Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HUTTIG BUILDING PRODUCTS, INC. | |
Entity Central Index Key | 0001093082 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Accelerated Filer | |
Smaller reporting company | true | |
Entity Common Stock, Shares Outstanding | 27,326,213 | |
Entity Shell Company | false | |
Entity File Number | 1-14982 | |
Entity Tax Identification Number | 43-0334550 | |
Entity Address, Address Line One | 555 Maryville University Drive Suite 400 | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63141 | |
City Area Code | 314 | |
Local Phone Number | 216-2600 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common, par value $0.01 per share | |
Trading Symbol | HBP | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 272.7 | $ 214.7 |
Cost of sales | 209.7 | 169 |
Gross margin | 63 | 45.7 |
Operating expenses | 42 | 36.9 |
Operating income | 21 | 8.8 |
Interest expense, net | 0.5 | 0.7 |
Income from operations before income taxes | 20.5 | 8.1 |
Income tax provision | 5 | |
Income from continuing operations | 15.5 | 8.1 |
Net income | $ 15.5 | $ 8.1 |
Earnings per share: | ||
Earnings from continuing operations per share- basic | $ 0.56 | $ 0.30 |
Earnings from continuing operations per share- diluted | 0.56 | 0.30 |
Net earnings per share - basic | 0.56 | 0.30 |
Net earnings per share -diluted | $ 0.56 | $ 0.30 |
Weighted average shares outstanding: | ||
Basic shares outstanding | 27.5 | 27.3 |
Diluted shares outstanding | 27.5 | 27.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
CURRENT ASSETS: | |||
Cash and equivalents | $ 3.9 | $ 3.3 | $ 4.4 |
Trade accounts receivable, net | 136.6 | 88.6 | 107.4 |
Inventories, net | 143.3 | 128.8 | 122.6 |
Other current assets | 14 | 18.3 | 10.4 |
Total current assets | 297.8 | 239 | 244.8 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 5 | 5 | 5 |
Buildings and improvements | 32.2 | 31.8 | 32.3 |
Machinery and equipment | 61.4 | 60.5 | 58.5 |
Gross property, plant and equipment | 98.6 | 97.3 | 95.8 |
Less accumulated depreciation | 71.3 | 70.3 | 68.2 |
Property, plant and equipment, net | 27.3 | 27 | 27.6 |
OTHER ASSETS: | |||
Operating lease right-of-use assets | 36.4 | 38.1 | 34.3 |
Other | 5.8 | 5.7 | 4.2 |
Total other assets | 42.2 | 43.8 | 38.5 |
TOTAL ASSETS | 367.3 | 309.8 | 310.9 |
CURRENT LIABILITIES: | |||
Current maturities of long-term debt | 1.8 | 1.8 | 1.7 |
Current maturities of operating lease right-of-use liabilities | 10.3 | 10.2 | 8.9 |
Trade accounts payable | 100.2 | 66.4 | 80 |
Accrued compensation | 7.6 | 18 | 10.6 |
Other accrued liabilities | 26.7 | 20.1 | 16.6 |
Total current liabilities | 146.6 | 116.5 | 117.8 |
NON-CURRENT LIABILITIES: | |||
Long-term debt, less current maturities | 83.5 | 69.6 | 113.5 |
Operating lease right-of-use liabilities, less current maturities | 26.2 | 27.9 | 25.5 |
Other non-current liabilities | 2.6 | 2.7 | 2.5 |
Total non-current liabilities | 112.3 | 100.2 | 141.5 |
SHAREHOLDERS’ EQUITY: | |||
Preferred shares: $.01 par (5,000,000 shares authorized) | |||
Common shares: $.01 par (75,000,000 shares authorized: 27,327,813; 27,390,741; and 27,404,518 shares issued and outstanding at March 31, 2022, December 31, 2021 and March 31, 2021, respectively) | 0.3 | 0.3 | 0.3 |
Additional paid-in capital | 50.6 | 50.8 | 49.7 |
Retained earnings | 57.5 | 42 | 1.6 |
Total shareholders’ equity | 108.4 | 93.1 | 51.6 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 367.3 | $ 309.8 | $ 310.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, shares issued | 27,327,813 | 27,390,741 | 27,404,518 |
Common stock, shares outstanding | 27,327,813 | 27,390,741 | 27,404,518 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2020 | $ 43.3 | $ 0.3 | $ 49.5 | $ (6.5) |
Net income | 8.1 | 8.1 | ||
Payment for taxes related to share settlement of equity awards | (0.2) | (0.2) | ||
Stock compensation expense | 0.4 | 0.4 | ||
Ending Balance at Mar. 31, 2021 | 51.6 | 0.3 | 49.7 | 1.6 |
Beginning Balance at Dec. 31, 2021 | 93.1 | 0.3 | 50.8 | 42 |
Net income | 15.5 | 15.5 | ||
Payment for taxes related to share settlement of equity awards | (0.4) | (0.4) | ||
Stock compensation expense | 0.2 | 0.2 | ||
Ending Balance at Mar. 31, 2022 | $ 108.4 | $ 0.3 | $ 50.6 | $ 57.5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 15.5 | $ 8.1 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 1.2 | 1.3 |
Non-cash interest expense | 0.1 | |
Stock-based compensation | 0.2 | 0.4 |
Deferred income taxes | (0.1) | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (48) | (38.1) |
Inventories, net | (14.5) | (16.9) |
Trade accounts payable | 33.8 | 26.9 |
Other | 0.7 | 1.7 |
Cash used in continuing operating activities | (11.2) | (16.5) |
Cash used in discontinued operating activities | (0.3) | |
Total cash used in operating activities | (11.5) | (16.5) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (1.4) | (0.2) |
Total cash used in investing activities | (1.4) | (0.2) |
Cash Flows From Financing Activities: | ||
Borrowings of debt, net | 14 | 21 |
Repurchase of shares to satisfy employee tax withholdings | (0.5) | (0.2) |
Total cash provided by financing activities | 13.5 | 20.8 |
Net increase in cash and equivalents | 0.6 | 4.1 |
Cash and equivalents, beginning of period | 3.3 | 0.3 |
Cash and equivalents, end of period | 3.9 | 4.4 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | $ 0.4 | 0.6 |
Non-cash financing activities: | ||
Assets acquired with debt obligations | $ 0.1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited interim condensed consolidated financial statements of Huttig Building Products, Inc. and its subsidiary (the “Company” or “Huttig”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. Financial statement preparation further requires management to make estimates and assumptions. Management bases these estimates and assumptions on historical results and known trends as well as management forecasts. Actual results could differ from these estimates and assumptions and these differences may be material. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated results of operations and resulting cash flows for the interim periods presented are not necessarily indicative of the results that might be expected for the full year, or any other interim period, which may differ materially due to, among other things, the factors described in Part I, Item 2 of this Quarterly Report on Form 10-Q and those set forth under Part I, Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as updated by Part II, Item IA – “Risk Factors” of this Quarterly Report on Form 10-Q. Due to the seasonal nature of Huttig’s business, operating profitability is usually lower in the Company’s first and fourth quarters than in the second and third quarters. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards Recent accounting pronouncements pending adoption are either not applicable or will not have, or are not expected to have, a material impact on our consolidated financial condition, results of operations, or cash flows. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. REVENUE Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The Company reports sales revenue, including direct sales, on a net basis, which includes gross revenue adjustments for estimated returns, cash payment discounts based on the satisfaction of outstanding receivables, and volume purchase rebates. The Company’s customer payment terms vary by customer, location, and the products purchased, but are typical for the Company’s industry. Regarding direct sales, the Company is the principal of these arrangements and is responsible for fulfilling the promise to provide specific goods to its customers, including product specifications, pricing and modifications prior to delivery. Direct sales as a percentage of net sales were 27.7% and 25.8% in the three month periods ended March 31, 2022 and 2021, respectively. The following table disaggregates revenue by product classification (in millions): Three Months Ended March 31, 2022 2021 Millwork products $ 125.4 $ 96.2 Building products 125.8 101.9 Wood products 21.5 16.6 Net sales $ 272.7 $ 214.7 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
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 one year to 10 years, and many of the leases have renewal options. Because the Company is not reasonably certain to exercise the renewal options, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments and right-of-use calculations. Leases with an initial term of 12 months or less are likewise excluded from right-of-use calculations. In addition to fixed payments, many of the Company’s lease contracts contain variable payments. Vehicle lease variable payments typically include mileage , and real estate leases include variable charges for taxes and common area maintenance. Variable lease payments and payments for leases with an initial term of 12 months or less are recognized in the period incurred. Three Months Ended March 31, (in millions): 2022 2021 Operating Lease Cost $ 3.1 $ 3.0 Finance Lease Cost: Amortization of right-of-use assets 0.3 0.3 Interest on lease liabilities — 0.1 Total finance lease cost $ 0.3 $ 0.4 The following lease assets and liabilities are included on the condensed consolidated balance sheet (in millions): March 31, December 31, March 31, 2022 2021 2021 Operating Leases: Operating lease right-of-use assets $ 36.4 $ 38.1 $ 34.3 Current maturities of operating lease right-of-use liabilities 10.3 10.2 8.9 Operating lease right-of-use liabilities, less current maturities 26.2 27.9 25.5 Total operating lease liabilities $ 36.5 $ 38.1 $ 34.4 Finance Leases: Gross property, plant and equipment $ 13.8 $ 13.0 $ 11.2 Accumulated depreciation (7.7 ) (7.4 ) (6.6 ) Property, plant and equipment, net $ 6.1 $ 5.6 $ 4.6 Current maturities of long-term lease liabilities $ 1.5 $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 2.5 2.2 1.7 Total finance lease liabilities $ 4.0 $ 3.6 $ 3.1 As of March 31 he weighted average remaining lease term for the Company’s operating leases was 4.7 years and for its financing leases was 3.5 years. These leases have weighted average discount rates of 5.5% and 4.6% for operating leases and financing leases, respectively. The rate implicit in the lease is used to discount leases when known. While the implicit rate is often known for finance leases, the Company is generally unable to calculate the implicit rate in operating leases because it does not have access to the lessor’s residual value estimates nor the amount of the lessor’s deferred initial direct costs. When the implicit rate is not known, the Company uses the incremental borrowing rate for secured loans of similar term. The Company uses available data for unsecured loans to borrowers of similar credit to the Company and adjusts the rate to reflect the effect of providing collateral equivalent to the outstanding obligation balance. The following cash flow items are included on the condensed consolidated statement of cash flows (in millions): Three Months Ended March 31, 2022 2021 Operating cash used for operating leases $ 3.1 $ 3.0 Operating cash used for finance leases — 0.1 Financing cash used for finance leases 0.4 0.4 Maturities of lease liabilities are as follows (in millions): Finance Leases Operating Leases 2022 (1) $ 1.2 $ 9.0 2023 1.3 10.1 2024 0.8 7.2 2025 0.6 5.3 2026 0.4 4.1 Thereafter 0.1 5.8 Total lease payments $ 4.4 $ 41.5 Less: imputed interest (0.4 ) (5.0 ) Total future lease obligation $ 4.0 $ 36.5 (1) This amount excludes the three months ended March 31, 2022. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance For Doubtful Accounts | 5. ALLOWANCE FOR DOUBTFUL ACCOUNTS The allowance for doubtful accounts consisted of the following (in millions): March 31, 2022 2021 Balance at beginning of year $ 2.1 $ 3.0 Provision charged to expense 0.4 0.1 Write-offs, less recoveries — (0.5 ) Balance at end of period $ 2.5 $ 2.6 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT Debt consisted of the following (in millions): March 31, December 31, March 31, 2022 2021 2021 Revolving credit facility $ 80.7 $ 67.1 $ 111.2 Other obligations 4.6 4.3 4.0 Total debt 85.3 71.4 115.2 Less current maturities of long-term debt 1.8 1.8 1.7 Long-term debt, less current maturities $ 83.5 $ 69.6 $ 113.5 Credit Facility — In the third quarter of 2021, the Company entered into a five-year At March 31 March 31 The sole financial covenant in the credit facility is the minimum fixed charge coverage ratio (“FCCR”) of 1.00 $15.0 million to $25.0 million |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | 7. OTHER ACCRUED LIABILITIES The Company had other accrued liabilities consisting of the following (in millions): March 31, December 31, March 31, 2022 2021 2021 Self insurance $ 3.9 $ 3.4 $ 6.2 Sales incentive programs 10.6 9.1 5.4 Short-term environmental 1.1 1.1 1.1 Other accruals 11.1 6.5 3.9 Other accrued liabilities $ 26.7 $ 20.1 $ 16.6 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 8. CONTINGENCIES The Company carries insurance policies on insurable risks with coverage and other terms that it believes to be appropriate. The Company has self-insured retention limits and has obtained fully insured layers of coverage above such self-insured retention limits. Accruals for self-insurance losses are made based on claims experience. Liabilities for existing and unreported claims are accrued when it is probable that future costs will be incurred and can be reasonably estimated. Environmental and Legal Matters The Company accrues expenses for contingencies when it is probable that an asset has been impaired or a liability has been incurred and management can reasonably estimate the expense. Contingencies for which the Company has made accruals include environmental and other legal matters. It is possible, however, that actual expenses could exceed the accruals by a material amount, which could have a material adverse effect on the Company’s future liquidity, financial condition, and operating results in the period in which any such additional expenses are incurred or recognized. Environmental Matters The Company was previously identified as a potentially responsible party in connection with contamination cleanup at a formerly owned property in Montana. On February 18, 2015, the Montana Department of Environmental Quality (the “DEQ”) issued an amendment to the unilateral administrative order of the DEQ outlining the final remediation of the property in its Record of Decision. In September 2015, the remedial action work plan (“RAWP”) was approved. The Company paid approximately $0.3 million in the first three months of 2022 implementing the RAWP. The Company estimates the total remaining cost of implementing the RAWP to be $2.0 million at March 31 March 31 March 31 With consent of the DEQ, remediation efforts and expenditures were temporarily suspended during 2020 as a result of pandemic-related health, safety, financial and other considerations. During the first quarter of 2021, the Company re-engaged in remediation efforts in cooperation with the DEQ and expects to continue remedial activities throughout the remainder of 2022. In addition, some of the Company’s current and former distribution centers are located in areas where environmental contamination may have occurred, and for which the Company, among others, could be held responsible. The Company currently believes that there are no material environmental liabilities at any of its distribution center locations. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE The Company calculates its basic income per share by dividing net income allocated to common shares outstanding by the weighted average number of common shares outstanding. Unvested shares of restricted stock participate in dividends on the same basis as common shares. As a result, these share-based awards meet the definition of participating securities, and the Company applies the two-class method to compute earnings per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In periods in which the Company has net losses, the losses are not allocated to participating securities because the participating security holders are not obligated to share in such losses. The following table presents the number of participating securities (in millions) : Three Months Ended March 31, 2022 2021 Earnings allocated to participating shareholders $ 0.2 $ 0.3 Number of participating securities 0.4 1.0 The diluted earnings per share calculations include the effect of assumed exercise using the treasury stock method for unvested restricted stock units, except when the effect would be anti-dilutive. The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions): Three Months Ended March 31, 2022 2021 Weighted-average number of common shares-basic 27.5 27.3 Dilutive potential common shares — 0.1 Weighted-average number of common shares-diluted 27.5 27.4 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES In each reporting period, the Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. A significant component of this analysis is to determine whether the Company is in a cumulative loss position for the most recent three-year period. As a result of the Company’s financial performance in 2021, and the three-year period ended March 31, 2022, the Company is in a cumulative income position related to federal and certain state deferred tax assets . The Company’s effective tax rate from continuing operations was an expense of 24.2% and 0% for the three-month periods ended March 31 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION The Company recognized $0.2 million and $0.4 million in non-cash, stock-based compensation expense for the first quarter of 2022 and 2021, respectively. During the first three months of 2022, the Company granted zero shares of restricted stock under its 2005 Executive Incentive Compensation Plan, as amended and restated. Most restricted shares vest in three equal installments on the first, second, and third anniversaries of the grant date. During the first three months of 2022, the Company granted zero shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended. The directors’ restricted shares vest on the first anniversary of the grant date. Unearned compensation expense is amortized into expense on a straight-line basis over the requisite service period for the entire award. As of March 31 |
Woodgrain Plan of Merger
Woodgrain Plan of Merger | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Woodgrain Plan of Merger | 12. WOODGRAIN PLAN OF MERGER On March 20, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Woodgrain Inc., an Oregon corporation (“Woodgrain”), and HBP Merger Sub, Inc. a Delaware corporation and a wholly-owned subsidiary of Woodgrain (“Merger Sub”) under which Merger Sub will purchase all of the outstanding shares of the Company’s common stock for $10.70 per share. On May 3, 2022, Merger Sub and Woodgrain completed the acquisition of all outstanding shares of the Company, repaid the outstanding borrowings under the Credit Facility dated as of September 29, 2021, and terminated the Credit Facility. Additionally, on May 3, 2022, the Company notified The Nasdaq Market LLC (“Nasdaq”) that the Merger Agreement had been completed and requested that trading of the Company’s shares on Nasdaq be halted prior to the opening of trading on May 3, 2022 and suspended at the close of the trading on May 3, 2022. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Product Classification | The following table disaggregates revenue by product classification (in millions): Three Months Ended March 31, 2022 2021 Millwork products $ 125.4 $ 96.2 Building products 125.8 101.9 Wood products 21.5 16.6 Net sales $ 272.7 $ 214.7 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | Three Months Ended March 31, (in millions): 2022 2021 Operating Lease Cost $ 3.1 $ 3.0 Finance Lease Cost: Amortization of right-of-use assets 0.3 0.3 Interest on lease liabilities — 0.1 Total finance lease cost $ 0.3 $ 0.4 |
Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet | The following lease assets and liabilities are included on the condensed consolidated balance sheet (in millions): March 31, December 31, March 31, 2022 2021 2021 Operating Leases: Operating lease right-of-use assets $ 36.4 $ 38.1 $ 34.3 Current maturities of operating lease right-of-use liabilities 10.3 10.2 8.9 Operating lease right-of-use liabilities, less current maturities 26.2 27.9 25.5 Total operating lease liabilities $ 36.5 $ 38.1 $ 34.4 Finance Leases: Gross property, plant and equipment $ 13.8 $ 13.0 $ 11.2 Accumulated depreciation (7.7 ) (7.4 ) (6.6 ) Property, plant and equipment, net $ 6.1 $ 5.6 $ 4.6 Current maturities of long-term lease liabilities $ 1.5 $ 1.4 $ 1.4 Long-term lease liabilities, less current maturities 2.5 2.2 1.7 Total finance lease liabilities $ 4.0 $ 3.6 $ 3.1 |
Schedule of Cash Flow items are Included on the Condensed Consolidated Statement of Cash Flows | The following cash flow items are included on the condensed consolidated statement of cash flows (in millions): Three Months Ended March 31, 2022 2021 Operating cash used for operating leases $ 3.1 $ 3.0 Operating cash used for finance leases — 0.1 Financing cash used for finance leases 0.4 0.4 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows (in millions): Finance Leases Operating Leases 2022 (1) $ 1.2 $ 9.0 2023 1.3 10.1 2024 0.8 7.2 2025 0.6 5.3 2026 0.4 4.1 Thereafter 0.1 5.8 Total lease payments $ 4.4 $ 41.5 Less: imputed interest (0.4 ) (5.0 ) Total future lease obligation $ 4.0 $ 36.5 (1) This amount excludes the three months ended March 31, 2022. |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of Allowance for Doubtful Accounts | The allowance for doubtful accounts consisted of the following (in millions): March 31, 2022 2021 Balance at beginning of year $ 2.1 $ 3.0 Provision charged to expense 0.4 0.1 Write-offs, less recoveries — (0.5 ) Balance at end of period $ 2.5 $ 2.6 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Debt consisted of the following (in millions): March 31, December 31, March 31, 2022 2021 2021 Revolving credit facility $ 80.7 $ 67.1 $ 111.2 Other obligations 4.6 4.3 4.0 Total debt 85.3 71.4 115.2 Less current maturities of long-term debt 1.8 1.8 1.7 Long-term debt, less current maturities $ 83.5 $ 69.6 $ 113.5 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Accrued Liabilities | The Company had other accrued liabilities consisting of the following (in millions): March 31, December 31, March 31, 2022 2021 2021 Self insurance $ 3.9 $ 3.4 $ 6.2 Sales incentive programs 10.6 9.1 5.4 Short-term environmental 1.1 1.1 1.1 Other accruals 11.1 6.5 3.9 Other accrued liabilities $ 26.7 $ 20.1 $ 16.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Number of Participating Securities | The following table presents the number of participating securities (in millions) : Three Months Ended March 31, 2022 2021 Earnings allocated to participating shareholders $ 0.2 $ 0.3 Number of participating securities 0.4 1.0 |
Summary of Diluted Earning Per Share | The following table presents the number of common shares used in the calculation of net income per share from continuing operations (in millions): Three Months Ended March 31, 2022 2021 Weighted-average number of common shares-basic 27.5 27.3 Dilutive potential common shares — 0.1 Weighted-average number of common shares-diluted 27.5 27.4 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | ||
Direct sales, percentage of net sales | 27.70% | 25.80% |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Product Classification (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 272.7 | $ 214.7 |
ASC Topic 606 [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 272.7 | 214.7 |
ASC Topic 606 [Member] | Millwork Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 125.4 | 96.2 |
ASC Topic 606 [Member] | Building Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 125.8 | 101.9 |
ASC Topic 606 [Member] | Wood Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 21.5 | $ 16.6 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Line Items] | |
Operating lease, weighted average remaining lease term | 4 years 8 months 12 days |
Finance lease, weighted average remaining lease term | 3 years 6 months |
Operating lease, weighted average discount rate, percent | 5.50% |
Finance lease, weighted average discount rate, percent | 4.60% |
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 | 10 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease Cost | $ 3.1 | $ 3 |
Finance Lease Cost: | ||
Amortization of right-of-use assets | 0.3 | 0.3 |
Interest on lease liabilities | 0.1 | |
Total finance lease cost | $ 0.3 | $ 0.4 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Liabilities Included on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Operating Leases: | |||
Operating lease right-of-use assets | $ 36.4 | $ 38.1 | $ 34.3 |
Current maturities of operating lease right-of-use liabilities | 10.3 | 10.2 | 8.9 |
Operating lease right-of-use liabilities, less current maturities | 26.2 | 27.9 | 25.5 |
Total operating lease liabilities | 36.5 | 38.1 | 34.4 |
Finance Leases: | |||
Gross property, plant and equipment | 13.8 | 13 | 11.2 |
Accumulated depreciation | (7.7) | (7.4) | (6.6) |
Property, plant and equipment, net | $ 6.1 | $ 5.6 | $ 4.6 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Net | Property Plant And Equipment Net | Property Plant And Equipment Net |
Current maturities of long-term lease liabilities | $ 1.5 | $ 1.4 | $ 1.4 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities | Other accrued liabilities |
Long-term lease liabilities, less current maturities | $ 2.5 | $ 2.2 | $ 1.7 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | Other non-current liabilities |
Total finance lease liabilities | $ 4 | $ 3.6 | $ 3.1 |
Leases - Schedule of Cash Flow
Leases - Schedule of Cash Flow Items are Included on Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating cash used for operating leases | $ 3.1 | $ 3 |
Operating cash used for finance leases | 0.1 | |
Financing cash used for finance leases | $ 0.4 | $ 0.4 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2022 | $ 1.2 | ||
2023 | 1.3 | ||
2024 | 0.8 | ||
2025 | 0.6 | ||
2026 | 0.4 | ||
Thereafter | 0.1 | ||
Total lease payments | 4.4 | ||
Less: imputed interest | (0.4) | ||
Total future lease obligation | 4 | $ 3.6 | $ 3.1 |
Operating Lease Liabilities, Payments Due [Abstract] | |||
2022 | 9 | ||
2023 | 10.1 | ||
2024 | 7.2 | ||
2025 | 5.3 | ||
2026 | 4.1 | ||
Thereafter | 5.8 | ||
Total lease payments | 41.5 | ||
Less: imputed interest | (5) | ||
Total future lease obligation | $ 36.5 | $ 38.1 | $ 34.4 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Balance at beginning of year | $ 2.1 | $ 3 |
Provision charged to expense | 0.4 | 0.1 |
Write-offs, less recoveries | (0.5) | |
Balance at end of period | $ 2.5 | $ 2.6 |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | |||
Revolving credit facility | $ 80.7 | $ 67.1 | $ 111.2 |
Other obligations | 4.6 | 4.3 | 4 |
Total debt | 85.3 | 71.4 | 115.2 |
Less current maturities of long-term debt | 1.8 | 1.8 | 1.7 |
Long-term debt, less current maturities | $ 83.5 | $ 69.6 | $ 113.5 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Line of Credit Facility [Line Items] | ||||
Revolving credit borrowing | $ 80,700,000 | $ 67,100,000 | $ 111,200,000 | |
Letters of credit outstanding | 3,500,000 | |||
Other obligations | 600,000 | |||
Financing lease obligations | 4,000,000 | $ 3,600,000 | $ 3,100,000 | |
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fall of excess committed borrowing availability | 15,000,000 | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fall of excess committed borrowing availability | $ 25,000,000 | |||
Other Obligations [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument maturity year | 2023 | |||
Debt instrument interest rate | 6.11% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Amortization period on real estate component of borrowing base | 15 years | |||
Revolving credit borrowing | $ 80,700,000 | |||
Weighted average interest rate | 1.84% | |||
Excess committed borrowing availability | $ 163,900,000 | |||
Unused commitment fees | 0.25% | |||
Fixed charge coverage ratio of credit facility | 100% | |||
Revolving Credit Facility [Member] | Asset Backed Securities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, expiration period | 5 years | |||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | |||
Line of credit facility, expiration date | Sep. 29, 2026 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | |||
Self insurance | $ 3.9 | $ 3.4 | $ 6.2 |
Sales incentive programs | 10.6 | 9.1 | 5.4 |
Short-term environmental | 1.1 | 1.1 | 1.1 |
Other accruals | 11.1 | 6.5 | 3.9 |
Other accrued liabilities | $ 26.7 | $ 20.1 | $ 16.6 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Contingencies And Commitments [Line Items] | |
Accrual for reasonably estimable remediation cost | $ 2 |
Maximum [Member] | |
Contingencies And Commitments [Line Items] | |
Amount paid to implement remedial action work plan | 0.3 |
Short-term Other Accrued Liabilities [Member] | |
Contingencies And Commitments [Line Items] | |
Accrual for reasonably estimable remediation cost | 0.9 |
Other Non-current Liabilities [Member] | |
Contingencies And Commitments [Line Items] | |
Accrual for reasonably estimable remediation cost | $ 1.1 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Number of Participating Securities (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Earnings allocated to participating shareholders | $ 0.2 | $ 0.3 |
Number of participating securities | 0.4 | 1 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Diluted Earning Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||
Weighted-average number of common shares-basic | 27.5 | 27.3 |
Dilutive potential common shares | 0.1 | |
Weighted-average number of common shares-diluted | 27.5 | 27.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, additional valuation allowance | $ 6.6 | |
Effective income tax rate reconciliation expense (benefit), percent | 24.20% | 0% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 USD ($) Installment shares | Mar. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ | $ 0.2 | $ 0.4 |
Number of installments of restricted shares | Installment | 3 | |
Restricted stock award vesting rights | The directors’ restricted shares vest on the first anniversary of the grant date. | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense of restricted stock | $ | $ 1.1 | $ 2.2 |
2005 Executive Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 0 | |
Non-Employee Directors' Restricted Stock Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock shares granted | shares | 0 |
Woodgrain Plan of Merger - Addi
Woodgrain Plan of Merger - Additional Information (Detail) | Mar. 20, 2022 $ / shares |
Woodgrain Inc. [Member] | |
Business Acquisition [Line Items] | |
Outstanding shares of common stock per share | $ 10.70 |