Builders FirstSource (BLDR) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Entity Registrant Name	BUILDERS FIRSTSOURCE, INC.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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		115,084,980
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 STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 4,232,494	$ 4,534,264	$ 12,580,186	$ 12,946,468
Cost of sales	2,846,161	2,953,162	8,431,315	8,399,020
Gross margin	1,386,333	1,581,102	4,148,871	4,547,448
Selling, general and administrative expenses	958,310	939,474	2,857,768	2,861,565
Income from operations	428,023	641,628	1,291,103	1,685,883
Interest expense, net	54,263	50,193	154,615	145,317
Income before income taxes	373,760	591,435	1,136,488	1,540,566
Income tax expense	88,977	139,978	248,834	350,704
Net income	$ 284,783	$ 451,457	$ 887,654	$ 1,189,862
Net income per share:
Basic	$ 2.45	$ 3.62	$ 7.45	$ 9.19
Diluted	$ 2.44	$ 3.59	$ 7.39	$ 9.1
Weighted average common shares:
Basic	116,176	124,577	119,120	129,521
Diluted	116,940	125,792	120,116	130,734

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 328,103	$ 66,156
Accounts receivable, less allowances of $42,530 and $42,488, respectively	1,369,660	1,436,917
Other receivables	279,177	290,310
Inventories	1,203,919	1,228,265
Contract assets	184,351	165,677
Other current assets	109,198	113,403
Total current assets	3,474,408	3,300,728
Property, plant and equipment, net	1,939,881	1,803,824
Operating lease right-of-use assets, net	600,369	502,184
Goodwill	3,646,915	3,556,556
Intangible assets, net	1,143,123	1,298,173
Other assets, net	89,441	37,987
Total assets	10,894,137	10,499,452
Current liabilities:
Accounts payable	1,021,626	881,384
Accrued liabilities	645,345	717,528
Contract liabilities	186,514	162,659
Current portion of operating lease liabilities	101,807	98,217
Current maturities of long-term debt	3,591	3,649
Total current liabilities	1,958,883	1,863,437
Noncurrent portion of operating lease liabilities	531,763	434,081
Long-term debt, net of current maturities, discounts and issuance costs	3,700,175	3,177,411
Deferred income taxes	121,199	167,199
Other long-term liabilities	135,444	124,973
Total liabilities	6,447,464	5,767,101
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; 115,557 and 121,857 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively	1,156	1,219
Additional paid-in capital	4,266,561	4,270,948
Retained earnings	178,956	460,184
Total stockholders' equity	4,446,673	4,732,351
Total liabilities and stockholders' equity	$ 10,894,137	$ 10,499,452

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 42,530	$ 42,488
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	115,557,000	121,857,000
Common stock, shares outstanding	115,557,000	121,857,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 887,654	$ 1,189,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	425,441	416,126
Deferred income taxes	(46,000)	(72,688)
Stock-based compensation expense	50,885	35,549
Other non-cash adjustments	17,136	(4,284)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	105,140	(178,955)
Inventories	47,316	115,575
Contract assets	(18,220)	(4,287)
Other current assets	4,741	23,297
Other assets and liabilities	(41,009)	(16,392)
Accounts payable	123,658	230,576
Accrued liabilities	(81,237)	(24,343)
Contract liabilities	23,724	(14,863)
Net cash provided by operating activities	1,499,229	1,695,173
Cash flows from investing activities:
Cash used for acquisitions, net of cash acquired	(256,856)	(142,906)
Purchases of property, plant and equipment	(280,897)	(376,596)
Proceeds from sale of property, plant and equipment	10,555	43,406
Cash used for equity investments	(7,686)
Net cash used in investing activities	(534,884)	(476,096)
Cash flows from financing activities:
Borrowings under revolving credit facility	954,000	4,025,000
Repayments under revolving credit facility	(1,418,000)	(3,607,000)
Proceeds from long-term debt and other loans	1,000,000
Repayments of long-term debt and other loans	(2,613)	(3,190)
Payments of loan costs	(12,829)	(1,897)
Payments of acquisition-related deferred and contingent consideration	(14,364)
Tax withholdings on and exercises of equity awards	(55,267)	(32,103)
Repurchase of common stock	(1,153,325)	(1,592,236)
Net cash used in financing activities	(702,398)	(1,211,426)
Net change in cash and cash equivalents	261,947	7,651
Cash and cash equivalents at beginning of period	66,156	80,445
Cash and cash equivalents at end of period	328,103	88,096
Supplemental disclosures of cash flow information:
Cash paid for interest	160,383	150,404
Cash paid for income taxes	312,307	443,386
Supplemental disclosures of non-cash activities:
Non-cash or accrued consideration for acquisitions	8,570	13,750
Accrued purchases of property, plant and equipment	19,680	7,455
Right-of-use assets obtained in exchange for operating lease obligations	159,221	71,282
Amounts accrued related to repurchases of common stock	$ 15,624	$ 27,400

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock		Additional Paid-in Capital	Retained Earnings
Balance at Dec. 31, 2022		$ 4,962,566	$ 1,389		$ 4,257,667	$ 703,510
Balance, shares at Dec. 31, 2022			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
Balance at Dec. 31, 2022		4,962,566	$ 1,389		4,257,667	703,510
Balance, shares at Dec. 31, 2022			138,864
Net income		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
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		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		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
Balance at Dec. 31, 2023		$ 4,732,351	$ 1,219		4,270,948	460,184
Balance, shares at Dec. 31, 2023		121,857	121,857
Vesting of restricted stock units			$ 4		(4)
Vesting of restricted stock units, shares			438
Stock-based compensation expense		$ 16,900			16,900
Repurchase of common stock	[2]	$ (19,600)	$ (1)			(19,599)
Repurchase of common stock, shares		(100)	(97)	[2]
Exercise of stock options		$ 151			151
Exercise of stock options, shares			21
Shares withheld for restricted stock units vested		(31,876)	$ (3)		(31,873)
Shares withheld for restricted stock units vested, shares			(169)
Net income		258,781				258,781
Balance at Mar. 31, 2024		4,956,708	$ 1,220		4,256,122	699,366
Balance, shares at Mar. 31, 2024			122,049
Balance at Dec. 31, 2023		$ 4,732,351	$ 1,219		4,270,948	460,184
Balance, shares at Dec. 31, 2023		121,857	121,857
Net income		$ 887,654
Balance at Sep. 30, 2024		$ 4,446,673	$ 1,156		4,266,561	178,956
Balance, shares at Sep. 30, 2024		115,557	115,557
Balance at Mar. 31, 2024		$ 4,956,708	$ 1,220		4,256,122	699,366
Balance, shares at Mar. 31, 2024			122,049
Vesting of restricted stock units			$ 3		(3)
Vesting of restricted stock units, shares			351
Stock-based compensation expense		16,726			16,726
Repurchase of common stock	[2]	$ (989,608)	$ (58)			(989,550)
Repurchase of common stock, shares		(5,800)	(5,821)	[2]
Exercise of stock options		$ 28			28
Exercise of stock options, shares			2
Shares withheld for restricted stock units vested		(23,302)	$ (1)		(23,301)
Shares withheld for restricted stock units vested, shares			(130)
Net income		344,090				344,090
Balance at Jun. 30, 2024		4,304,642	$ 1,164		4,249,572	53,906
Balance, shares at Jun. 30, 2024			116,451
Vesting of restricted stock units, shares			7
Stock-based compensation expense		17,259			17,259
Repurchase of common stock	[2]	$ (159,741)	$ (8)			(159,733)
Repurchase of common stock, shares		(900)	(904)	[2]
Exercise of stock options		$ 66			66
Exercise of stock options, shares			5
Shares withheld for restricted stock units vested		(336)			(336)
Shares withheld for restricted stock units vested, shares			(2)
Net income		284,783				284,783
Balance at Sep. 30, 2024		$ 4,446,673	$ 1,156		$ 4,266,561	$ 178,956
Balance, shares at Sep. 30, 2024		115,557	115,557
[1] During the three months ended March 31, 2023, June 30, 2023, and September 30, 2023 , we repurchased and retired 7.5 million shares, 7.0 million shares and 1.7 million shares of our common stock for $ 627.6 million, $ 722.7 million, and $ 224.9 million, inclusive of applicable fees and taxes, at an average price of $ 83.17 , $ 103.68 and $ 136.22 per share, respectively. During the three months ended March 31, 2024, June 30, 2024, and September 30, 2024 , we repurchased and retired 0.1 million shares, 5.8 million shares, and 0.9 million shares of our common stock for $ 19.6 million, $ 989.6 million, and $ 159.7 million , inclusive of applicable fees and taxes, at an average price of $ 202.67 , $ 170.01 , and $ 176.73 per share, respectively.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Repurchased and retired common stock, shares	0.9		5.8		0.1		1.7		7		7.5
Repurchased and retired common stock	$ 159,741	[1]	$ 989,608	[1]	$ 19,600	[1]	$ 224,886	[2]	$ 722,695	[2]	$ 627,608	[2]
Average price of common shares repurchased and retired	$ 176.73		$ 170.01		$ 202.67		$ 136.22		$ 103.68		$ 83.17
[1] During the three months ended March 31, 2024, June 30, 2024, and September 30, 2024 , we repurchased and retired 0.1 million shares, 5.8 million shares, and 0.9 million shares of our common stock for $ 19.6 million, $ 989.6 million, and $ 159.7 million , inclusive of applicable fees and taxes, at an average price of $ 202.67 , $ 170.01 , and $ 176.73 per share, respectively. During the three months ended March 31, 2023, June 30, 2023, and September 30, 2023 , we repurchased and retired 7.5 million shares, 7.0 million shares and 1.7 million shares of our common stock for $ 627.6 million, $ 722.7 million, and $ 224.9 million, inclusive of applicable fees and taxes, at an average price of $ 83.17 , $ 103.68 and $ 136.22 per share, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 284,783	$ 344,090	$ 258,781	$ 451,457	$ 404,619	$ 333,786	$ 887,654	$ 1,189,862

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 580 locations in 43 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, 2023, 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, 2023, 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, 2023, included in our most recent annual report on Form 10-K for fiscal year 2023 (“2023 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 2023 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 2023 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. Equity Investments The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Condensed Consolidated Balance Sheets and are not considered significant to the Company. Reclassifications Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including changing the composition of our product categories, and amounts presented as repurchases of common stock and tax withholdings on and exercises of equity awards. Prior period amounts related to product categories as disclosed in Note 3 have been reclassified to conform to the current year presentation. The prior period amounts related to tax withholdings on equity awards have been reclassified from repurchases of common stock and combined with exercises of stock options to conform to the present year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements and related disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Business Combinations	2. Business Combinations During the first nine months of 2024, we completed the acquisitions of Quality Door & Millwork, Inc. (“Quality Door”), Hanson Truss Components, Inc. (“Hanson Truss”), RPM Wood Products, Inc. (“RPM”), Schoeneman Bros. Company (“Schoeneman”), TRSMI, LLC (“TRSMI”), Western Truss & Components (“Western Truss”), CRi SoCal (“CRi”), Wyoming Millwork Co. (“Wyoming Millwork”), Sunrise Wood Designs, LLC (“Sunrise Wood Designs”), Reno Truss, Inc. (“Reno Truss”) and High Mountain Door and Trim, Inc. (“High Mountain”) for a combined total of approximately $ 265.4 million , net of cash acquired. Quality Door is a millwork distributor, serving Idaho markets in the Boise and Idaho Falls areas. Hanson Truss produces trusses, serving the areas of northern California and western Nevada. RPM provides a diverse product mix of lumber, windows, doors, millwork and trusses in northeastern Florida. Western Truss manufactures roof and floor trusses, serving central Arizona. CRi installs windows and doors in the southern California area. Schoeneman manufacturers trusses and provides building materials and products to eastern South Dakota, and western Iowa. TRSMI manufactures and distributes trusses around the Detroit, Michigan area. Wyoming Millwork serves custom and semi-custom builders with lumber and lumber sheet goods, windows, doors, millwork, trusses and other building products in Delaware. Sunrise Wood Designs is a custom cabinet manufacturer and installer to production and custom builders in North Texas. Reno Truss is a manufacturer and distributor of roof and floor trusses to single-family and multi-family markets in the Nevada area. High Mountain distributes and installs doors, windows and millwork to single-family and multi-family markets in the southern Nevada area. During the first nine months of 2023, we completed the acquisitions 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. Pro forma financial information for the acquisitions discussed above for 2024 and 2023 are not presented as these acquisitions did not have a material impact on our results of operations, individually or in the aggregate for each respective period. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the periods ended September 30, 2024, and 2023: Total Acquisitions 2024 2023 (in thousands) Cash and cash equivalents $ 7,749 $ — Accounts receivable 26,749 9,235 Other receivables 127 — Inventories 22,969 24,154 Contract assets 454 — Other current assets 410 70 Property, plant and equipment 51,550 11,744 Operating lease right-of-use assets 14,502 11,868 Finance lease right-of-use assets — 528 Intangible assets 82,125 50,735 Other assets 134 126 Total assets 206,769 108,460 Accounts payable 4,709 727 Accrued liabilities 4,612 701 Contract liabilities 130 2,260 Operating lease liabilities 14,502 11,868 Finance lease liabilities — 528 Total liabilities 23,953 16,084 Goodwill 90,359 64,280 Total purchase consideration 273,175 156,656 Accrued contingent consideration and purchase price adjustments ( 8,570 ) ( 13,750 ) Less: cash acquired ( 7,749 ) — Total cash consideration $ 256,856 $ 142,906

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table disaggregates our net sales by product category: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Lumber & lumber sheet goods $ 1,069,129 $ 1,157,158 $ 3,244,385 $ 3,092,912 Manufactured products 997,633 1,200,440 3,031,813 3,557,391 Windows, doors & millwork 1,084,692 1,093,278 3,230,525 3,263,358 Specialty building products & services 1,081,040 1,083,388 3,073,463 3,032,807 Net sales $ 4,232,494 $ 4,534,264 $ 12,580,186 $ 12,946,468 Due to ongoing system integrations and conversions, our product alignment continues to be refined. We have reclassified prior periods net sales by product category to conform to current period presentation. The impact to each of the prior periods’ net sales for lumber & lumber sheet goods, manufactured products, windows, doors & millwork, and specialty building products & services was 0.6 % , 0.2 % , - 0.8 % , and 0.0 % , respectively, for the three months ended September 30, 2023, and 0.4 % , - 1.0 % , 0.6 % , and 0.1 % , respectively, for the nine months ended September 30, 2023. 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, 2024 and 2023, we recognized as revenue substantially all of the contract liabilities balances outstanding as of December 31, 2023 and 2022 , respectively.

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 (in thousands, except per share amounts) Numerator: Net income $ 284,783 $ 451,457 $ 887,654 $ 1,189,862 Denominator: Weighted average shares outstanding, basic 116,176 124,577 119,120 129,521 Dilutive effect of options and RSUs 764 1,215 996 1,213 Weighted average shares outstanding, diluted 116,940 125,792 120,116 130,734 Net income per share: Basic $ 2.45 $ 3.62 $ 7.45 $ 9.19 Diluted $ 2.44 $ 3.59 $ 7.39 $ 9.10 Antidilutive and contingent RSUs excluded from diluted EPS 271 5 196 3

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2024
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, 2023 (1) $ 3,556,556 Acquisitions 90,359 Balance as of September 30, 2024 (1) $ 3,646,915 (1) Goodwill is presented net of historical accumulated impairment losses o f $ 44.6 million. In 2024, the change in the carrying amount of goodwill is attributable to the acquisitions completed during the year. As of September 30, 2024, no impairment 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 TRSMI business combination will not be deductible for tax purposes. The $ 89.6 million of goodwill recognized from the other current year acquisitions is expected to be deductible and amortized ratably over a 15-year period for tax purposes.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	6. Intangible Assets The following table presents intangible assets as of: September 30, 2024 December 31, 2023 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,187,855 $ ( 1,134,491 ) $ 2,105,730 $ ( 912,865 ) Trade names 64,500 ( 42,129 ) 64,500 ( 36,459 ) Non-compete agreements 13,050 ( 8,028 ) 13,050 ( 6,223 ) Developed technology 95,600 ( 33,234 ) 95,600 ( 25,160 ) Total intangible assets $ 2,361,005 $ ( 1,217,882 ) $ 2,278,880 $ ( 980,707 ) In connection with the current year acquisitions, we recorded customer relationships intangible assets of $ 82.1 million . The weighted average useful life of the current year acquired intangible assets is 2.7 years. The fair value of acquired customer relationship intangible assets was primarily estimated by applying the multi-period excess earnings method, which is 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, 2024, we recorded amortization expense in relation to the above-listed intangible assets of $ 76.3 million and $ 237.2 million , respectively. 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. The following table presents the estimated amortization expense for intangible assets for the years ending December 31: (in thousands) 2024 (from October 1, 2024) $ 66,656 2025 243,297 2026 211,067 2027 156,970 2028 124,052 Thereafter 341,081 Total future intangible amortization expense $ 1,143,123

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
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 $ 322,752 $ 383,157 Accrued business and other taxes 100,758 76,098 Self-insurance reserves 91,295 89,987 Accrued rebates payable 33,868 35,921 Accrued interest 29,985 34,537 Accrued contingent consideration & purchase price adjustments 7,941 43,127 Other 58,746 54,701 Total accrued liabilities $ 645,345 $ 717,528

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
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) $ — $ 464,000 4.25 % 2032 notes 1,300,000 1,300,000 6.375 % 2034 notes 1,000,000 — 6.375 % 2032 notes 700,000 700,000 5.00 % 2030 notes 550,000 550,000 Other finance obligations 190,757 193,048 Finance lease obligations 1,304 2,297 3,742,061 3,209,345 Unamortized debt discount/premium and debt issuance costs ( 38,295 ) ( 28,285 ) 3,703,766 3,181,060 Less: current maturities of long-term debt 3,591 3,649 Long-term debt, net of current maturities, discounts and issuance costs $ 3,700,175 $ 3,177,411 (1) The weighted average interest rate was 7.1 % as of December 31, 2023 . 2024 Debt Transactions On February 29, 2024, the Company completed a private offering of $ 1.0 billion in aggregate principal amount of 6.375 % senior unsecured notes due 2034 (“ 6.375 % 2034 Notes”) at an issue price equal to 100 % of par value. The net proceeds from the offering were used to pay related transaction fees and expenses, repay indebtedness outstanding under the Revolving Facility and for general corporate purposes. In connection with the issuance of the 6.375 % 2034 Notes, we incurred $ 12.8 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 6.375 % 2034 Notes using the effective interest method. The 6.375 % 2034 Notes are discussed in more detail in our quarterly report on Form 10-Q for the three months ended March 31, 2024. The Company’s Revolving Facility and other outstanding senior unsecured notes are discussed in more detail in our 2023 Form 10-K. Fair Value As of September 30, 2024, and December 31, 2023 , 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 5.00 % senior notes due 2030 (the “ 5.00 % 2030 Notes”), 4.25 % senior notes due 2032 (the “ 4.25 % 2032 Notes”), 6.375 % senior notes due 2032 (the “ 6.375 % 2032 Notes” and collectively with the 4.25 % 2032 Notes, the “2032 Notes”), and 6.375 % 2034 Notes at amortized cost. The fair values of the 5.00 % 2030 Notes, 4.25 % 2032 Notes, 6.375 % 2032 Notes, and 6.375 % 2034 Notes at September 30, 2024, were approximately $ 540.8 million , $ 1.2 billion , $ 727.3 million , and $ 1.0 billion , respectively, which were determined using Level 2 inputs based on market prices. We were not in violation of any covenants or restrictions imposed by any of our debt agreements at September 30, 2024 .

Employee Stock-Based Compensati

Employee Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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 2024, our board of directors granted 272,000 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 $ 186.75 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 2024, our board of directors granted 85,500 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 $ 201.97 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions: Expected volatility (Company) 43.8 % Expected volatility (peer group median) 30.5 % Correlation between the Company and peer group median 0.5 Expected dividend yield 0.0 % Risk-free rate 4.5 % 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, 2024
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 2024 2023 2024 2023 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 2.5 2.6 2.5 2.5 Stock-based compensation windfall benefit ( 0.1 ) ( 0.1 ) ( 2.2 ) ( 1.0 ) Permanent differences and other 0.4 0.2 0.6 0.3 23.8 % 23.7 % 21.9 % 22.8 % 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, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of September 30, 2024, we had outstanding letters of credit totaling $ 65.4 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 with respect to 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Business Combinations Subsequent to September 30, 2024, we completed the acquisition of Douglas Lumber which distributes building materials throughout Rhode Island, Massachusetts and Connecticut. The accounting for this business combination has not been completed at the date of this filing given the proximity of the acquisition date.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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 2023 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.
Equity Investments	Equity Investments The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Condensed Consolidated Balance Sheets and are not considered significant to the Company.
Reclassifications	Reclassifications Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including changing the composition of our product categories, and amounts presented as repurchases of common stock and tax withholdings on and exercises of equity awards. Prior period amounts related to product categories as disclosed in Note 3 have been reclassified to conform to the current year presentation. The prior period amounts related to tax withholdings on equity awards have been reclassified from repurchases of common stock and combined with exercises of stock options to conform to the present year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements and related disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
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, 2024
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 acquisitions during the periods ended September 30, 2024, and 2023: Total Acquisitions 2024 2023 (in thousands) Cash and cash equivalents $ 7,749 $ — Accounts receivable 26,749 9,235 Other receivables 127 — Inventories 22,969 24,154 Contract assets 454 — Other current assets 410 70 Property, plant and equipment 51,550 11,744 Operating lease right-of-use assets 14,502 11,868 Finance lease right-of-use assets — 528 Intangible assets 82,125 50,735 Other assets 134 126 Total assets 206,769 108,460 Accounts payable 4,709 727 Accrued liabilities 4,612 701 Contract liabilities 130 2,260 Operating lease liabilities 14,502 11,868 Finance lease liabilities — 528 Total liabilities 23,953 16,084 Goodwill 90,359 64,280 Total purchase consideration 273,175 156,656 Accrued contingent consideration and purchase price adjustments ( 8,570 ) ( 13,750 ) Less: cash acquired ( 7,749 ) — Total cash consideration $ 256,856 $ 142,906

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Sales by Product Category	The following table disaggregates our net sales by product category: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Lumber & lumber sheet goods $ 1,069,129 $ 1,157,158 $ 3,244,385 $ 3,092,912 Manufactured products 997,633 1,200,440 3,031,813 3,557,391 Windows, doors & millwork 1,084,692 1,093,278 3,230,525 3,263,358 Specialty building products & services 1,081,040 1,083,388 3,073,463 3,032,807 Net sales $ 4,232,494 $ 4,534,264 $ 12,580,186 $ 12,946,468

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 (in thousands, except per share amounts) Numerator: Net income $ 284,783 $ 451,457 $ 887,654 $ 1,189,862 Denominator: Weighted average shares outstanding, basic 116,176 124,577 119,120 129,521 Dilutive effect of options and RSUs 764 1,215 996 1,213 Weighted average shares outstanding, diluted 116,940 125,792 120,116 130,734 Net income per share: Basic $ 2.45 $ 3.62 $ 7.45 $ 9.19 Diluted $ 2.44 $ 3.59 $ 7.39 $ 9.10 Antidilutive and contingent RSUs excluded from diluted EPS 271 5 196 3

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 (1) $ 3,556,556 Acquisitions 90,359 Balance as of September 30, 2024 (1) $ 3,646,915 (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, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents intangible assets as of: September 30, 2024 December 31, 2023 Gross Accumulated Amortization Gross Accumulated Amortization (in thousands) Customer relationships $ 2,187,855 $ ( 1,134,491 ) $ 2,105,730 $ ( 912,865 ) Trade names 64,500 ( 42,129 ) 64,500 ( 36,459 ) Non-compete agreements 13,050 ( 8,028 ) 13,050 ( 6,223 ) Developed technology 95,600 ( 33,234 ) 95,600 ( 25,160 ) Total intangible assets $ 2,361,005 $ ( 1,217,882 ) $ 2,278,880 $ ( 980,707 )
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) 2024 (from October 1, 2024) $ 66,656 2025 243,297 2026 211,067 2027 156,970 2028 124,052 Thereafter 341,081 Total future intangible amortization expense $ 1,143,123

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
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 $ 322,752 $ 383,157 Accrued business and other taxes 100,758 76,098 Self-insurance reserves 91,295 89,987 Accrued rebates payable 33,868 35,921 Accrued interest 29,985 34,537 Accrued contingent consideration & purchase price adjustments 7,941 43,127 Other 58,746 54,701 Total accrued liabilities $ 645,345 $ 717,528

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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) $ — $ 464,000 4.25 % 2032 notes 1,300,000 1,300,000 6.375 % 2034 notes 1,000,000 — 6.375 % 2032 notes 700,000 700,000 5.00 % 2030 notes 550,000 550,000 Other finance obligations 190,757 193,048 Finance lease obligations 1,304 2,297 3,742,061 3,209,345 Unamortized debt discount/premium and debt issuance costs ( 38,295 ) ( 28,285 ) 3,703,766 3,181,060 Less: current maturities of long-term debt 3,591 3,649 Long-term debt, net of current maturities, discounts and issuance costs $ 3,700,175 $ 3,177,411 (1) The weighted average interest rate was 7.1 % as of December 31, 2023 .

Employee Stock-Based Compensa_2

Employee Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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 $ 201.97 per unit, which was determined using the Monte Carlo simulation model, applying the following assumptions: Expected volatility (Company) 43.8 % Expected volatility (peer group median) 30.5 % Correlation between the Company and peer group median 0.5 Expected dividend yield 0.0 % Risk-free rate 4.5 %

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 2.5 2.6 2.5 2.5 Stock-based compensation windfall benefit ( 0.1 ) ( 0.1 ) ( 2.2 ) ( 1.0 ) Permanent differences and other 0.4 0.2 0.6 0.3 23.8 % 23.7 % 21.9 % 22.8 %

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 Store States
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity formed, year	1998
Number of Locations | Store	580
Number of states | States	43

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility maximum borrowing capacity	$ 1,800
Quality Door, Hanson Truss, RPM, Schoeneman, TRSMI, Western Truss, CRi, Wyoming Millwork, Sunrise Wood Designs, Reno Truss and High Mountain
Business Acquisition [Line Items]
Cash consideration for certain assets and operations acquired	$ 265.4
Noltex, BMS, JBM, Church's and FCC
Business Acquisition [Line Items]
Cash consideration for certain assets and operations acquired		$ 156.7

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, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 3,646,915		$ 3,556,556
Total cash consideration	256,856	$ 142,906
Quality Door, Hanson Truss, RPM, Schoeneman, TRSMI, Western Truss, CRi, Wyoming Millwork, Sunrise Wood Designs, Reno Truss and High Mountain
Business Acquisition [Line Items]
Cash and cash equivalents	7,749
Accounts receivable	26,749
Other receivables	127
Inventories	22,969
Contract assets	454
Other current assets	410
Property, plant and equipment	51,550
Operating lease right-of-use assets	14,502
Intangible assets	82,125
Other assets	134
Total assets	206,769
Accounts payable	4,709
Accrued liabilities	4,612
Contract liabilities	130
Operating lease liabilities	14,502
Total liabilities	23,953
Goodwill	90,359
Total purchase consideration	273,175
Accrued contingent consideration and purchase price adjustments	(8,570)
Less: cash acquired	(7,749)
Total cash consideration	$ 256,856
Noltex, BMS, JBM, Church's and 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
Intangible assets		50,735
Other assets		126
Total assets		108,460
Accounts payable		727
Accrued liabilities		701
Contract liabilities		2,260
Operating lease liabilities		11,868
Finance lease liabilities		528
Total liabilities		16,084
Goodwill		64,280
Total purchase consideration		156,656
Accrued contingent consideration and purchase price adjustments		(13,750)
Total cash consideration		$ 142,906

Revenue - Schedule of Net Sales

Revenue - Schedule of Net Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 4,232,494	$ 4,534,264	$ 12,580,186	$ 12,946,468
Lumber and Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,069,129	1,157,158	3,244,385	3,092,912
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	997,633	1,200,440	3,031,813	3,557,391
Windows, Doors and Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,084,692	1,093,278	3,230,525	3,263,358
Specialty Building Products & Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,081,040	$ 1,083,388	$ 3,073,463	$ 3,032,807

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - Reclassification	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Lumber and Lumber Sheet Goods
Disaggregation Of Revenue [Line Items]
Net sales	0.60%	0.40%
Manufactured Products
Disaggregation Of Revenue [Line Items]
Net sales	0.20%	(1.00%)
Windows, Doors and Millwork
Disaggregation Of Revenue [Line Items]
Net sales	(0.80%)	0.60%
Specialty Building Products & Services
Disaggregation Of Revenue [Line Items]
Net sales	0%	0.10%

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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 284,783	$ 344,090	$ 258,781	$ 451,457	$ 404,619	$ 333,786	$ 887,654	$ 1,189,862
Denominator:
Weighted average shares outstanding, basic	116,176			124,577			119,120	129,521
Dilutive effect of options and RSUs	764			1,215			996	1,213
Weighted average shares outstanding, diluted	116,940			125,792			120,116	130,734
Net income per share:
Basic	$ 2.45			$ 3.62			$ 7.45	$ 9.19
Diluted	$ 2.44			$ 3.59			$ 7.39	$ 9.1
Antidilutive and contingent RSUs excluded from diluted EPS	271			5			196	3

Goodwill - Schedule of Change i

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 3,556,556
Acquisitions	90,359
Goodwill, Ending Balance	$ 3,646,915

Goodwill - Schedule of Change_2

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Historical accumulated impairment losses	$ 44.6

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Goodwill recognized from current year acquisitions	$ 90,359
Goodwill amortization period	15 years
Other Acquisitions
Goodwill [Line Items]
Goodwill recognized from current year acquisitions	$ 89,600

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,361,005	$ 2,278,880
Accumulated Amortization	(1,217,882)	(980,707)
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,187,855	2,105,730
Accumulated Amortization	(1,134,491)	(912,865)
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,500	64,500
Accumulated Amortization	(42,129)	(36,459)
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,050	13,050
Accumulated Amortization	(8,028)	(6,223)
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	95,600	95,600
Accumulated Amortization	$ (33,234)	$ (25,160)

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expenses	$ 76.3	$ 83.5	$ 237.2	$ 252.9
Current Year Acquisitions
Finite-Lived Intangible Assets [Line Items]
Weighted average useful lives of the acquired intangible assets			2 years 8 months 12 days
Customer Relationships | Current Year Acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 82.1		$ 82.1

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (from October 1, 2024)	$ 66,656
2025	243,297
2026	211,067
2027	156,970
2028	124,052
Thereafter	341,081
Total future intangible amortization expense	$ 1,143,123

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Summary of accrued liabilities
Accrued payroll and other employee related expenses	$ 322,752	$ 383,157
Accrued business and other taxes	100,758	76,098
Self-insurance reserves	91,295	89,987
Accrued rebates payable	33,868	35,921
Accrued interest	29,985	34,537
Accrued contingent consideration & purchase price adjustments	7,941	43,127
Other	58,746	54,701
Total accrued liabilities	$ 645,345	$ 717,528

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 3,742,061		$ 3,209,345
Unamortized debt discount/premium and debt issuance costs	(38,295)		(28,285)
Long-term debt and capital lease obligation	3,703,766		3,181,060
Less: current maturities of long-term debt	3,591		3,649
Long-term debt, net of current maturities, discounts and issuance costs	3,700,175		3,177,411
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount			464,000
4.25% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	1,300,000		1,300,000
6.375% 2034 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	1,000,000	$ 1,000,000
6.375% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	700,000		700,000
5.00% 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	190,757		193,048
Finance Lease Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 1,304		$ 2,297

Long-Term Debt - Summary of L_2

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2024	Dec. 31, 2023
4.25% 2032 notes
Debt Instrument [Line Items]
Weighted average interest rate	4.25%	4.25%
6.375% 2034 notes
Debt Instrument [Line Items]
Weighted average interest rate	6.375%	6.375%
6.375% 2032 notes
Debt Instrument [Line Items]
Weighted average interest rate	6.375%	6.375%
5.00% 2030 notes
Debt Instrument [Line Items]
Weighted average interest rate	5%	5%
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate		7.10%

Long-Term Debt - 2024 Debt Tran

Long-Term Debt - 2024 Debt Transactions - Additional Information (Details) - USD ($)	Feb. 29, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument carrying amount		$ 3,742,061,000		$ 3,209,345,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount				464,000,000
6.375% 2034 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 1,000,000,000	$ 1,000,000,000
Private offered aggregate principal amount rate	6.375%	6.375%	6.375%
Net percentage of proceeds from debt issuance	100%
Debt issuance costs	$ 12,800
5.00% 2030 notes
Debt Instrument [Line Items]
Debt instrument carrying amount		$ 550,000,000		550,000,000
Private offered aggregate principal amount rate		5%
4.25% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount		$ 1,300,000,000		1,300,000,000
Private offered aggregate principal amount rate		4.25%
6.375% 2032 notes
Debt Instrument [Line Items]
Debt instrument carrying amount		$ 700,000,000		$ 700,000,000
Private offered aggregate principal amount rate		6.375%

Long-Term Debt - Fair Value - A

Long-Term Debt - Fair Value - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024	Feb. 29, 2024
6.375% 2034 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	6.375%	6.375%	6.375%
6.375% 2034 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt	$ 1,000
5.00% 2030 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	5%
5.00% 2030 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt	$ 540.8
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	$ 1,200
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	$ 727.3

Employee Stock-Based Compensa_3

Employee Stock-Based Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted | shares	272,000
Weighted average grant date fair value, granted | $ / shares	$ 186.75
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	85,500
Stock award granted vested period	3 years
Weighted average grant date fair value, granted | $ / shares	$ 201.97
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, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (Company)	43.80%
Expected volatility (peer group median)	30.50%
Correlation between the Company and peer group median	0.5
Expected dividend yield	0%
Risk-free rate	4.50%

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21%	21%	21%	21%
State income taxes, net of federal income tax	2.50%	2.60%	2.50%	2.50%
Stock-based compensation windfall benefit	(0.10%)	(0.10%)	(2.20%)	(1.00%)
Permanent differences and other	0.40%	0.20%	0.60%	0.30%
Total effective rate for continuing operations	23.80%	23.70%	21.90%	22.80%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 65.4