Builders FirstSource (BLDR) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	BLDR
Entity Registrant Name	Builders FirstSource, Inc.
Entity Central Index Key	1,316,835
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		110,866,674

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Sales	$ 1,677,300	$ 461,521	$ 3,074,415	$ 832,507
Cost of sales	1,258,969	350,907	2,306,335	638,160
Gross margin	418,331	110,614	768,080	194,347
Selling, general and administrative expenses	341,909	94,664	668,878	177,664
Income from operations	76,422	15,950	99,202	16,683
Interest expense, net	42,802	12,573	78,027	20,180
Income (loss) from continuing operations before income taxes	33,620	3,377	21,175	(3,497)
Income tax expense (benefit)	4,179	(199)	8,714	(3)
Net Income (loss)	29,441	3,576	12,461	(3,494)
Comprehensive Income (loss)	$ 29,441	$ 3,576	$ 12,461	$ (3,494)
Net income (loss) per share:
Basic	$ 0.27	$ 0.04	$ 0.11	$ (0.04)
Diluted	$ 0.26	$ 0.03	$ 0.11	$ (0.04)
Weighted average common shares:
Basic	110,339	99,163	110,133	98,677
Diluted	113,504	102,978	112,922	98,677

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 6,192	$ 65,063
Accounts receivable, less allowance of $9,683 and $8,049 at June 30, 2016 and December 31, 2015, respectively	667,905	528,544
Other receivables	37,583	57,778
Inventories, net	578,776	513,045
Other current assets	28,429	29,899
Total current assets	1,318,885	1,194,329
Property, plant and equipment, net	698,969	734,329
Assets held for sale	9,063	5,585
Goodwill	740,411	739,625
Intangible assets, net	174,908	189,604
Other assets, net	22,954	18,566
Total assets	2,965,190	2,882,038
Current liabilities:
Checks outstanding	39,458	46,833
Accounts payable	482,629	365,347
Accrued liabilities	246,564	293,905
Current maturities of long-term debt and lease obligations	28,540	29,153
Total current liabilities	797,191	735,238
Long-term debt and lease obligations, net of current maturities, debt discount and deferred loan costs	1,909,823	1,922,518
Other long-term liabilities	89,055	75,087
Total liabilities	2,796,069	2,732,843
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
Common stock, $0.01 par value, 200,000 shares authorized; 110,839 and 109,726 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	1,108	1,097
Additional paid-in capital	519,256	511,802
Accumulated deficit	(351,243)	(363,704)
Total stockholders' equity	169,121	149,195
Total liabilities and stockholders' equity	$ 2,965,190	$ 2,882,038

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 9,683	$ 8,049
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	200,000,000	200,000,000
Common stock, shares issued	110,839,000	109,726,000
Common stock, shares outstanding	110,839,000	109,726,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 12,461	$ (3,494)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	61,349	6,782
Asset impairments	1,357
Amortization of deferred loan costs	3,721	1,232
Amortization of debt discount	363
Gain on extinguishment of debt	(7,065)
Accretion of lease finance obligation	456
Fair value adjustment of stock warrants		4,563
Deferred income taxes	6,650	28
Bad debt expense	(87)	161
Stock compensation expense	5,127	3,369
Net gain on sale of assets	(361)	(114)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(124,728)	(37,194)
Inventories	(67,472)	(6,976)
Other current assets	3,448	2,942
Other assets and liabilities	3,207	1,046
Accounts payable and checks outstanding	111,741	34,471
Accrued liabilities	(43,016)	10,741
Net cash provided by (used in) operating activities	(32,849)	17,557
Cash flows from investing activities:
Purchases of property, plant and equipment	(22,672)	(14,331)
Proceeds from sale of property, plant and equipment	923	180
Cash used for acquisitions, net	(3,970)	(5,797)
Net cash used in investing activities	(25,719)	(19,948)
Cash flows from financing activities:
Borrowings under revolving credit facility	479,000	25,000
Repayments under revolving credit facility	(435,000)
Repayments of long-term debt and other loans	(42,189)	(36)
Payments of loan costs	(4,452)
Payments of transaction costs		(326)
Exercise of stock options	3,430	1,117
Repurchase of common stock	(1,092)	(986)
Net cash provided by (used in) financing activities	(303)	24,769
Net change in cash and cash equivalents	(58,871)	22,378
Cash and cash equivalents at beginning of period	65,063	17,773
Cash and cash equivalents at end of period	$ 6,192	$ 40,151

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 of building materials, manufactured components and construction services to professional contractors, sub-contractors, and consumers. Following our acquisition of ProBuild Holdings LLC (“ProBuild”) in July 2015, the company operates locations in 40 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 (including ProBuild as of July 31, 2015), 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. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2015 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, 2015 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, 2015 included in our most recent annual report on Form 10-K. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued an update to the existing guidance under the Compensation-Stock Compensation In February 2016, the FASB issued an update to the existing guidance under Leases Under the new guidance, lessees will be required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2015 the FASB issued an update to the existing guidance under the Inventory In August 2014, the FASB issued an update to the existing guidance under the Presentation of Financial Statements In May 2014, the FASB issued an update to the existing guidance under the Revenue Recognition

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	2. Acquisitions ProBuild Acquisition On July 31, 2015, we acquired all of the operating affiliates of ProBuild through the purchase of all issued and outstanding equity interests of ProBuild for $1.63 billion in cash, subject to certain adjustments. The purchase price was funded by the net proceeds received from concurrent financing transactions. Previously headquartered in Denver, Colorado, ProBuild is one of the nation’s largest professional building materials suppliers. As a result of the ProBuild acquisition, the Company has a greater diversification of products and services and a significantly improved geographic footprint. The ProBuild acquisition was accounted for by the acquisition method, and accordingly the results of operations were included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. All final purchase accounting adjustments related to this acquisition, which primarily reflect the final purchase price allocations and other revisions to the methodology and assumptions associated with the intangible asset valuations, have been recorded as of December 31, 2015. The fair value of acquired intangible assets of $184.5 million, primarily related to tradenames, customer relationships and lease contract intangibles, was estimated by applying an income approach. That measure 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, royalty rates, attrition rates and discount rates. We incurred $6.3 million and $11.6 million in costs related to the acquisition of ProBuild during the three and six months ended June 30, 2015, respectively. These costs include due diligence costs and transaction costs to complete the acquisition, and were recognized in selling, general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2015. We did not incur any acquisition costs related to ProBuild during the three and six months ended June 30, 2016. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date for ProBuild, net of cash (in thousands): Accounts receivable $ 470,105 Other receivables 34,718 Inventory 411,160 Other current assets 12,101 Property, plant and equipment 658,540 Assets held for sale 10,911 Goodwill 602,690 Intangible assets 184,509 Other assets 2,016 Total assets acquired 2,386,750 Checks outstanding (32,378 ) Current maturities of long term debt and lease obligations (25,456 ) Accounts payable (339,673 ) Accrued liabilities (210,436 ) Other long-term liabilities (53,703 ) Long-term debt and lease obligations, net of current maturities (262,390 ) Total liabilities assumed (924,036 ) Total net assets acquired $ 1,462,714 All of the goodwill and intangible assets recognized from the ProBuild acquisitions are expected to be deductible for tax purposes, with the goodwill recognized from these acquisitions being amortized ratably over a 15 year period. The ProBuild acquisition was treated as an asset purchase for tax purposes. The operating results of this acquisition have been included in the consolidated statements of operations and comprehensive income (loss) from the acquisition date through June 30, 2016. For the three months ended June 30, 2016, net sales and net income attributable to ProBuild were approximately $1,189.4 million and $54.0 million, respectively. For the six months ended June 30, 2016, net sales and net income attributable to ProBuild were approximately $2,172.1 million and $62.1 million, respectively. Net income attributable to ProBuild does not include an allocation of the additional interest expense incurred by the Company as a result of the ProBuild acquisition financing transactions. The following table reflects the unaudited pro forma operating results for the Company for the three and six months ended June 30, 2015 which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,627,840 $ 2,911,966 Net income (loss) $ 25,162 $ (22,533) Basic net income (loss) per share $ 0.23 $ (0.21) Diluted net income (loss) per share $ 0.22 $ (0.21) Pro forma net income (loss) for the three and six months ended June 30, 2015 reflects adjustments primarily related to depreciation and amortization, the conversion from last-in, first-out to first-in, first out inventory valuation, and interest expense. Pro forma net loss was adjusted to exclude transaction-related expenses of $7.1 million ($6.3 million incurred by the Company and $0.8 million incurred by ProBuild) and $13.4 million ($11.6 million incurred by the Company and $1.8 million incurred by ProBuild) in the three and six months ended June 30, 2015, respectively. Alaska Truss Acquisition On May 13, 2016 the Company acquired certain assets and the operations of Alaska Truss Manufacturing, LLC and ATM, LLC (collectively “Alaska Truss”) for cash of $4.0 million and $1.0 million of other consideration, subject to certain adjustments. Of the total consideration, $3.4 million was allocated to tangible assets acquired, primarily property, plant and equipment, $0.8 million was allocated to intangible assets and $0.8 million was allocated to goodwill. These are preliminary allocations and are subject to adjustment. Based in Chugiak, Alaska, Alaska Truss supplies roof trusses to both residential and commercial contractors throughout the greater Anchorage area. Acquisition costs related to Alaska Truss were not material in the three or six months ended June 30, 2016. Pro forma results of operations are not presented as this acquisition is not material.

Net Income (Loss) per Common Sh

Net Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income (Loss) per Common Share	3. Net Income (Loss) per Common Share Net income (loss) per common share (“EPS”) is calculated in accordance with the Earnings per Share Our restricted stock shares include rights to receive dividends that are not subject to the risk of forfeiture even if the underlying restricted stock shares on which the dividends were paid do not vest. In accordance with the Earnings per Share For the purpose of computing diluted EPS, weighted average shares outstanding have been adjusted for common shares underlying 4.3 million options and 2.2 million restricted stock units (“RSUs”) for the three months and six months ended June 30, 2016. There were no outstanding warrants as of June 30, 2016 as all of the remaining stock warrants were exercised in the second quarter of 2015. Weighted average shares outstanding have been adjusted for common shares underlying 6.2 million options and 1.5 million RSUs for the three months ended June 30, 2015. Incremental shares attributable to average warrants outstanding during the second quarter of 2015 were not included in the computation of diluted EPS for the three months ended June 30, 2015 as their effect was anti-dilutive. Options to purchase 6.2 million shares of common stock, 1.5 million RSUs, and the incremental shares attributable to average warrants outstanding during the first six months of 2015 were not included in the computation of diluted EPS for the six months ended June 30, 2015 because their effect was anti-dilutive. The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares for basic EPS 110,339 99,163 110,133 98,677 Dilutive effect of options and RSUs 3,165 3,815 2,789 — Weighted average shares for diluted EPS 113,504 102,978 112,922 98,677

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	4. Debt Long-term debt and lease obligations consisted of the following (in thousands): June 30, 2016 December 31, 2015 2021 notes $ 582,596 $ 350,000 2023 notes 417,608 700,000 2015 facility 104,000 60,000 2015 term loan 595,875 598,625 Lease finance obligations 269,303 280,909 Capital lease obligations 9,480 8,159 1,978,862 1,997,693 Unamortized debt discount and debt issuance costs (40,499 ) (46,022 ) 1,938,363 1,951,671 Less: current maturities of long-term debt and lease obligations 28,540 29,153 Long-term debt and lease obligations, net of current maturities $ 1,909,823 $ 1,922,518 Note Exchange Transactions On February 12, 2016, we completed separate privately negotiated note exchange transactions in which $218.6 million in aggregate principal amount of our 10.75% senior unsecured notes due 2023 (“2023 notes”) was exchanged for $207.6 million in aggregate principal amount of our 7.625% senior secured notes due 2021 (“2021 notes”). On February 29, 2016, we completed additional separate privately negotiated note exchange transactions in which $63.8 million in aggregate principal amount of our 2023 notes was exchanged for $60.0 million in aggregate principal amount of our 2021 notes. The 2021 notes were issued under the existing indenture dated as of May 29, 2013. The note exchange transactions were considered to be debt extinguishments. As such, we recognized a net gain of $7.8 million which was recorded as an offset to interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) in the first quarter of 2016. Of this $7.8 million gain, $14.8 million was attributable to the reduction in outstanding principal which was partially offset by the write-off of $7.0 million of unamortized debt issuance costs associated with the 2023 notes which were extinguished in the exchange transactions. In connection with issuance of the 2021 notes in the exchange transactions, we incurred $4.9 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 remaining term of the 2021 notes using the effective interest method. Note Redemption Transaction In May 2016 the Company exercised its contractual right to redeem $35.0 million in aggregate principal amount of 2021 notes at a price of 103.0%, plus accrued and unpaid interest. The redemption transaction was considered to be a debt extinguishment. As such, we recognized a loss of $1.7 million which was recorded as a component of interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) in the second quarter of 2016. Of this $1.7 million loss, 2015 Facility Borrowings As of June 30, 2016, we have $104.0 million in borrowings outstanding under our $800.0 million senior secured revolving credit facility (“2015 facility”). During the first six months of 2016, we borrowed $479.0 million, primarily related to the note redemption transaction described above, and repaid $435.0 million at a weighted average interest rate of 2.5%. Fair Value The only financial instrument which was measured at fair value on a recurring basis was our warrants. However, in April 2015, the remaining 0.7 million of outstanding, detachable warrants were exercised. The warrants were considered to be derivative financial instruments and were classified as liabilities. The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Derivative as Amount of Loss Recognized Location of Loss Three Months Ended June 30, Six Months Ended June 30, Recognized in Income 2016 2015 2016 2015 Warrants Interest expense, net $ — $ 4,730 $ — $ 4,563 We used the income approach to value our warrants by using the Black-Scholes option-pricing model. Using this model, the risk-free interest rate was based on the U.S. Treasury yield curve in effect on the valuation date. The expected life was based on the period of time until the expiration of the warrants. Expected volatility was based on the historical volatility of our common stock over the most recent period equal to the expected life of the warrants. The expected dividend yield was based on our history of not paying regular dividends in the past. These techniques incorporated Level 1 and Level 2 inputs. Significant inputs to the derivative valuation for the warrants were observable in the active markets and are classified as Level 2 in the hierarchy. We have elected to report the value of our 2021 notes, 2023 notes, and the $600.0 million term loan credit agreement (“2015 term loan”) at amortized cost. The fair values of the 2021 notes, the 2023 notes and the 2015 term loan at June 30, 2016 were approximately $617.6 million, $458.3 million and $595.1 million, respectively, and were determined using Level 2 inputs based on market prices.

Employee Stock-Based Compensati

Employee Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Stock-Based Compensation	5. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 625,000 RSUs to employees and eligible directors under our 2007 and 2014 Incentive Plans for which vesting is based on continuous employment over the requisite service period. 530,000 of the RSUs vest at 33% per year at each anniversary of the grant date over the next three years, 63,000 RSUs vest at 25% per year at each anniversary of the grant date over the next four years and 32,000 RSUs vest 100% at the first anniversary of the grant date. The weighted average grant date fair value for these RSUs was $10.52 per share, which was based on the closing stock price on the grant dates. Performance and Service Condition Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 265,000 RSUs to employees under our 2014 Incentive Plan, which vest if the compound annual growth rate of the Company’s total sales in 2018 over 2015 exceeds a composite annual growth rate based on single-family housing starts, multi-family housing starts, and growth in repair and remodeling sales over the same period. Assuming continued employment and if the performance vesting condition is achieved, these awards will cliff vest on the third anniversary of the grant date. The weighted average grant date fair value for these RSUs was $10.96 per share, which was based on the closing stock price on the grant dates. Market and Service Condition Based Restricted Stock Unit Grants In the first quarter of 2016, our board of directors granted 265,000 RSUs to employees under our 2014 Incentive Plan for which vesting is contingent upon the Company’s total shareholder return exceeding that of the Company’s peer group over a three year measurement period. Assuming continued employment and if the market vesting condition is met, these awards will cliff vest on the third anniversary of the grant date. The weighted average grant date fair value for these RSUs was $7.58 per share, which was determined using the Monte Carlo simulation model using the following weighted average assumptions: Expected volatility (company) 53.6% Expected volatility (peer group median) 17.3% Correlation between the company and peer group median 0.47 Expected dividend yield 0.00% Risk-free rate 1.29% The expected volatilities are based on the historical volatilities of our common stock and the common stocks of the constituents of the Company’s 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. Stock Option Grant In the first quarter of 2016, our board of directors granted 63,000 stock options to employees under our 2014 Incentive Plan. All the awards vest at 25% per year at each anniversary of the grant date over four years. The exercise price for the options was $6.59 per share, which was the closing stock price on the grant date. The weighted average grant date fair value of the options was $3.71 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions: Expected life 6.0 years Expected volatility 60.88% Expected dividend yield 0.00% Risk-free rate 1.41% The expected life represents the period of time the options are expected to be outstanding. We used the simplified method for determining the expected life assumption due to limited historical exercise experience on our stock options. The expected volatility is based on the historical volatility of our common stock over the most recent period equal to the expected life of the option. 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 expected life of the options.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes We recorded a full valuation allowance in 2008 due to our cumulative three year loss position at that time, compounded by the negative industry-wide business trends and outlook. At December 31, 2015, we reported a valuation allowance of $136.5 million against our deferred income tax assets, representing a full valuation allowance against our net deferred income tax assets. Historically weak housing market conditions have contributed to our cumulative loss position for the past several years. As of March 31, 2016, we had a cumulative unadjusted loss for the three year period. Further, considering the historical ProBuild results on a proforma basis, including debt, we also had a cumulative three year loss position. In the second quarter of 2016 we moved from a cumulative loss position over the previous three years to a cumulative income position for the first time since we established the full valuation allowance in 2008. While this is positive evidence, we have concluded as of June 30, 2016 that it remains necessary to record a full valuation allowance against our net federal and some state deferred tax assets based upon our history of losses since establishing the valuation allowance nine years ago. As of June 30, 2016, we are currently projecting taxable income in certain states where we do not have any carryover net operating losses and as such, management determined that there was sufficient positive evidence to conclude that it is more likely than not that the valuation allowance should be reduced for the deferred tax assets related to these states. We continue to evaluate our cumulative income position and income trend, as well as our future projections of sustained profitability. We evaluate whether this profitability is a trend, which may constitute sufficient positive evidence to support a full or partial reversal of our valuation allowance. If this profitability trend continues for the remainder of 2016 and the forecasted future, we anticipate that we may reverse substantially all of our valuation allowance as early as the second half of 2016. As of December 31, 2015 we had $414.6 million of state operating loss carry-forwards, which included $2.6 million of state tax credit carry-forwards expiring at various dates through 2035. In addition, at December 31, 2015 we also had $281.2 million of federal net operating loss carry-forwards that will expire at various dates through 2035. We recorded reductions to the valuation allowance of $16.0 million and $10.9 million for the three and six months ended June 30, 2016, respectively against our net deferred tax assets as we generated income during those periods. We recorded a reduction to the valuation allowance of $1.3 million for the three months ended June 30, 2015 against our net deferred tax assets as we generated income during that period. We recorded an increase to the valuation allowance of $1.8 million for the six months ended June 30, 2015 against our net deferred tax assets as we generated a net operating loss during that period. Our effective tax rate was 12.4% and 41.2% for the three and six months ended June 30, 2016, respectively. Our effective tax rate was (5.9%) and 0.1% for the three and six months ended June 30, 2015, respectively. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. We have used a discrete effective tax rate method to calculate income tax expense for the three and six months ended June 30, 2016 as we determined that due to higher tax expense in 2016, primarily relating to deferred tax expense arising from amortization of goodwill, that even a small level of volatility in projections would result in significant fluctuations in the estimated annualized effective tax rate. Section 382 of the Internal Revenue Code imposes annual limitations on the utilization of net operating loss (“NOL”) carryforwards, other tax carryforwards, and certain built-in losses upon an ownership change as defined under that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three year testing period (“Section 382 Ownership Change”). If the Company were to experience a Section 382 Ownership Change, an annual limitation would be imposed on certain of the Company’s tax attributes, including NOL and capital loss carryforwards, and certain other losses, credits, deductions or tax basis. We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses. Accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations or financial position.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies We are a party to various legal proceedings in the ordinary course of business. Although the ultimate disposition of these proceedings cannot be predicted with certainty, management believes the outcome of any claim that is pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future costs related to legal proceedings would not be material to our results of operations or liquidity for a particular period.

Segment and Product Information

Segment and Product Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment and Product Information	8. Segment and Product Information We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, stairs, millwork, windows, and doors. We also provide a full range of construction services. These product and service offerings are distributed across approximately 399 locations operating in 40 states across the United States, which have been reorganized into nine geographical regions following the ProBuild acquisition. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income (loss) before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). As a result of the reorganization following the ProBuild acquisition, the Company has nine operating segments aligned with its nine geographical regions (Regions 1 through 9). While all of our operating segments have products, distribution methods and customers of a similar nature, certain of our operating segments have been aggregated due to also containing similar economic characteristics, resulting in the following composition of reportable segments: · Regions 1 and 2 have been aggregated to form the “Northeast” reportable segment · Regions 3 and 5 have been aggregated to form the “Southeast” reportable segment · Regions 4 and 6 have been aggregated to form the “South” reportable segment · Region 7, 8 and 9 have been aggregated to form the “West” reportable segment, which was acquired entirely through the ProBuild acquisition. In addition to our reportable segments, our consolidated results include corporate overhead, other various operating activities that are not internally allocated to a geographical region nor separately reported to the CODM, and certain reconciling items primarily related to allocations of corporate overhead and rent expense, which have collectively been presented as “All Other”. The accounting policies of the segments are consistent with those referenced in Note 1, except for noted reconciling items. The following tables present Net sales, income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total continuing operations, for the periods indicated (in thousands): Three months ended June 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 325,765 $ 5,406 $ 4,608 $ 12,460 Southeast 364,954 3,180 4,833 11,652 South 430,893 5,938 5,707 18,982 West 523,537 9,798 7,106 28,407 Total reportable segments 1,645,149 24,322 22,254 71,501 All other 32,151 6,236 20,548 (37,881 ) Total consolidated $ 1,677,300 $ 30,558 $ 42,802 $ 33,620 Six months ended June 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 583,785 $ 10,889 $ 8,758 $ 15,082 Southeast 676,074 6,414 9,247 17,485 South 840,222 12,146 10,961 33,981 West 909,797 19,517 13,238 26,998 Total reportable segments 3,009,878 48,966 42,204 93,546 All other 64,537 12,383 35,823 (72,371 ) Total consolidated $ 3,074,415 $ 61,349 $ 78,027 $ 21,175 Three months ended June 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 68,424 $ 284 $ 857 $ 4,288 Southeast 193,525 787 3,255 5,078 South 169,226 1,632 2,461 4,568 West ─ ─ ─ ─ Total reportable segments 431,175 2,703 6,573 13,934 All other 30,346 927 6,000 (10,557 ) Total consolidated $ 461,521 $ 3,630 $ 12,573 $ 3,377 Six months ended June 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 111,909 $ 527 $ 1,709 $ 3,637 Southeast 340,994 1,472 6,245 3,382 South 321,957 3,087 4,834 7,222 West ─ ─ ─ ─ Total reportable segments 774,860 5,086 12,788 14,241 All other 57,647 1,696 7,392 (17,738 ) Total consolidated $ 832,507 $ 6,782 $ 20,180 $ (3,497 ) Asset information by segment is not reported internally or otherwise reviewed by the CODM nor does the Company earn revenues or have long-lived assets located in foreign countries. The Company’s net sales by product category for the periods indicated were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Lumber & lumber sheet goods $ 557,314 $ 140,302 $ 1,016,221 $ 254,608 Windows, doors & millwork 342,589 137,959 649,380 253,416 Manufactured products 291,110 102,639 531,859 181,480 Gypsum, roofing & insulation 139,769 13,021 251,781 23,408 Siding, metal & concrete products 149,471 11,253 268,395 20,278 Other building products & services 197,047 56,347 356,779 99,317 Net sales $ 1,677,300 $ 461,521 $ 3,074,415 $ 832,507 In the above presentation of the Company’s Net sales by product category, prior periods have been revised to reflect a categorization of the Company’s install material sales within the respective product categories. Install labor sales are reflected in the “Other building products & services” category. The revised presentation of the Company’s prior quarterly periods is as follows (in thousands): Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 March 31, 2015 Lumber & lumber sheet goods $ 458,907 $ 446,133 $ 407,642 $ 114,306 Windows, doors & millwork 306,791 308,423 276,095 115,457 Manufactured products 240,749 232,762 227,175 78,841 Gypsum, roofing & insulation 112,012 131,213 110,451 10,387 Siding, metal & concrete products 118,924 131,962 112,636 9,025 Other building products & services 159,731 205,362 142,064 42,970 Net Sales $ 1,397,114 $ 1,455,855 $ 1,276,063 $ 370,986

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Dates	The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date for ProBuild, net of cash (in thousands): Accounts receivable $ 470,105 Other receivables 34,718 Inventory 411,160 Other current assets 12,101 Property, plant and equipment 658,540 Assets held for sale 10,911 Goodwill 602,690 Intangible assets 184,509 Other assets 2,016 Total assets acquired 2,386,750 Checks outstanding (32,378 ) Current maturities of long term debt and lease obligations (25,456 ) Accounts payable (339,673 ) Accrued liabilities (210,436 ) Other long-term liabilities (53,703 ) Long-term debt and lease obligations, net of current maturities (262,390 ) Total liabilities assumed (924,036 ) Total net assets acquired $ 1,462,714
Schedule of Unaudited Pro Forma Operating Results	The following table reflects the unaudited pro forma operating results for the Company for the three and six months ended June 30, 2015 which gives effect to the acquisition of ProBuild as if it had occurred on January 1, 2014. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and ProBuild adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the acquisition of ProBuild. Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,627,840 $ 2,911,966 Net income (loss) $ 25,162 $ (22,533) Basic net income (loss) per share $ 0.23 $ (0.21) Diluted net income (loss) per share $ 0.22 $ (0.21)

Net Income (Loss) per Common 15

Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS	The table below presents a reconciliation of weighted average common shares used in the calculation of basic and diluted EPS (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average shares for basic EPS 110,339 99,163 110,133 98,677 Dilutive effect of options and RSUs 3,165 3,815 2,789 — Weighted average shares for diluted EPS 113,504 102,978 112,922 98,677

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt and Lease Obligation	Long-term debt and lease obligations consisted of the following (in thousands): June 30, 2016 December 31, 2015 2021 notes $ 582,596 $ 350,000 2023 notes 417,608 700,000 2015 facility 104,000 60,000 2015 term loan 595,875 598,625 Lease finance obligations 269,303 280,909 Capital lease obligations 9,480 8,159 1,978,862 1,997,693 Unamortized debt discount and debt issuance costs (40,499 ) (46,022 ) 1,938,363 1,951,671 Less: current maturities of long-term debt and lease obligations 28,540 29,153 Long-term debt and lease obligations, net of current maturities $ 1,909,823 $ 1,922,518
Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	The table below presents the effect of our derivative financial instrument on the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Derivative as Amount of Loss Recognized Location of Loss Three Months Ended June 30, Six Months Ended June 30, Recognized in Income 2016 2015 2016 2015 Warrants Interest expense, net $ — $ 4,730 $ — $ 4,563

Employee Stock-Based Compensa17

Employee Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Market and Service Condition Based Restricted Stock Unit Grants
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions	The weighted average grant date fair value for these RSUs was $7.58 per share, which was determined using the Monte Carlo simulation model using the following weighted average assumptions: Expected volatility (company) 53.6% Expected volatility (peer group median) 17.3% Correlation between the company and peer group median 0.47 Expected dividend yield 0.00% Risk-free rate 1.29%
Stock Options
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted average grant date fair value of the options was $3.71 and was determined using the Black-Scholes option-pricing model with the following weighted average assumptions: Expected life 6.0 years Expected volatility 60.88% Expected dividend yield 0.00% Risk-free rate 1.41%

Segment and Product Informati18

Segment and Product Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Reconciling Information by Reportable Segments	The following tables present Net sales, income (loss) before income taxes and certain other measures for the reportable segments, reconciled to consolidated total continuing operations, for the periods indicated (in thousands): Three months ended June 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 325,765 $ 5,406 $ 4,608 $ 12,460 Southeast 364,954 3,180 4,833 11,652 South 430,893 5,938 5,707 18,982 West 523,537 9,798 7,106 28,407 Total reportable segments 1,645,149 24,322 22,254 71,501 All other 32,151 6,236 20,548 (37,881 ) Total consolidated $ 1,677,300 $ 30,558 $ 42,802 $ 33,620 Six months ended June 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 583,785 $ 10,889 $ 8,758 $ 15,082 Southeast 676,074 6,414 9,247 17,485 South 840,222 12,146 10,961 33,981 West 909,797 19,517 13,238 26,998 Total reportable segments 3,009,878 48,966 42,204 93,546 All other 64,537 12,383 35,823 (72,371 ) Total consolidated $ 3,074,415 $ 61,349 $ 78,027 $ 21,175 Three months ended June 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 68,424 $ 284 $ 857 $ 4,288 Southeast 193,525 787 3,255 5,078 South 169,226 1,632 2,461 4,568 West ─ ─ ─ ─ Total reportable segments 431,175 2,703 6,573 13,934 All other 30,346 927 6,000 (10,557 ) Total consolidated $ 461,521 $ 3,630 $ 12,573 $ 3,377 Six months ended June 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 111,909 $ 527 $ 1,709 $ 3,637 Southeast 340,994 1,472 6,245 3,382 South 321,957 3,087 4,834 7,222 West ─ ─ ─ ─ Total reportable segments 774,860 5,086 12,788 14,241 All other 57,647 1,696 7,392 (17,738 ) Total consolidated $ 832,507 $ 6,782 $ 20,180 $ (3,497 )
Schedule of Segment Reporting Information by Product Category	The Company’s net sales by product category for the periods indicated were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Lumber & lumber sheet goods $ 557,314 $ 140,302 $ 1,016,221 $ 254,608 Windows, doors & millwork 342,589 137,959 649,380 253,416 Manufactured products 291,110 102,639 531,859 181,480 Gypsum, roofing & insulation 139,769 13,021 251,781 23,408 Siding, metal & concrete products 149,471 11,253 268,395 20,278 Other building products & services 197,047 56,347 356,779 99,317 Net sales $ 1,677,300 $ 461,521 $ 3,074,415 $ 832,507 The revised presentation of the Company’s prior quarterly periods is as follows (in thousands): Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 March 31, 2015 Lumber & lumber sheet goods $ 458,907 $ 446,133 $ 407,642 $ 114,306 Windows, doors & millwork 306,791 308,423 276,095 115,457 Manufactured products 240,749 232,762 227,175 78,841 Gypsum, roofing & insulation 112,012 131,213 110,451 10,387 Siding, metal & concrete products 118,924 131,962 112,636 9,025 Other building products & services 159,731 205,362 142,064 42,970 Net Sales $ 1,397,114 $ 1,455,855 $ 1,276,063 $ 370,986

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016States
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1,998
Number of states	40

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 13, 2016	Jul. 31, 2015	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Amortization period of acquired goodwill for tax purpose									15 years
Net sales			$ 1,677,300,000	$ 1,397,114,000	$ 1,455,855,000	$ 1,276,063,000	$ 461,521,000	$ 370,986,000	$ 3,074,415,000	$ 832,507,000
Net income (loss)			29,441,000				3,576,000		12,461,000	(3,494,000)
Business combination goodwill acquired			740,411,000		$ 739,625,000				$ 740,411,000
ProBuild Holdings LLC
Business Acquisition [Line Items]
Cash consideration for certain assets acquired		$ 1,630,000,000
Date of acquisition									Jul. 31, 2015
Fair value of acquired intangible assets		184,509,000	184,500,000						$ 184,500,000
Net sales			1,189,400,000						2,172,100,000
Net income (loss)			54,000,000						62,100,000
Property, plant and equipment		658,540,000
Business combination goodwill acquired		$ 602,690,000
ProBuild Holdings LLC | Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs			$ 0				6,300,000		$ 0	11,600,000
Transaction Costs Incurred by the Acquirer and the Acquiree
Business Acquisition [Line Items]
Acquisition related costs							7,100,000			13,400,000
Transaction Costs Incurred by the Acquiree
Business Acquisition [Line Items]
Acquisition related costs							800,000			1,800,000
Transaction Costs Incurred by the Acquirer
Business Acquisition [Line Items]
Acquisition related costs							$ 6,300,000			$ 11,600,000
Alaska Truss Acquisition
Business Acquisition [Line Items]
Cash consideration for certain assets acquired	$ 4,000,000
Date of acquisition									May 13, 2016
Fair value of acquired intangible assets	800,000
Business acquisition purchase price paid in other consideration	1,000,000
Property, plant and equipment	3,400,000
Business combination goodwill acquired	$ 800,000

Acquisitions - Fair Values of A

Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Dates (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jul. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 740,411	$ 739,625
ProBuild Holdings LLC
Business Acquisition [Line Items]
Accounts receivable			$ 470,105
Other receivables			34,718
Inventory			411,160
Other current assets			12,101
Property, plant and equipment			658,540
Assets held for sale			10,911
Goodwill			602,690
Intangible assets	$ 184,500		184,509
Other assets			2,016
Total assets acquired			2,386,750
Checks outstanding			(32,378)
Current maturities of long term debt and lease obligations			(25,456)
Accounts payable			(339,673)
Accrued liabilities			(210,436)
Other long-term liabilities			(53,703)
Long-term debt and lease obligations, net of current maturities			(262,390)
Total liabilities assumed			(924,036)
Total net assets acquired			$ 1,462,714

Acquisition - Schedule of Unaud

Acquisition - Schedule of Unaudited Pro Forma Operating Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Business Combinations [Abstract]
Net sales	$ 1,627,840	$ 2,911,966
Net income (loss)	$ 25,162	$ (22,533)
Basic net income (loss) per share	$ 0.23	$ (0.21)
Diluted net income (loss) per share	$ 0.22	$ (0.21)

Net Income (Loss) per Common 23

Net Income (Loss) per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Line Items]
Warrants outstanding	0		0
Restricted Stock
Earnings Per Share [Line Items]
Securities included in the computation of basic EPS		13,000
Stock Options
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS	4,300,000	6,200,000	4,300,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS	2,200,000	1,500,000	2,200,000
Restricted Stock
Earnings Per Share [Line Items]
Shares excluded from computation of EPS				13,000
Shares outstanding	0		0
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of EPS				6,200,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from computation of EPS				1,500,000

Net Income (Loss) per Common 24

Net Income (Loss) per Common Share - Reconciliation of Weighted Average Common Shares Used in Calculation of Basic and Diluted EPS (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS
Weighted average shares for basic EPS	110,339	99,163	110,133	98,677
Dilutive effect of options and RSUs	3,165	3,815	2,789
Weighted average shares for diluted EPS	113,504	102,978	112,922	98,677

Debt - Long-Term Debt and Lease

Debt - Long-Term Debt and Lease Obligation (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Lease finance obligations	$ 269,303	$ 280,909
Capital lease obligations	9,480	8,159
Long term debt and lease obligations gross	1,978,862	1,997,693
Unamortized debt discount and debt issuance costs	(40,499)	(46,022)
Long-term debt and lease obligation	1,938,363	1,951,671
Less: current maturities of long-term debt and lease obligations	28,540	29,153
Long-term debt and lease obligations, net of current maturities	1,909,823	1,922,518
2021 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	582,596	350,000
2023 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	417,608	700,000
2015 term loan
Debt Instrument [Line Items]
Debt instrument carrying amount	595,875	598,625
2015 facility
Debt Instrument [Line Items]
Line of credit facility outstanding	$ 104,000	$ 60,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) shares in Millions	Feb. 29, 2016	Feb. 12, 2016	May 31, 2016	Apr. 30, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt						$ 7,800,000	$ 7,065,000
Borrowings under revolving credit facility, primarily related to note redemption transaction							479,000,000	$ 25,000,000
Payments under revolving credit facility							435,000,000
Class of warrant or right outstanding exercised.				0.7
2015 facility
Debt Instrument [Line Items]
Line of credit facility outstanding					$ 104,000,000		104,000,000		$ 60,000,000
Line of credit facility maximum borrowing capacity					$ 800,000,000		800,000,000
Borrowings under revolving credit facility, primarily related to note redemption transaction							479,000,000
Payments under revolving credit facility							$ 435,000,000
Weighted average interest rate of debt outstanding					2.50%		2.50%
2023 notes
Debt Instrument [Line Items]
Amount of debt extinguishment	$ 63,800,000	$ 218,600,000
Private offered aggregate principal amount rate		10.75%
Write off of unamortized deferred issuance cost						7,000,000
Reduction in Principal from Debt Extinguishment						$ 14,800,000
2021 notes
Debt Instrument [Line Items]
Amount of debt extinguishment			$ 35,000,000
Private offered aggregate principal amount rate		7.625%
Aggregate principal amount	$ 60,000,000	$ 207,600,000
Gain (loss) on extinguishment of debt					$ (1,700,000)
Write off of unamortized deferred issuance cost					700,000
Reduction in Principal from Debt Extinguishment					1,000,000
Debt issuance cost					4,900,000		$ 4,900,000
Purchase price, Percentage of principal amount			103.00%
2021 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt					617,600,000		617,600,000
2015 term loan
Debt Instrument [Line Items]
Aggregate principal amount					600,000,000		600,000,000
2023 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt					458,300,000		458,300,000
Term Loan Due On 2015 | Level 2
Debt Instrument [Line Items]
Fair value of long term debt					$ 595,100,000		$ 595,100,000

Debt - Effect of Derivative Fin

Debt - Effect of Derivative Financial Instrument on Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Interest Expense | Warrant
Derivative Instruments Gain Loss [Line Items]
Amount of Loss Recognized in Income	$ 4,730	$ 4,563

Employee Stock-Based Compensa28

Employee Stock-Based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.52
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	625,000
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	530,000
Stock award granted vesting period	3 years
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans One | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	33.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	63,000
Stock award granted vesting period	4 years
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Two | Share Based Compensation Award Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	32,000
Time Based Restricted Stock Unit Grants | 2007 and 2014 Incentive Plans Three | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	100.00%
Performance and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	265,000
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 10.96
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	265,000
Stock award granted vesting period	3 years
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 7.58
Stock Options | 2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award granted vesting period	4 years
Options, Granted	63,000
Exercise Price for the options on the grant date | $ / shares	$ 6.59
Weighted average grant date fair value of option | $ / shares	$ 3.71
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%
Stock Options | 2014 Incentive Plan | Share Based Compensation Award Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock award vesting percentage	25.00%

Employee Stock-Based Compensa29

Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Market and Service Condition Based Restricted Stock Unit Grants	6 Months Ended
	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (company)	53.60%
Expected volatility (peer group median)	17.30%
Correlation between the company and peer group median	0.47
Expected dividend yield	0.00%
Risk-free rate	1.29%

Employee Stock-Based Compensa30

Employee Stock-Based Compensation - Stock Option Valuation (Detail) - Stock Options	6 Months Ended
	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	6 years
Expected volatility (company)	60.88%
Expected dividend yield	0.00%
Risk-free rate	1.41%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Taxes [Line Items]
Deferred tax assets, valuation allowance					$ 136.5
Valuation allowance related to net deferred tax	$ 16	$ (1.3)	$ 10.9	$ 1.8
Effective tax rate	12.40%	(5.90%)	41.20%	0.10%
Ownership change percentage criteria under Section 382 of the Internal Revenue Code			50.00%
State
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards					414.6
State Tax credit carry-forwards					$ 2.6
State and Federal Operating loss carry-forwards expiration year					2,035
Federal
Income Taxes [Line Items]
State and Federal Operating loss carry-forwards					$ 281.2
State and Federal Operating loss carry-forwards expiration year					2,035

Segment and Product Informati32

Segment and Product Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016StatesStoreRegionSegment
Segment Reporting [Abstract]
Number of Locations | Store	399
Number of states | States	40
Number of geographic regions | Region	9
Number of operating segments | Segment	9

Segment and Product Informati33

Segment and Product Information - Schedule of Reconciling Information by Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,677,300	$ 1,397,114	$ 1,455,855	$ 1,276,063	$ 461,521	$ 370,986	$ 3,074,415	$ 832,507
Depreciation & Amortization	30,558				3,630		61,349	6,782
Interest	42,802				12,573		78,027	20,180
Income (loss) before income taxes	33,620				3,377		21,175	(3,497)
Operating Segments
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,645,149				431,175		3,009,878	774,860
Depreciation & Amortization	24,322				2,703		48,966	5,086
Interest	22,254				6,573		42,204	12,788
Income (loss) before income taxes	71,501				13,934		93,546	14,241
Operating Segments | Northeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	325,765				68,424		583,785	111,909
Depreciation & Amortization	5,406				284		10,889	527
Interest	4,608				857		8,758	1,709
Income (loss) before income taxes	12,460				4,288		15,082	3,637
Operating Segments | Southeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	364,954				193,525		676,074	340,994
Depreciation & Amortization	3,180				787		6,414	1,472
Interest	4,833				3,255		9,247	6,245
Income (loss) before income taxes	11,652				5,078		17,485	3,382
Operating Segments | South
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	430,893				169,226		840,222	321,957
Depreciation & Amortization	5,938				1,632		12,146	3,087
Interest	5,707				2,461		10,961	4,834
Income (loss) before income taxes	18,982				4,568		33,981	7,222
Operating Segments | West
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	523,537						909,797
Depreciation & Amortization	9,798						19,517
Interest	7,106						13,238
Income (loss) before income taxes	28,407						26,998
All other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	32,151				30,346		64,537	57,647
Depreciation & Amortization	6,236				927		12,383	1,696
Interest	20,548				6,000		35,823	7,392
Income (loss) before income taxes	$ (37,881)				$ (10,557)		$ (72,371)	$ (17,738)

Segment and Product Informati34

Segment and Product Information - Segment Reporting Information by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,677,300	$ 1,397,114	$ 1,455,855	$ 1,276,063	$ 461,521	$ 370,986	$ 3,074,415	$ 832,507
Lumber And Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	557,314	458,907	446,133	407,642	140,302	114,306	1,016,221	254,608
Windows, Doors And Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	342,589	306,791	308,423	276,095	137,959	115,457	649,380	253,416
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	291,110	240,749	232,762	227,175	102,639	78,841	531,859	181,480
Gypsum Roofing And Insulation
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	139,769	112,012	131,213	110,451	13,021	10,387	251,781	23,408
Siding, Metal And Concrete Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	149,471	118,924	131,962	112,636	11,253	9,025	268,395	20,278
Other Building Products And Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 197,047	$ 159,731	$ 205,362	$ 142,064	$ 56,347	$ 42,970	$ 356,779	$ 99,317