BlueLinx (BXC) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 02, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2022
Document Transition Report	false
Entity File Number	001-32383
Entity Registrant Name	BlueLinx Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0627356
Entity Address, Address Line One	1950 Spectrum Circle, Suite 300
Entity Address, City or Town	Marietta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30067
City Area Code	770
Local Phone Number	953-7000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BXC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,657,958
Entity Central Index Key	0001301787
Current Fiscal Year Date	--01-02
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Net sales	$ 1,302,305	$ 1,025,469
Cost of sales	1,011,254	845,077
Gross profit	291,051	180,392
Operating expenses (income):
Selling, general, and administrative	91,289	75,560
Depreciation and amortization	6,746	7,465
Amortization of deferred gains on real estate	(984)	(984)
Gains from sales of property	0	(1,287)
Other operating expenses	838	112
Total operating expenses	97,889	80,866
Operating income	193,162	99,526
Non-operating expenses (income):
Interest expense, net	11,293	16,234
Other expense (income), net	1,138	(314)
Income before provision for income taxes	180,731	83,606
Provision for income taxes	47,322	21,746
Net income	$ 133,409	$ 61,860
Basic income (loss) (in dollars per share)	$ 13.72	$ 6.53
Diluted income (loss) (in dollars per share)	$ 13.19	$ 6.28
Comprehensive income:
Net income	$ 133,409	$ 61,860
Other comprehensive income:
Amortization of unrecognized pension gain, net of tax	156	239
Other	20	11
Total other comprehensive income	176	250
Comprehensive income	$ 133,585	$ 62,110

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 74,438	$ 85,203
Receivables, less allowances of $4,965 and $4,024, respectively	497,056	339,637
Inventories, net	562,555	488,458
Other current assets	32,470	31,869
Total current assets	1,166,519	945,167
Property and equipment, at cost	319,732	318,253
Accumulated depreciation	(141,768)	(137,099)
Property and equipment, net	177,964	181,154
Operating lease right-of-use assets	47,330	49,568
Goodwill	47,772	47,772
Intangible assets, net	12,519	13,603
Deferred tax assets	62,279	60,285
Other non-current assets	19,822	19,905
Total assets	1,534,205	1,317,454
Current liabilities:
Accounts payable	230,072	180,000
Accrued compensation	13,714	22,363
Taxes payable	53,195	6,138
Finance lease liabilities - short-term	7,264	7,864
Operating lease liabilities - short-term	5,723	5,145
Real estate deferred gains - short-term	3,935	3,934
Other current liabilities	22,503	18,347
Total current liabilities	336,406	243,791
Non-current liabilities:
Long-term debt, net of debt issuance costs of $4,565 and $4,701, respectively	291,534	291,271
Finance lease liabilities - long-term	264,676	266,853
Operating lease liabilities - long-term	41,698	44,526
Real estate deferred gains - long-term	73,255	74,206
Pension benefit obligation	10,813	11,605
Other non-current liabilities	23,647	21,953
Total liabilities	1,042,029	954,205
Commitments and Contingencies
STOCKHOLDERS’ EQUITY:
Common Stock, $0.01 par value, 20,000,000 shares authorized, 9,651,000 and 9,725,760 outstanding on April 2, 2022, and January 1, 2022, respectively	96	97
Additional paid-in capital	263,428	268,085
Accumulated other comprehensive loss	(29,184)	(29,360)
Accumulated stockholders’ equity	257,836	124,427
Total stockholders’ equity	492,176	363,249
Total liabilities and stockholders’ equity	$ 1,534,205	$ 1,317,454

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,965	$ 4,024
Debt discount, noncurrent	$ 4,565	$ 4,701
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	9,651,000	9,725,760

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Jan. 02, 2021		9,463
Beginning balance at Jan. 02, 2021	$ 59,092	$ 95	$ 266,695	$ (35,992)	$ (171,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,860				61,860
Impact of pension plan, net of tax	239			239
Vesting of restricted stock units (in shares)		8
Compensation related to share-based grants	1,410		1,410
Repurchase of shares to satisfy employee tax withholdings (in shares)		(3)
Repurchase of shares to satisfy employee tax withholdings	(99)		(99)
Other	11			11
Ending balance (in shares) at Apr. 03, 2021		9,468
Ending balance at Apr. 03, 2021	122,513	$ 95	268,006	(35,742)	(109,846)
Beginning balance (in shares) at Jan. 01, 2022		9,726
Beginning balance at Jan. 01, 2022	363,249	$ 97	268,085	(29,360)	124,427
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	133,409				133,409
Impact of pension plan, net of tax	156			156
Vesting of restricted stock units (in shares)		11
Compensation related to share-based grants	2,162		2,162
Repurchase of shares to satisfy employee tax withholdings (in shares)		(5)
Repurchase of shares to satisfy employee tax withholdings	(393)		(393)
Common stock repurchase and retirement (in shares)		(81)
Common stock repurchase and retirement	(6,427)	$ (1)	(6,426)
Other	20			20
Ending balance (in shares) at Apr. 02, 2022		9,651
Ending balance at Apr. 02, 2022	$ 492,176	$ 96	$ 263,428	$ (29,184)	$ 257,836

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash flows from operating activities:
Net income	$ 133,409	$ 61,860
Adjustments to reconcile net income to cash provided by (used in) operations:
Depreciation and amortization	6,746	7,465
Amortization of debt discount and issuance costs	263	603
Adjustments to debt issuance costs associated with term loan	0	5,791
Gains from sales of property	0	(1,287)
Deferred income tax	(1,994)	(3,896)
Amortization of deferred gains from real estate	(984)	(984)
Share-based compensation	2,162	1,410
Changes in operating assets and liabilities:
Accounts receivable	(157,419)	(125,172)
Inventories	(74,097)	(34,315)
Accounts payable	50,072	53,812
Taxes payable	47,057	25,799
Other current assets	(601)	(448)
Other assets and liabilities	(2,377)	(15,246)
Net cash provided by (used in) operating activities	2,237	(24,608)
Cash flows from investing activities:
Proceeds from sale of assets	49	1,810
Property and equipment investments	(2,509)	(1,122)
Net cash (used in) provided by investing activities	(2,460)	688
Cash flows from financing activities:
Borrowings on revolving credit facilities	0	262,210
Repayments on revolving credit facilities	0	(191,943)
Repayments on term loan	0	(43,204)
Common stock repurchase and retirement	(6,427)	0
Debt financing costs	0	(861)
Repurchase of shares to satisfy employee tax withholdings	(393)	(56)
Principal payments on finance lease liabilities	(3,722)	(2,129)
Net cash (used in) provided by financing activities	(10,542)	24,017
Net change in cash and cash equivalents	(10,765)	97
Cash and cash equivalents at beginning of period	85,203	82
Cash and cash equivalents at end of period	74,438	179
Supplemental cash flow information:
Interest paid during the period	6,387	9,971
Taxes paid during the period	2,350	0
Non-cash transactions:
Property and equipment acquired under finance leases	$ 0	$ 10,211

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries (the “Company”). We derived the condensed consolidated balance sheet at April 2, 2022, from the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (the “Fiscal 2021 Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2022. In the opinion of our management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of our statements of operations and comprehensive income for the three months ended April 2, 2022, and April 3, 2021, our balance sheets at April 2, 2022, and January 1, 2022, our statements of stockholders’ equity for the three months ended April 2, 2022, and April 3, 2021, and our statements of cash flows for the three months ended April 2, 2022, and April 3, 2021. We have condensed or omitted certain notes and other information from the interim condensed consolidated financial statements presented in this report. Therefore, these condensed consolidated interim financial statements should be read in conjunction with the Fiscal 2021 Form 10-K. The results for the three months ended April 2, 2022, are not necessarily indicative of results that may be expected for the full year ending December 31, 2022, or any other interim period. We operate on a 5-4-4 fiscal calendar. Our fiscal year ends on the Saturday closest to December 31 of that fiscal year and may comprise 53 weeks in certain years. Our 2022 fiscal year contains 52 weeks and ends on December 31, 2022. Fiscal 2021 contained 52 weeks and ended on January 1, 2022. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions, which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. Reclassification of Prior Period Presentation For the quarter ended April 3, 2021, we have reclassified certain items within the presentation of our statement of cash flows to align with our statement of cash flows presentation for the quarter ended April 2, 2022. Our reclassifications are limited to the operating activities section and include presenting only the impact of deferred income taxes, instead of our full provision for income taxes, as a reconciling item for net income to cash provided by operating activities. We have also reclassified certain items previously presented individually, such as pension expense and pension contributions, to be included in the change of other assets and liabilities. In addition, we are presenting the change in taxes payable, previously included in other assets and liabilities, as a distinct line item in our reconciliation of net income to cash provided by operating activities. These reclassifications, we believe, provide an enhanced level of transparency with regards to the presentation of our statement of cash flows. These reclassifications did not impact operating income or consolidated net income. Recently Adopted Accounting Standards Credit Impairment Losses. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This ASU sets forth a current expected credit loss (“CECL”) model which requires the measurement of all expected credit losses for financial instruments or other assets (e.g., trade receivables), held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model, is applicable to the measurement of credit losses on financial assets measured at amortized cost, and applies to some off-balance sheet credit exposures. The standard also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. The Company adopted this standard on a modified retrospective basis in the first quarter of 2022 and the implementation did not have a material impact to the Company’s condensed consolidated financial statements. Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the publication of certain tenors of the London Inter-bank Offered Rate (“LIBOR”) on December 31, 2021, with complete elimination of the publication of the LIBOR by June 30, 2023. The amendments in this ASU are elective and apply to all entities that have contracts referencing the LIBOR. The Company’s revolving credit agreement, as further discussed in Note 6 to these condensed consolidated financial statements, currently references the LIBOR for determining interest payable on current and future borrowings and includes provisions for the use of alternative rates if the LIBOR is unavailable. The guidance in this ASU provides a practical expedient which simplifies accounting analyses under current U.S. GAAP for contract modifications if the change is directly related to a change from the LIBOR to a new interest rate index. The Company adopted this standard prospectively in the first quarter of 2022. The implementation did not have a material impact to the Company’s condensed consolidated financial statements or to any key terms of our revolving credit agreement other than the discontinuation of the LIBOR. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The amendments in this standard are effective for interim periods and fiscal years beginning after December 15, 2020. We adopted this standard effective for fiscal year 2021. The adoption of the standard did not have a material impact on the Company's condensed consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Inventories	InventoriesOur inventories consist almost entirely of finished goods inventory, with an immaterial amount of work-in-process inventory. The cost of all inventories is determined by the moving average cost method. We have included all material charges directly incurred in bringing inventory to its existing condition and location. We evaluate our inventory value at the end of each quarter to ensure that inventory, when viewed by category, is carried at the lower of cost or net realizable value, which also considers items that may be considered damaged, excess, and obsolete inventory.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets In connection with our past merger and acquisition activity, we acquired certain intangible assets. As of April 2, 2022, our intangible assets consist of goodwill and other intangible assets including customer relationships, noncompete agreements, and trade names. Goodwill Goodwill is the excess of the cost of an acquired entity over the fair value of tangible and intangible assets (including customer relationships, noncompete agreements, and trade names) acquired, and liabilities assumed, under acquisition accounting for business combinations. As of April 2, 2022, goodwill was $47.8 million. Goodwill is not subject to amortization but must be tested for impairment at least annually. This test requires us to assign goodwill to a reporting unit and to determine if the fair value of the reporting unit’s goodwill is less than its carrying amount. We evaluate goodwill for impairment during the fourth quarter of each fiscal year. In addition, we will evaluate the carrying value for impairment between annual impairment tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Such events and indicators may include, without limitation, significant declines in the industries in which our products are used, significant changes in capital market conditions, and significant changes in our market capitalization. No such indicators were present during the first quarter of fiscal 2022. Our one reporting unit has a fair value that exceeds its carrying value as of April 2, 2022. Definite-Lived Intangible Assets On April 2, 2022, the gross carrying amounts, accumulated amortization, and net carrying amounts of our definite-lived intangible assets were as follows: Intangible Asset Weighted Average Remaining Useful Lives (Years) Gross Carrying Amounts Accumulated Amortization (1) Net Carrying Amounts (In thousands) Customer relationships 8 $ 25,500 $ (13,061) $ 12,439 Noncompete agreements — 8,254 (8,174) 80 Trade names — 6,826 (6,826) — Total $ 40,580 $ (28,061) $ 12,519 (1) Intangible assets, except customer relationships, are amortized on a straight-line basis. Customer relationships are amortized on a double declining balance method. Amortization Expense Amortization expense for our definite-lived intangible assets was $1.1 million and $1.8 million for the three-month periods ended April 2, 2022, and April 3, 2021, respectively. Estimated amortization expense for definite-lived intangible assets for the remaining portion of 2022 and the next five fiscal years is as follows: Fiscal Year Estimated Amortization (In thousands) 2022 $ 1,632 2023 1,807 2024 1,505 2025 1,423 2026 1,423 2027 1,423

Revenue Recognition

Revenue Recognition	3 Months Ended
	Apr. 02, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We recognize revenue when the following criteria are met: (1) Contract with the customer has been identified; (2) Performance obligations in the contract have been identified; (3) Transaction price has been determined; (4) Transaction price has been allocated to the performance obligations; and (5) When (or as) performance obligations are satisfied. Contracts with our customers are generally in the form of standard terms and conditions of sale. From time to time, we may enter into specific contracts, which may affect delivery terms. Performance obligations in our contracts generally consist solely of delivery of goods. For all sales channel types, consisting of warehouse, direct, and reload sales, we typically satisfy our performance obligations upon shipment. Our customer payment terms are typical for our industry, and may vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not deemed to be significant by us. For certain sales channels and/or products, our standard terms of payment may be as early as ten days. In addition, we provide inventory to certain customers through pre-arranged agreements on a consignment basis. Customer consigned inventory is maintained and stored by certain customers; however, ownership and risk of loss remain with us. All revenues recognized are net of trade allowances (i.e., rebates), cash discounts, and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been insignificant for each of the reported periods. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues recognized. We believe that there will not be significant changes to our estimates of variable consideration. The following table presents our revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues. Three Months Ended Product type April 2, 2022 April 3, 2021 (In thousands) Specialty products $ 767,907 $ 563,060 Structural products 534,398 462,409 Total net sales $ 1,302,305 $ 1,025,469 The following table presents our revenues disaggregated by sales channel. Warehouse sales are delivered from our warehouses. Reload sales are similar to warehouse sales but are shipped from warehouses, most of which are operated by third-parties, where we store owned products to enhance our operating efficiencies. This channel is employed primarily to service strategic customers that would be less economical to service from our warehouses, and to distribute large volumes of imported products from port facilities. Direct sales are shipped from the manufacturer to the customer without our taking physical possession of the inventory and, as a result, typically generate lower margins than our warehouse and reload distribution channels. This distribution channel requires the lowest amount of committed capital and fixed costs. Sales and usage-based taxes are excluded from revenues. Three Months Ended Sales channel April 2, 2022 April 3, 2021 (In thousands) Warehouse and reload $ 1,077,946 $ 849,419 Direct 246,652 191,130 Customer discounts and rebates (22,293) (15,080) Total net sales $ 1,302,305 $ 1,025,469

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Apr. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale As of April 2, 2022, and January 1, 2022, the net book value of total assets classified as “held for sale” was $3.0 million and $2.6 million, respectively, and was included in other current assets in our condensed consolidated balance sheets. The book value of total liabilities classified as “held for sale” as of April 2, 2022, and January 1, 2022, was $2.1 million and $1.9 million, respectively, and was included in other current liabilities in our condensed consolidated balance sheets. Assets classified as “held for sale” as of April 2, 2022, consisted of fixed assets, at net book value, and current assets, including raw material and work in process inventory, affiliated with one of our business locations in the Midwest. Liabilities classified as “held for sale” included current liabilities, such as accounts payable, directly associated with those assets held for sale that will be transferred with the assets held for sale. We plan to sell these assets and transfer these liabilities within the next 12 months.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 02, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt As of April 2, 2022, and January 1, 2022, long-term debt consisted of the following: April 2, 2022 January 1, 2022 (In thousands) Senior secured notes (1) $ 300,000 $ 300,000 Revolving credit facility (2) — — Term loan facility (3) — — Finance lease obligations (4) 271,940 274,717 571,940 574,717 Unamortized debt issuance costs (4,565) (4,701) Unamortized bond discount costs (3,901) (4,028) 563,474 565,988 Less: current maturities of long-term debt 7,264 7,864 Long-term debt, net of current maturities $ 556,210 $ 558,124 (1) As of April 2, 2022 and January 1, 2022, our long-term debt was comprised of $300.0 million of senior secured notes issued in October 2021. These notes are presented under the “Long-term debt” caption of our condensed consolidated balance sheets at $291.5 million and $291.3 million at April 2, 2022, and January 1, 2022, respectively. This presentation is net of their discount of 3.9 million and 4.0 million and the combined carrying value of our debt issuance costs of 4.6 million and 4.7 million at April 2, 2022, and January 1, 2022, respectively. Our senior secured notes are presented in this table at their face value. (2) The average effective interest rate was zero percent and 2.4 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively. (3) The average effective interest rate, exclusive of fees and prepayment premiums, was zero percent and 8.0 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively. (4) Refer to Note 9, Leases , for interest rates associated with finance lease obligations. Senior Secured Notes In October 2021, we entered into an indenture (the “Indenture”) with the guarantors party thereto and Truist Bank, as trustee and collateral agent, in connection with a private offering of $300 million of our six percent senior secured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued to investors at 98.625 percent of their principal amount and will mature on November 15, 2029. The majority of net proceeds from the offering of the 2029 Notes were used to repay borrowings under our revolving credit facility. Revolving Credit Facility In April 2018, we entered into a revolving credit facility with Wells Fargo Bank, National Association, as administrative agent (“the Agent”), and certain other financial institutions party thereto. In August 2021, we entered into a second amendment to our revolving credit facility to, among other things, extend the maturity date of the facility to August 2, 2026, and reduce the interest rate on borrowings under the facility (as amended, the “revolving credit facility”). As amended, the revolving credit facility provides for a senior secured asset-based revolving loan and letter of credit facility of up to $350 million. The Borrowers’ obligations under the revolving credit facility are secured by a security interest in substantially all of our and our subsidiaries’ assets (other than real property), including inventories, accounts receivable, and proceeds from those items. Borrowings under the revolving credit facility bear interest at a rate per annum equal to (i) LIBOR plus a margin ranging from 1.25 percent to 1.75 percent, with the margin determined based upon average excess availability for the immediately preceding fiscal quarter for loans based on LIBOR, or (ii) the Agent’s base rate plus a margin ranging from 0.25 percent to 0.75 percent, with the margin based upon average excess availability for the immediately preceding fiscal quarter for loans based on the base rate. Borrowings under the revolving credit facility are subject to availability under the Borrowing Base (as that term is defined in the revolving credit agreement). The Borrowers are required to repay revolving loans thereunder to the extent that such revolving loans exceed the Borrowing Base then in effect. The revolving credit facility may be prepaid in whole or in part from time to time without penalty or premium, but including all breakage costs incurred by any lender thereunder. As of April 2, 2022, we had zero outstanding borrowings and excess availability, including cash in qualified accounts, of $420.9 million under our revolving credit facility. As of January 1, 2022, we had zero outstanding borrowings and excess availability, including cash in qualified accounts, of $431.7 million under our revolving credit facility. Our average effective interest rate under the facility was zero percent and 2.4 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively. The revolving credit facility contains certain financial and other covenants, and our right to borrow under the revolving credit facility is conditioned upon, among other things, our compliance with these covenants. We were in compliance with all covenants under the revolving credit facility as of April 2, 2022. Term Loan Facility On April 2, 2021, we repaid the remaining outstanding principal balance of the term loan facility, and, as a result, as of January 1, 2022 and April 2, 2022, we had zero outstanding borrowings under the term loan facility, which has been extinguished. In connection with our repayment of the outstanding principal balance in full on April 2, 2021, we expensed $5.8 million of debt issuance costs that we were amortizing in connection with our former term loan facility. These costs are included within interest expense, net on the condensed consolidated statements of operations and reported separately as an adjustment to net income in our condensed consolidated statements of cash flows. As the facility was paid in full as of April 2, 2021, our average effective interest rate under the facility, exclusive of fees and prepayment premiums, was zero percent for the quarter ended April 2, 2022. For the quarter ended April 3, 2021, our average effective interest rate under the facility, exclusive of fees and prepayment premiums, was approximately 8.0 percent. Finance Lease Obligations Our finance lease liabilities consist of leases related to equipment and vehicles, and real estate, with the majority of those finance leases related to real estate. For more information on our finance lease obligations, refer to Note 9, Leases .

Net Periodic Pension Benefit

Net Periodic Pension Benefit	3 Months Ended
	Apr. 02, 2022
Retirement Benefits [Abstract]
Net Periodic Pension Benefit	Net Periodic Pension Benefit The following table shows the components of our net periodic pension benefit: Three Months Ended Pension-related items April 2, 2022 April 3, 2021 (In thousands) Service cost (1) $ — $ — Interest cost on projected benefit obligation 606 505 Expected return on plan assets (1,177) (1,140) Amortization of unrecognized gain 209 321 Net periodic pension benefit $ (362) $ (314) (1) Service cost is not a part of our net periodic pension benefit as our pension plan is frozen for all participants. The net periodic pension benefit is included in other expense (income), net in our condensed consolidated statement of operations and comprehensive income.

Stock Compensation

Stock Compensation	3 Months Ended
	Apr. 02, 2022
Share-based Payment Arrangement [Abstract]
Stock Compensation	Stock CompensationDuring the three months ended April 2, 2022, and April 3, 2021, we incurred stock compensation expense of $2.2 million and $1.4 million, respectively. The increase in our stock compensation expense for the three-month period is primarily attributable to an increase in the number of awards granted, as well as the increase in the grant-date fair value, or the Company’s stock price, of awards currently vesting compared to the prior year.

Leases

Leases	3 Months Ended
	Apr. 02, 2022
Leases [Abstract]
Leases	Leases We have operating and finance leases for certain of our distribution facilities, office space, land, mobile fleet, and equipment. Many of our leases are non-cancelable and typically have a defined initial lease term, and some provide options to renew at our election for specified periods of time. The majority of our leases have remaining lease terms of one We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or modification. Operating lease right-of use (“ROU”) assets and liabilities are presented separately on the condensed consolidated balance sheets. Finance lease ROU assets are included in property and equipment and the finance lease obligations are presented separately in the condensed consolidated balance sheets. When a lease does not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We have also made the accounting policy election to not separate lease components from non-lease components related to our mobile fleet asset class. Finance Lease Liabilities Our finance lease liabilities consist of leases related to equipment and vehicles, and real estate. As noted in the table below, a majority of our finance leases, formally known as capital leases, relate to real estate. The following table presents our assets and liabilities related to our leases as of April 2, 2022 and January 1, 2022: Lease assets and liabilities April 2, 2022 January 1, 2022 (In thousands) Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 47,330 $ 49,568 Finance lease right-of-use assets (1) Property and equipment, net 139,964 143,851 Total lease right-of-use assets $ 187,294 $ 193,419 Liabilities Current portion Operating lease liabilities Operating lease liabilities - short term $ 5,723 $ 5,145 Finance lease liabilities Finance lease liabilities - short term 7,264 7,864 Non-current portion Operating lease liabilities Operating lease liabilities - long term 41,698 44,526 Finance lease liabilities Finance lease liabilities - long term 264,676 266,853 Total lease liabilities $ 319,361 $ 324,388 (1) Finance lease right-of-use assets are presented net of accumulated amortization of $77.5 million and $73.7 million as of April 2, 2022, and January 1, 2022, respectively. The components of lease expense were as follows: Three Months Ended Components of lease expense April 2, 2022 April 3, 2021 (In thousands) Operating lease cost: $ 2,517 $ 3,050 Finance lease cost: Amortization of right-of-use assets $ 3,710 $ 3,986 Interest on lease liabilities 6,160 6,157 Total finance lease costs $ 9,870 $ 10,143 Supplemental cash flow information related to leases was as follows: Three Months Ended Cash flow information April 2, 2022 April 3, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,528 $ 2,564 Operating cash flows from finance leases 6,160 6,157 Financing cash flows from finance leases $ 3,722 $ 2,129 Right-of-use assets obtained in exchange for lease obligations Operating leases $ — $ — Finance leases $ — $ 10,211 Supplemental balance sheet information related to leases was as follows: Balance sheet information April 2, 2022 January 1, 2022 (In thousands) Finance leases Property and equipment $ 217,415 $ 217,592 Accumulated depreciation (77,451) (73,741) Property and equipment, net $ 139,964 $ 143,851 Weighted Average Remaining Lease Term (in years) Operating leases 10.51 10.75 Finance leases 14.95 15.06 Weighted Average Discount Rate Operating leases 8.96 % 9.01 % Finance leases 9.49 % 10.00 % The major categories of our finance lease liabilities as of April 2, 2022 and January 1, 2022 are as follows: Category April 2, 2022 January 1, 2022 (In thousands) Equipment and vehicles $ 29,902 $ 30,710 Real estate 242,038 244,007 Total finance leases $ 271,940 $ 274,717 As of April 2, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 7,601 $ 22,918 2023 9,020 32,115 2024 8,215 31,521 2025 8,152 27,994 2026 5,859 31,439 Thereafter 39,085 348,149 Total lease payments $ 77,932 $ 494,136 Less: imputed interest (30,511) (222,196) Total $ 47,421 $ 271,940 On January 1, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 9,376 $ 32,495 2023 9,134 32,115 2024 8,329 31,521 2025 8,329 27,994 2026 6,050 31,439 Thereafter 40,711 348,149 Total lease payments $ 81,929 $ 503,713 Less: imputed interest (32,258) (228,996) Total $ 49,671 $ 274,717
Leases	Leases We have operating and finance leases for certain of our distribution facilities, office space, land, mobile fleet, and equipment. Many of our leases are non-cancelable and typically have a defined initial lease term, and some provide options to renew at our election for specified periods of time. The majority of our leases have remaining lease terms of one We determine if an arrangement is a lease at inception and assess lease classification as either operating or finance at lease inception or modification. Operating lease right-of use (“ROU”) assets and liabilities are presented separately on the condensed consolidated balance sheets. Finance lease ROU assets are included in property and equipment and the finance lease obligations are presented separately in the condensed consolidated balance sheets. When a lease does not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We have also made the accounting policy election to not separate lease components from non-lease components related to our mobile fleet asset class. Finance Lease Liabilities Our finance lease liabilities consist of leases related to equipment and vehicles, and real estate. As noted in the table below, a majority of our finance leases, formally known as capital leases, relate to real estate. The following table presents our assets and liabilities related to our leases as of April 2, 2022 and January 1, 2022: Lease assets and liabilities April 2, 2022 January 1, 2022 (In thousands) Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 47,330 $ 49,568 Finance lease right-of-use assets (1) Property and equipment, net 139,964 143,851 Total lease right-of-use assets $ 187,294 $ 193,419 Liabilities Current portion Operating lease liabilities Operating lease liabilities - short term $ 5,723 $ 5,145 Finance lease liabilities Finance lease liabilities - short term 7,264 7,864 Non-current portion Operating lease liabilities Operating lease liabilities - long term 41,698 44,526 Finance lease liabilities Finance lease liabilities - long term 264,676 266,853 Total lease liabilities $ 319,361 $ 324,388 (1) Finance lease right-of-use assets are presented net of accumulated amortization of $77.5 million and $73.7 million as of April 2, 2022, and January 1, 2022, respectively. The components of lease expense were as follows: Three Months Ended Components of lease expense April 2, 2022 April 3, 2021 (In thousands) Operating lease cost: $ 2,517 $ 3,050 Finance lease cost: Amortization of right-of-use assets $ 3,710 $ 3,986 Interest on lease liabilities 6,160 6,157 Total finance lease costs $ 9,870 $ 10,143 Supplemental cash flow information related to leases was as follows: Three Months Ended Cash flow information April 2, 2022 April 3, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,528 $ 2,564 Operating cash flows from finance leases 6,160 6,157 Financing cash flows from finance leases $ 3,722 $ 2,129 Right-of-use assets obtained in exchange for lease obligations Operating leases $ — $ — Finance leases $ — $ 10,211 Supplemental balance sheet information related to leases was as follows: Balance sheet information April 2, 2022 January 1, 2022 (In thousands) Finance leases Property and equipment $ 217,415 $ 217,592 Accumulated depreciation (77,451) (73,741) Property and equipment, net $ 139,964 $ 143,851 Weighted Average Remaining Lease Term (in years) Operating leases 10.51 10.75 Finance leases 14.95 15.06 Weighted Average Discount Rate Operating leases 8.96 % 9.01 % Finance leases 9.49 % 10.00 % The major categories of our finance lease liabilities as of April 2, 2022 and January 1, 2022 are as follows: Category April 2, 2022 January 1, 2022 (In thousands) Equipment and vehicles $ 29,902 $ 30,710 Real estate 242,038 244,007 Total finance leases $ 271,940 $ 274,717 As of April 2, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 7,601 $ 22,918 2023 9,020 32,115 2024 8,215 31,521 2025 8,152 27,994 2026 5,859 31,439 Thereafter 39,085 348,149 Total lease payments $ 77,932 $ 494,136 Less: imputed interest (30,511) (222,196) Total $ 47,421 $ 271,940 On January 1, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 9,376 $ 32,495 2023 9,134 32,115 2024 8,329 31,521 2025 8,329 27,994 2026 6,050 31,439 Thereafter 40,711 348,149 Total lease payments $ 81,929 $ 503,713 Less: imputed interest (32,258) (228,996) Total $ 49,671 $ 274,717

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental and Legal Matters From time to time, we are involved in various proceedings incidental to our businesses, and we are subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which we operate. Although the ultimate outcome of these proceedings cannot be determined with certainty, based on presently available information management believes that adequate reserves have been established for probable losses with respect thereto and receivables have been recorded for expected receipts from settlements. Management further believes that, while the ultimate outcome of one or more of these matters could be material to our operating results in any given quarter, it will not have a materially adverse effect on our consolidated financial condition, our results of operations, or our cash flows. Collective Bargaining Agreements As of April 2, 2022, we employed approximately 2,078 associates and less than one percent of our associates are employed on a part-time basis. Approximately 20 percent of our associates are represented by various local labor unions with terms and conditions of employment governed by Collective Bargaining Agreements (“CBAs”). Two CBAs covering approximately three percent of our associates are up for renewal in fiscal 2022, both of which we expect to renegotiate by the end of the year.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Apr. 02, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Comprehensive income includes both net income and other comprehensive income. Other comprehensive income results from items deferred from recognition into our condensed consolidated statements of operations and comprehensive income. Accumulated other comprehensive loss is separately presented on our condensed consolidated balance sheets as part of stockholders’ equity. The changes in balances for each component of accumulated other comprehensive loss for the three months ended April 2, 2022, were as follows: Defined Other, Total Accumulated Other Comprehensive Loss January 1, 2022, beginning balance, net of tax $ (30,245) $ 885 $ (29,360) Other comprehensive income, net of tax 156 20 176 April 2, 2022, ending balance, net of tax $ (30,089) $ 905 $ (29,184)

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate Our effective tax rate for the three months ended April 2, 2022, and April 3, 2021, was 26.2 percent and 26.0 percent, respectively. Our effective tax rate for the three months ended April 2, 2022 and April 3, 2021 were impacted by the permanent addback of certain nondeductible expenses, including meals and entertainment and executive compensation, slightly offset by a benefit from the vesting of restricted stock units, which occurred during each period. Our effective tax rate for the three months ended April 3, 2021 also benefited from the partial release of our valuation allowance for state net operating loss carryforwards we anticipated being able to utilize based on our taxable income through the end of the first quarter of fiscal 2021. Deferred Tax Assets Quarterly, we assess the carrying value of our deferred tax assets for impairment by evaluating the weight of available evidence at the end of each fiscal quarter. In our evaluation of the weight of available evidence at the end of the current quarter, we considered the recent reported income in the current quarter, as well as the reported income for 2021 and 2020 and the reported losses for 2019, which resulted in a three-year cumulative income situation as positive evidence which carried substantial weight. While this was substantial, it was not the only evidence we evaluated. We also considered evidence related to the four sources of taxable income to determine whether such positive evidence outweighed the negative evidence. The evidence considered included: • future reversals of existing taxable temporary differences; • future taxable income exclusive of reversing temporary differences and carryforwards; • taxable income in prior carryback years, if carryback is permitted under the tax law; and • tax planning strategies. In addition to the positive evidence discussed above, we considered as positive evidence forecasted taxable income, the detail scheduling of timing of the reversal of our deferred tax assets and liabilities, and the evidence from business and tax planning strategies. As of April 2, 2022, in our evaluation of the weight of available evidence, we concluded that our net deferred tax assets were not impaired.

Income per Share

Income per Share	3 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Income per Share	Income per ShareWe calculate basic income per share by dividing net income by the weighted average number of common shares outstanding. We calculate diluted income per share using the treasury stock method, by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock units. The reconciliation of basic net income and diluted net income per common share for the three-month periods ended April 2, 2022, and April 3, 2021, were as follows: Three Months Ended April 2, 2022 April 3, 2021 (In thousands, except per share data) Net income $ 133,409 $ 61,860 Weighted-average shares outstanding - basic 9,720 9,466 Dilutive effect of share-based awards 393 392 Weighted-average shares outstanding - diluted 10,113 9,858 Basic income per share $ 13.72 $ 6.53 Diluted income per share $ 13.19 $ 6.28 Approximately 3,000 and 113,000 weighted-average share-based awards were excluded from the computation of earnings per share assuming dilution during the three months ended April 2, 2022, and April 3, 2021, respectively, as the awards would have been anti-dilutive for the periods presented.

Subsequent Event

Subsequent Event	3 Months Ended
	Apr. 02, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn May 3, 2022, the Company announced that its Board of Directors has increased the Company’s share repurchase authorization to $100.0 million, up $75.0 million from the previous program, and that it has entered into an Accelerated Share Repurchase agreement (“ASR”) with Jeffries LLC to repurchase $60.0 million of the Company’s common stock. The remaining $40.0 million of share repurchases are planned to be executed opportunistically in the open market with $6.4 million already completed in the current reporting period.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements include the accounts of BlueLinx Holdings Inc. and its wholly owned subsidiaries (the “Company”). We derived the condensed consolidated balance sheet at April 2, 2022, from the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (the “Fiscal 2021 Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2022. In the opinion of our management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of our statements of operations and comprehensive income for the three months ended April 2, 2022, and April 3, 2021, our balance sheets at April 2, 2022, and January 1, 2022, our statements of stockholders’ equity for the three months ended April 2, 2022, and April 3, 2021, and our statements of cash flows for the three months ended April 2, 2022, and April 3, 2021. We have condensed or omitted certain notes and other information from the interim condensed consolidated financial statements presented in this report. Therefore, these condensed consolidated interim financial statements should be read in conjunction with the Fiscal 2021 Form 10-K. The results for the three months ended April 2, 2022, are not necessarily indicative of results that may be expected for the full year ending December 31, 2022, or any other interim period. We operate on a 5-4-4 fiscal calendar. Our fiscal year ends on the Saturday closest to December 31 of that fiscal year and may comprise 53 weeks in certain years. Our 2022 fiscal year contains 52 weeks and ends on December 31, 2022. Fiscal 2021 contained 52 weeks and ended on January 1, 2022. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions, which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position.
Reclassification of Prior Period Presentation	Reclassification of Prior Period Presentation For the quarter ended April 3, 2021, we have reclassified certain items within the presentation of our statement of cash flows to align with our statement of cash flows presentation for the quarter ended April 2, 2022. Our reclassifications are limited to the operating activities section and include presenting only the impact of deferred income taxes, instead of our full provision for income taxes, as a reconciling item for net income to cash provided by operating activities. We have also reclassified certain items previously presented individually, such as pension expense and pension contributions, to be included in the change of other assets and liabilities. In addition, we are presenting the change in taxes payable, previously included in other assets and liabilities, as a distinct line item in our reconciliation of net income to cash provided by operating activities. These reclassifications, we believe, provide an enhanced level of transparency with regards to the presentation of our statement of cash flows. These reclassifications did not impact operating income or consolidated net income.
Recently Adopted Accounting Standards and Standards Effective in Future Years	Recently Adopted Accounting Standards Credit Impairment Losses. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This ASU sets forth a current expected credit loss (“CECL”) model which requires the measurement of all expected credit losses for financial instruments or other assets (e.g., trade receivables), held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model, is applicable to the measurement of credit losses on financial assets measured at amortized cost, and applies to some off-balance sheet credit exposures. The standard also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. The Company adopted this standard on a modified retrospective basis in the first quarter of 2022 and the implementation did not have a material impact to the Company’s condensed consolidated financial statements. Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The standard provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the publication of certain tenors of the London Inter-bank Offered Rate (“LIBOR”) on December 31, 2021, with complete elimination of the publication of the LIBOR by June 30, 2023. The amendments in this ASU are elective and apply to all entities that have contracts referencing the LIBOR. The Company’s revolving credit agreement, as further discussed in Note 6 to these condensed consolidated financial statements, currently references the LIBOR for determining interest payable on current and future borrowings and includes provisions for the use of alternative rates if the LIBOR is unavailable. The guidance in this ASU provides a practical expedient which simplifies accounting analyses under current U.S. GAAP for contract modifications if the change is directly related to a change from the LIBOR to a new interest rate index. The Company adopted this standard prospectively in the first quarter of 2022. The implementation did not have a material impact to the Company’s condensed consolidated financial statements or to any key terms of our revolving credit agreement other than the discontinuation of the LIBOR. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The amendments in this standard are effective for interim periods and fiscal years beginning after December 15, 2020. We adopted this standard effective for fiscal year 2021. The adoption of the standard did not have a material impact on the Company's condensed consolidated financial statements.
Revenue Recognition	We recognize revenue when the following criteria are met: (1) Contract with the customer has been identified; (2) Performance obligations in the contract have been identified; (3) Transaction price has been determined; (4) Transaction price has been allocated to the performance obligations; and (5) When (or as) performance obligations are satisfied. Contracts with our customers are generally in the form of standard terms and conditions of sale. From time to time, we may enter into specific contracts, which may affect delivery terms. Performance obligations in our contracts generally consist solely of delivery of goods. For all sales channel types, consisting of warehouse, direct, and reload sales, we typically satisfy our performance obligations upon shipment. Our customer payment terms are typical for our industry, and may vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not deemed to be significant by us. For certain sales channels and/or products, our standard terms of payment may be as early as ten days. In addition, we provide inventory to certain customers through pre-arranged agreements on a consignment basis. Customer consigned inventory is maintained and stored by certain customers; however, ownership and risk of loss remain with us. All revenues recognized are net of trade allowances (i.e., rebates), cash discounts, and sales returns. Cash discounts and sales returns are estimated using historical experience. Trade allowances are based on the estimated obligations and historical experience. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been insignificant for
Earnings per Share	We calculate basic income per share by dividing net income by the weighted average number of common shares outstanding. We calculate diluted income per share using the treasury stock method, by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including restricted stock units

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Apr. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-Lived Intangible Assets	On April 2, 2022, the gross carrying amounts, accumulated amortization, and net carrying amounts of our definite-lived intangible assets were as follows: Intangible Asset Weighted Average Remaining Useful Lives (Years) Gross Carrying Amounts Accumulated Amortization (1) Net Carrying Amounts (In thousands) Customer relationships 8 $ 25,500 $ (13,061) $ 12,439 Noncompete agreements — 8,254 (8,174) 80 Trade names — 6,826 (6,826) — Total $ 40,580 $ (28,061) $ 12,519 (1) Intangible assets, except customer relationships, are amortized on a straight-line basis. Customer relationships are amortized on a double declining balance method.
Schedule of Definite-Lived Intangible Asset Amortization	Estimated amortization expense for definite-lived intangible assets for the remaining portion of 2022 and the next five fiscal years is as follows: Fiscal Year Estimated Amortization (In thousands) 2022 $ 1,632 2023 1,807 2024 1,505 2025 1,423 2026 1,423 2027 1,423

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Apr. 02, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Revenue Source and Sales Channel	The following table presents our revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues. Three Months Ended Product type April 2, 2022 April 3, 2021 (In thousands) Specialty products $ 767,907 $ 563,060 Structural products 534,398 462,409 Total net sales $ 1,302,305 $ 1,025,469 The following table presents our revenues disaggregated by sales channel. Warehouse sales are delivered from our warehouses. Reload sales are similar to warehouse sales but are shipped from warehouses, most of which are operated by third-parties, where we store owned products to enhance our operating efficiencies. This channel is employed primarily to service strategic customers that would be less economical to service from our warehouses, and to distribute large volumes of imported products from port facilities. Direct sales are shipped from the manufacturer to the customer without our taking physical possession of the inventory and, as a result, typically generate lower margins than our warehouse and reload distribution channels. This distribution channel requires the lowest amount of committed capital and fixed costs. Sales and usage-based taxes are excluded from revenues. Three Months Ended Sales channel April 2, 2022 April 3, 2021 (In thousands) Warehouse and reload $ 1,077,946 $ 849,419 Direct 246,652 191,130 Customer discounts and rebates (22,293) (15,080) Total net sales $ 1,302,305 $ 1,025,469

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Apr. 02, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of April 2, 2022, and January 1, 2022, long-term debt consisted of the following: April 2, 2022 January 1, 2022 (In thousands) Senior secured notes (1) $ 300,000 $ 300,000 Revolving credit facility (2) — — Term loan facility (3) — — Finance lease obligations (4) 271,940 274,717 571,940 574,717 Unamortized debt issuance costs (4,565) (4,701) Unamortized bond discount costs (3,901) (4,028) 563,474 565,988 Less: current maturities of long-term debt 7,264 7,864 Long-term debt, net of current maturities $ 556,210 $ 558,124 (1) As of April 2, 2022 and January 1, 2022, our long-term debt was comprised of $300.0 million of senior secured notes issued in October 2021. These notes are presented under the “Long-term debt” caption of our condensed consolidated balance sheets at $291.5 million and $291.3 million at April 2, 2022, and January 1, 2022, respectively. This presentation is net of their discount of 3.9 million and 4.0 million and the combined carrying value of our debt issuance costs of 4.6 million and 4.7 million at April 2, 2022, and January 1, 2022, respectively. Our senior secured notes are presented in this table at their face value. (2) The average effective interest rate was zero percent and 2.4 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively. (3) The average effective interest rate, exclusive of fees and prepayment premiums, was zero percent and 8.0 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively. (4) Refer to Note 9, Leases , for interest rates associated with finance lease obligations.

Net Periodic Pension Benefit (T

Net Periodic Pension Benefit (Tables)	3 Months Ended
	Apr. 02, 2022
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Cost for Pension Plans	The following table shows the components of our net periodic pension benefit: Three Months Ended Pension-related items April 2, 2022 April 3, 2021 (In thousands) Service cost (1) $ — $ — Interest cost on projected benefit obligation 606 505 Expected return on plan assets (1,177) (1,140) Amortization of unrecognized gain 209 321 Net periodic pension benefit $ (362) $ (314) (1) Service cost is not a part of our net periodic pension benefit as our pension plan is frozen for all participants.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 02, 2022
Leases [Abstract]
Supplemental Balance Sheet Information	The following table presents our assets and liabilities related to our leases as of April 2, 2022 and January 1, 2022: Lease assets and liabilities April 2, 2022 January 1, 2022 (In thousands) Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 47,330 $ 49,568 Finance lease right-of-use assets (1) Property and equipment, net 139,964 143,851 Total lease right-of-use assets $ 187,294 $ 193,419 Liabilities Current portion Operating lease liabilities Operating lease liabilities - short term $ 5,723 $ 5,145 Finance lease liabilities Finance lease liabilities - short term 7,264 7,864 Non-current portion Operating lease liabilities Operating lease liabilities - long term 41,698 44,526 Finance lease liabilities Finance lease liabilities - long term 264,676 266,853 Total lease liabilities $ 319,361 $ 324,388 (1) Finance lease right-of-use assets are presented net of accumulated amortization of $77.5 million and $73.7 million as of April 2, 2022, and January 1, 2022, respectively. Supplemental balance sheet information related to leases was as follows: Balance sheet information April 2, 2022 January 1, 2022 (In thousands) Finance leases Property and equipment $ 217,415 $ 217,592 Accumulated depreciation (77,451) (73,741) Property and equipment, net $ 139,964 $ 143,851 Weighted Average Remaining Lease Term (in years) Operating leases 10.51 10.75 Finance leases 14.95 15.06 Weighted Average Discount Rate Operating leases 8.96 % 9.01 % Finance leases 9.49 % 10.00 % The major categories of our finance lease liabilities as of April 2, 2022 and January 1, 2022 are as follows: Category April 2, 2022 January 1, 2022 (In thousands) Equipment and vehicles $ 29,902 $ 30,710 Real estate 242,038 244,007 Total finance leases $ 271,940 $ 274,717
Lease Cost	The components of lease expense were as follows: Three Months Ended Components of lease expense April 2, 2022 April 3, 2021 (In thousands) Operating lease cost: $ 2,517 $ 3,050 Finance lease cost: Amortization of right-of-use assets $ 3,710 $ 3,986 Interest on lease liabilities 6,160 6,157 Total finance lease costs $ 9,870 $ 10,143 Supplemental cash flow information related to leases was as follows: Three Months Ended Cash flow information April 2, 2022 April 3, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,528 $ 2,564 Operating cash flows from finance leases 6,160 6,157 Financing cash flows from finance leases $ 3,722 $ 2,129 Right-of-use assets obtained in exchange for lease obligations Operating leases $ — $ — Finance leases $ — $ 10,211
Operating Lease Maturities	As of April 2, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 7,601 $ 22,918 2023 9,020 32,115 2024 8,215 31,521 2025 8,152 27,994 2026 5,859 31,439 Thereafter 39,085 348,149 Total lease payments $ 77,932 $ 494,136 Less: imputed interest (30,511) (222,196) Total $ 47,421 $ 271,940 On January 1, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 9,376 $ 32,495 2023 9,134 32,115 2024 8,329 31,521 2025 8,329 27,994 2026 6,050 31,439 Thereafter 40,711 348,149 Total lease payments $ 81,929 $ 503,713 Less: imputed interest (32,258) (228,996) Total $ 49,671 $ 274,717
Finance Lease Maturities	As of April 2, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 7,601 $ 22,918 2023 9,020 32,115 2024 8,215 31,521 2025 8,152 27,994 2026 5,859 31,439 Thereafter 39,085 348,149 Total lease payments $ 77,932 $ 494,136 Less: imputed interest (30,511) (222,196) Total $ 47,421 $ 271,940 On January 1, 2022, maturities of lease liabilities were as follows: Fiscal year Operating leases Finance leases (In thousands) 2022 $ 9,376 $ 32,495 2023 9,134 32,115 2024 8,329 31,521 2025 8,329 27,994 2026 6,050 31,439 Thereafter 40,711 348,149 Total lease payments $ 81,929 $ 503,713 Less: imputed interest (32,258) (228,996) Total $ 49,671 $ 274,717

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Apr. 02, 2022
Equity [Abstract]
Schedule of Changes in Accumulated Balances for Each Component of Other Comprehensive Income	The changes in balances for each component of accumulated other comprehensive loss for the three months ended April 2, 2022, were as follows: Defined Other, Total Accumulated Other Comprehensive Loss January 1, 2022, beginning balance, net of tax $ (30,245) $ 885 $ (29,360) Other comprehensive income, net of tax 156 20 176 April 2, 2022, ending balance, net of tax $ (30,089) $ 905 $ (29,184)

Income per Share (Tables)

Income per Share (Tables)	3 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) per Share	The reconciliation of basic net income and diluted net income per common share for the three-month periods ended April 2, 2022, and April 3, 2021, were as follows: Three Months Ended April 2, 2022 April 3, 2021 (In thousands, except per share data) Net income $ 133,409 $ 61,860 Weighted-average shares outstanding - basic 9,720 9,466 Dilutive effect of share-based awards 393 392 Weighted-average shares outstanding - diluted 10,113 9,858 Basic income per share $ 13.72 $ 6.53 Diluted income per share $ 13.19 $ 6.28

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2022USD ($)reporting_unit	Apr. 03, 2021USD ($)	Jan. 01, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 47,772		$ 47,772
Number of reporting units | reporting_unit	1
Amortization of intangible assets	$ 1,100	$ 1,800

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Definite Lived Intangible Assets (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2022USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 40,580
Accumulated Amortization	(28,061)
Net Carrying Amounts	$ 12,519
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (Years)	8 years
Gross Carrying Amounts	$ 25,500
Accumulated Amortization	(13,061)
Net Carrying Amounts	$ 12,439
Noncompete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (Years)	0 years
Gross Carrying Amounts	$ 8,254
Accumulated Amortization	(8,174)
Net Carrying Amounts	$ 80
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Lives (Years)	0 years
Gross Carrying Amounts	$ 6,826
Accumulated Amortization	(6,826)
Net Carrying Amounts	$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Amortization Expense (Details) $ in Thousands	Apr. 02, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 1,632
2023	1,807
2024	1,505
2025	1,423
2026	1,423
2027	$ 1,423

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2022USD ($)day	Apr. 03, 2021USD ($)
Disaggregation of Revenue [Line Items]
Standard terms of payment, number of days | day	10
Net sales	$ 1,302,305	$ 1,025,469
Warehouse and reload
Disaggregation of Revenue [Line Items]
Net sales	1,077,946	849,419
Direct
Disaggregation of Revenue [Line Items]
Net sales	246,652	191,130
Customer discounts and rebates
Disaggregation of Revenue [Line Items]
Net sales	(22,293)	(15,080)
Specialty products
Disaggregation of Revenue [Line Items]
Net sales	767,907	563,060
Structural products
Disaggregation of Revenue [Line Items]
Net sales	$ 534,398	$ 462,409

Assets Held for Sale (Details)

Assets Held for Sale (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	Apr. 02, 2022	Jan. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 3	$ 2.6
Net book value of total liabilities held for sale	$ 2.1	$ 1.9

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Apr. 02, 2022	Jan. 01, 2022	Apr. 03, 2021
Debt Instrument [Line Items]
Senior secured notes	$ 300,000,000	$ 300,000,000
Finance lease obligations	271,940,000	274,717,000
Total debt, gross	571,940,000	574,717,000
Unamortized debt issuance costs	(4,565,000)	(4,701,000)
Unamortized bond discount costs	(3,901,000)	(4,028,000)
Long-term debt	563,474,000	565,988,000
Less: current maturities of long-term debt	7,264,000	7,864,000
Long-term debt, net of current maturities	556,210,000	558,124,000
Term Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0
Weighted average interest rate	0.00%	0.00%	8.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0
Weighted average interest rate	0.00%		2.40%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Jan. 01, 2022	Oct. 31, 2021	Apr. 30, 2018
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 350,000,000
Outstanding principal balance	$ 0		$ 0
Line of credit facility, remaining borrowing capacity	$ 420,900,000		431,700,000
Weighted average interest rate	0.00%	2.40%
Outstanding principal balance	$ 0		$ 0
Line of Credit | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Credit agreement interest rate	1.25%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Credit agreement interest rate	0.25%
Line of Credit | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Credit agreement interest rate	1.75%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Credit agreement interest rate	0.75%
Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Weighted average interest rate	0.00%	8.00%	0.00%
Outstanding principal balance	$ 0		$ 0
Amortization of debt discount and issuance costs		$ 5,800,000
6.0% Senior Secured Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount				$ 300,000,000
Percentage of principal, discount				98.625%

Net Periodic Pension Benefit (D

Net Periodic Pension Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0
Interest cost on projected benefit obligation	606	505
Expected return on plan assets	(1,177)	(1,140)
Amortization of unrecognized gain	209	321
Net periodic pension benefit	$ (362)	$ (314)

Stock Compensation (Details)

Stock Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Share-based Payment Arrangement [Abstract]
Stock based compensation expense	$ 2.2	$ 1.4

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Apr. 02, 2022option
Lessee, Lease, Description [Line Items]
Number of Options	1
Lease renewal term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	15 years

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Assets
Operating lease right-of-use assets	$ 47,330	$ 49,568
Finance lease right-of-use assets	139,964	143,851
Total lease right-of-use assets	187,294	193,419
Current portion
Operating lease liabilities	5,723	5,145
Finance lease liabilities	7,264	7,864
Non-current portion
Operating lease liabilities	41,698	44,526
Finance lease liabilities	264,676	266,853
Total lease liabilities	319,361	324,388
Accumulated depreciation	$ 77,451	$ 73,741
Finance lease, right-of-use asset, statement of financial position	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Operating lease cost:	$ 2,517	$ 3,050
Amortization of right-of-use assets	3,710	3,986
Interest on lease liabilities	6,160	6,157
Total finance lease costs	$ 9,870	$ 10,143

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,528	$ 2,564
Operating cash flows from finance leases	6,160	6,157
Financing cash flows from finance leases	3,722	2,129
Operating leases	0	0
Finance leases	$ 0	$ 10,211

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Finance leases
Property and equipment	$ 217,415	$ 217,592
Accumulated depreciation	(77,451)	(73,741)
Property and equipment, net	$ 139,964	$ 143,851
Weighted Average Remaining Lease Term (in years)
Operating leases	10 years 6 months 3 days	10 years 9 months
Finance leases	14 years 11 months 12 days	15 years 21 days
Weighted Average Discount Rate
Operating leases	8.96%	9.01%
Finance leases	9.49%	10.00%
Total finance leases	$ 271,940	$ 274,717
Finance lease, right-of-use asset, statement of financial position	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Equipment and vehicles
Weighted Average Discount Rate
Total finance leases	$ 29,902	$ 30,710
Real estate
Weighted Average Discount Rate
Total finance leases	$ 242,038	$ 244,007

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Jan. 01, 2022
Operating leases
2022	$ 7,601
2022/2023	9,020	$ 9,376
2023/2024	8,215	9,134
2024/2025	8,152	8,329
2025/2026	5,859	8,329
2026		6,050
Thereafter	39,085
Thereafter		40,711
Total lease payments	77,932	81,929
Less: imputed interest	(30,511)	(32,258)
Total	47,421	49,671
Finance leases
2022	22,918
2022/2023	32,115	32,495
2023/2024	31,521	32,115
2024/2025	27,994	31,521
2025/2026	31,439	27,994
2026		31,439
Thereafter	348,149
Thereafter		348,149
Total lease payments	494,136	503,713
Less: imputed interest	(222,196)	(228,996)
Total	$ 271,940	$ 274,717

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Apr. 02, 2022employeeAgreement
Commitments and Contingencies Disclosure [Abstract]
Entity number of employees | employee	2,078
Percentage of employees represented by various labor unions	20.00%
Number of CBAs up for renewal, next fiscal year agreement | Agreement	2
Employees are up for renewal	3.00%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 363,249	$ 59,092
Other comprehensive income, net of tax	176	250
Ending balance	492,176	122,513
Defined benefit pension plan, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(30,245)
Other comprehensive income, net of tax	156
Ending balance	(30,089)
Other, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	885
Other comprehensive income, net of tax	20
Ending balance	905
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(29,360)	(35,992)
Ending balance	$ (29,184)	$ (35,742)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	26.20%	26.00%

Income per Share (Details)

Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Earnings Per Share [Abstract]
Net income	$ 133,409	$ 61,860
Weighted-average shares outstanding - basic (in shares)	9,720,000	9,466,000
Dilutive effect of share-based awards (in shares)	393,000	392,000
Weighted-average shares outstanding - diluted (in shares)	10,113,000	9,858,000
Basic income (loss) (in dollars per share)	$ 13.72	$ 6.53
Diluted income (loss) (in dollars per share)	$ 13.19	$ 6.28
Antidilutive securities excluded from diluted shares calculation (in shares)	3,000,000	113,000,000

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	May 03, 2022	Apr. 02, 2022	Apr. 03, 2021
Subsequent Event [Line Items]
Common stock repurchase and retirement		$ 6,427	$ 0
Subsequent event
Subsequent Event [Line Items]
Share repurchase authorization	$ 100,000
Additional authorized amount	75,000
Accelerated share repurchase agreement	60,000
Remaining authorized amount	$ 40,000