Builders FirstSource (BLDR) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Entity Registrant Name	BUILDERS FIRSTSOURCE, INC.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		123,346,775
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	6031 Connection Drive
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 4,534,264	$ 5,761,463	$ 12,946,468	$ 18,368,853
Cost of sales	2,953,162	3,746,731	8,399,020	12,109,601
Gross margin	1,581,102	2,014,732	4,547,448	6,259,252
Selling, general and administrative expenses	939,474	1,000,204	2,861,565	3,015,051
Income from operations	641,628	1,014,528	1,685,883	3,244,201
Interest expense, net	50,193	44,111	145,317	156,140
Income before income taxes	591,435	970,417	1,540,566	3,088,061
Income tax expense	139,978	232,410	350,704	723,205
Net income	$ 451,457	$ 738,007	$ 1,189,862	$ 2,364,856
Net income per share:
Basic	$ 3.62	$ 4.75	$ 9.19	$ 14.12
Diluted	$ 3.59	$ 4.72	$ 9.10	$ 13.98
Weighted average common shares:
Basic	124,577	155,309	129,521	167,522
Diluted	125,792	156,493	130,734	169,111

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 88,096	$ 80,445
Accounts receivable, less allowances of $47,147 and $67,980, respectively	1,618,107	1,448,139
Other receivables	247,431	234,966
Inventories, net	1,331,512	1,426,196
Contract assets	187,987	183,700
Other current assets	100,974	124,201
Total current assets	3,574,107	3,497,647
Property, plant and equipment, net	1,763,153	1,567,631
Operating lease right-of-use assets, net	489,462	485,704
Goodwill	3,521,134	3,456,854
Intangible assets, net	1,348,779	1,550,944
Other assets, net	40,122	36,380
Total assets	10,736,757	10,595,160
Current liabilities:
Accounts payable	1,032,093	803,479
Accrued liabilities	711,905	739,009
Contract liabilities	180,576	193,178
Current portion of operating lease liabilities	98,211	100,758
Current maturities of long-term debt	3,897	6,355
Total current liabilities	2,026,682	1,842,779
Noncurrent portion of operating lease liabilities	416,864	404,463
Long-term debt, net of current maturities, discounts and issuance costs	3,395,349	2,977,842
Deferred income taxes	196,972	269,660
Other long-term liabilities	120,205	137,850
Total liabilities	6,156,072	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; 123,400 and 138,864 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1,234	1,389
Additional paid-in capital	4,261,107	4,257,667
Retained earnings	318,344	703,510
Total stockholders' equity	4,580,685	4,962,566
Total liabilities and stockholders' equity	$ 10,736,757	$ 10,595,160

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 47,147	$ 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	123,400,000	138,864,000
Common stock, shares outstanding	123,400,000	138,864,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 1,189,862	$ 2,364,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	416,126	355,472
Deferred income taxes	(72,688)	(57,183)
Stock-based compensation expense	35,549	26,652
Other non-cash adjustments	(4,284)	29,213
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(178,955)	(91,485)
Inventories	115,575	(61,926)
Contract assets	(4,287)	(32,596)
Other current assets	23,297	(2,982)
Other assets and liabilities	(16,392)	5,307
Accounts payable	230,576	(31,260)
Accrued liabilities	(24,343)	99,778
Contract liabilities	(14,863)	24,020
Net cash provided by operating activities	1,695,173	2,627,866
Cash flows from investing activities:
Cash used for acquisitions	(142,906)	(619,551)
Purchases of property, plant and equipment	(376,596)	(205,241)
Proceeds from sale of property, plant and equipment	43,406	7,461
Net cash used in investing activities	(476,096)	(817,331)
Cash flows from financing activities:
Borrowings under revolving credit facility	4,025,000	5,267,000
Repayments under revolving credit facility	(3,607,000)	(5,405,000)
Proceeds from long-term debt and other loans		1,001,500
Repayments of long-term debt and other loans	(3,190)	(615,082)
Payments of debt extinguishment costs		(20,672)
Payments of loan costs	(1,897)	(16,797)
Exercise of stock options	606	440
Repurchase of common stock	(1,624,945)	(1,979,545)
Net cash (used in) provided by financing activities	(1,211,426)	(1,768,156)
Net change in cash and cash equivalents	7,651	42,379
Cash and cash equivalents at beginning of period	80,445	42,603
Cash and cash equivalents at end of period	88,096	84,982
Supplemental disclosures of cash flow information:
Cash paid for interest	150,404	138,034
Cash paid for income taxes	443,386	790,994
Supplemental disclosures of non-cash activities:
Non-cash or accrued consideration for acquisitions	13,750	9,985
Accrued purchases of property, plant and equipment	7,455	12,711
Right-of-use assets obtained in exchange for operating lease obligations	71,282	89,400
Amounts accrued related to repurchases of common stock	$ 27,400	$ 41,826

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 (Loss)		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, 2021		4,802,481	$ 1,798		4,260,670	540,013
Balance, shares at Dec. 31, 2021			179,820
Net Income (Loss)		2,364,856
Balance at Sep. 30, 2022		5,224,603	$ 1,490		4,252,851	970,262
Balance, shares at Sep. 30, 2022			148,994
Balance at Mar. 31, 2022		5,136,047	$ 1,769		4,240,540	893,738
Balance, shares at Mar. 31, 2022			176,886
Vesting of restricted stock units			$ 3		(3)
Vesting of restricted stock units, shares			300
Stock-based compensation expense		9,316			9,316
Repurchase of common stock	[1]	$ (990,739)	$ (169)			(990,570)
Repurchase of common stock, shares		(16,900)	(16,871)	[1]
Exercise of stock options		$ 13			13
Exercise of stock options, shares			1
Shares withheld for restricted stock units vested		(5,493)	$ (1)		(5,492)
Shares withheld for restricted stock units vested, shares			(90)
Net Income (Loss)		987,209				987,209
Balance at Jun. 30, 2022		5,136,353	$ 1,602		4,244,374	890,377
Balance, shares at Jun. 30, 2022			160,226
Vesting of restricted stock units, shares			6
Stock-based compensation expense		8,496			8,496
Repurchase of common stock	[1]	$ (658,234)	$ (112)			(658,122)
Repurchase of common stock, shares		(11,200)	(11,238)	[1]
Exercise of stock options		$ 6			6
Exercise of stock options, shares			1
Shares withheld for restricted stock units vested		(25)			(25)
Shares withheld for restricted stock units vested, shares			(1)
Net Income (Loss)		738,007				738,007
Balance at Sep. 30, 2022		5,224,603	$ 1,490		4,252,851	970,262
Balance, shares at Sep. 30, 2022			148,994
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 (Loss)		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
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
Net Income (Loss)		$ 1,189,862
Balance at Sep. 30, 2023		$ 4,580,685	$ 1,234		4,261,107	318,344
Balance, shares at Sep. 30, 2023		123,400	123,400
Balance at Mar. 31, 2023		$ 4,657,232	$ 1,318		4,246,151	409,763
Balance, shares at Mar. 31, 2023			131,767
Vesting of restricted stock units			$ 3		(3)
Vesting of restricted stock units, shares			319
Stock-based compensation expense		12,395			12,395
Repurchase of common stock	[1]	$ (722,695)	$ (70)			(722,625)
Repurchase of common stock, shares		(7,000)	(6,970)	[1]
Exercise of stock options		$ 157			157
Exercise of stock options, shares			16
Shares withheld for restricted stock units vested		(9,648)	$ (1)		(9,647)
Shares withheld for restricted stock units vested, shares			(100)
Net Income (Loss)		404,619				404,619
Balance at Jun. 30, 2023		4,342,060	$ 1,250		4,249,053	91,757
Balance, shares at Jun. 30, 2023			125,032
Vesting of restricted stock units, shares			6
Stock-based compensation expense		12,128			12,128
Repurchase of common stock	[1]	$ (224,886)	$ (16)			(224,870)
Repurchase of common stock, shares		(1,700)	(1,651)	[1]
Exercise of stock options		$ 134			134
Exercise of stock options, shares			14
Shares withheld for restricted stock units vested		(208)			(208)
Shares withheld for restricted stock units vested, shares			(1)
Net Income (Loss)		451,457				451,457
Balance at Sep. 30, 2023		$ 4,580,685	$ 1,234		$ 4,261,107	$ 318,344
Balance, shares at Sep. 30, 2023		123,400	123,400
[1] Pursuant to repurchase programs authorized by our board of directors, we repurchased and retired 1.7 million shares, 7.0 million shares, and 7.5 million shares of our common stock for $ 224.9 million , $ 722.7 million, and $ 627.6 million, inclusive of taxes and fees, at an average price of $ 136.22 per share, $ 103.68 per share, and $ 83.17 per share, during the three months ended September 30, 2023, June 30, 2023, and March 31, 2023, respectively. We repurchased and retired 11.2 million shares, 16.9 million shares, and 3.6 million shares of our common stock for $ 658.2 million, $ 990.7 million, and $ 286.0 million, inclusive of fees, at an average price of $ 58.57 per share, $ 58.72 per share, and $ 79.58 per share during the three months ended September 30, 2022, June 30, 2022, and March 31, 2022, respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Repurchased and retired common stock, shares		1.7	7	7.5	11.2	16.9	3.6
Repurchased and retired common stock	[1]	$ 224,886	$ 722,695	$ 627,608	$ 658,234	$ 990,739	$ 285,951
Average price of common shares repurchased and retired		$ 136.22	$ 103.68	$ 83.17	$ 58.57	$ 58.72	$ 79.58
[1] Pursuant to repurchase programs authorized by our board of directors, we repurchased and retired 1.7 million shares, 7.0 million shares, and 7.5 million shares of our common stock for $ 224.9 million , $ 722.7 million, and $ 627.6 million, inclusive of taxes and fees, at an average price of $ 136.22 per share, $ 103.68 per share, and $ 83.17 per share, during the three months ended September 30, 2023, June 30, 2023, and March 31, 2023, respectively. We repurchased and retired 11.2 million shares, 16.9 million shares, and 3.6 million shares of our common stock for $ 658.2 million, $ 990.7 million, and $ 286.0 million, inclusive of fees, at an average price of $ 58.57 per share, $ 58.72 per share, and $ 79.58 per share during the three months ended September 30, 2022, June 30, 2022, and March 31, 2022, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 451,457	$ 404,619	$ 333,786	$ 738,007	$ 987,209	$ 639,640	$ 1,189,862	$ 2,364,856

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 approximatel y 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 for fiscal year 2022 (“2022 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 2022 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 2022 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	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Business Combinations	2. Business Combinations During the first nine months of the year, we acquired certain assets and the operations of Noltex Holdings, Inc. and its affiliates (“Noltex”), Builder’s Millwork Supply (“BMS”), JB Millworks (“JBM”), Church’s Lumber (“Church’s”) and Frank’s Cash and Carry (“FCC”) for a combined total of $ 156.7 million. Noltex manufactures trusses and provides building components to single- and multi-family customers, serving Texas markets in the Dallas-Fort Worth, San Antonio, Houston, Lubbock, and Midland areas. BMS and JBM manufacture and supply millwork and trim in the Anchorage, Alaska and Chattanooga, Tennessee areas, respectively. Church’s and FCC provide lumber and other building supplies in the broader Detroit, Michigan area and the Florida Panhandle, respectively. The acquisitions were 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 transactions were 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 dates. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition dates, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for the acquisitions described above: Total (in thousands) Accounts receivable $ 9,235 Inventories 24,154 Other current assets 70 Property, plant and equipment 11,744 Operating lease right-of-use assets 11,868 Finance lease right-of-use assets 528 Goodwill 64,280 Intangible assets 50,735 Other assets 126 Total assets $ 172,740 Accounts payable $ 727 Accrued liabilities 701 Contract liabilities 2,260 Operating lease liabilities 11,868 Finance lease liabilities 528 Total liabilities $ 16,084 Total purchase consideration 156,656 Less: accrued contingent consideration and purchase price adjustments ( 13,750 ) Total cash consideration $ 142,906

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table disaggregates our sales by product category: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Lumber & lumber sheet goods $ 1,150,540 $ 1,817,249 $ 3,081,264 $ 6,989,691 Manufactured products 1,197,925 1,500,957 3,592,335 4,532,987 Windows, doors & millwork 1,102,087 1,292,822 3,242,710 3,537,000 Specialty building products & services 1,083,712 1,150,435 3,030,159 3,309,175 Net sales $ 4,534,264 $ 5,761,463 $ 12,946,468 $ 18,368,853 Net sales from installation and construction services wer e 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 September 30, 2023, and 2022, we recognized as revenue substantially all of the contract liabilities balances at December 31, 2022, and 2021 , respectively.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 (in thousands, except per share amounts) Numerator: Net income $ 451,457 $ 738,007 $ 1,189,862 $ 2,364,856 Denominator: Weighted average shares outstanding, basic 124,577 155,309 129,521 167,522 Dilutive effect of options and RSUs 1,215 1,184 1,213 1,589 Weighted average shares outstanding, diluted 125,792 156,493 130,734 169,111 Net income per share: Basic $ 3.62 $ 4.75 $ 9.19 $ 14.12 Diluted $ 3.59 $ 4.72 $ 9.10 $ 13.98 Antidilutive and contingent RSUs excluded from diluted EPS 5 8 3 129

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 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 64,280 Balance as of September 30, 2023 (1) $ 3,521,134 (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 September 30, 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 acquisitions 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	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	6. Intangible Assets The following table presents intangible assets as of: September 30, 2023 December 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,073,523 $ ( 835,594 ) $ 2,029,955 $ ( 606,532 ) Trade names 64,500 ( 34,215 ) 201,861 ( 164,797 ) Subcontractor relationships — — 5,440 ( 5,440 ) Non-compete agreements 13,050 ( 5,621 ) 14,919 ( 5,685 ) Developed technology 95,600 ( 22,464 ) 95,600 ( 14,377 ) Total intangible assets $ 2,246,673 $ ( 897,894 ) $ 2,347,775 $ ( 796,831 ) In connection with the current year acquisitions, we recorded customer relationships intangible assets of $ 50.7 million . The weighted average useful life of the current year acquired intangible assets is 7.8 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 and nine months ended September 30, 2023, we recorded amortization expense in relation to the above-listed intangible assets of $ 83.5 million and $ 252.9 million , respectively. During the three and nine months ended September 30, 2022, we recorded amortization expense in relation to the above-listed intangible assets of $ 76.7 million and $ 212.5 million , respectively. During 2023, we derecognized certain customer relationships, trade names, non-compete agreements, and subcontractor relationships assets as they were fully amortized, resulting in a decrease in the gross carrying amount of the intangible assets and the related accumulated amortization. The following table presents the estimated amortization expense for intangible assets for the years ending December 31: (in thousands) 2023 (from October 1, 2023) $ 81,680 2024 276,740 2025 201,748 2026 174,530 2027 148,947 Thereafter 465,134 Total future net intangible amortization expense $ 1,348,779

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consisted of the following as of: September 30, December 31, (in thousands) Accrued payroll and other employee related expenses $ 372,798 $ 400,711 Self-insurance reserves 87,699 79,252 Accrued business taxes 86,985 77,438 Accrued contingent consideration & purchase price adjustments 46,028 5,699 Accrued rebates payable 28,170 51,714 Amounts accrued for repurchases of common stock 27,400 44,447 Accrued interest 24,965 34,327 Other 37,860 45,421 Total accrued liabilities $ 711,905 $ 739,009

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	8. Long-Term Debt Long-term debt consisted of the following as of: September 30, December 31, (in thousands) Revolving credit facility (1) $ 682,000 $ 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 193,465 197,281 Finance lease obligations 2,807 4,105 3,428,272 3,015,386 Unamortized debt discount/premium and debt issuance costs ( 29,026 ) ( 31,189 ) 3,399,246 2,984,197 Less: current maturities of long-term debt 3,897 6,355 Long-term debt, net of current maturities, discounts and issuance costs $ 3,395,349 $ 2,977,842 (1) The weighted average interest rate was 6.9 % and 3.7 % as of September 30, 2023, and December 31, 2022 , respectively. 2023 Debt Transactions On January 17, 2023, and April 3, 2023, the Company amended the Revolving Facility to extend the maturity of $ 1,620.0 million, and $ 180.0 million, respectively, of the total $ 1,800.0 million commitments to January 17, 2028 . These amendments included additional interest pricing tiers for borrowings, which range from 1.10 % to 1.60 % in the case of loans using the Secured Overnight Financing Rate (“SOFR”), and 0.00 % to 0.50 % in the case of base rate loans. The letters of credit are assessed at a rate between 1.00 % to 1.50 % based on the average excess availability. In connection with these amendments, we expensed approximately $ 0.7 million of unamortized debt issuance costs related to exiting lenders to interest expense, and we incurred approximately $ 1.9 million of new debt issuance costs which, together with the previous unamortized debt issuance costs, have been deferred and amortized over the remaining contractual life. The Revolving Facility and outstanding senior unsecured notes are discussed in more detail in our 2022 Form 10-K and in our quarterly report on Form 10-Q for the three months ended March 31, 2023. Fair Value As of September 30, 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 5 % senior unsecured notes due 2030 (the “2030 notes”), 4.25 % senior unsecured notes due 2032 (the “ 4.25 % 2032 notes”), 6.375 % senior unsecured notes due 2032 (the “ 6.375 % 2032 notes” and together with the 4.25 % 2032 notes, the “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 September 30, 2023, were approximately $ 491.8 million , $ 1.1 billion , and $ 661.9 million , respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the Revolving Facility at September 30, 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 September 30, 2023 .

Employee Stock-Based Compensati

Employee Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Employee Stock-Based Compensation	9. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first nine months of 2023, our board of directors granted 479,000 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 four years . The weighted average grant date fair value for these RSUs was $ 85.30 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 nine months of 2023, our board of directors granted 161,000 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 2.6 2.9 2.5 2.9 Stock-based compensation windfall benefit ( 0.1 ) — ( 1.0 ) ( 0.5 ) Permanent differences and other 0.2 — 0.3 — 23.7 % 23.9 % 22.8 % 23.4 % 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. These differences could have a material impact on our consolidated results of operations or financial position.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of September 30, 2023, we had outstanding letters of credit totaling $ 70.3 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 materially affect 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 materially affect 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 2022 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)	9 Months Ended
	Sep. 30, 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 acquisitions described above: Total (in thousands) Accounts receivable $ 9,235 Inventories 24,154 Other current assets 70 Property, plant and equipment 11,744 Operating lease right-of-use assets 11,868 Finance lease right-of-use assets 528 Goodwill 64,280 Intangible assets 50,735 Other assets 126 Total assets $ 172,740 Accounts payable $ 727 Accrued liabilities 701 Contract liabilities 2,260 Operating lease liabilities 11,868 Finance lease liabilities 528 Total liabilities $ 16,084 Total purchase consideration 156,656 Less: accrued contingent consideration and purchase price adjustments ( 13,750 ) Total cash consideration $ 142,906

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Lumber & lumber sheet goods $ 1,150,540 $ 1,817,249 $ 3,081,264 $ 6,989,691 Manufactured products 1,197,925 1,500,957 3,592,335 4,532,987 Windows, doors & millwork 1,102,087 1,292,822 3,242,710 3,537,000 Specialty building products & services 1,083,712 1,150,435 3,030,159 3,309,175 Net sales $ 4,534,264 $ 5,761,463 $ 12,946,468 $ 18,368,853

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 (in thousands, except per share amounts) Numerator: Net income $ 451,457 $ 738,007 $ 1,189,862 $ 2,364,856 Denominator: Weighted average shares outstanding, basic 124,577 155,309 129,521 167,522 Dilutive effect of options and RSUs 1,215 1,184 1,213 1,589 Weighted average shares outstanding, diluted 125,792 156,493 130,734 169,111 Net income per share: Basic $ 3.62 $ 4.75 $ 9.19 $ 14.12 Diluted $ 3.59 $ 4.72 $ 9.10 $ 13.98 Antidilutive and contingent RSUs excluded from diluted EPS 5 8 3 129

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 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 64,280 Balance as of September 30, 2023 (1) $ 3,521,134 (1) Goodwill is presented net of historical accumulated impairment losses o f $ 44.6 million.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents intangible assets as of: September 30, 2023 December 31, 2022 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,073,523 $ ( 835,594 ) $ 2,029,955 $ ( 606,532 ) Trade names 64,500 ( 34,215 ) 201,861 ( 164,797 ) Subcontractor relationships — — 5,440 ( 5,440 ) Non-compete agreements 13,050 ( 5,621 ) 14,919 ( 5,685 ) Developed technology 95,600 ( 22,464 ) 95,600 ( 14,377 ) Total intangible assets $ 2,246,673 $ ( 897,894 ) $ 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 October 1, 2023) $ 81,680 2024 276,740 2025 201,748 2026 174,530 2027 148,947 Thereafter 465,134 Total future net intangible amortization expense $ 1,348,779

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consisted of the following as of: September 30, December 31, (in thousands) Accrued payroll and other employee related expenses $ 372,798 $ 400,711 Self-insurance reserves 87,699 79,252 Accrued business taxes 86,985 77,438 Accrued contingent consideration & purchase price adjustments 46,028 5,699 Accrued rebates payable 28,170 51,714 Amounts accrued for repurchases of common stock 27,400 44,447 Accrued interest 24,965 34,327 Other 37,860 45,421 Total accrued liabilities $ 711,905 $ 739,009

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consisted of the following as of: September 30, December 31, (in thousands) Revolving credit facility (1) $ 682,000 $ 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 193,465 197,281 Finance lease obligations 2,807 4,105 3,428,272 3,015,386 Unamortized debt discount/premium and debt issuance costs ( 29,026 ) ( 31,189 ) 3,399,246 2,984,197 Less: current maturities of long-term debt 3,897 6,355 Long-term debt, net of current maturities, discounts and issuance costs $ 3,395,349 $ 2,977,842 (1) The weighted average interest rate was 6.9 % and 3.7 % as of September 30, 2023, and December 31, 2022 , respectively.

Employee Stock-Based Compensa_2

Employee Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 2.6 2.9 2.5 2.9 Stock-based compensation windfall benefit ( 0.1 ) — ( 1.0 ) ( 0.5 ) Permanent differences and other 0.2 — 0.3 — 23.7 % 23.9 % 22.8 % 23.4 %

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Cash consideration for certain assets and operations acquired	$ 156.7
Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility maximum borrowing capacity	$ 1,800

Business Combinations - Summary

Business Combinations - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 3,521,134		$ 3,456,854
Total cash consideration	142,906	$ 619,551
Noltex, BMS, JBM, Church's, FCC
Business Acquisition [Line Items]
Accounts receivable	9,235
Inventories	24,154
Other current assets	70
Property, plant and equipment	11,744
Operating lease right-of-use assets	11,868
Finance lease right-of-use assets	528
Goodwill	64,280
Intangible assets	50,735
Other assets	126
Total assets	172,740
Accounts payable	727
Accrued liabilities	701
Contract liabilities	2,260
Operating lease liabilities	11,868
Finance lease liabilities	528
Total liabilities	16,084
Total purchase consideration	156,656
Less: accrued contingent consideration and purchase price adjustments	(13,750)
Total cash consideration	$ 142,906

Revenue - Sales by Product Cate

Revenue - Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 4,534,264	$ 5,761,463	$ 12,946,468	$ 18,368,853
Lumber and Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,150,540	1,817,249	3,081,264	6,989,691
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,197,925	1,500,957	3,592,335	4,532,987
Windows, Doors and Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,102,087	1,292,822	3,242,710	3,537,000
Specialty Building Products & Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,083,712	$ 1,150,435	$ 3,030,159	$ 3,309,175

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023
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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Income (Loss)	$ 451,457	$ 404,619	$ 333,786	$ 738,007	$ 987,209	$ 639,640	$ 1,189,862	$ 2,364,856
Denominator:
Weighted average shares outstanding, basic	124,577			155,309			129,521	167,522
Dilutive effect of options and RSUs	1,215			1,184			1,213	1,589
Weighted average shares outstanding, diluted	125,792			156,493			130,734	169,111
Net income per share:
Basic	$ 3.62			$ 4.75			$ 9.19	$ 14.12
Diluted	$ 3.59			$ 4.72			$ 9.10	$ 13.98
Antidilutive and contingent RSUs excluded from diluted EPS	5			8			3	129

Goodwill - Schedule of Change i

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 3,456,854
Acquisitions	64,280
Goodwill, Ending Balance	$ 3,521,134

Goodwill - Schedule of Change_2

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Historical accumulated impairment losses	$ 44.6

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023
Goodwill [Line Items]
Goodwill amortization period	15 years

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,246,673	$ 2,347,775
Accumulated Amortization	(897,894)	(796,831)
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,073,523	2,029,955
Accumulated Amortization	(835,594)	(606,532)
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,500	201,861
Accumulated Amortization	(34,215)	(164,797)
Subcontractor Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		5,440
Accumulated Amortization		(5,440)
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,050	14,919
Accumulated Amortization	(5,621)	(5,685)
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	95,600	95,600
Accumulated Amortization	$ (22,464)	$ (14,377)

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expenses	$ 83.5	$ 76.7	$ 252.9	$ 212.5
Current Year Acquisitions
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives of the acquired intangible assets			7 years 9 months 18 days
Customer Relationships | Current Year Acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 50.7		$ 50.7

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (from July 1, 2023)	$ 81,680
2024	276,740
2025	201,748
2026	174,530
2027	148,947
Thereafter	465,134
Total future net intangible amortization expense	$ 1,348,779

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Summary of accrued liabilities
Accrued payroll and other employee related expenses	$ 372,798	$ 400,711
Self-insurance reserves	87,699	79,252
Accrued business taxes	86,985	77,438
Accrued contingent consideration & purchase price adjustments	46,028	5,699
Accrued rebates payable	28,170	51,714
Amounts accrued for repurchases of common stock	27,400	44,447
Accrued interest	24,965	34,327
Other	37,860	45,421
Total accrued liabilities	$ 711,905	$ 739,009

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 3,428,272	$ 3,015,386
Unamortized debt discount/premium and debt issuance costs	(29,026)	(31,189)
Long-term debt and capital lease obligation	3,399,246	2,984,197
Less: current maturities of long-term debt	3,897	6,355
Long-term debt, net of current maturities, discounts and issuance costs	3,395,349	2,977,842
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount	682,000	264,000
4.25% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	1,300,000	1,300,000
6.375% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	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	193,465	197,281
Finance Lease Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 2,807	$ 4,105

Long-Term Debt - Summary of L_2

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 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	6.90%	3.70%

Long-Term Debt - 2023 Debt Tran

Long-Term Debt - 2023 Debt Transactions (Additional Information) (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 17, 2023	Sep. 30, 2023	Sep. 30, 2022	Apr. 03, 2023
Debt Instrument [Line Items]
Debt issuance costs		$ 1,897	$ 16,797
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity		1,800,000
Debt issuance costs		$ 1,900
Unamortized debt issuance costs				$ 700
2028 Facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 1,800,000
Revolving credit facility, commitments	$ 1,620,000			$ 180,000
Revolving credit facility due date	Jan. 17, 2028
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 | 2028 Facility
Debt Instrument [Line Items]
Debt instrument applicable rate	1.60%
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 | 2028 Facility
Debt Instrument [Line Items]
Debt instrument applicable rate	1.10%

Long-Term Debt - Fair Value - A

Long-Term Debt - Fair Value - Additional Information (Detail) $ in Millions	Sep. 30, 2023 USD ($)
4.25% 2032 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	4.25%
4.25% 2032 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt	$ 1.1
6.375% 2032 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	6.375%
6.375% 2032 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt	$ 661.9
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	$ 491.8

Employee Stock-Based Compensa_3

Employee Stock-Based Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted | shares	479,000
Weighted average grant date fair value, granted | $ / shares	$ 85.3
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	4 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	161,000
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	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21%	21%	21%	21%
State income taxes, net of federal income tax	2.60%	2.90%	2.50%	2.90%
Stock-based compensation windfall benefit	(0.10%)		(1.00%)	(0.50%)
Permanent differences and other	0.20%		0.30%
Total effective rate for continuing operations	23.70%	23.90%	22.80%	23.40%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 70.3

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Related Party Transactions [Abstract]
Percentage of accounts receivable due from and net sales	1%	1%