Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | BUILDERS FIRSTSOURCE, INC. | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BLDR | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0001316835 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Entity Common Stock, Shares Outstanding | 128,168,904 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-40620 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2084569 | |
Entity Address, Address Line One | 2001 Bryan Street | |
Entity Address, Address Line Two | Suite 1600 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 880-3500 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 3,883,314 | $ 5,681,131 |
Cost of sales | 2,511,914 | 3,848,758 |
Gross margin | 1,371,400 | 1,832,373 |
Selling, general and administrative expenses | 904,217 | 968,568 |
Income from operations | 467,183 | 863,805 |
Interest expense, net | 42,108 | 41,314 |
Income before income taxes | 425,075 | 822,491 |
Income tax expense | 91,289 | 182,851 |
Net income | $ 333,786 | $ 639,640 |
Net income per share: | ||
Basic | $ 2.44 | $ 3.61 |
Diluted | $ 2.41 | $ 3.56 |
Weighted average common shares: | ||
Basic | 137,074 | 177,120 |
Diluted | 138,412 | 179,546 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 144,407 | $ 80,445 |
Accounts receivable, less allowances of $58,993 and $67,980 at March 31, 2023 and December 31, 2022, respectively | 1,429,939 | 1,448,139 |
Other receivables | 144,605 | 234,966 |
Inventories, net | 1,336,163 | 1,426,196 |
Contract assets | 176,116 | 183,700 |
Other current assets | 116,059 | 124,201 |
Total current assets | 3,347,289 | 3,497,647 |
Property, plant and equipment, net | 1,605,575 | 1,567,631 |
Operating lease right-of-use assets, net | 484,710 | 485,704 |
Goodwill | 3,495,355 | 3,456,854 |
Intangible assets, net | 1,493,049 | 1,550,944 |
Other assets, net | 50,938 | 36,380 |
Total assets | 10,476,916 | 10,595,160 |
Current liabilities: | ||
Accounts payable | 938,938 | 803,479 |
Accrued liabilities | 593,422 | 739,009 |
Contract liabilities | 194,195 | 193,178 |
Current portion of operating lease liabilities | 100,946 | 100,758 |
Current maturities of long-term debt | 4,430 | 6,355 |
Total current liabilities | 1,831,931 | 1,842,779 |
Noncurrent portion of operating lease liabilities | 403,812 | 404,463 |
Long-term debt, net of current maturities, discounts and issuance costs | 3,194,428 | 2,977,842 |
Deferred income taxes | 248,191 | 269,660 |
Other long-term liabilities | 141,322 | 137,850 |
Total liabilities | 5,819,684 | 5,632,594 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.01 par value, 300,000 shares authorized; 131,767 and 138,864 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 1,318 | 1,389 |
Additional paid-in capital | 4,246,151 | 4,257,667 |
Retained earnings | 409,763 | 703,510 |
Total stockholders' equity | 4,657,232 | 4,962,566 |
Total liabilities and stockholders' equity | $ 10,476,916 | $ 10,595,160 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 58,993 | $ 67,980 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 131,767,000 | 138,864,000 |
Common stock, shares outstanding | 131,767,000 | 138,864,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 333,786 | $ 639,640 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 136,549 | 111,946 |
Deferred income taxes | (21,469) | (7,398) |
Stock-based compensation expense | 11,026 | 8,841 |
Other non-cash adjustments | 1,645 | 2,037 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed: | ||
Receivables | 108,561 | (549,712) |
Inventories | 101,745 | (561,813) |
Contract assets | 7,583 | (33,081) |
Other current assets | 8,143 | (27,860) |
Other assets and liabilities | 1,734 | 407 |
Accounts payable | 139,545 | 470,198 |
Accrued liabilities | (174,994) | 93,237 |
Contract liabilities | 527 | 33,380 |
Net cash provided by operating activities | 654,381 | 179,822 |
Cash flows from investing activities: | ||
Cash used for acquisitions | (78,970) | |
Purchases of property, plant and equipment | (105,645) | (50,475) |
Proceeds from sale of property, plant and equipment | 5,755 | 2,140 |
Net cash used in investing activities | (178,860) | (48,335) |
Cash flows from financing activities: | ||
Borrowings under revolving credit facility | 1,267,000 | 1,906,000 |
Repayments under revolving credit facility | (1,050,000) | (1,738,000) |
Proceeds from long-term debt and other loans | 301,500 | |
Repayments of long-term debt and other loans | (1,048) | (827) |
Payments of loan costs | (1,180) | (6,416) |
Exercise of stock options | 315 | 420 |
Repurchase of common stock | (626,646) | (354,965) |
Net cash (used in) provided by financing activities | (411,559) | 107,712 |
Net change in cash and cash equivalents | 63,962 | 239,199 |
Cash and cash equivalents at beginning of period | 80,445 | 42,603 |
Cash and cash equivalents at end of period | 144,407 | 281,802 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 50,309 | 52,528 |
Cash paid for income taxes | 3,548 | 202 |
Supplemental disclosures of non-cash activities: | ||
Non-cash or accrued consideration for acquisitions | 5,600 | |
Accrued purchases of property, plant and equipment | 3,991 | 6,024 |
Right-of-use assets obtained in exchange for operating lease obligations | 20,869 | 14,918 |
Amounts accrued for repurchases of common stock | $ 68,262 | $ 11,917 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | ||
Balance at Dec. 31, 2021 | $ 4,802,481 | $ 1,798 | $ 4,260,670 | $ 540,013 | ||
Balance, shares at Dec. 31, 2021 | 179,820 | |||||
Vesting of restricted stock units | $ 11 | (11) | ||||
Vesting of restricted stock units, shares | 1,018 | |||||
Stock-based compensation expense | 8,840 | 8,840 | ||||
Repurchase of common stock | [1] | $ (285,951) | $ (36) | (285,915) | ||
Repurchase of common stock, shares | (3,600) | (3,593) | [1] | |||
Exercise of stock options | $ 421 | 421 | ||||
Exercise of stock options, shares | 42 | |||||
Shares withheld for restricted stock units vested | (29,384) | $ (4) | (29,380) | |||
Shares withheld for restricted stock units vested, shares | (401) | |||||
Net income | 639,640 | 639,640 | ||||
Balance at Mar. 31, 2022 | 5,136,047 | $ 1,769 | 4,240,540 | 893,738 | ||
Balance, shares at Mar. 31, 2022 | 176,886 | |||||
Balance at Dec. 31, 2022 | $ 4,962,566 | $ 1,389 | 4,257,667 | 703,510 | ||
Balance, shares at Dec. 31, 2022 | 138,864 | 138,864 | ||||
Vesting of restricted stock units | $ 7 | (7) | ||||
Vesting of restricted stock units, shares | 687 | |||||
Stock-based compensation expense | $ 11,026 | 11,026 | ||||
Repurchase of common stock | [1] | $ (627,608) | $ (75) | (627,533) | ||
Repurchase of common stock, shares | (7,500) | (7,546) | [1] | |||
Exercise of stock options | $ 315 | 315 | ||||
Exercise of stock options, shares | 38 | |||||
Shares withheld for restricted stock units vested | (22,853) | $ (3) | (22,850) | |||
Shares withheld for restricted stock units vested, shares | (276) | |||||
Net income | 333,786 | 333,786 | ||||
Balance at Mar. 31, 2023 | $ 4,657,232 | $ 1,318 | $ 4,246,151 | $ 409,763 | ||
Balance, shares at Mar. 31, 2023 | 131,767 | 131,767 | ||||
[1] Pursuant to repurchase programs authorized by our board of directors, we repurchased and retired 7.5 million shares of our common stock at an average price of $ 83.17 per share for $ 627.6 million , inclusive of fees and taxes, during the three months ended March 31, 2023 . We repurchased and retired 3.6 million shares of our common stock at an average price of $ 79.58 per share for $ 286.0 million, inclusive of fees, during the three months ended March 31, 2022 . |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Statement Of Stockholders Equity [Abstract] | |||
Repurchased and retired common stock, shares | 7.5 | 3.6 | |
Repurchased and retired common stock | [1] | $ 627,608 | $ 285,951 |
Average price of common shares repurchased and retired | $ 83.17 | $ 79.58 | |
[1] Pursuant to repurchase programs authorized by our board of directors, we repurchased and retired 7.5 million shares of our common stock at an average price of $ 83.17 per share for $ 627.6 million , inclusive of fees and taxes, during the three months ended March 31, 2023 . We repurchased and retired 3.6 million shares of our common stock at an average price of $ 79.58 per share for $ 286.0 million, inclusive of fees, during the three months ended March 31, 2022 . |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Builders FirstSource, Inc., a Delaware corporation formed in 1998 , is a leading supplier and manufacturer of building materials, manufactured components and construction services to professional homebuilders, sub-contractors, remodelers and consumers. The Company operates approximately 570 locations in 42 states across the United States. In this quarterly report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries unless otherwise stated or the context otherwise requires. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Intercompany transactions are eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. This condensed consolidated balance sheet as of December 31, 2022 and the unaudited condensed consolidated financial statements included herein should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 31, 2022 included in our most recent annual report on Form 10-K (“Form 10-K”). Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, whom we have determined to be our chief operating decision maker, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements. Business Combinations When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Comprehensive Income Comprehensive income is equal to net income for all periods presented. Reclassifications The prior periods’ amounts disclosed in Note 3 have been reclassified to conform to the current year presentation. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, or cash flows as previously reported. Recent Accounting Pronouncements The Company reviews new accounting standards as issued or updated. There were no recently issued standards or updates adopted in the period that had a material impact on these condensed consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations On February 1, 2023, we acquired certain assets and operations of Noltex Holdings, Inc. and affiliates (“Noltex”) for $ 84.6 million . Noltex manufactures trusses and provides building components to the single and multi-family markets, serving Texas markets in the Dallas-Fort Worth, San Antonio, Houston, Lubbock, and Midland areas. The acquisition was funded with a combination of cash on hand and borrowings under our $ 1.8 billion revolving credit facility due January 17, 2028 (the “Revolving Facility ”). The transaction was accounted for by the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. Pro forma results of operations as well as net sales and income attributable to the acquisition discussed above are not presented as this acquisition did not have a material impact on our results of operations. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for the acquisition described above: Total (in thousands) Inventories $ 11,712 Property, plant and equipment 8,021 Operating lease right-of-use assets 4,438 Finance lease right-of-use assets 528 Goodwill 38,501 Intangible assets 26,700 Other assets 126 Total assets $ 90,026 Contract liabilities $ 490 Operating lease liabilities 4,438 Finance lease liabilities 528 Total liabilities $ 5,456 Total purchase consideration 84,570 Less: accrued contingent consideration and purchase price adjustments ( 5,600 ) Total cash consideration $ 78,970 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue The following table disaggregates our sales by product category: Three Months Ended 2023 2022 (in thousands) Lumber & lumber sheet goods $ 872,072 $ 2,336,505 Manufactured products 1,114,794 1,366,148 Windows, doors & millwork 1,057,994 1,025,767 Specialty building products & services 838,454 952,711 Net sales $ 3,883,314 $ 5,681,131 Net sales from installation and construction services were less than 10 % of the Company’s net sales for each period presented. The timing of revenue recognition, invoicing and cash collection results in accounts receivable, unbilled receivables, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of customer advances and deposits, and deferred revenue. Through March 31, 2023 and 2022, we recognized as revenue approximately 71 % and 70 % of the contract liabilities balances at December 31, 2022 and 2021 , respectively. |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 4. Net Income per Common Share Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares. The table below presents the calculation of basic and diluted EPS: Three Months Ended 2023 2022 (in thousands, except per share amounts) Numerator: Net income $ 333,786 $ 639,640 Denominator: Weighted average shares outstanding, basic 137,074 177,120 Dilutive effect of options and RSUs 1,338 2,426 Weighted average shares outstanding, diluted 138,412 179,546 Net income per share: Basic $ 2.44 $ 3.61 Diluted $ 2.41 $ 3.56 Antidilutive and contingent RSUs excluded from diluted EPS 1 71 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. Goodwill The following table sets forth the changes in the carrying amount of goodwill: (in thousands) Balance as of December 31, 2022 (1) $ 3,456,854 Acquisitions 38,501 Balance as of March 31, 2023 (1) $ 3,495,355 (1) Goodwill is presented net of historical accumulated impairment losses o f $ 44.6 million. In 2023, the change in the carrying amount of goodwill is attributable to the acquisitions completed during the year. As of March 31, 2023 , no triggering events have occurred. The amount allocated to goodwill is attributable to the assembled workforce, synergies and expected growth from the expanded product and service offerings of acquisitions. The goodwill recognized from the current year acquisition is expected to be deductible for tax purposes and will be amortizable ratably over a 15-year period for tax purposes. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The following table presents intangible assets as of: March 31, 2023 December 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,056,655 $ ( 685,565 ) $ 2,029,955 $ ( 606,532 ) Trade names 201,861 ( 167,061 ) 201,861 ( 164,797 ) Subcontractor relationships 5,440 ( 5,440 ) 5,440 ( 5,440 ) Non-compete agreements 14,919 ( 6,287 ) 14,919 ( 5,685 ) Developed technology 95,600 ( 17,073 ) 95,600 ( 14,377 ) Total intangible assets $ 2,374,475 $ ( 881,426 ) $ 2,347,775 $ ( 796,831 ) In connection with the current year acquisition, we recorded customer relationships intangible assets of $ 26.7 million . The weighted average useful life of the current year acquired intangible assets is 9.3 years. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which involved the use of significant estimates and assumptions primarily related to forecasted revenue growth rates, gross margin, contributory asset charges, customer attrition rates, and market-participant discount rates. These measures are based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates . During the three months ended March 31, 2023 and three months ended March 31, 2022, we recorded amortization expense in relation to the above-listed intangible assets of $ 84.6 million and $ 65.7 million , respectively. The following table presents the estimated amortization expense for intangible assets for the years ending December 31: (in thousands) 2023 (from Apr 1, 2023) $ 246,170 2024 267,954 2025 194,660 2026 170,185 2027 148,947 Thereafter 465,133 Total future net intangible amortization expense $ 1,493,049 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consisted of the following as of: March 31, December 31, (in thousands) Accrued payroll and other employee related expenses $ 216,453 $ 400,711 Self-insurance reserves 88,941 79,252 Accrued business taxes 65,570 77,438 Amounts accrued for repurchases of common stock 68,262 44,447 Income taxes payable 49,153 — Accrued rebates payable 21,881 51,714 Accrued interest 24,848 34,327 Accrued contingent consideration & purchase price adjustments 11,530 5,699 Other 46,784 45,421 Total accrued liabilities $ 593,422 $ 739,009 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following as of: March 31, December 31, (in thousands) Revolving credit facility (1) $ 481,000 $ 264,000 4.25 % 2032 notes 1,300,000 1,300,000 6.375 % 2032 notes 700,000 700,000 2030 notes 550,000 550,000 Other finance obligations 194,264 197,281 Finance lease obligations 4,071 4,105 3,229,335 3,015,386 Unamortized debt discount/premium and debt issuance costs ( 30,477 ) ( 31,189 ) 3,198,858 2,984,197 Less: current maturities of long-term debt 4,430 6,355 Long-term debt, net of current maturities, discounts and issuance costs $ 3,194,428 $ 2,977,842 (1) The weighted average interest rate was 7.8 % and 3.7 % as of March 31, 2023 and December 31, 2022 , respectively. 2022 Debt Transactions On January 21, 2022, the Company completed a private offering of an additional $ 300.0 million in aggregate principal amount of 4.25 % senior unsecured notes due 2032 (“ 4.25 % 2032 notes”) at an issue price equal to 100.50 % of par value. The net proceeds from the offering were used to repay indebtedness outstanding under the Revolving Facility and pay related transaction fees and expenses. The 4.25 % 2032 notes issued in January 2022 form part of the same series of notes as the $ 1.0 billion of 4.25 % 2032 notes issued in July 2021. The additional $ 1.5 million in proceeds received in excess of par value represents a debt premium which has been recorded as an increase to long-term debt. In connection with the offering, we incurred approximately $ 4.4 million of various third-party fees and expenses which have been recorded as a reduction to long-term debt. The debt premium and third-party costs will be amortized over the contractual life of the 4.25 % 2032 notes using the effective interest method. On February 4, 2022, the Company amended the Revolving Facility to increase the total commitments by an aggregate amount of $ 400.0 million, resulting in a new $ 1.8 billion amended credit facility. All other material terms of the Revolving Facility remain unchanged from those of the previous agreement. Effective with this amendment, the eurodollar rate loans and related interest rate benchmark were changed to the Secured Overnight Financing Rate (“SOFR”). The applicable margin ranges for term SOFR loans were amended to be from 1.35 % to 1.60 % and there are no changes to base rate loan borrowings. In connection with this amendment, we incurred approximately $ 2.0 million of new debt issuance costs which have been recorded as other assets and will be amortized straight-line through December 2026. The Revolving Facility is discussed in more detail below. 2023 Debt Transactions On January 17, 2023, the Company amended the Revolving Facility to extend the maturity of a portion of the Revolving Facility. Under the agreement, we have a total of $ 1,620.0 million commitments with a maturity date of January 17, 2028 and $ 180.0 million commitments with a maturity date of December 17, 2026 . Additionally, the amendment included additional interest pricing tiers for the amounts under the extended facility, which range from 1.10 % to 1.60 % in the case of SOFR loans, and 0.00 % to 0.50 % in the case of base rate loans. The letters of credit under the extended facility were assessed at a rate between 1.00 % to 1.50 % based on the average excess availability. Amounts under the non-extended facility borrowings were subject to interest, at our option, at either the SOFR or a base rate, plus, in each case, an applicable margin. The applicable margin ranged from 1.35 % to 1.60 % per annum in the case of term SOFR loans and 0.25 % to 0.50 % per annum in the case of base rate loans. The margin in either case is based on a measure of availability under the Revolving Facility. In connection with this amendment, we incurred approximately $ 1.2 million of new debt issuance costs which, together with the previous unamortized debt issuance costs, will be deferred and amortized over the remaining contractual life. Subsequent to quarter-end, on April 3, 2023, the Company further amended the Revolving Facility to extend the maturity of the remaining $ 180.0 million commitments to January 17, 2028. This amendment also updated the interest pricing tiers for borrowings and letters of credits, and other terms to be consistent with the $ 1,620.0 million commitments amended on January 17, 2023. The Revolving Facility is discussed in more detail below. Revolving Credit Facility The Revolving Facility provides for a $ 1.8 billion revolving credit line to be used for working capital, general corporate purposes and funding capital expenditures and growth opportunities. In addition, we may use borrowings under the Revolving Facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement evidencing the Revolving Facility, subject to certain reserves. As of March 31, 2023, we had $ 481.0 million in outstanding borrowings under our Revolving Facility and our net excess borrowing availability was $ 1.2 billion after being reduced by outstanding letters of credit totaling $ 95.9 million . Borrowings under the Revolving Facility bear interest, at our option, at either the SOFR or a base rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.10 % to 1.60 % per annum in the case of term SOFR loans and 0.00 % to 0.50 % per annum in the case of base rate loans. The margin in either case is based on a measure of availability under the Revolving Facility. A commitment fee, currently 0.20 % per annum, is charged on the unused amount of the revolver based on quarterly average loan utilization. Letters of credit under the Revolving Facility are assessed at a rate equal to 1.00 % to 1.50 %, based on the average excess availability, as well as a fronting fee at a rate of 0.125 % per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December. All obligations under the Revolving Facility are guaranteed jointly and severally by the Company and all other subsidiaries that guarantee our 5.00 % senior unsecured notes due 2030 (the “2030 notes”), our 4.25 % 2032 notes, and our 6.375 % 2032 notes (such subsidiaries, the “Debt Guarantors”). All obligations and the guarantees of those obligations are secured by substantially all of the assets of the Company and the Debt Guarantors, subject to certain exceptions and permitted liens, including, with respect to the Revolving Facility, a first-priority security interest in such assets that constitute ABL Collateral (as defined below) and a second-priority security interest in such assets that constitute Notes Collateral (as defined below). “ABL Collateral” includes substantially all presently owned and after-acquired accounts receivable, inventory, rights of unpaid vendors with respect to inventory, deposit accounts, commodity accounts, securities accounts and lock boxes, investment property, cash and cash equivalents, and general intangibles, books and records, supporting obligations and documents and related letters of credit, commercial tort claims or other claims related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral that is not ABL Collateral. The Revolving Facility contains restrictive covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $ 80.0 million or 10 % of the maximum borrowing amount, which was $ 180.0 million as of March 31, 2023 . Senior Unsecured Notes due 2032 As described above, during 2022, the Company issued $ 300.0 million of 4.25 % 2032 notes, which form part of the same series of notes as the $ 1.0 billion of 4.25 % 2032 notes issued in July 2021, and $ 700.0 million of 6.375 % 2032 notes (collectively, the “2032 notes”). The 4.25 % 2032 notes mature on February 1, 2032 , with interest accruing at a rate of 4.25 % per annum and interest payable semi-annually on February 1 and August 1 of each year . The 6.375 % 2032 notes mature on June 15, 2032 , with interest accruing at a rate of 6.375% per annum and interest payable semi-annually on June 15 and December 15 of each year. The terms of the 4.25 % 2032 notes and the 6.375 % 2032 notes are governed by the indentures, dated as of July 23, 2021 and June 15, 2022 (collectively the “2032 Indentures”), respectively, The 2032 Indentures contain consistent terms and are among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee. The 2032 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by the Debt Guarantors. Subject to certain exceptions, future subsidiaries that guarantee the Revolving Facility, the 2030 notes or certain other indebtedness will also guarantee the 2032 notes. The 2032 notes constitute senior unsecured obligations of the Company and Debt Guarantors, pari passu in right of payment, with all of the existing and future senior indebtedness of the Company, including indebtedness under the Revolving Facility and the 2030 notes, effectively subordinated to all existing and future secured indebtedness of the Company and the Debt Guarantors (including indebtedness under the Revolving Facility and 2032 notes) to the extent of the value of the assets securing such indebtedness, senior to all of the future subordinated indebtedness of the Company and the Debt Guarantors and structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 2032 notes. The 2032 Indentures contain restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock, create liens, create restrictions on the Company’s subsidiaries’ ability to make payments to the Company, pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock, make certain investments or certain other restricted payments, guarantee indebtedness, designate unrestricted subsidiaries, sell certain kinds of assets, enter into certain types of transactions with affiliates, and effect mergers and consolidations. The Company may redeem the 2032 notes within five years from the date of issuance, in whole or in part, at a redemption price equal to 100 % of the principal amount of each of the 2032 notes plus the “applicable premium” set forth in the 2032 Indentures. The Company may, within three years of the date of issuance, redeem up to 40 % of the aggregate principal amount of each of the 2032 notes with the net cash proceeds of one or more equity offerings at a premium of the principal amount thereof, as described in the 2032 Indentures, plus accrued and unpaid interest, if any, to the redemption date. After the five-year period from original issuance, the Company may redeem each of the 2032 notes at the redemption prices set forth in the 2032 Indentures, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of each of the 2032 notes may require it to repurchase all or part of their notes at 101 % of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date. Fair Value As of March 31, 2023 and December 31, 2022 , the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our 2030 notes, 4.25 % 2032 notes, 6.375 % 2032 notes, and Revolving Facility at amortized cost. The fair values of the 2030 notes, 4.25 % 2032 notes, and 6.375 % 2032 notes at March 31, 2023 were approximately $ 511.5 million , $ 1,137.5 million , and $ 700.0 million , respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the Revolving Facility at March 31, 2023 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the Revolving Facility was also classified as Level 2 in the hierarchy. We were not in violation of any covenants or restrictions imposed by any of our debt agreements at March 31, 2023 . |
Employee Stock-Based Compensati
Employee Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock-Based Compensation | 9. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first three months of 2023, our board of directors granted 268,000 restricted stock units (“RSUs”) to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. These grants vest over a service period between one and three years . The weighted average grant date fair value for these RSUs was $ 73.52 per unit, which was based on the closing stock price on the respective grant dates. Performance, Market and Service Condition Based Restricted Stock Unit Grants In the first three months of 2023, our board of directors granted 157,500 RSUs to employees under our 2014 Incentive Plan, which cliff vest on the third anniversary of the grant date based on the Company’s level of achievement of performance goals relating to return on invested capital over a three-year period (“performance condition”) and continued employment during the performance period (“service condition”). The total number of shares of common stock that may be earned from the performance condition ranges from zero to 200 % of the RSUs granted. The number of shares earned from the performance condition may be further increased by 10 % or decreased by 10 % based on the Company’s total shareholder return relative to a peer group during the performance period (“market condition”). The average grant date fair value for these RSUs, with consideration of the market condition, wa s $ 83.75 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions: Expected volatility (company) 46.5 % Expected volatility (peer group median) 32.1 % Correlation between the Company and peer group median 0.5 Expected dividend yield 0.0 % Risk-free rate 3.8 % The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of our peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below: Three Months Ended 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State income taxes, net of federal income tax 2.5 2.9 Stock-based compensation windfall benefit ( 2.3 ) ( 1.7 ) Permanent differences and other 0.3 0.0 21.5 % 22.2 % We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses. Accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations or financial position. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies As of March 31, 2023, we had outstanding letters of credit totaling $ 95.9 million under our Revolving Facility that principally support our self-insurance programs. The Company has a number of known and threatened construction defect legal claims. While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on the Company's financial position, results of operations or cash flows. In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in amounts in excess of our self-insured retention that we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions A member of the Company’s board of directors was an executive officer of one of our customers, Ashton Woods USA, L.L.C., during 2022. Accounts receivable due from and net sales to Ashton Woods USA, L.L.C. were approximately 1 % of our total accounts receivable and our total net sales, respectively, for the three months ended March 31, 2022. Transactions between the Company and other related parties occur in the ordinary course of business. However, the Company carefully monitors and assesses related party relationships. Management does not believe that any of these transactions with related parties had a material impact on the Company’s results for the three months ended March 31, 2023 and 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Segments | The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, whom we have determined to be our chief operating decision maker, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements. |
Business Combinations | Business Combinations When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. |
Comprehensive Income | Comprehensive Income Comprehensive income is equal to net income for all periods presented. |
Reclassifications | Reclassifications The prior periods’ amounts disclosed in Note 3 have been reclassified to conform to the current year presentation. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, or cash flows as previously reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviews new accounting standards as issued or updated. There were no recently issued standards or updates adopted in the period that had a material impact on these condensed consolidated financial statements. |
Net Income per Common Share | Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the FASB Accounting Standards Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for the acquisition described above: Total (in thousands) Inventories $ 11,712 Property, plant and equipment 8,021 Operating lease right-of-use assets 4,438 Finance lease right-of-use assets 528 Goodwill 38,501 Intangible assets 26,700 Other assets 126 Total assets $ 90,026 Contract liabilities $ 490 Operating lease liabilities 4,438 Finance lease liabilities 528 Total liabilities $ 5,456 Total purchase consideration 84,570 Less: accrued contingent consideration and purchase price adjustments ( 5,600 ) Total cash consideration $ 78,970 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Sales by Product Category | The following table disaggregates our sales by product category: Three Months Ended 2023 2022 (in thousands) Lumber & lumber sheet goods $ 872,072 $ 2,336,505 Manufactured products 1,114,794 1,366,148 Windows, doors & millwork 1,057,994 1,025,767 Specialty building products & services 838,454 952,711 Net sales $ 3,883,314 $ 5,681,131 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted EPS | The table below presents the calculation of basic and diluted EPS: Three Months Ended 2023 2022 (in thousands, except per share amounts) Numerator: Net income $ 333,786 $ 639,640 Denominator: Weighted average shares outstanding, basic 137,074 177,120 Dilutive effect of options and RSUs 1,338 2,426 Weighted average shares outstanding, diluted 138,412 179,546 Net income per share: Basic $ 2.44 $ 3.61 Diluted $ 2.41 $ 3.56 Antidilutive and contingent RSUs excluded from diluted EPS 1 71 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The following table sets forth the changes in the carrying amount of goodwill: (in thousands) Balance as of December 31, 2022 (1) $ 3,456,854 Acquisitions 38,501 Balance as of March 31, 2023 (1) $ 3,495,355 (1) Goodwill is presented net of historical accumulated impairment losses o f $ 44.6 million. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table presents intangible assets as of: March 31, 2023 December 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,056,655 $ ( 685,565 ) $ 2,029,955 $ ( 606,532 ) Trade names 201,861 ( 167,061 ) 201,861 ( 164,797 ) Subcontractor relationships 5,440 ( 5,440 ) 5,440 ( 5,440 ) Non-compete agreements 14,919 ( 6,287 ) 14,919 ( 5,685 ) Developed technology 95,600 ( 17,073 ) 95,600 ( 14,377 ) Total intangible assets $ 2,374,475 $ ( 881,426 ) $ 2,347,775 $ ( 796,831 ) |
Estimated Amortization Expense for Intangible Assets | The following table presents the estimated amortization expense for intangible assets for the years ending December 31: (in thousands) 2023 (from Apr 1, 2023) $ 246,170 2024 267,954 2025 194,660 2026 170,185 2027 148,947 Thereafter 465,133 Total future net intangible amortization expense $ 1,493,049 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following as of: March 31, December 31, (in thousands) Accrued payroll and other employee related expenses $ 216,453 $ 400,711 Self-insurance reserves 88,941 79,252 Accrued business taxes 65,570 77,438 Amounts accrued for repurchases of common stock 68,262 44,447 Income taxes payable 49,153 — Accrued rebates payable 21,881 51,714 Accrued interest 24,848 34,327 Accrued contingent consideration & purchase price adjustments 11,530 5,699 Other 46,784 45,421 Total accrued liabilities $ 593,422 $ 739,009 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following as of: March 31, December 31, (in thousands) Revolving credit facility (1) $ 481,000 $ 264,000 4.25 % 2032 notes 1,300,000 1,300,000 6.375 % 2032 notes 700,000 700,000 2030 notes 550,000 550,000 Other finance obligations 194,264 197,281 Finance lease obligations 4,071 4,105 3,229,335 3,015,386 Unamortized debt discount/premium and debt issuance costs ( 30,477 ) ( 31,189 ) 3,198,858 2,984,197 Less: current maturities of long-term debt 4,430 6,355 Long-term debt, net of current maturities, discounts and issuance costs $ 3,194,428 $ 2,977,842 (1) The weighted average interest rate was 7.8 % and 3.7 % as of March 31, 2023 and December 31, 2022 , respectively. |
Employee Stock-Based Compensa_2
Employee Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Performance Market and Service Condition Based Restricted Stock Unit Grants | |
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions | The average grant date fair value for these RSUs, with consideration of the market condition, wa s $ 83.75 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions: Expected volatility (company) 46.5 % Expected volatility (peer group median) 32.1 % Correlation between the Company and peer group median 0.5 Expected dividend yield 0.0 % Risk-free rate 3.8 % |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations | A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below: Three Months Ended 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State income taxes, net of federal income tax 2.5 2.9 Stock-based compensation windfall benefit ( 2.3 ) ( 1.7 ) Permanent differences and other 0.3 0.0 21.5 % 22.2 % |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 States Store | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity formed, year | 1998 |
Number of Locations | Store | 570 |
Number of states | States | 42 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) | Feb. 01, 2023 | Mar. 31, 2023 | Feb. 04, 2022 |
Revolving Credit Facility | |||
Business Acquisition [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 |
Noltex | |||
Business Acquisition [Line Items] | |||
Cash consideration for certain assets and operations acquired | 84,600,000 | ||
Payments to Acquire Businesses, Gross | $ 84,570,000 |
Business Combinations - Summary
Business Combinations - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,495,355 | $ 3,456,854 | |
Total cash consideration | $ 78,970 | ||
Noltex | |||
Business Acquisition [Line Items] | |||
Inventories | $ 11,712 | ||
Property, plant and equipment | 8,021 | ||
Operating lease right-of-use assets | 4,438 | ||
Finance lease right-of-use assets | 528 | ||
Goodwill | 38,501 | ||
Intangible assets | 26,700 | ||
Other assets | 126 | ||
Total assets | 90,026 | ||
Contract liabilities | 490 | ||
Operating lease liabilities | 4,438 | ||
Finance lease liabilities | 528 | ||
Total liabilities | 5,456 | ||
Total purchase consideration | 84,570 | ||
Less: accrued contingent consideration and purchase price adjustments | (5,600) | ||
Total cash consideration | $ 78,970 |
Revenue - Sales by Product Cate
Revenue - Sales by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 3,883,314 | $ 5,681,131 |
Lumber and Lumber Sheet Goods | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 872,072 | 2,336,505 |
Manufactured Products | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 1,114,794 | 1,366,148 |
Windows, Doors and Millwork | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 1,057,994 | 1,025,767 |
Specialty Building Products & Services | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 838,454 | $ 952,711 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Percentage of recognized revenue from contract liability balances | 71% | 70% |
Transferred over Time | Maximum | ||
Disaggregation Of Revenue [Line Items] | ||
Percentage of sales related to contracts with service | 10% |
Net Income per Common Share - S
Net Income per Common Share - Summary of Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income | $ 333,786 | $ 639,640 |
Denominator: | ||
Weighted average shares outstanding, basic | 137,074 | 177,120 |
Dilutive effect of options and RSUs | 1,338 | 2,426 |
Weighted average shares outstanding, diluted | 138,412 | 179,546 |
Net income per share: | ||
Basic | $ 2.44 | $ 3.61 |
Diluted | $ 2.41 | $ 3.56 |
Antidilutive and contingent RSUs excluded from diluted EPS | 1 | 71 |
Goodwill - Schedule of Change i
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 3,456,854 |
Acquisitions | 38,501 |
Goodwill, Ending Balance | $ 3,495,355 |
Goodwill - Schedule of Change_2
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Historical accumulated impairment losses | $ 44.6 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill [Line Items] | |
Goodwill amortization period | 15 years |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,374,475 | $ 2,347,775 |
Accumulated Amortization | (881,426) | (796,831) |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,056,655 | 2,029,955 |
Accumulated Amortization | (685,565) | (606,532) |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 201,861 | 201,861 |
Accumulated Amortization | (167,061) | (164,797) |
Subcontractor Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,440 | 5,440 |
Accumulated Amortization | (5,440) | (5,440) |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,919 | 14,919 |
Accumulated Amortization | (6,287) | (5,685) |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 95,600 | 95,600 |
Accumulated Amortization | $ (17,073) | $ (14,377) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expenses | $ 84.6 | $ 65.7 |
Current Year Acquisitions | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful lives of the acquired intangible assets | 9 years 3 months 18 days | |
Customer Relationships | Current Year Acquisitions | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets in connection with acquisition | $ 26.7 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (from Apr 1, 2023) | $ 246,170 |
2024 | 267,954 |
2025 | 194,660 |
2026 | 170,185 |
2027 | 148,947 |
Thereafter | 465,133 |
Total future net intangible amortization expense | $ 1,493,049 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of accrued liabilities | ||
Accrued payroll and other employee related expenses | $ 216,453 | $ 400,711 |
Self-insurance reserves | 88,941 | 79,252 |
Accrued business taxes | 65,570 | 77,438 |
Amounts accrued for repurchases of common stock | 68,262 | 44,447 |
Income taxes payable | 49,153 | |
Accrued rebates payable | 21,881 | 51,714 |
Accrued interest | 24,848 | 34,327 |
Accrued contingent consideration & purchase price adjustments | 11,530 | 5,699 |
Other | 46,784 | 45,421 |
Total accrued liabilities | $ 593,422 | $ 739,009 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 31, 2021 |
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 3,229,335 | $ 3,015,386 | |||
Unamortized debt discount/premium and debt issuance costs | (30,477) | (31,189) | |||
Long-term debt and capital lease obligation | 3,198,858 | 2,984,197 | |||
Less: current maturities of long-term debt | 4,430 | 6,355 | |||
Long-term debt, net of current maturities, discounts and issuance costs | 3,194,428 | 2,977,842 | $ 2,977,842 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 481,000 | 264,000 | |||
4.25% 2032 notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 1,300,000 | 1,300,000 | $ 1,000,000 | ||
6.375% 2032 notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 700,000 | 700,000 | $ 700,000 | ||
2030 Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 550,000 | 550,000 | |||
Other Finance Obligations | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | 194,264 | 197,281 | |||
Finance Lease Obligations | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 4,071 | $ 4,105 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
4.25% 2032 notes | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.25% | 4.25% |
6.375% 2032 notes | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 6.375% | 6.375% |
2026 Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 7.80% | 3.70% |
Long-Term Debt - 2022 Debt Tran
Long-Term Debt - 2022 Debt Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |||||||
Jan. 17, 2023 | Feb. 04, 2022 | Jan. 21, 2022 | Mar. 31, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jul. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||
Debt instrument carrying amount | $ 3,229,335,000 | $ 3,015,386,000 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument carrying amount | 481,000,000 | 264,000,000 | ||||||
Increase in line of credit facility | $ 400,000,000 | |||||||
Line of credit facility maximum borrowing capacity | 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | |||||
Revolving Credit Facility | Other Assets | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 2,000,000 | |||||||
Revolving Credit Facility | Minimum | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 1.35% | 1.35% | 1.10% | |||||
Revolving Credit Facility | Maximum | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 1.60% | 1.60% | 1.60% | |||||
2032 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument carrying amount | $ 300,000,000 | |||||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% | |||||
Net percentage of proceeds from debt issuance | 100.50% | |||||||
Proceeds from issuance of long-term debt | $ 1,500,000 | |||||||
Debt issuance costs | 4,400,000 | |||||||
6.375% 2032 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument carrying amount | $ 700,000,000 | 700,000,000 | $ 700,000,000 | |||||
Private offered aggregate principal amount rate | 6.375% | 6.375% | ||||||
4.25% 2032 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument carrying amount | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,000,000,000 | |||||
Debt instrument aggregate principal amount | $ 300,000,000 | $ 1,000,000,000 | ||||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% |
Long-Term Debt - 2023 Debt Tran
Long-Term Debt - 2023 Debt Transactions (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jan. 17, 2023 | Feb. 04, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Apr. 03, 2023 | Feb. 01, 2023 | |
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 1,180,000 | $ 6,416,000 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | ||||
Debt issuance costs | $ 1,200,000 | ||||||
2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, commitments | $ 1,620,000,000 | ||||||
Revolving credit facility due date | Jan. 17, 2028 | ||||||
2026 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, commitments | $ 180,000,000 | ||||||
Revolving credit facility due date | Dec. 17, 2026 | ||||||
Maximum | 2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 0.50% | ||||||
Maximum | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1.50% | ||||||
Maximum | SOFR | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1.60% | 1.60% | 1.60% | ||||
Maximum | SOFR | 2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1.60% | ||||||
Maximum | Base Rate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 0.50% | 0.50% | |||||
Minimum | 2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 0% | ||||||
Minimum | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1% | ||||||
Minimum | SOFR | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1.35% | 1.35% | 1.10% | ||||
Minimum | SOFR | 2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 1.10% | ||||||
Minimum | Base Rate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument applicable rate | 0.25% | 0% | |||||
Subsequent Event [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, commitments | $ 1,620,000,000 | ||||||
Subsequent Event [Member] | 2028 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, commitments | $ 180,000,000 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jan. 17, 2023 | Feb. 04, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | Feb. 01, 2023 | Dec. 31, 2022 | Jan. 21, 2022 | Jul. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||
Line of credit facility outstanding | $ 3,229,335,000 | $ 3,015,386,000 | ||||||
Outstanding letters of credit | 95,900,000 | |||||||
2030 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility outstanding | $ 550,000,000 | 550,000,000 | ||||||
Private offered aggregate principal amount rate | 5% | |||||||
4.25% 2032 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility outstanding | $ 1,300,000,000 | 1,300,000,000 | $ 1,000,000,000 | |||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% | |||||
6.375% 2032 notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility outstanding | $ 700,000,000 | $ 700,000,000 | 700,000,000 | |||||
Private offered aggregate principal amount rate | 6.375% | 6.375% | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | |||||
Line of credit facility outstanding | 481,000,000 | $ 264,000,000 | ||||||
Line of credit facility, excess remaining borrowing capacity | 1,200,000,000 | |||||||
Outstanding letters of credit | $ 95,900,000 | |||||||
Line of credit commitment fee percentage | 0.20% | |||||||
Fronting fee per annum | 0.125% | |||||||
Minimum fixed charge ratio | 1 | |||||||
Debt instrument, covenant description | In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $180.0 million as of March 31, 2023. | |||||||
Debt instrument minimum excess availability-dollars | $ 80,000,000 | |||||||
Debt instrument minimum excess availability-percentage | 10% | |||||||
Debt instrument covenant maximum borrowing capacity amount | $ 180,000,000 | |||||||
Revolving Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rates of outstanding letters of credit | 1% | |||||||
Revolving Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rates of outstanding letters of credit | 1.50% | |||||||
Revolving Credit Facility | SOFR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 1.35% | 1.35% | 1.10% | |||||
Revolving Credit Facility | SOFR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 1.60% | 1.60% | 1.60% | |||||
Revolving Credit Facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 0.25% | 0% | ||||||
Revolving Credit Facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument applicable rate | 0.50% | 0.50% |
Long-Term Debt - Senior Unsecur
Long-Term Debt - Senior Unsecured Notes due 2032 - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jan. 21, 2022 | Jul. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 3,229,335 | $ 3,015,386 | |||
2032 Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 300,000 | ||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% | ||
Debt instrument interest rate terms | payable semi-annually on February 1 and August 1 of each year. The 6.375% 2032 notes mature on June 15, 2032, with interest accruing at a rate of 6.375% per annum and interest payable semi-annually on June 15 and December 15 of each year. | ||||
Purchase price, Percentage of principal amount | 101% | ||||
2032 Notes | Redemption Period Within Five Years from Date of Issuance | |||||
Debt Instrument [Line Items] | |||||
Purchase price, Percentage of principal amount | 100% | ||||
2032 Notes | Redemption Period Within Three Years from Date of Issuance | Maximum | |||||
Debt Instrument [Line Items] | |||||
Purchase price, Percentage of principal amount | 40% | ||||
4.25% 2032 notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 1,300,000 | 1,300,000 | $ 1,000,000 | ||
Debt instrument aggregate principal amount | $ 300,000 | $ 1,000,000 | |||
Revolving credit facility due date | Feb. 01, 2032 | ||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% | ||
Debt instrument interest rate terms | payable semi-annually on February 1 and August 1 of each year | ||||
6.375% 2032 notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument carrying amount | $ 700,000 | $ 700,000 | $ 700,000 | ||
Revolving credit facility due date | Jun. 15, 2032 | ||||
Private offered aggregate principal amount rate | 6.375% | 6.375% | |||
Debt instrument interest rate terms | payable semi-annually on June 15 and December 15 of each year. |
Long-Term Debt - Fair Value - A
Long-Term Debt - Fair Value - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Sep. 30, 2022 | Jan. 21, 2022 | Jul. 31, 2021 |
4.25% 2032 notes | ||||
Debt Instrument [Line Items] | ||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% | |
4.25% 2032 notes | Level 2 | ||||
Debt Instrument [Line Items] | ||||
Fair value of long term debt | $ 1,137.5 | |||
6.375% 2032 notes | ||||
Debt Instrument [Line Items] | ||||
Private offered aggregate principal amount rate | 6.375% | 6.375% | ||
6.375% 2032 notes | Level 2 | ||||
Debt Instrument [Line Items] | ||||
Fair value of long term debt | $ 700 | |||
2030 Notes | ||||
Debt Instrument [Line Items] | ||||
Private offered aggregate principal amount rate | 5% | |||
2030 Notes | Level 2 | ||||
Debt Instrument [Line Items] | ||||
Fair value of long term debt | $ 511.5 | |||
2032 Notes | ||||
Debt Instrument [Line Items] | ||||
Private offered aggregate principal amount rate | 4.25% | 4.25% | 4.25% |
Employee Stock-Based Compensa_3
Employee Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Time Based Restricted Stock Unit Grants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs Granted | shares | 268,000 |
Weighted average grant date fair value, granted | $ / shares | $ 73.52 |
Time Based Restricted Stock Unit Grants | Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock award granted vested period | 1 year |
Time Based Restricted Stock Unit Grants | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock award granted vested period | 3 years |
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs Granted | shares | 157,500 |
Stock award granted vested period | 3 years |
Weighted average grant date fair value, granted | $ / shares | $ 83.75 |
Increased percentage of total number of shares of additional common stock earned | 10% |
Decreased percentage of total number of shares of additional common stock earned | 10% |
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of number of shares of common stock earned | 0% |
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of number of shares of common stock earned | 200% |
Employee Stock-Based Compensa_4
Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Performance Market and Service Condition Based Restricted Stock Unit Grants | 3 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility (company) | 46.50% |
Expected volatility (peer group median) | 32.10% |
Correlation between the Company and peer group median | 0.5 |
Expected dividend yield | 0% |
Risk-free rate | 3.80% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rate | 21% | 21% |
State income taxes, net of federal income tax | 2.50% | 2.90% |
Stock-based compensation windfall benefit | (2.30%) | (1.70%) |
Permanent differences and other | 0.30% | 0% |
Total effective rate for continuing operations | 21.50% | 22.20% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding letters of credit | $ 95.9 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Percentage of accounts receivable due from and net sales | 1% |