Builders FirstSource (BLDR) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		111,538,162

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Sales	$ 1,745,958	$ 1,276,063	$ 4,820,372	$ 2,108,570
Cost of sales	1,308,864	951,289	3,615,199	1,589,449
Gross margin	437,094	324,774	1,205,173	519,121
Selling, general and administrative expenses	350,837	286,533	1,019,715	464,197
Income from operations	86,257	38,241	185,458	54,924
Interest expense, net	92,290	46,005	170,316	66,185
Income (loss) from continuing operations before income taxes	(6,033)	(7,764)	15,142	(11,261)
Income tax expense (benefit)	(131,502)	993	(122,788)	990
Net Income (loss)	125,469	(8,757)	137,930	(12,251)
Comprehensive Income (loss)	$ 125,469	$ (8,757)	$ 137,930	$ (12,251)
Net income (loss) per share:
Basic	$ 1.13	$ (0.08)	$ 1.25	$ (0.12)
Diluted	$ 1.10	$ (0.08)	$ 1.22	$ (0.12)
Weighted average common shares:
Basic	111,187	105,856	110,487	101,096
Diluted	114,273	105,856	113,393	101,096

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 5,850	$ 65,063
Accounts receivable, less allowances of $10,923 and $8,049 at September 30, 2016 and December 31, 2015, respectively	677,171	528,544
Other receivables	47,904	57,778
Inventories, net	570,582	513,045
Other current assets	29,476	29,899
Total current assets	1,330,983	1,194,329
Property, plant and equipment, net	669,683	734,329
Assets held for sale	7,488	5,585
Goodwill	740,411	739,625
Intangible assets, net	167,883	189,604
Deferred income taxes	115,320	2,035
Other assets, net	20,535	16,531
Total assets	3,052,303	2,882,038
Current liabilities:
Checks outstanding	40,688	46,833
Accounts payable	446,581	365,347
Accrued liabilities	254,267	293,905
Current maturities of long-term debt and lease obligations	18,985	29,153
Total current liabilities	760,521	735,238
Long-term debt and lease obligations, net of current maturities, debt discount and debt issuance costs	1,924,817	1,922,518
Other long-term liabilities	66,651	75,087
Total liabilities	2,751,989	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 September 30, 2016 and December 31, 2015, respectively
Common stock, $0.01 par value, 200,000 shares authorized; 111,538 and 109,726 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,115	1,097
Additional paid-in capital	524,973	511,802
Accumulated deficit	(225,774)	(363,704)
Total stockholders' equity	300,314	149,195
Total liabilities and stockholders' equity	$ 3,052,303	$ 2,882,038

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 10,923	$ 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	111,538,000	109,726,000
Common stock, shares outstanding	111,538,000	109,726,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 137,930	$ (12,251)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	86,901	30,635
Asset impairments	1,905	1,438
Amortization of deferred loan costs	5,414	16,751
Amortization of debt discount	526	120
Loss on extinguishment of debt	11,736
Payment of original issue discount	(1,259)
Accretion of lease finance obligation	714
Fair value adjustment of stock warrants		4,563
Deferred income taxes	(124,787)	396
Bad debt expense	35	797
Stock compensation expense	7,734	4,972
Net gain on sale of assets	(5,159)	(587)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(144,342)	(30,513)
Inventories	(62,005)	31,615
Other current assets	423	(2,255)
Other assets and liabilities	3,323	2,227
Accounts payable and checks outstanding	77,939	32,380
Accrued liabilities	(35,115)	38,481
Net cash provided by (used in) operating activities	(38,087)	118,769
Cash flows from investing activities:
Purchases of property, plant and equipment	(34,127)	(28,313)
Proceeds from sale of property, plant and equipment	2,816	2,409
Cash used for acquisitions, net	(3,970)	(1,465,117)
Net cash used in investing activities	(35,281)	(1,491,021)
Cash flows from financing activities:
Borrowings under revolving credit facility	707,000	320,000
Repayments under revolving credit facility	(678,000)	(215,000)
Proceeds from issuance of notes	750,000	700,000
Proceeds from term loan		594,000
Repayments of long-term debt and other loans	(755,095)	(1,365)
Payments of loan costs	(15,205)	(56,632)
Proceeds from public offering of common stock, net of issuance costs		111,315
Exercise of stock options	6,547	4,332
Repurchase of common stock	(1,092)	(986)
Net cash provided by financing activities	14,155	1,455,664
Net change in cash and cash equivalents	(59,213)	83,412
Cash and cash equivalents at beginning of period	65,063	17,773
Cash and cash equivalents at end of period	$ 5,850	$ 101,185

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement Of Cash Flows [Abstract]
Non cash retirement of assets related to lease finance obligations	$ 34.4	$ 1.4
Non cash extinguishment of related lease finance obligation	39.4	1.5
Equipment purchased and financed through capital lease obligations	$ 8	$ 0.7

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 400 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued an update to the existing guidance under the Statement of Cash Flows clarifies the classification of certain transactions in the statement of cash flows. This update requires application using a retrospective transition method. In March 2016, the 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	9 Months Ended
	Sep. 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 expanded 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 $8.8 million and $20.3 million in costs related to the acquisition of ProBuild during the three and nine months ended September 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 nine months ended September 30, 2015. We did not incur any acquisition costs related to ProBuild during the three and nine months ended September 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 September 30, 2016. For the three months ended September 30, 2016, net sales and net income attributable to ProBuild were approximately $1,256.9 million and $69.3 million, respectively. For the nine months ended September 30, 2016, net sales and net income attributable to ProBuild were approximately $3,429.0 million and $131.4 million, respectively. Net sales and net income attributable to ProBuild were $811.9 million and $24.8 million, respectively, for the period of August 1, 2015 through September 30, 2015. 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 nine months ended September 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 September 30, 2015 Nine Months Ended September 30, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,698,971 $ 4,610,937 Net income (loss) $ 22,449 $ (84) Basic net income (loss) per share $ 0.21 $ (0.00) Diluted net income (loss) per share $ 0.20 $ (0.00) Pro forma net income (loss) for the three and nine months ended September 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 income (loss) was adjusted to exclude transaction-related expenses of $33.3 million ($22.8 million incurred by the Company and $10.5 million incurred by ProBuild) and $46.7 million ($34.4 million incurred by the Company and $12.3 million incurred by ProBuild) in the three and nine months ended September 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. 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 nine months ended September 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	9 Months Ended
	Sep. 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 3.5 million options and 2.1 million restricted stock units (“RSUs”) for the three months and nine months ended September 30, 2016. There were no outstanding warrants as of September 30, 2016 as all of the remaining stock warrants were exercised in the second quarter of 2015. For the purpose of computing diluted EPS, options to purchase 5.5 million shares of common stock and 1.5 million RSUs were not included in the computations of diluted EPS for the three and nine months ended September 30, 2015 because their effect was anti-dilutive. Incremental shares attributable to average warrants outstanding during the nine months ended September 30, 2015 were not included in the computation of diluted EPS for the nine months ended September 30, 2015 as 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares for basic EPS 111,187 105,856 110,487 101,096 Dilutive effect of options and RSUs 3,086 — 2,906 — Weighted average shares for diluted EPS 114,273 105,856 113,393 101,096

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	4. Debt Long-term debt and lease obligations consisted of the following (in thousands): September 30, 2016 December 31, 2015 2021 notes $ — $ 350,000 2023 notes 417,608 700,000 2024 notes 750,000 — 2015 facility 89,000 60,000 2015 term loan 468,825 598,625 Lease finance obligations 241,364 280,909 Capital lease obligations 8,246 8,159 1,975,043 1,997,693 Unamortized debt discount and debt issuance costs (31,241 ) (46,022 ) 1,943,802 1,951,671 Less: current maturities of long-term debt and lease obligations 18,985 29,153 Long-term debt and lease obligations, net of current maturities $ 1,924,817 $ 1,922,518 2016 Debt Transactions During the nine months ended September 30, 2016, the Company executed several debt transactions which are described in more detail below. These transactions include two debt exchanges, complete extinguishment of our 7.625% senior secured notes due 2021 (“2021 notes”), as well as repricing and partially repaying our $600.0 million term loan facility due 2022 (“2015 term loan”). These transactions have extended our debt maturity profile and reduced our annual cash interest on a go forward basis. 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 previously outstanding 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 previously outstanding 2021 notes. 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) for the nine months ended September 30, 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 were previously recorded as a reduction to long-term debt and were subsequently written off to interest expense in the third quarter of 2016 in connection with the extinguishment of the 2021 notes as described in the “2016 Refinancing Transactions” section below. 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) for the nine months ended September 30, 2016. Of this $1.7 million loss, 2016 Refinancing Transactions In August 2016, we completed a private offering of $750.0 million in aggregate principal amount of 5.625% senior secured notes due 2024 (“2024 notes”) at an issue price equal to 100% of their face value. At the same time the Company also repriced its 2015 term loan. This repricing lowered the applicable margin to 3.75% in the case of Eurodollar loans and 2.75% in the case of base rate loans. This reduction represents a 1.25% decrease in the applicable margin for both Eurodollar and base rate loans. In connection with the repricing, the mandatory quarterly principal repayments were reduced from $1.375 million to $1.175 million. All other material terms of the 2015 term loan remain unchanged. The proceeds from the issuance of the 2024 notes were used, together with cash on hand and borrowings on the $800.0 million senior secured revolving credit facility due 2020 (“2015 facility”), to fully redeem the $582.6 million in aggregate outstanding principal amount of 2021 notes, to pay down $125.9 million of the 2015 term loan and to pay related transaction fees and expenses. The redemption of the 2021 notes was considered to be a debt extinguishment. As such, we recognized a loss of $43.9 million which was recorded as a component of interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2016. Of this $43.9 million loss, In connection with the issuance of the 2024 notes and the 2015 term loan repricing, we incurred approximately $12.0 million of various third-party fees and expenses. Of these costs $10.5 million were allocated to the 2024 notes and have been recorded as a reduction to long-term debt. These costs will be amortized over the contractual life of the 2024 notes using the effective interest method. The remaining $1.5 million in costs incurred were allocated to the 2015 term loan. Of this $1.5 million, $1.2 million was recorded to interest expense in the third quarter of 2016. The remaining $0.3 million of new third-party costs together with $10.9 million in remaining unamortized debt discount and debt issuance costs have been recorded as a reduction of long-term debt and will be amortized over the remaining contractual life of the 2015 term loan using the effective interest method. Senior Secured Notes due 2024 As of September 30, 2016 we have $750.0 million outstanding in aggregate principal amount of the 2024 notes which mature on September 1, 2024. Interest accrues on the 2024 notes at a rate of 5.625% per annum and is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2017. The terms of the 2024 notes are governed by the indenture, dated as of August 22, 2016 (the “Indenture”), among the Company, the guarantors named therein (the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”) and notes collateral agent (the “Notes Collateral Agent”). The 2024 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior secured basis, by certain of our direct and indirect wholly owned subsidiaries. All obligations under the 2024 notes, and the guarantees of those obligations, will be secured by substantially all of the assets of the Company and the Guarantors subject to certain exceptions and permitted liens, including a first-priority security interest in such assets that constitute Notes Collateral (as defined below) and a second-priority security interest in such assets that constitute ABL Collateral (as defined below). “ABL Collateral” includes substantially all presently owned and after-acquired accounts, inventory, rights of an unpaid vendor with respect to inventory, deposit accounts, investment property, cash and cash equivalents, and instruments and chattel paper and general intangibles, books and records and documents related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral which is not ABL Collateral. The ABL/Bond Intercreditor Agreement, dated as of May 29, 2013, among SunTrust Bank, as agent under the Company’s 2015 facility, the Wilmington Trust, National Association, the Company and the Guarantors, and the Pari Passu Intercreditor Agreement, dated as of July 31, 2015, among Deutsche Bank AG New York Branch, as term collateral agent under the Company’s 2015 term loan, Wilmington Trust, National Association, the Company and the Guarantors, in each case will be joined by the Notes Collateral Agent and together will govern all arrangements in respect of the priority of the security interests in the ABL Collateral and the Notes Collateral among the parties to the Indenture, the 2015 facility and the 2015 term loan. The 2024 notes constitute senior secured obligations of the Company and Guarantors, rank senior in right of payment to all future debt of the Company and Guarantors that is expressly subordinated in right of payment to the 2024 notes, and rank equally in right of payment with all existing and future liabilities of the Company and Guarantors that are not so subordinated, including the 2015 facility. The Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock; create liens; create restrictions on the Company’s subsidiaries’ ability to make payments to the Company; pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock; make certain investments or certain other restricted payments; guarantee indebtedness; designate unrestricted subsidiaries; sell certain kinds of assets; enter into certain types of transactions with affiliates; and effect mergers and consolidations. At any time prior to September 1, 2019, the Company may redeem the 2024 notes in whole or in part at a redemption price equal to 100% of the principal amount of the 2024 notes plus the “applicable premium” set forth in the Indenture. At any time on or after September 1, 2019, the Company may redeem the 2024 notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date. At any time and from time to time during the 36-month period following August 22, 2016 (“the Closing Date”), the Company may redeem up to 10% of the aggregate principal amount of the 2024 notes during each twelve-month period commencing on the Closing Date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest to the redemption date. In addition, at any time prior to September 1, 2019, the Company may redeem up to 40% of the aggregate principal amount of the 2024 notes with the net cash proceeds of one or more equity offerings, as described in the Indenture, at a price equal to 105.625% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control events, holders of the 2024 notes may require it to repurchase all or part of their 2024 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date. 2015 Facility Borrowings As of September 30, 2016, we have $89.0 million in borrowings outstanding under our $800.0 million senior secured revolving credit facility (“2015 facility”). During the first nine months of 2016, we borrowed $707.0 million, primarily related to the transactions described above, and repaid $678.0 million at a weighted average interest rate of 2.5%. 2015 Term Loan As of September 30, 2016, we have $468.8 million in borrowings outstanding under our 2015 facility term loan at a weighted average interest rate of 5.9%. During the first nine months of 2016 we repaid $129.8 million of the 2015 term loan. We were not in violation of any covenants or restrictions imposed by any of our debt agreements at September 30, 2016. Fair Value As of September 30, 2016 and December 31, 2015 the Company does not have any financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 2023 notes, 2024 notes, and 2015 term loan at amortized cost. The fair values of the 2023 notes, the 2024 notes and the 2015 term loan at September 30, 2016 were approximately $541.2 million, $772.5 million and $471.2 million, respectively, and were determined using Level 2 inputs based on market prices.

Employee Stock-Based Compensati

Employee Stock-Based Compensation	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. 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. Absent the effect of the Company’s debt refinance transaction, we continued that trend of profitability in the third quarter of 2016. With this positive historical evidence and the projection of future profitability resulting in taxable income, management determined that there was sufficient positive evidence to conclude that it is more likely than not that the valuation allowance should be released against our net federal and some state deferred tax assets, resulting in $128.6 million benefit being recognized in our provision for income taxes for the nine months ended September 30, 2016. As of September 30, 2016, we have certain states where we are not currently projecting future taxable income levels that would be sufficient to utilize the carryover net operating losses and as such continue to maintain a partial valuation allowance against certain of these state deferred tax assets. We will continue to evaluate our projections of future taxable income related to these states to assess whether it is more likely than not that some or all of these state deferred tax assets will realizable in the future. We recorded reductions to the valuation allowance of $117.6 million and $128.6 million for the three and nine months ended September 30, 2016, respectively against our net deferred tax assets as we released valuation allowances on our net deferred tax assets as noted above. We recorded net increases to the valuation allowance of $1.1 million and $2.9 million for the three and nine months ended September 30, 2015 against our net deferred tax assets as we generated net operating losses during those periods. Our effective tax rate was 2,179.7% and (810.9%) for the three and nine months ended September 30, 2016, respectively. Our effective tax rate was (12.8%) and (8.7%) for the three and nine months ended September 30, 2015, respectively. We have calculated the provision for income taxes during the third quarter interim reporting period 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 used a discrete effective tax rate method to calculate income tax expense for the first two quarters of 2016. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 400 locations operating in 40 states across the United States, which were 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 September 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 328,529 $ 4,009 $ 5,058 $ 10,611 Southeast 356,856 2,665 5,456 9,194 South 456,239 5,174 5,925 19,629 West 564,728 7,790 7,185 30,840 Total reportable segments 1,706,352 19,638 23,624 70,274 All other 39,606 5,914 68,666 (76,307 ) Total consolidated $ 1,745,958 $ 25,552 $ 92,290 $ (6,033 ) Nine months ended September 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 912,314 $ 14,897 $ 13,817 $ 25,693 Southeast 1,032,930 9,079 14,703 26,680 South 1,296,461 17,320 16,886 53,610 West 1,474,524 27,308 20,422 57,837 Total reportable segments 4,716,229 68,604 65,828 163,820 All other 104,143 18,297 104,488 (148,678 ) Total consolidated $ 4,820,372 $ 86,901 $ 170,316 $ 15,142 Three months ended September 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 236,757 $ 1,455 $ 2,580 $ 13,543 Southeast 290,407 1,635 4,187 7,454 South 360,138 4,062 3,917 17,084 West 352,496 2,285 2,551 21,247 Total reportable segments 1,239,798 9,437 13,235 59,328 All other 36,265 14,416 32,770 (67,092 ) Total consolidated $ 1,276,063 $ 23,853 $ 46,005 $ (7,764 ) Nine months ended September 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 348,666 $ 1,981 $ 4,289 $ 17,179 Southeast 631,401 3,108 10,433 10,837 South 682,094 7,148 8,751 24,307 West 352,496 2,285 2,550 21,246 Total reportable segments 2,014,657 14,522 26,023 73,569 All other 93,913 16,113 40,162 (84,830 ) Total consolidated $ 2,108,570 $ 30,635 $ 66,185 $ (11,261 ) 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Lumber & lumber sheet goods $ 588,354 $ 407,642 $ 1,604,575 $ 662,250 Windows, doors & millwork 351,933 276,095 1,001,313 529,511 Manufactured products 307,326 227,175 839,185 408,655 Gypsum, roofing & insulation 147,861 110,451 399,642 133,859 Siding, metal & concrete products 155,026 112,636 423,421 132,914 Other building products & services 195,458 142,064 552,236 241,381 Net sales $ 1,745,958 $ 1,276,063 $ 4,820,372 $ 2,108,570 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 June 30, 2015 March 31, 2015 Lumber & lumber sheet goods $ 458,907 $ 446,133 $ 140,302 $ 114,306 Windows, doors & millwork 306,791 308,423 137,959 115,457 Manufactured products 240,749 232,762 102,639 78,841 Gypsum, roofing & insulation 112,012 131,213 13,021 10,387 Siding, metal & concrete products 118,924 131,962 11,253 9,025 Other building products & services 159,731 205,362 56,347 42,970 Net Sales $ 1,397,114 $ 1,455,855 $ 461,521 $ 370,986

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions Floyd F. Sherman, our chief executive officer, and Brett Milgrim, a member of the Company’s board of directors, serve on the board of directors for PGT, Inc. We purchased windows from PGT, Inc. totaling $3.3 million and $3.0 million for the three months ended September 30, 2016 and 2015 respectively. We purchased windows from PGT, Inc. totaling $8.0 million and $6.7 million for the nine months ended September 30, 2016 and 2015 respectively. We had accounts payable to PGT, Inc. in the amounts of $1.5 million and $1.1 million as of September 30, 2016 and December 31, 2015, respectively. Transactions between the Company and other related parties occur in the ordinary course of business. However, the Company carefully monitors and assesses related party relationships. Management does not believe that any of these transactions with related parties had a material impact on the Company’s results for the three and nine months ended September 30, 2016 and 2015.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event In October 2016, we purchased $50.0 million in aggregate principal amount of our 2023 notes pursuant to the terms of a cash tender offer at a price of 117.0% of par value plus accrued and unpaid interest. The purchase of the 2023 notes was funded with cash on hand and borrowings under our 2015 facility. Following this transaction, we have $367.6 million in 2023 notes outstanding and $116.0 million in outstanding borrowings under our 2015 facility.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2015 Nine Months Ended September 30, 2015 (Unaudited pro-forma) (in thousands, except per share amounts) Net sales $ 1,698,971 $ 4,610,937 Net income (loss) $ 22,449 $ (84) Basic net income (loss) per share $ 0.21 $ (0.00) Diluted net income (loss) per share $ 0.20 $ (0.00)

Net Income (Loss) per Common 18

Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares for basic EPS 111,187 105,856 110,487 101,096 Dilutive effect of options and RSUs 3,086 — 2,906 — Weighted average shares for diluted EPS 114,273 105,856 113,393 101,096

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt and Lease Obligation	Long-term debt and lease obligations consisted of the following (in thousands): September 30, 2016 December 31, 2015 2021 notes $ — $ 350,000 2023 notes 417,608 700,000 2024 notes 750,000 — 2015 facility 89,000 60,000 2015 term loan 468,825 598,625 Lease finance obligations 241,364 280,909 Capital lease obligations 8,246 8,159 1,975,043 1,997,693 Unamortized debt discount and debt issuance costs (31,241 ) (46,022 ) 1,943,802 1,951,671 Less: current maturities of long-term debt and lease obligations 18,985 29,153 Long-term debt and lease obligations, net of current maturities $ 1,924,817 $ 1,922,518

Employee Stock-Based Compensa20

Employee Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 Informati21

Segment and Product Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 328,529 $ 4,009 $ 5,058 $ 10,611 Southeast 356,856 2,665 5,456 9,194 South 456,239 5,174 5,925 19,629 West 564,728 7,790 7,185 30,840 Total reportable segments 1,706,352 19,638 23,624 70,274 All other 39,606 5,914 68,666 (76,307 ) Total consolidated $ 1,745,958 $ 25,552 $ 92,290 $ (6,033 ) Nine months ended September 30, 2016 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 912,314 $ 14,897 $ 13,817 $ 25,693 Southeast 1,032,930 9,079 14,703 26,680 South 1,296,461 17,320 16,886 53,610 West 1,474,524 27,308 20,422 57,837 Total reportable segments 4,716,229 68,604 65,828 163,820 All other 104,143 18,297 104,488 (148,678 ) Total consolidated $ 4,820,372 $ 86,901 $ 170,316 $ 15,142 Three months ended September 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 236,757 $ 1,455 $ 2,580 $ 13,543 Southeast 290,407 1,635 4,187 7,454 South 360,138 4,062 3,917 17,084 West 352,496 2,285 2,551 21,247 Total reportable segments 1,239,798 9,437 13,235 59,328 All other 36,265 14,416 32,770 (67,092 ) Total consolidated $ 1,276,063 $ 23,853 $ 46,005 $ (7,764 ) Nine months ended September 30, 2015 Reportable segments Net Sales Depreciation & Amortization Interest Income (loss) before income taxes Northeast $ 348,666 $ 1,981 $ 4,289 $ 17,179 Southeast 631,401 3,108 10,433 10,837 South 682,094 7,148 8,751 24,307 West 352,496 2,285 2,550 21,246 Total reportable segments 2,014,657 14,522 26,023 73,569 All other 93,913 16,113 40,162 (84,830 ) Total consolidated $ 2,108,570 $ 30,635 $ 66,185 $ (11,261 )
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Lumber & lumber sheet goods $ 588,354 $ 407,642 $ 1,604,575 $ 662,250 Windows, doors & millwork 351,933 276,095 1,001,313 529,511 Manufactured products 307,326 227,175 839,185 408,655 Gypsum, roofing & insulation 147,861 110,451 399,642 133,859 Siding, metal & concrete products 155,026 112,636 423,421 132,914 Other building products & services 195,458 142,064 552,236 241,381 Net sales $ 1,745,958 $ 1,276,063 $ 4,820,372 $ 2,108,570 The revised presentation of the Company’s prior quarterly periods is as follows (in thousands): Three Months Ended March 31, 2016 December 31, 2015 June 30, 2015 March 31, 2015 Lumber & lumber sheet goods $ 458,907 $ 446,133 $ 140,302 $ 114,306 Windows, doors & millwork 306,791 308,423 137,959 115,457 Manufactured products 240,749 232,762 102,639 78,841 Gypsum, roofing & insulation 112,012 131,213 13,021 10,387 Siding, metal & concrete products 118,924 131,962 11,253 9,025 Other building products & services 159,731 205,362 56,347 42,970 Net Sales $ 1,397,114 $ 1,455,855 $ 461,521 $ 370,986

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016StoreStates
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1,998
Number of Locations | Store	400
Number of states | States	40

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 13, 2016	Jul. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Amortization period of acquired goodwill for tax purpose										15 years
Net sales				$ 1,745,958,000	$ 1,397,114,000	$ 1,455,855,000	$ 1,276,063,000	$ 461,521,000	$ 370,986,000	$ 4,820,372,000	$ 2,108,570,000
Net income (loss)				125,469,000			(8,757,000)			137,930,000	(12,251,000)
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			$ 811,900,000	1,256,900,000						3,429,000,000
Net income (loss)			$ 24,800,000	69,300,000						131,400,000
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			8,800,000			$ 0	20,300,000
Transaction Costs Incurred by the Acquirer and the Acquiree
Business Acquisition [Line Items]
Acquisition related costs							33,300,000				46,700,000
Transaction Costs Incurred by the Acquiree
Business Acquisition [Line Items]
Acquisition related costs							10,500,000				12,300,000
Transaction Costs Incurred by the Acquirer
Business Acquisition [Line Items]
Acquisition related costs							$ 22,800,000				$ 34,400,000
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	Sep. 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Business Combinations [Abstract]
Net sales	$ 1,698,971	$ 4,610,937
Net income (loss)	$ 22,449	$ (84)
Basic net income (loss) per share	$ 0.21	$ 0
Diluted net income (loss) per share	$ 0.20	$ 0

Net Income (Loss) per Common 26

Net Income (Loss) per Common Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Line Items]
Warrants outstanding	0		0
Stock Options
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS	3,500,000		3,500,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Securities included in the computation of diluted EPS	2,100,000		2,100,000
Restricted Stock
Earnings Per Share [Line Items]
Shares excluded from computation of EPS		13,000		13,000
Shares outstanding	0		0
Stock Options
Earnings Per Share [Line Items]
Shares excluded from computation of EPS		5,500,000		5,500,000
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from computation of EPS		1,500,000		1,500,000

Net Income (Loss) per Common 27

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of weighted average common shares used in calculation of basic and diluted EPS
Weighted average shares for basic EPS	111,187	105,856	110,487	101,096
Dilutive effect of options and RSUs	3,086		2,906
Weighted average shares for diluted EPS	114,273	105,856	113,393	101,096

Debt - Long-Term Debt and Lease

Debt - Long-Term Debt and Lease Obligation (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Lease finance obligations	$ 241,364	$ 280,909
Capital lease obligations	8,246	8,159
Long term debt and lease obligations gross	1,975,043	1,997,693
Unamortized debt discount and debt issuance costs	(31,241)	(46,022)
Long-term debt and lease obligation	1,943,802	1,951,671
Less: current maturities of long-term debt and lease obligations	18,985	29,153
Long-term debt and lease obligations, net of current maturities	1,924,817	1,922,518
2021 notes
Debt Instrument [Line Items]
Debt instrument carrying amount		350,000
2023 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	417,608	700,000
2024 notes
Debt Instrument [Line Items]
Debt instrument carrying amount	750,000
2015 term loan
Debt Instrument [Line Items]
Debt instrument carrying amount	468,825	598,625
Unamortized debt discount and debt issuance costs	(10,900)
2015 facility
Debt Instrument [Line Items]
Line of credit facility outstanding	$ 89,000	$ 60,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jul. 31, 2016	Feb. 29, 2016	Feb. 12, 2016	Aug. 31, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt							$ (11,736,000)
Debt issuance cost				$ 12,000,000
Unamortized debt discount and debt issuance costs						$ 31,241,000	31,241,000		$ 46,022,000
Borrowings under revolving credit facility, primarily related to transactions							707,000,000	$ 320,000,000
Payments under credit facility							678,000,000	$ 215,000,000
Fair Value Measurement on Recurring Basis
Debt Instrument [Line Items]
Financial instruments						0	0		0
2015 facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity				800,000,000		800,000,000	800,000,000
Line of credit facility outstanding						$ 89,000,000	89,000,000		60,000,000
Borrowings under revolving credit facility, primarily related to transactions							707,000,000
Payments under credit facility							$ 678,000,000
Weighted average interest rate of debt outstanding						2.50%	2.50%
2021 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate						7.625%	7.625%
Aggregate principal amount		$ 60,000,000	$ 207,600,000
Amount of debt extinguishment				582,600,000	$ 35,000,000
Write off of unamortized deferred issuance cost						$ 10,600,000	$ 700,000
Reduction in Principal from Debt Extinguishment						33,300,000	1,000,000
Debt issuance cost						4,900,000	4,900,000
Purchase price, Percentage of principal amount					103.00%
Outstanding borrowings									350,000,000
2021 notes | Note Redemption Transaction
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt							(1,700,000)
2021 notes | 2016 Refinancing Transactions
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt						(43,900,000)	(43,900,000)
2015 term loan
Debt Instrument [Line Items]
Aggregate principal amount						600,000,000	600,000,000
Gain (loss) on extinguishment of debt						(8,200,000)
Debt issuance cost				1,500,000		300,000	300,000
Mandatory principal repayment amount	$ 1,375,000			1,175,000
Repayment of term loan				$ 125,900,000			129,800,000
Debt issuance costs recorded to interest expense						1,200,000
Unamortized debt discount and debt issuance costs						$ 10,900,000	$ 10,900,000
Weighted average interest rate of debt outstanding						5.90%	5.90%
Outstanding borrowings						$ 468,825,000	$ 468,825,000		598,625,000
2015 term loan | Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument repricing applicable margin				3.75%
Debt instrument decrease in applicable margin				1.25%
2015 term loan | Base Rate
Debt Instrument [Line Items]
Debt instrument repricing applicable margin				2.75%
Debt instrument decrease in applicable margin				1.25%
2023 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate			10.75%
Amount of debt extinguishment		$ 63,800,000	$ 218,600,000
Gain (loss) on extinguishment of debt							7,800,000
Write off of unamortized deferred issuance cost							7,000,000
Reduction in Principal from Debt Extinguishment							14,800,000
Outstanding borrowings						$ 417,608,000	$ 417,608,000		$ 700,000,000
2024 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate				5.625%		5.625%	5.625%
Aggregate principal amount				$ 750,000,000		$ 750,000,000	$ 750,000,000
Debt issuance cost				$ 10,500,000
Purchase price, Percentage of principal amount							101.00%
Net percentage of proceeds from debt issuance				100.00%
Maturity date of debt instruments							Sep. 1, 2024
Debt instrument interest rate terms							Payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2017.
Redemption period							36 months
Outstanding borrowings						750,000,000	$ 750,000,000
2024 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt						772,500,000	$ 772,500,000
2024 notes | Redemption Period Prior to September 1, 2019
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount							100.00%
2024 notes | Redemption Period Following August 22, 2016 for Each Twelve-month
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount							103.00%
2024 notes | Redemption Price Using Proceeds From Equity Offering
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount							105.625%
2024 notes | Maximum
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount redeemable in each twelve-month period commencing on closing date							10.00%
Redemption percentage of aggregate principal amount							40.00%
2023 notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt						541,200,000	$ 541,200,000
Term Loan Due On 2015 | Level 2
Debt Instrument [Line Items]
Fair value of long term debt						$ 471,200,000	$ 471,200,000

Employee Stock-Based Compensa30

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 Compensa31

Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Market and Service Condition Based Restricted Stock Unit Grants	9 Months Ended
	Sep. 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 Compensa32

Employee Stock-Based Compensation - Stock Option Valuation (Detail) - Stock Options	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance					$ 136.5
Increase (Decrease) in valuation allowance related to net deferred tax	$ (117.6)	$ 1.1	$ (128.6)	$ 2.9
Effective tax rate	2179.70%	(12.80%)	(810.90%)	(8.70%)
Ownership change percentage criteria under Section 382 of the Internal Revenue Code			50.00%

Segment and Product Informati34

Segment and Product Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016StoreStatesRegionSegment
Segment Reporting [Abstract]
Number of Locations | Store	400
Number of states | States	40
Number of geographic regions | Region	9
Number of operating segments | Segment	9

Segment and Product Informati35

Segment and Product Information - Schedule of Reconciling Information by Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,745,958	$ 1,397,114	$ 1,455,855	$ 1,276,063	$ 461,521	$ 370,986	$ 4,820,372	$ 2,108,570
Depreciation & Amortization	25,552			23,853			86,901	30,635
Interest	92,290			46,005			170,316	66,185
Income (loss) before income taxes	(6,033)			(7,764)			15,142	(11,261)
Operating Segments
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,706,352			1,239,798			4,716,229	2,014,657
Depreciation & Amortization	19,638			9,437			68,604	14,522
Interest	23,624			13,235			65,828	26,023
Income (loss) before income taxes	70,274			59,328			163,820	73,569
Operating Segments | Northeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	328,529			236,757			912,314	348,666
Depreciation & Amortization	4,009			1,455			14,897	1,981
Interest	5,058			2,580			13,817	4,289
Income (loss) before income taxes	10,611			13,543			25,693	17,179
Operating Segments | Southeast
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	356,856			290,407			1,032,930	631,401
Depreciation & Amortization	2,665			1,635			9,079	3,108
Interest	5,456			4,187			14,703	10,433
Income (loss) before income taxes	9,194			7,454			26,680	10,837
Operating Segments | South
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	456,239			360,138			1,296,461	682,094
Depreciation & Amortization	5,174			4,062			17,320	7,148
Interest	5,925			3,917			16,886	8,751
Income (loss) before income taxes	19,629			17,084			53,610	24,307
Operating Segments | West
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	564,728			352,496			1,474,524	352,496
Depreciation & Amortization	7,790			2,285			27,308	2,285
Interest	7,185			2,551			20,422	2,550
Income (loss) before income taxes	30,840			21,247			57,837	21,246
All other
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	39,606			36,265			104,143	93,913
Depreciation & Amortization	5,914			14,416			18,297	16,113
Interest	68,666			32,770			104,488	40,162
Income (loss) before income taxes	$ (76,307)			$ (67,092)			$ (148,678)	$ (84,830)

Segment and Product Informati36

Segment and Product Information - Segment Reporting Information by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,745,958	$ 1,397,114	$ 1,455,855	$ 1,276,063	$ 461,521	$ 370,986	$ 4,820,372	$ 2,108,570
Lumber And Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	588,354	458,907	446,133	407,642	140,302	114,306	1,604,575	662,250
Windows, Doors And Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	351,933	306,791	308,423	276,095	137,959	115,457	1,001,313	529,511
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	307,326	240,749	232,762	227,175	102,639	78,841	839,185	408,655
Gypsum Roofing And Insulation
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	147,861	112,012	131,213	110,451	13,021	10,387	399,642	133,859
Siding, Metal And Concrete Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	155,026	118,924	131,962	112,636	11,253	9,025	423,421	132,914
Other Building Products And Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 195,458	$ 159,731	$ 205,362	$ 142,064	$ 56,347	$ 42,970	$ 552,236	$ 241,381

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - PGT, Inc. - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Windows purchased from PGT, Inc.	$ 3.3	$ 3	$ 8	$ 6.7
Accounts payable to related parties	$ 1.5		$ 1.5		$ 1.1

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
2023 notes
Subsequent Event [Line Items]
Outstanding borrowings		$ 417,608	$ 700,000
Subsequent Event | 2023 notes
Subsequent Event [Line Items]
Purchase of notes, aggregate principal amount	$ 50,000
Purchase price, Percentage of principal amount	117.00%
Outstanding borrowings	$ 367,600
Subsequent Event | 2015 facility
Subsequent Event [Line Items]
Outstanding borrowings under credit facility	$ 116,000