ (0.9) | $ (21.3) |
Adjustments to reconcile net income (loss) to cash provided by operations: | |||
Net loss from discontinued operations, net of taxes | 0.6 | ||
Depreciation and amortization | 4.9 | 5.2 | 5.7 |
Non-cash interest expense | 0.2 | 0.2 | 0.2 |
Stock compensation expense | 1.6 | 1.3 | 2.3 |
Deferred taxes | (0.4) | 11.1 | |
Goodwill impairment | 9.5 | ||
Restructuring charge | 1.5 | ||
Gain on disposal of capital assets | (1.6) | ||
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (19.3) | (8.8) | 8.5 |
Inventories | (23.1) | 33.7 | (5.4) |
Trade accounts payable | 13.3 | (3.7) | 5.3 |
Other | 3.6 | 4.8 | 0.2 |
Cash provided by continuing operating activities | 28.3 | 42.8 | 6.6 |
Cash used in discontinued operating activities | (0.8) | (0.2) | (0.4) |
Total cash provided by operating activities | 27.5 | 42.6 | 6.2 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (1.3) | (1.7) | (1.7) |
Proceeds from disposition of capital assets | 1.7 | 0.2 | |
Cash provided by (used in) investing activities | 0.4 | (1.5) | (1.7) |
Cash Flows From Financing Activities: | |||
Payments of revolving credit debt agreement | (235.9) | (215.6) | (277.5) |
Borrowings of revolving credit debt agreement | 213.2 | 174.1 | 276.5 |
Net repayment of other obligations | (1.9) | (1.5) | (2) |
Payment for taxes related to share settlement of equity awards | (0.3) | (0.1) | |
Cash used in financing activities | (24.9) | (43) | (3.1) |
Net increase (decrease) in cash and equivalents | 3 | (1.9) | 1.4 |
Cash and equivalents, beginning of year | 0.3 | 2.2 | 0.8 |
Cash and equivalents, end of year | 3.3 | 0.3 | 2.2 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 2.3 | 3.4 | 6.5 |
Income taxes paid | 1.7 | 0.1 | 0.3 |
Non-cash financing activities: | |||
Assets acquired with debt obligations | $ 1.9 | $ 0.2 | $ 0.9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization —Huttig Building Products, Inc. and its wholly owned subsidiary (the “Company” or “Huttig”) is a distributor of building materials used principally in new residential construction and in home improvement, remodeling and repair work. Huttig’s products are sold through 25 distribution centers serving 41 states and are sold primarily to building materials dealers, national buying groups, home centers and industrial users including makers of manufactured homes. Principles of Consolidation —The Company’s consolidated financial statements include the accounts of Huttig Building Products, Inc. and its wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. Revenue Recognition —The Company recognizes r evenue when customer performance obligations are satisfied. A performance obligation, the unit of account for revenue recognition, is a promise to transfer a distinct good to the customer. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of the Company’s 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. The Company’s performance obligations are satisfied at a point in time, and revenue is recognized when the customer accepts product delivery, taking control of the product with rights and rewards of ownership. Use of Estimates —The preparation of the Company’s consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes estimates including, but not limited to, the following financial statement items: allowance for doubtful accounts, slow-moving and obsolete inventory, lower of cost or market provisions for inventory, long-lived asset and goodwill impairments, contingencies, including environmental liabilities, accrued expenses and self-insurance accruals, the discount rate for lease valuation, income tax expense and deferred taxes. Actual results may differ from these estimates. Cash and Equivalents —The Company considers all highly liquid, interest-earning investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The carrying value of cash and equivalents approximates their fair value. Accounts Receivable —Trade accounts receivable consist of amounts owed for orders shipped to customers and are stated net of an allowance for doubtful accounts. Huttig’s corporate management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts reflects our current estimate of credit losses expected to be incurred over the life of the financial instrument, and is determined based on a number of factors, including when customer accounts exceed 90 days past due and specific customer account reviews. Inventory —Inventories are valued at the lower of cost or market. The Company’s entire inventory is comprised of finished goods. The Company reviews inventories on hand and records a provision for slow-moving and obsolete inventory. The provision for slow-moving and obsolete inventory is based on historical and expected sales. Approximately 87% and 88% of inventories were determined by using the last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2021 and 2020, respectively. The balance of all other inventories is determined by the average cost method. The first-in, first-out cost would be higher than the LIFO valuation by $39.8 million at December 31, 2021 and $21.5 million at December 31, 2020. Supplier Rebates —The Company enters into agreements with certain suppliers which provide volume-driven purchase rebates. The Company accrues a receivable based on purchase quantities and reduces the cost of inventory by the same amount. Property, Plant and Equipment —Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Building and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $4.6 million, $4.7 million and $4.8 million in 2021, 2020 and 2019, respectively. Goodwill —The carrying value of goodwill is considered impaired when a reporting unit’s fair value is less than its carrying value. In that event, goodwill impairment is recognized to the extent the reporting unit’s carrying value exceeds its fair value. The last review for goodwill impairment was performed as of March 31, 2020 following a broad market selloff over concerns of the impact of COVID-19 on macroeconomic conditions; the Company’s market capitalization had declined below the carrying value of equity. As a result of this interim goodwill impairment test, the Company recognized a goodwill impairment charge of $9.5 million in the first quarter of 2020. After this impairment there was no remaining goodwill on the Company’s balance sheet. See Note 5, “Goodwill and Other Intangible Assets” for additional information. Valuation of Long-Lived Assets —The Company periodically evaluates the carrying value of its long-lived assets, including intangible and other tangible assets, when events and circumstances warrant such a review. The Company also reassesses useful lives of previously recognized intangible assets. The carrying value of long-lived assets is considered impaired when the anticipated undiscounted cash flows from such assets are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Shipping and Handling —Costs associated with shipping and handling products to the Company’s customers are charged to operating expense. Shipping and handling costs were $37.4 million, $35.9 million and $39.5 million in each of 2021, 2020 and 2019, respectively. Stock-Based Compensation —The Company has stock-based compensation plans covering the majority of its employee groups and a plan covering the Company’s Board of Directors. The Company accounts for share-based compensation utilizing the fair value recognition provisions. The Company recognizes compensation cost for equity awards on a straight-line basis over the requisite service period for the entire award. See Note 12, “Stock Based Compensation” for additional information. Income Taxes —Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and when such amounts are recognized for tax purposes using currently enacted tax rates. A valuation allowance would be established to reduce deferred income tax assets if it is more likely than not that a deferred tax asset will not be realized. See Note 13, “Income Taxes” for additional information. Net Income (Loss) Per Share —Basic net income (loss) per share is computed by dividing income available to common stockholders by the weighted average shares outstanding. Diluted net income per share reflects the effect of all other potentially dilutive common shares using the treasury stock method. See Note 14, “Basic and Diluted Net Loss Per Share” for additional information. Concentration of Credit Risk —The Company grants credit to customers, substantially all of whom are dependent upon the construction sector. The Company periodically evaluates its customers’ financial condition but does not generally require collateral. Customers with high credit risk may be required to pay up front. A significant portion of our sales are concentrated with a relatively small number of our customers. Our top ten customers represented 48% of our sales in 2021. The Company had a single customer representing approximately 14% of total sales in 2021 and 15% in both 2020 and 2019. This customer is a buying group for multiple building material dealers. Collective Bargaining Agreements —As of December 31, 2021, approximately 12% of our employees were represented by one of seven collective bargaining agreements. Segments —Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. At December 31, 2021 and 2020, under the definition of a segment, each of our distribution centers is considered an operating segment of our business. Operating segments may be aggregated if the operating segments have similar economic characteristics and if the nature of the products, distribution methods, customers and regulatory environments are similar. The Company has aggregated its distribution centers into one reporting segment. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 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. 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 financing 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 and a package of practical expedients permitted by the transition guidance of the new standard. The practical expedients included an accounting policy election to forgo recognition of ROU asset and liability on leases with an initial term of 12 months or less, and to forgo separate recognition of lease and non-lease components for all leases. On January 1, 2019, the Company 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. There was no material impact to stock-based compensation, income from continuing operations after taxes, net income or earnings per share as a result of adoption. Accounting Standards Issued But Not Yet Adopted 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 | 12 Months Ended |
Dec. 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 are typical for our industry; these terms vary by customer and location, as well as by the products purchased. Regarding direct sales, the Company is the principal in the arrangement 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 22 %, %, and % in each of the years ended December 31, 2021 , 2020 and 2019 , respectively. The following table disaggregates revenue by product classification (in millions): 2021 2020 2019 Millwork $ 412.2 $ 357.0 $ 384.6 Building Products 447.9 379.0 366.6 Wood Products 77.7 56.3 60.8 Net Sales $ 937.8 $ 792.3 $ 812.0 |
Leases
Leases | 12 Months Ended |
Dec. 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, generally 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 excluded from right-of-use calculations, and we do not separately recognize the lease and non-lease components of lease agreements. 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. The following lease costs are included on the consolidated statements of operations (in millions): 2021 2020 Operating Lease Cost $ 11.9 $ 12.4 Finance Lease Cost: Amortization of right-of-use assets $ 1.3 $ 1.4 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 1.5 $ 1.6 At January 1, 2020, the Company’s right-of-use assets were $40.9 million and lease liabilities were $41.3 million. The following lease assets and liabilities are included on the condensed consolidated balance sheet (in millions): 2021 2020 Operating Leases: Operating lease right-of-use assets $ 38.1 $ 33.9 Current maturities of operating lease right-of-use liabilities 10.2 9.1 Operating lease right-of-use liabilities, less current maturities 27.9 24.9 Total operating lease liabilities $ 38.1 $ 34.0 Finance Leases: Gross property, plant and equipment $ 13.0 $ 11.1 Accumulated depreciation (7.4 ) (6.3 ) Property, plant and equipment, net $ 5.6 $ 4.8 Current maturities of long-term lease liabilities $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 2.2 1.9 Total finance lease liabilities $ 3.6 $ 3.3 As of December 31, 2021, the weighted average remaining lease term for the Company’s operating leases was 4.8 years and for its financing leases was 3.3 years. These leases have weighted average discount rates of 5.5% and 4.7% 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 consolidated statement of cash flows (in millions): 2021 2020 Operating cash used for operating leases $ 12.1 $ 12.7 Operating cash used for finance leases $ 0.2 $ 0.2 Financing cash used for finance leases $ 1.6 $ 1.5 Maturities of lease liabilities are as follows (in millions): Finance leases Operating leases 2022 $ 1.4 $ 12.0 2023 1.2 9.9 2024 0.7 7.0 2025 0.5 5.1 2026 0.2 4.0 Thereafter - 5.5 Total lease payments $ 4.0 $ 43.5 Less: imputed interest (0.4 ) (5.4 ) Total future lease obligation $ 3.6 $ 38.1 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. GOODWILL AND OTHER INTANGIBLE ASSETS 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 and partially resulting from 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 years in the period ended December 31, 2021 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2019 $ 21.3 $ (11.8 ) $ 9.5 No activity in 2019 — — — Balance at December 31, 2019 21.3 (11.8 ) 9.5 Impairment — (9.5 ) (9.5 ) Balance at December 31, 2020 21.3 (21.3 ) — No activity in 2021 — — — Balance at December 31, 2021 $ 21.3 $ (21.3 ) $ — Information regarding the Company’s other amortizable intangible assets is as follows (in millions): Accumulated Cost Amortization 2021 2020 2021 2020 Customer relationships $ 4.9 $ 4.9 $ 2.6 $ 2.4 Trademarks 1.6 1.6 1.6 1.5 Other 1.6 1.6 1.6 1.6 Total amortizable intangible assets (1) $ 8.1 $ 8.1 $ 5.8 $ 5.5 (1) Amortizable intangible assets are included in “Other Assets.” Customer relationships are amortized over 15 to 16 years. Trademarks are amortized over five years and other intangibles are amortized over three years. The Company recorded amortization expense of $0.3 million, $0.5 million and $0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated intangible asset amortization expense, by year in the aggregate, consists of the following at December 31, 2021 (in millions): Amortization 2022 $ 0.2 2023 0.2 2024 0.2 2025 0.2 2026 0.2 Thereafter 1.3 Total $ 2.3 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance For Doubtful Accounts | 6. ALLOWANCE FOR DOUBTFUL ACCOUNTS The allowance for doubtful accounts consisted of the following (in millions): December 31, 2021 2020 2019 Balance at beginning of year $ 3.0 $ 3.1 $ 2.1 Provision charged to expense (0.9 ) 0.3 1.1 Write-offs, less recoveries — (0.4 ) (0.1 ) Balance at end of year $ 2.1 $ 3.0 $ 3.1 The Company recorded bad debt expense of less than 0.1% |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 7. DEBT Debt consisted of the following (in millions): December 31, 2021 2020 Revolving credit facility $ 67.1 $ 89.8 Other obligations 4.3 4.3 Total debt 71.4 94.1 Less current portion 1.8 1.7 Long-term debt $ 69.6 $ 92.4 Credit Facility — In September 2021, the Company entered into a five-year At December 31, 2021, under the credit facility, the Company had revolving credit borrowings of $67.1 million outstanding at a weighted average interest rate of 1.43% per annum, letters of credit outstanding totaling $3.5 million, primarily for health and workers’ compensation insurance, and $163.2 million of additional committed borrowing capacity based on existing collateral levels. The Company had $3.6 million of financing leases and $0.7 million of other obligations outstanding at December 31, 2021 at a weighted average borrowing rate of 4.74% and 6.11%, respectively. At December 31, 2020, under the credit facility, the Company had revolving credit borrowings of $89.8 million outstanding at a weighted average interest rate of 1.46% per annum, letters of credit outstanding totaling $3.2 million, primarily for health and workers’ compensation insurance, and $59.0 million of additional committed borrowing capacity. In addition, the Company had $3.3 million of financing leases and $1.0 million of other obligations outstanding at December 31, 2020 at a weighted average rate of 5.21% and 6.11%. The sole financial covenant in the credit facility is the minimum fixed charge coverage ratio (“FCCR”) of 1.00:1.00, which must be tested by the Company if the excess borrowing availability falls below an amount in the range of $15.0 million to $25.0 million, depending on our borrowing base. Although not required to be tested, the Company did meet the ratio at December 31, 2021. The FCCR must also be tested on a pro forma basis prior to consummation of certain significant business transactions outside the ordinary course of our business, as defined in the agreement. Maturities —At December 31, 2021, the aggregate scheduled maturities of debt were as follows (in millions): 2022 $ 1.8 2023 1.4 2024 0.6 2025 0.4 2026 67.2 Total $ 71.4 The fair value of long-term debt, as calculated using the aggregate cash flows from principal and interest payments over the life of the debt, was approximately $65.1 million and $93.8 million at December 31, 2021 and 2020, respectively, based upon a discounted cash flow analysis using current market interest rates. |
Preferred Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Preferred Shares | 8. PREFERRED SHARES The Company has authorized 5.0 million shares of $0.01 par value preferred stock, of which 400,000 shares have been designated as Series A Junior Participating Preferred Stock. No such shares have been issued. See Note 15, “Rights Agreement” for information concerning a rights agreement pursuant to which shares of the Series A Junior Participating Preferred Stock may be issued. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | 9. OTHER ACCRUED LIABILITIES The Company had other accrued liabilities consisting of the following (in millions): 2021 2020 Self insurance 3.4 4.0 Sales incentive programs 9.1 6.8 Short-term environmental 1.1 1.1 Other accruals 6.5 3.8 Other accrued liabilities $ 20.1 $ 15.7 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES 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 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 $0.8 million, $0.2 million and $0.4 million in 2021, 2020 and 2019, respectively, for costs related to implementation of the RAWP. While the Company expects ongoing remediation expenditures to continue, it is unable to ascertain the timeline for completion given the uncertain nature of projects of this type. Following a review of the remaining costs to complete the remediation, the Company recorded a charge of $0.6 million, net of taxes, in the fourth quarter of 2021 which was reflected in discontinued operations. The Company estimates the total remaining cost of implementing the RAWP to be $2.3 million at December 31, 2021 and this amount is accrued in “other accrued liabilities” and “other non-current liabilities” on the consolidated balance sheets. 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 December 31, 2021 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. With the consent of the DEQ, remediation efforts and expenditures were temporarily suspended during the pandemic in 2020 based on health, safety, financial and other considerations. R emediation activities resume d in 2021 . 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 The Company is party to various litigation matters, in most cases involving ordinary and routine claims incidental to its business. It cannot reasonably estimate the ultimate legal and financial liability with respect to all pending litigation matters. However, the Company believes, based on its examination of such matters, that the ultimate liability will not have a material adverse effect on its financial position, results of operation or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 11. EMPLOYEE BENEFIT PLANS Defined Contribution Plans —The Company sponsors a qualified defined contribution plan covering substantially all its employees. The plan provides for Company matching contributions based upon a percentage of the employee’s voluntary contributions. The Company’s matching contributions were $1.0 million, $0.5 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Defined Benefit Plans —The Company participates in several multi-employer pension plans that provide benefits to certain employees under collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (3) if the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s total contributions to these plans was $0.9 million in each of the years ended December 31, 2021, 2020 and 2019. A majority of the contributions were to the Western Conference of Teamsters Pension Plan. The Company does not contribute more than 5% of total contributions for any of these multi-employer pension plans. The Company’s participation in the multi-employer pension plans as of December 31, 2021 is outlined in the table below. Expiration Pension Financial of Collective- 12/31/2021 Protection Act Improvement Surcharge Bargaining Company Legal Name of Plan EIN Zone Status Plan Imposed Agreement Participants Western Conference of Teamsters Pension Plan 91-6145047 Funded No No 12/1/2019 to 80 6/30/2023 Southern California Lumber Industry Retirement Fund 95-6035266 - 001 Funded > 80% No No 6/30/2023 31 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 - 001 Funded < 65% Implemented No 12/27/2023 4 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 12. STOCK BASED COMPENSATION 2005 Executive Incentive Compensation Plan Under the 2005 Executive Incentive Compensation Plan, as amended and restated (the “2005 Plan”), the Company may grant up to 8,125,000 shares of common stock to be used as incentive awards. The 2005 Plan allows the Company to grant awards to key employees, including restricted stock awards, stock options, other stock-based incentive awards and cash-based incentive awards subject primarily to the requirement of continued employment. Awards under the 2005 Plan are available for grant over a ten-year period unless terminated ear lier by the Board. The Company granted 436,990 , 480,325 , and 510,684 shares of restricted stock to employees in 2021 , 2020 and 2019 , respectively. No monetary consideration is paid to the Company by employees who receive restricted stock. The restricted shares vest ratably over three years . Restricted stock can be granted with or without performance restrictions. 2005 Non-Employee Directors’ Restricted Stock Plan Under the Company’s 2005 Non-Employee Directors’ Restricted Stock Plan, as amended and restated, incentive awards of up to 1,075,000 shares of common stock may be granted. Awards under this plan are available for grant over a ten-year Summary of Stock-Based Compensation The Company recognized approximately $1.6 million, $1.3 million, and $2.3 million in non-cash stock compensation expense for restricted stock awards in 2021, 2020 and 2019, respectively. The following summary presents information regarding restricted stock and restricted stock units for the three years in the period ended December 31, 2021: Average Weighted Aggregate Remaining Unrecognized Average Intrinsic Vesting Compensation Shares Grant Value Period Expense (000’s) Fair Value (000’s) (months) (000’s) Balance at January 1, 2019 1,012 $ 5.72 Granted 600 2.36 Restricted stock vested (555 ) 5.33 Forfeited (142 ) 5.07 Outstanding at December 31, 2019 915 3.85 Granted 480 1.41 Restricted stock vested (377 ) 4.29 Forfeited (26 ) 3.66 Outstanding at December 31, 2020 992 2.54 Granted 577 3.62 Restricted stock vested (483 ) 3.12 Forfeited (15 ) 2.80 Outstanding at December 31, 2021 1,071 $ 2.86 $ 11,852 21.9 $ 1,307 Restricted stock units vested at December 31, 2021 134 $ 2.56 $ 1,478 N/A N/A |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES The provision for income taxes, relating to continuing operations, is composed of the following as of December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Current: U.S. Federal expense (benefit) $ 1.2 $ — $ (0.1 ) State and local tax 1.2 0.1 0.1 Total current expense 2.4 0.1 — Deferred: U.S. Federal tax 0.4 0.1 9.7 State and local tax (benefit) expense (0.6 ) (0.1 ) 1.4 Total deferred (benefit) expense (0.2 ) — 11.1 Total income tax expense $ 2.2 $ 0.1 $ 11.1 A reconciliation of income taxes based on the application of the statutory federal income tax rate to income taxes as set forth in the consolidated statements of operations is as follows for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in taxes resulting from: State and local taxes 6.1 (6.6 ) (13.8 ) Goodwill Impairment — (169.1 ) — Nondeductible items 0.7 (13.2 ) (1.8 ) Prior year true-up items 0.2 (33.5 ) — Restricted stock (0.1 ) (34.5 ) (4.5 ) Refundable tax credits — — 0.8 Other, net — — (0.8 ) Change in valuation allowance (23.7 ) 219.8 (111.5 ) Effective income tax rate 4.2 % (16.1 )% (110.6 )% At December 31, 2021, the Company had gross deferred tax assets (“DTAs”) of $24.9 million and a valuation allowance of $6.0 million, netting to deferred tax assets of $18.9 million. The Company had deferred tax liabilities of $18.5 million at December 31, 2021. The Company had $0.4 million and zero net DTAs at December 31, 2021 and 2020, respectively. In each reporting period, we assess the available positive and negative evidence to estimate if sufficient future taxable income would be generated to utilize the existing deferred tax assets. Starting in 2019, our operations were in a position of cumulative losses for the most recent three-year period. The cumulative loss incurred by the Company over the three-year period ended December 31, 2019 constituted a significant piece of objective negative evidence. Such objective negative evidence limited the Company’s ability to consider other subjective evidence, such as projections for future profitability and growth. Based on this evaluation, the Company concluded primarily that it is more likely than not that a significant portion of deferred tax assets would not be realized. Accordingly, the Company recorded a full valuation allowance on its net deferred tax asset position, resulting in an expense of $12.7 million in our provision for income taxes in 2019. For the three-year period ended December 31, 2020, the Company continued to be in a cumulative loss position, and the Company’s history of operating losses limited the weight applied to other subjective evidence, such as projections for future profitability. As a result, the Company maintained its valuation allowance at December 31, 2020. As a result of the Company’s financial performance in 2021, the Company is in a cumulative income position for the most recent three-year period. The Company released the valuation allowance related to federal deferred tax assets and certain state deferred tax assets during the third quarter 2021. As a result of the Company’s profitability during 2021, the federal net operating loss carryforwards were fully utilized. At December 31, 2021, the Company retained a valuation allowance for state net operating losses that are more likely than not to expire before utilization. The income tax expense from continuing operations for 2021 was $2.2 million on an income before taxes of $51.3 million. For 2020, an income tax expense of $0.1 million was recorded on a pretax loss of $0.8 million. 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 changes included, but are not limited to increasing the limitation on the amount of deductible interest expense under Code Section 163(j), allowing companies to carry back certain net operating losses, and increasing the amount of net operating loss carryforwards that corporations can use to offset taxable income. The Company benefited from these changes with an additional interest expense deduction of $4.3 million in 2020. Deferred income taxes at December 31, 2021 and 2020 are comprised of the following (in millions): 2021 2020 Assets Liabilities Assets Liabilities Income tax loss carryforwards $ 6.6 $ — $ 17.0 $ — Other accrued liabilities 1.1 — 1.7 — Employee benefits related 4.3 — 1.9 — Property, plant and equipment — 1.1 — 0.3 Insurance related 0.7 0.6 0.7 0.6 Goodwill 0.5 — 0.5 — Intangibles 0.5 — 0.5 — Inventories 1.3 — 1.4 — Accounts receivables 0.5 — 0.7 — LIFO — 7.4 — 5.6 Leases 9.4 9.4 8.4 8.3 Other - — 0.1 - Gross deferred tax assets and liabilities 24.9 18.5 32.9 14.8 Valuation allowance (6.0 ) — (18.1 ) — Total $ 18.9 $ 18.5 $ 14.8 $ 14.8 The Company has state tax loss carryforwards reflected above. The Company fully utilized $41.4 million of federal tax loss carryforwards in 2021. As a result of the Tax Cuts and Jobs Act, any federal tax losses incurred by the Company starting in 2018 will have an indefinite carryforward. The Company fully utilized its interest limitation carryforward under IRC Section 163(j) in 2020, and has no carryforward as of December 31, 2021. The Company’s remaining state tax loss carryforwards have expiration dates from 2022 to 2041. The Company has no material uncertain tax positions at December 31, 2021 or December 31, 2020. We file U.S. and state tax returns in jurisdictions with varying statutes of limitations. The 2018 through 2021 tax years generally remain subject to examination by federal and state tax authorities. |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Share | 14. BASIC AND DILUTED NET INCOME (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 for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Earnings allocated to participating shareholders $ 1.7 $ — $ — Number of participating securities 0.9 0.8 0.8 The diluted earnings per share calculations include the effect of the assumed exercise using the treasury stock method for both stock options and 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 for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Weighted-average number of common shares-basic 27.5 26.0 25.4 Dilutive potential common shares — — — Weighted-average number of common shares-dilutive 27.5 26.0 25.4 The Company had no stock options outstanding at December 31, 2021, 2020 and 2019 and as such had no dilutive effect. |
Rights Agreement
Rights Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Rights Agreement | 15. 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 paid at close of business on May 31, 2016 to the stockholders of record on that date. The Board adopted the Rights Agreement to protect stockholder value by protecting the Company’s ability to capture the value of its net operating losses used to reduce potential future federal income tax obligations. The Rights Agreement was approved by the Company’s stockholders at the 2017 annual meeting of stockholders. On May 6, 2019 the Board approved and we entered into a First Amendment to Rights Agreement between the Company and ComputerShare Trust Company, N.A., as rights agent. The Amendment, among other things, (i) extends the final expiration date (as defined in the Rights Agreement) from May 18, 2019 to May 18, 2022; (ii) changes the initial purchase price (as defined in the Rights Agreement) from $13.86 to $13.39; and (iii) increases the period pursuant to which the Board has to consider an exemption request (as defined in the Rights Agreement) from ten business days to 20 business days. The Rights Agreement will expire on the earliest of (i) May 18, 2022, (ii) the time at which the Rights are redeemed or exchanged, as provided for in the Rights Agreement, (iii) the repeal of Section 382 of the Internal Revenue Code of 1986, as amended, if the Board determines that the Rights Agreement is no longer necessary for the preservation of the Company’s NOLs, and (iv) the beginning of a taxable year of the Company to which the Board determines that no NOLs may be carried forward. We adopted the Rights Agreement to protect stockholder value by attempting to diminish the risk that our ability to use our NOLs to reduce potential future federal income tax obligations may become substantially limited. 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 $13.39 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 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 16. DISCONTINUED OPERATIONS The Company’s discontinued operations did not have any sales in 2021, 2020 or 2019. In 2021, loss from discontinued operations net of taxes of $0.6 million were primarily related to changes in estimates associated with remediation of formerly owned property in Montana. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 17. RESTRUCTURING During the second quarter of 2020, the Company announced the planned closure of its Columbus, OH and Selkirk, NY branches to improve operating results and gain operational efficiency through leverage of workforce, logistics and working capital. Some operations of the Selkirk branch were consolidated into the Company’s facility in Newington, CT. The Company recorded a $1.5 million pre-tax charge, which consisted of $0.7 million for estimated impairment of inventory and inventory transfer costs, $0.2 million of facility exit costs, $0.1 million for employee retention and extension of benefits, and $0.5 million for other branch closure costs. The following table summarizes the restructuring activity during 2020 (in millions): 2020 Charge to Amounts Reserve at Income Utilized in 2020 December 31, 2020 Retention and benefits continuation costs $ 0.1 $ 0.1 — Facility exit costs 0.2 0.2 — Inventory impairment and transfer costs 0.7 0.7 — Other branch closure costs 0.5 0.4 0.1 Total pre-tax restructuring charges $ 1.5 $ 1.4 $ 0.1 The Company had no restructuring obligations at December 31, 2021. |
Impact of and Company Response
Impact of and Company Response to COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of and Company Response to COVID-19 | 18. 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 eliminate time spent outside of their homes. 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 year ended December 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 during 2020 (as discussed in Note 17, “Restructuring”), 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. In 2020, the Company observed certain of its customers adjusting purchases and operations according to the impact of COVID-19 and governmental restrictions and has adjusted its own operations accordingly. The pandemic has had an adverse impact to the supply chain, with some of the Company’s suppliers 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. Early in the pandemic, in 2020, t he Company adjusted its sales forecast and took proactive measures to protect its operating liquidity, including communicating with supplier s and customers, seeking modification of payment and other terms of rental and procurement agreements and monitoring its accounts receivable. The Company initially reduced inventory levels to meet an anticipated decrease in demand and has continued to manage inventories according to regularly updated sales forecasts. The Company also implemented cost containment measures, including closing two of its branches, lay-offs, wage reductions, suspension of matching contributions to its qualified defined contribution plan, and eliminated non-essential spend. Wages were reinstated for substantially all employees in October 2020. The senior management team continue d to have reduced compensation until early 2021 . Additionally, the compensation paid to our Board of Directors continue d at a reduced level until early 2021 . The Company experienced COVID-19 related delays in obtaining distribution and warehouse equipment during 2021 . 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 mitigated the impact of the pandemic on its operations in 2021 and 2020 , 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 December 31 , 2021 , the Company does not have any outstanding deferred obligations to suppliers as deferred amounts were repaid in 2020 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization —Huttig Building Products, Inc. and its wholly owned subsidiary (the “Company” or “Huttig”) is a distributor of building materials used principally in new residential construction and in home improvement, remodeling and repair work. Huttig’s products are sold through 25 distribution centers serving 41 states and are sold primarily to building materials dealers, national buying groups, home centers and industrial users including makers of manufactured homes. |
Principles of Consolidation | Principles of Consolidation —The Company’s consolidated financial statements include the accounts of Huttig Building Products, Inc. and its wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition —The Company recognizes r evenue when customer performance obligations are satisfied. A performance obligation, the unit of account for revenue recognition, is a promise to transfer a distinct good to the customer. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of the Company’s 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. The Company’s performance obligations are satisfied at a point in time, and revenue is recognized when the customer accepts product delivery, taking control of the product with rights and rewards of ownership. |
Use of Estimates | Use of Estimates —The preparation of the Company’s consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes estimates including, but not limited to, the following financial statement items: allowance for doubtful accounts, slow-moving and obsolete inventory, lower of cost or market provisions for inventory, long-lived asset and goodwill impairments, contingencies, including environmental liabilities, accrued expenses and self-insurance accruals, the discount rate for lease valuation, income tax expense and deferred taxes. Actual results may differ from these estimates. |
Cash and Equivalents | Cash and Equivalents —The Company considers all highly liquid, interest-earning investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The carrying value of cash and equivalents approximates their fair value. |
Accounts Receivable | Accounts Receivable —Trade accounts receivable consist of amounts owed for orders shipped to customers and are stated net of an allowance for doubtful accounts. Huttig’s corporate management establishes an overall credit policy for sales to customers. The allowance for doubtful accounts reflects our current estimate of credit losses expected to be incurred over the life of the financial instrument, and is determined based on a number of factors, including when customer accounts exceed 90 days past due and specific customer account reviews. |
Inventory | Inventory —Inventories are valued at the lower of cost or market. The Company’s entire inventory is comprised of finished goods. The Company reviews inventories on hand and records a provision for slow-moving and obsolete inventory. The provision for slow-moving and obsolete inventory is based on historical and expected sales. Approximately 87% and 88% of inventories were determined by using the last-in, first-out (“LIFO”) method of inventory valuation as of December 31, 2021 and 2020, respectively. The balance of all other inventories is determined by the average cost method. The first-in, first-out cost would be higher than the LIFO valuation by $39.8 million at December 31, 2021 and $21.5 million at December 31, 2020. |
Supplier Rebates | Supplier Rebates —The Company enters into agreements with certain suppliers which provide volume-driven purchase rebates. The Company accrues a receivable based on purchase quantities and reduces the cost of inventory by the same amount. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets and is charged to operating expenses. Building and improvements lives range from 3 to 25 years. Machinery and equipment lives range from 3 to 10 years. The Company recorded depreciation expense of $4.6 million, $4.7 million and $4.8 million in 2021, 2020 and 2019, respectively. |
Goodwill | Goodwill —The carrying value of goodwill is considered impaired when a reporting unit’s fair value is less than its carrying value. In that event, goodwill impairment is recognized to the extent the reporting unit’s carrying value exceeds its fair value. The last review for goodwill impairment was performed as of March 31, 2020 following a broad market selloff over concerns of the impact of COVID-19 on macroeconomic conditions; the Company’s market capitalization had declined below the carrying value of equity. As a result of this interim goodwill impairment test, the Company recognized a goodwill impairment charge of $9.5 million in the first quarter of 2020. After this impairment there was no remaining goodwill on the Company’s balance sheet. See Note 5, “Goodwill and Other Intangible Assets” for additional information. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets —The Company periodically evaluates the carrying value of its long-lived assets, including intangible and other tangible assets, when events and circumstances warrant such a review. The Company also reassesses useful lives of previously recognized intangible assets. The carrying value of long-lived assets is considered impaired when the anticipated undiscounted cash flows from such assets are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. |
Shipping and Handling | Shipping and Handling —Costs associated with shipping and handling products to the Company’s customers are charged to operating expense. Shipping and handling costs were $37.4 million, $35.9 million and $39.5 million in each of 2021, 2020 and 2019, respectively. |
Stock-Based Compensation | Stock-Based Compensation —The Company has stock-based compensation plans covering the majority of its employee groups and a plan covering the Company’s Board of Directors. The Company accounts for share-based compensation utilizing the fair value recognition provisions. The Company recognizes compensation cost for equity awards on a straight-line basis over the requisite service period for the entire award. See Note 12, “Stock Based Compensation” for additional information. |
Income Taxes | Income Taxes —Deferred income taxes reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and when such amounts are recognized for tax purposes using currently enacted tax rates. A valuation allowance would be established to reduce deferred income tax assets if it is more likely than not that a deferred tax asset will not be realized. See Note 13, “Income Taxes” for additional information. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share —Basic net income (loss) per share is computed by dividing income available to common stockholders by the weighted average shares outstanding. Diluted net income per share reflects the effect of all other potentially dilutive common shares using the treasury stock method. See Note 14, “Basic and Diluted Net Loss Per Share” for additional information. |
Concentration of Credit Risk | Concentration of Credit Risk —The Company grants credit to customers, substantially all of whom are dependent upon the construction sector. The Company periodically evaluates its customers’ financial condition but does not generally require collateral. Customers with high credit risk may be required to pay up front. A significant portion of our sales are concentrated with a relatively small number of our customers. Our top ten customers represented 48% of our sales in 2021. The Company had a single customer representing approximately 14% of total sales in 2021 and 15% in both 2020 and 2019. This customer is a buying group for multiple building material dealers. |
Collective Bargaining Agreements | Collective Bargaining Agreements —As of December 31, 2021, approximately 12% of our employees were represented by one of seven collective bargaining agreements. |
Segments | Segments —Operating segments are components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. At December 31, 2021 and 2020, under the definition of a segment, each of our distribution centers is considered an operating segment of our business. Operating segments may be aggregated if the operating segments have similar economic characteristics and if the nature of the products, distribution methods, customers and regulatory environments are similar. The Company has aggregated its distribution centers into one reporting segment. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 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): 2021 2020 2019 Millwork $ 412.2 $ 357.0 $ 384.6 Building Products 447.9 379.0 366.6 Wood Products 77.7 56.3 60.8 Net Sales $ 937.8 $ 792.3 $ 812.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Costs are Included Consolidated Statements of Operations | The following lease costs are included on the consolidated statements of operations (in millions): 2021 2020 Operating Lease Cost $ 11.9 $ 12.4 Finance Lease Cost: Amortization of right-of-use assets $ 1.3 $ 1.4 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 1.5 $ 1.6 |
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 (in millions): 2021 2020 Operating Leases: Operating lease right-of-use assets $ 38.1 $ 33.9 Current maturities of operating lease right-of-use liabilities 10.2 9.1 Operating lease right-of-use liabilities, less current maturities 27.9 24.9 Total operating lease liabilities $ 38.1 $ 34.0 Finance Leases: Gross property, plant and equipment $ 13.0 $ 11.1 Accumulated depreciation (7.4 ) (6.3 ) Property, plant and equipment, net $ 5.6 $ 4.8 Current maturities of long-term lease liabilities $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 2.2 1.9 Total finance lease liabilities $ 3.6 $ 3.3 |
Schedule of Cash Flow items are Included on Consolidated Statement of Cash Flows | The following cash flow items are included on the consolidated statement of cash flows (in millions): 2021 2020 Operating cash used for operating leases $ 12.1 $ 12.7 Operating cash used for finance leases $ 0.2 $ 0.2 Financing cash used for finance leases $ 1.6 $ 1.5 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows (in millions): Finance leases Operating leases 2022 $ 1.4 $ 12.0 2023 1.2 9.9 2024 0.7 7.0 2025 0.5 5.1 2026 0.2 4.0 Thereafter - 5.5 Total lease payments $ 4.0 $ 43.5 Less: imputed interest (0.4 ) (5.4 ) Total future lease obligation $ 3.6 $ 38.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Activity | The following table summarizes goodwill activity for the three years in the period ended December 31, 2021 (in millions): Accumulated Goodwill, Goodwill Impairments Net Balance at January 1, 2019 $ 21.3 $ (11.8 ) $ 9.5 No activity in 2019 — — — Balance at December 31, 2019 21.3 (11.8 ) 9.5 Impairment — (9.5 ) (9.5 ) Balance at December 31, 2020 21.3 (21.3 ) — No activity in 2021 — — — Balance at December 31, 2021 $ 21.3 $ (21.3 ) $ — |
Summary of Other Intangible Assets | Information regarding the Company’s other amortizable intangible assets is as follows (in millions): Accumulated Cost Amortization 2021 2020 2021 2020 Customer relationships $ 4.9 $ 4.9 $ 2.6 $ 2.4 Trademarks 1.6 1.6 1.6 1.5 Other 1.6 1.6 1.6 1.6 Total amortizable intangible assets (1) $ 8.1 $ 8.1 $ 5.8 $ 5.5 (1) Amortizable intangible assets are included in “Other Assets.” |
Summary of Estimated Intangible Asset Amortization Expense | Estimated intangible asset amortization expense, by year in the aggregate, consists of the following at December 31, 2021 Amortization 2022 $ 0.2 2023 0.2 2024 0.2 2025 0.2 2026 0.2 Thereafter 1.3 Total $ 2.3 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Allowance for Doubtful Accounts | The allowance for doubtful accounts consisted of the following (in millions): December 31, 2021 2020 2019 Balance at beginning of year $ 3.0 $ 3.1 $ 2.1 Provision charged to expense (0.9 ) 0.3 1.1 Write-offs, less recoveries — (0.4 ) (0.1 ) Balance at end of year $ 2.1 $ 3.0 $ 3.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): December 31, 2021 2020 Revolving credit facility $ 67.1 $ 89.8 Other obligations 4.3 4.3 Total debt 71.4 94.1 Less current portion 1.8 1.7 Long-term debt $ 69.6 $ 92.4 |
Scheduled Maturities of Debt | Maturities —At December 31, 2021, the aggregate scheduled maturities of debt were as follows (in millions): 2022 $ 1.8 2023 1.4 2024 0.6 2025 0.4 2026 67.2 Total $ 71.4 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Accrued Liabilities | The Company had other accrued liabilities consisting of the following (in millions): 2021 2020 Self insurance 3.4 4.0 Sales incentive programs 9.1 6.8 Short-term environmental 1.1 1.1 Other accruals 6.5 3.8 Other accrued liabilities $ 20.1 $ 15.7 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Company's Participation in Multi-Employer Pension Plans | The Company’s participation in the multi-employer pension plans as of December 31, 2021 is outlined in the table below. Expiration Pension Financial of Collective- 12/31/2021 Protection Act Improvement Surcharge Bargaining Company Legal Name of Plan EIN Zone Status Plan Imposed Agreement Participants Western Conference of Teamsters Pension Plan 91-6145047 Funded No No 12/1/2019 to 80 6/30/2023 Southern California Lumber Industry Retirement Fund 95-6035266 - 001 Funded > 80% No No 6/30/2023 31 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 - 001 Funded < 65% Implemented No 12/27/2023 4 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock and Restricted Stock Units | The following summary presents information regarding restricted stock and restricted stock units for the three years in the period ended December 31, 2021: Average Weighted Aggregate Remaining Unrecognized Average Intrinsic Vesting Compensation Shares Grant Value Period Expense (000’s) Fair Value (000’s) (months) (000’s) Balance at January 1, 2019 1,012 $ 5.72 Granted 600 2.36 Restricted stock vested (555 ) 5.33 Forfeited (142 ) 5.07 Outstanding at December 31, 2019 915 3.85 Granted 480 1.41 Restricted stock vested (377 ) 4.29 Forfeited (26 ) 3.66 Outstanding at December 31, 2020 992 2.54 Granted 577 3.62 Restricted stock vested (483 ) 3.12 Forfeited (15 ) 2.80 Outstanding at December 31, 2021 1,071 $ 2.86 $ 11,852 21.9 $ 1,307 Restricted stock units vested at December 31, 2021 134 $ 2.56 $ 1,478 N/A N/A |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Details of Provision for Income Taxes | The provision for income taxes, relating to continuing operations, is composed of the following as of December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Current: U.S. Federal expense (benefit) $ 1.2 $ — $ (0.1 ) State and local tax 1.2 0.1 0.1 Total current expense 2.4 0.1 — Deferred: U.S. Federal tax 0.4 0.1 9.7 State and local tax (benefit) expense (0.6 ) (0.1 ) 1.4 Total deferred (benefit) expense (0.2 ) — 11.1 Total income tax expense $ 2.2 $ 0.1 $ 11.1 |
Details of Reconciliation of Income Taxes | A reconciliation of income taxes based on the application of the statutory federal income tax rate to income taxes as set forth in the consolidated statements of operations is as follows for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in taxes resulting from: State and local taxes 6.1 (6.6 ) (13.8 ) Goodwill Impairment — (169.1 ) — Nondeductible items 0.7 (13.2 ) (1.8 ) Prior year true-up items 0.2 (33.5 ) — Restricted stock (0.1 ) (34.5 ) (4.5 ) Refundable tax credits — — 0.8 Other, net — — (0.8 ) Change in valuation allowance (23.7 ) 219.8 (111.5 ) Effective income tax rate 4.2 % (16.1 )% (110.6 )% |
Deferred Income Taxes | Deferred income taxes at December 31, 2021 and 2020 are comprised of the following (in millions): 2021 2020 Assets Liabilities Assets Liabilities Income tax loss carryforwards $ 6.6 $ — $ 17.0 $ — Other accrued liabilities 1.1 — 1.7 — Employee benefits related 4.3 — 1.9 — Property, plant and equipment — 1.1 — 0.3 Insurance related 0.7 0.6 0.7 0.6 Goodwill 0.5 — 0.5 — Intangibles 0.5 — 0.5 — Inventories 1.3 — 1.4 — Accounts receivables 0.5 — 0.7 — LIFO — 7.4 — 5.6 Leases 9.4 9.4 8.4 8.3 Other - — 0.1 - Gross deferred tax assets and liabilities 24.9 18.5 32.9 14.8 Valuation allowance (6.0 ) — (18.1 ) — Total $ 18.9 $ 18.5 $ 14.8 $ 14.8 |
Basic and Diluted Net Income _2
Basic and Diluted Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Earnings allocated to participating shareholders $ 1.7 $ — $ — Number of participating securities 0.9 0.8 0.8 |
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 for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Weighted-average number of common shares-basic 27.5 26.0 25.4 Dilutive potential common shares — — — Weighted-average number of common shares-dilutive 27.5 26.0 25.4 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Activity | The following table summarizes the restructuring activity during 2020 (in millions): 2020 Charge to Amounts Reserve at Income Utilized in 2020 December 31, 2020 Retention and benefits continuation costs $ 0.1 $ 0.1 — Facility exit costs 0.2 0.2 — Inventory impairment and transfer costs 0.7 0.7 — Other branch closure costs 0.5 0.4 0.1 Total pre-tax restructuring charges $ 1.5 $ 1.4 $ 0.1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)StateCustomerAgreementSegmentCenter | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | |
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of distribution centers | Center | 25 | |||
Number of states in which products are distributed | State | 41 | |||
Allowance for doubtful accounts days | 90 days | |||
Inventory valuation LIFO method | 87.00% | 88.00% | ||
First-In, First-Out cost higher than LIFO valuation | $ 39.8 | $ 21.5 | ||
Company recorded depreciation expense | 4.6 | 4.7 | $ 4.8 | |
Goodwill impairment charge | $ 9.5 | 9.5 | ||
Cost of sales | $ 729.8 | $ 632.9 | $ 650 | |
Percentage of consolidated revenues of company's top ten clients | 48.00% | |||
Number of major customers | Customer | 10 | |||
Percentage of employees represented under collective bargaining agreements | 12.00% | |||
Number of collective bargaining agreements | Agreement | 7 | |||
Number of collective bargaining agreements expired in next year | Agreement | 1 | |||
Aggregate number of reporting segment | Segment | 1 | 1 | ||
Sales [Member] | Customer Concentration Risk [Member] | Major Customer [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Total sales in percentage | 14.00% | 15.00% | 15.00% | |
Shipping and Handling [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Cost of sales | $ 37.4 | $ 35.9 | $ 39.5 | |
Minimum [Member] | Building and Improvements [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Building and improvements lives | 3 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Building and improvements lives | 3 years | |||
Maximum [Member] | Building and Improvements [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Building and improvements lives | 25 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Business And Summary Of Significant Accounting Policies [Line Items] | ||||
Building and improvements lives | 10 years |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update 2016-13 [Member] | |
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 |
Accounting Standards Update 2016-02 [Member] | |
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, 2019 |
Lease, practical expedients package | true |
Accounting Standards Update 2018-07 [Member] | |
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, 2019 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |||
Direct sales, percentage of net sales | 22.00% | 18.00% | 18.00% |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Product Classification (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Net Sales | $ 937.8 | $ 792.3 | $ 812 |
ASC Topic 606 | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | 937.8 | 792.3 | 812 |
ASC Topic 606 | Millwork [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | 412.2 | 357 | 384.6 |
ASC Topic 606 | Building Products [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | 447.9 | 379 | 366.6 |
ASC Topic 606 | Wood Products [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | $ 77.7 | $ 56.3 | $ 60.8 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Leases [Line Items] | |||
Operating lease right-of-use assets | $ 38.1 | $ 33.9 | $ 40.9 |
Operating lease liabilities | $ 38.1 | $ 34 | $ 41.3 |
Operating lease, weighted average remaining lease term | 4 years 9 months 18 days | ||
Finance lease, weighted average remaining lease term | 3 years 3 months 18 days | ||
Operating lease, weighted average discount rate, percent | 5.50% | ||
Finance lease, weighted average discount rate, percent | 4.70% | ||
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 - Summary of Lease Costs
Leases - Summary of Lease Costs are Included Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease Cost | $ 11.9 | $ 12.4 |
Finance Lease Cost: | ||
Amortization of right-of-use assets | 1.3 | 1.4 |
Interest on lease liabilities | 0.2 | 0.2 |
Total finance lease cost | $ 1.5 | $ 1.6 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Operating Leases: | |||
Operating lease right-of-use assets | $ 38.1 | $ 33.9 | $ 40.9 |
Current maturities of operating lease right-of-use liabilities | 10.2 | 9.1 | |
Operating lease right-of-use liabilities, less current maturities | 27.9 | 24.9 | |
Total operating lease liabilities | 38.1 | 34 | $ 41.3 |
Finance Leases: | |||
Gross property, plant and equipment | 13 | 11.1 | |
Accumulated depreciation | (7.4) | (6.3) | |
Property, plant and equipment, net | $ 5.6 | $ 4.8 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Net | Property Plant And Equipment Net | |
Current maturities of long-term lease liabilities | $ 1.4 | $ 1.4 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities | |
Long-term lease liabilities, less current maturities | $ 2.2 | $ 1.9 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | |
Total finance lease liabilities | $ 3.6 | $ 3.3 |
Leases - Schedule of Cash Flow
Leases - Schedule of Cash Flow Items are Included on Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash used for operating leases | $ 12.1 | $ 12.7 |
Operating cash used for finance leases | 0.2 | 0.2 |
Financing cash used for finance leases | $ 1.6 | $ 1.5 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2022 | $ 1.4 | ||
2023 | 1.2 | ||
2024 | 0.7 | ||
2025 | 0.5 | ||
2026 | 0.2 | ||
Total lease payments | 4 | ||
Less: imputed interest | (0.4) | ||
Total future lease obligation | 3.6 | $ 3.3 | |
Operating Lease Liabilities, Payments Due [Abstract] | |||
2022 | 12 | ||
2023 | 9.9 | ||
2024 | 7 | ||
2025 | 5.1 | ||
2026 | 4 | ||
Thereafter | 5.5 | ||
Total lease payments | 43.5 | ||
Less: imputed interest | (5.4) | ||
Total future lease obligation | $ 38.1 | $ 34 | $ 41.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charge | $ 9.5 | $ 9.5 | ||
Amortization expense | $ 0.3 | $ 0.5 | $ 0.9 | |
Trademarks [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Useful life of intangible asset | 5 years | |||
Other Intangibles [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Useful life of intangible asset | 3 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Useful life of intangible asset | 15 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Useful life of intangible asset | 16 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Goodwill Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill Beginning Balance, Gross | $ 21.3 | $ 21.3 | $ 21.3 | $ 21.3 | |
No activity in period | 0 | 0 | 0 | ||
Impairment | (9.5) | (9.5) | |||
Goodwill Ending Balance, Gross | 21.3 | 21.3 | 21.3 | ||
Accumulated Impairments | (21.3) | (21.3) | (11.8) | $ (11.8) | |
Goodwill Beginning Balance, Net | $ 9.5 | 0 | 9.5 | 9.5 | |
Goodwill Ending Balance, Net | $ 0 | $ 0 | $ 9.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Intangible Assets Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Cost amortizable intangible assets | $ 8.1 | $ 8.1 |
Accumulated amortization intangible assets | 5.8 | 5.5 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost amortizable intangible assets | 4.9 | 4.9 |
Accumulated amortization intangible assets | 2.6 | 2.4 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost amortizable intangible assets | 1.6 | 1.6 |
Accumulated amortization intangible assets | 1.6 | 1.5 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost amortizable intangible assets | 1.6 | 1.6 |
Accumulated amortization intangible assets | $ 1.6 | $ 1.6 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Intangible Asset Amortization Expense (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 | $ 0.2 |
2023 | 0.2 |
2024 | 0.2 |
2025 | 0.2 |
2026 | 0.2 |
Thereafter | 1.3 |
Total | $ 2.3 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Balance at beginning of year | $ 3 | $ 3.1 | $ 2.1 |
Provision charged to expense | (0.9) | 0.3 | 1.1 |
Write-offs, less recoveries | (0.4) | (0.1) | |
Balance at end of year | $ 2.1 | $ 3 | $ 3.1 |
Allowance for Doubtful Accoun_4
Allowance for Doubtful Accounts - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Maximum [Member] | |||
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Percentage of bad debt expense | 0.10% | 0.10% | 0.20% |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 67.1 | $ 89.8 |
Other obligations | 4.3 | 4.3 |
Total debt | 71.4 | 94.1 |
Less current portion | 1.8 | 1.7 |
Long-term debt | $ 69.6 | $ 92.4 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Revolving credit borrowing | $ 67,100,000 | $ 89,800,000 | |
Letters of credit outstanding | 3,500,000 | 3,200,000 | |
Financing lease obligations | 3,600,000 | 3,300,000 | |
Other obligations | 700,000 | 1,000,000 | |
Long-term debt, Fair value | 65,100,000 | $ 93,800,000 | |
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess borrowing availability | 15,000,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Fall of excess borrowing availability | $ 25,000,000 | ||
Finance Lease [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate | 4.74% | 5.21% | |
Other Obligations [Member] | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate | 6.11% | 6.11% | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Amortization period on real estate component of borrowing base | 15 years | ||
Unused commitment fees | 0.25% | ||
Revolving credit borrowing | $ 67,100,000 | $ 89,800,000 | |
Weighted average interest rate | 1.43% | 1.46% | |
Additional committed borrowing capacity | $ 163,200,000 | $ 59,000,000 | |
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 | ||
Line of credit facility, expiration period | 5 years | ||
Line of credit facility, expiration date | Sep. 29, 2026 |
Debt - Scheduled Maturities of
Debt - Scheduled Maturities of Debt (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 1.8 |
2023 | 1.4 |
2024 | 0.6 |
2025 | 0.4 |
2026 | 67.2 |
Total | $ 71.4 |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | May 18, 2016 |
Accelerated Share Repurchases [Line Items] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued | 0 | ||
Series A Junior Participating Preferred Stock [Member] | |||
Accelerated Share Repurchases [Line Items] | |||
Preferred stock, shares authorized | 400,000 | ||
Preferred stock, par value | $ 0.01 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Self insurance | $ 3.4 | $ 4 |
Sales incentive programs | 9.1 | 6.8 |
Short-term environmental | 1.1 | 1.1 |
Other accruals | 6.5 | 3.8 |
Other accrued liabilities | $ 20.1 | $ 15.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contingencies And Commitments [Line Items] | ||||
Amount paid to implement remedial action work plan | $ 0.8 | $ 0.2 | $ 0.4 | |
Other Accrued Liabilities and Other Non-current Liabilities [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Accrual for reasonably estimable remediation cost | $ 2.3 | $ 2.3 | ||
Discontinued Operations [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Accrual charge after remaining estimate of costs to complete remediation | $ 0.6 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plan [Abstract] | |||
Matching contributions amount | $ 1 | $ 0.5 | $ 1.7 |
Total contributions to multi-employer plans | $ 0.9 | $ 0.9 | $ 0.9 |
Maximum Contribution of total contributions for multi-employer pension plans | 5.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Company's Participation in Multi-Employer Pension Plans (Detail) | 12 Months Ended |
Dec. 31, 2021Company | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 43-0334550 |
Western Conference of Teamsters Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 91-6145047 |
Plan number | 001 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Company Participants | 80 |
Western Conference of Teamsters Pension Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | Dec. 1, 2019 |
Western Conference of Teamsters Pension Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 |
Southern CA Lumber Industry Retirement Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 95-6035266 |
Plan number | 001 |
Pension Protection Act Zone Status | At least 80 percent |
Financial Improvement Plan | No |
Surcharge Imposed | No |
Company Participants | 31 |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 |
Central States Southeast and Southwest Areas Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
EIN | 36-6044243 |
Plan number | 001 |
Pension Protection Act Zone Status | Less than 65 percent |
Financial Improvement Plan | Implemented |
Surcharge Imposed | No |
Company Participants | 4 |
Expiration Date of Collective Bargaining Agreement | Dec. 27, 2023 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Restricted stock [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Stock-based compensation | $ 1.6 | $ 1.3 | $ 2.3 | |
2005 Executive Incentive Compensation Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Number of common stock expected to be granted | 8,125,000 | |||
Expiration period | 10 years | |||
2005 Executive Incentive Compensation Plan [Member] | Restricted stock [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Restricted stock shares granted | 436,990 | 480,325 | 510,684 | |
Restricted shares, vesting period | 3 years | |||
2005 Non-Employee Directors Restricted Stock Plan [Member] | ||||
Stock Option Activity Under The Company's Incentive Plans [Line Items] | ||||
Number of common stock expected to be granted | 1,075,000 | |||
Expiration period | 10 years | |||
Restricted stock shares granted | 139,880 | 90,000 | 90,000 | |
Expiration date | Mar. 23, 2029 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Detail) - Restricted Stock and Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Beginning Balance, Shares | 992 | 915 | 1,012 |
Granted | 577 | 480 | 600 |
Restricted stock vested | (483) | (377) | (555) |
Forfeited | (15) | (26) | (142) |
Restricted Stock Ending Balance, Shares | 1,071 | 992 | 915 |
Restricted stock units vested at December 31, 2020 | 134 | ||
Restricted Stock Beginning Balance, Weighted Average Grant Date Fair Value | $ 2.54 | $ 3.85 | $ 5.72 |
Granted, Weighted Average Grant Date Fair Value | 3.62 | 1.41 | 2.36 |
Restricted stock vested, Weighted Average Grant Date Fair Value | 3.12 | 4.29 | 5.33 |
Forfeited, Weighted Average Grant Date Fair Value | 2.80 | 3.66 | 5.07 |
Restricted Stock Ending Balance, Weighted Average Grant Date Fair Value | 2.86 | $ 2.54 | $ 3.85 |
Restricted stock units vested, Weighted Average Grant Date Fair Value | $ 2.56 | ||
Restricted Outstanding, Aggregate Intrinsic Value | $ 11,852 | ||
Restricted stock units vested, Aggregate Intrinsic Value | $ 1,478 | ||
Restricted Stock Outstanding, Average Remaining Vesting Period (months) | 21 years 10 months 24 days | ||
Restricted Stock Outstanding, Unrecognized Compensation Expense | $ 1,307 |
Income Taxes - Details of Provi
Income Taxes - Details of Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. Federal expense (benefit) | $ 1.2 | $ (0.1) | |
State and local tax | 1.2 | $ 0.1 | 0.1 |
Total current expense | 2.4 | 0.1 | |
Deferred: | |||
U.S. Federal tax | 0.4 | 0.1 | 9.7 |
State and local tax (benefit) expense | (0.6) | (0.1) | 1.4 |
Total deferred (benefit) expense | (0.2) | 11.1 | |
Total income tax expense | $ 2.2 | $ 0.1 | $ 11.1 |
Income Taxes - Details of Recon
Income Taxes - Details of Reconciliation of Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Increase (decrease) in taxes resulting from: | |||
State and local taxes | 6.10% | (6.60%) | (13.80%) |
Goodwill Impairment | (169.10%) | ||
Nondeductible items | 0.70% | (13.20%) | (1.80%) |
Prior year true-up items | 0.20% | (33.50%) | |
Restricted stock | (0.10%) | (34.50%) | (4.50%) |
Refundable tax credits | 0.80% | ||
Other, net | (0.80%) | ||
Change in valuation allowance | (23.70%) | 219.80% | (111.50%) |
Effective income tax rate | 4.20% | (16.10%) | (110.60%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Gross deferred tax assets | $ 24,900,000 | $ 32,900,000 | |
Valuation allowance for net deferred tax assets | 6,000,000 | 18,100,000 | |
Deferred tax assets, net of valuation allowance | 18,900,000 | 14,800,000 | |
Deferred tax liabilities | 18,500,000 | 14,800,000 | |
Net deferred tax assets | 400,000 | 0 | |
Deferred tax assets, valuation allowance result in income tax expense | $ 12,700,000 | ||
Income tax expense (benefit) | 2,200,000 | 100,000 | 11,100,000 |
Income (Loss) from continuing operations before taxes | 51,300,000 | (800,000) | $ (10,200,000) |
Additional interest expense deduction | 4,300,000 | ||
Uncertain tax positions | 0 | 0 | |
Domestic Country [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Federal tax loss carryforwards | $ 41,400,000 | $ 0 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards expiration year | 2041 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Income tax loss carryforwards | $ 6.6 | $ 17 |
Other accrued liabilities | 1.1 | 1.7 |
Employee benefits related | 4.3 | 1.9 |
Insurance related | 0.7 | 0.7 |
Goodwill | 0.5 | 0.5 |
Intangibles | 0.5 | 0.5 |
Inventories | 1.3 | 1.4 |
Accounts receivables | 0.5 | 0.7 |
Leases | 9.4 | 8.4 |
Other, assets | 0.1 | |
Gross deferred tax assets | 24.9 | 32.9 |
Valuation allowance | (6) | (18.1) |
Deferred Tax Assets, Total | 18.9 | 14.8 |
Liabilities | ||
Property, plant and equipment | 1.1 | 0.3 |
Insurance related | 0.6 | 0.6 |
LIFO | 7.4 | 5.6 |
Leases | 9.4 | 8.3 |
Gross deferred tax liabilities | 18.5 | 14.8 |
Deferred Tax Liabilities, Total | $ 18.5 | $ 14.8 |
Basic and Diluted Net Income _3
Basic and Diluted Net Income (Loss) Per Share - Summary of Number of Participating Securities and Earning Allocated to those Securities (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Earnings allocated to participating shareholders | $ 1.7 | ||
Number of participating securities | 0.9 | 0.8 | 0.8 |
Basic and Diluted Net Income _4
Basic and Diluted Net Income (Loss) Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Number Of Shares Outstanding [Abstract] | |||
Weighted-average number of common shares-basic | 27.5 | 26 | 25.4 |
Weighted-average number of common shares-dilutive | 27.5 | 26 | 25.4 |
Basic and Diluted Net Income _5
Basic and Diluted Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares not included in the computation of basic and diluted income per share | 0 | 0 | 0 |
Rights Agreement - Additional I
Rights Agreement - Additional Information (Detail) - $ / shares | May 06, 2019 | May 05, 2019 | May 18, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
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 | ||
Dividend payable date | May 31, 2016 | ||||
Rights agreement expiration date | May 18, 2022 | May 18, 2019 | |||
Purchase price | $ 13.39 | $ 13.86 | |||
Right agreement exemption minimum business days | 10 days | ||||
Right agreement exemption maximum business days | 20 days | ||||
Preferred stock, par value | $ 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] | |||||
Purchase price | $ 13.39 | ||||
Preferred stock, par value | $ 0.01 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |||
Sales from discontinued operations | $ 0 | $ 0 | $ 0 |
Net income (loss) from discontinued operations | $ (600,000) |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost And Reserve [Line Items] | |||
Pre-tax charge | $ 1,500,000 | ||
Restructuring obligations | $ 0 | $ 100,000 | |
Closure of Columbus, OH and Selkirk, NY Branches [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Branch closures announcement description | During the second quarter of 2020, the Company announced the planned closure of its Columbus, OH and Selkirk, NY branches to improve operating results and gain operational efficiency through leverage of workforce, logistics and working capital. | ||
Pre-tax charge | $ 1,500,000 | ||
Estimated impairment of inventory and inventory transfer costs | 700,000 | ||
Facility exit costs | 200,000 | ||
Employee retention and extension of benefits | 100,000 | ||
Other branch closure costs | $ 500,000 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Charge to Income | $ 1,500,000 | |
Amounts Utilized | 1,400,000 | |
Reserve | 100,000 | $ 0 |
Retention and Benefits Continuation Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charge to Income | 100,000 | |
Amounts Utilized | 100,000 | |
Facility Exit Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charge to Income | 200,000 | |
Amounts Utilized | 200,000 | |
Inventory Impairment and Transfer Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charge to Income | 700,000 | |
Amounts Utilized | 700,000 | |
Other Branch Closure Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Charge to Income | 500,000 | |
Amounts Utilized | 400,000 | |
Reserve | $ 100,000 |
Impact of and Company Respons_2
Impact of and Company Response to COVID-19 - Additional Information (Detail) | Dec. 31, 2021Branch |
Extraordinary And Unusual Items [Abstract] | |
Number of branches closed | 2 |