Builders FirstSource (BLDR) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 30, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	BLDR
Security Exchange Name	NASDAQ
Entity Registrant Name	Builders FirstSource, Inc.
Entity Central Index Key	0001316835
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock
Entity Common Stock, Shares Outstanding		115,786,770
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-51357
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2084569
Entity Address, Address Line One	2001 Bryan Street
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	880-3500
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Sales	$ 1,981,035	$ 2,118,467	$ 5,516,858	$ 5,908,791
Cost of sales	1,439,893	1,595,686	4,016,585	4,478,630
Gross margin	541,142	522,781	1,500,273	1,430,161
Selling, general and administrative expenses	411,510	400,993	1,183,105	1,151,670
Income from operations	129,632	121,788	317,168	278,491
Interest expense, net	27,788	29,106	82,071	84,805
Income before income taxes	101,844	92,682	235,097	193,686
Income tax expense	23,714	19,354	54,655	40,516
Net income	78,130	73,328	180,442	153,170
Comprehensive income	$ 78,130	$ 73,328	$ 180,442	$ 153,170
Net income per share:
Basic	$ 0.68	$ 0.64	$ 1.56	$ 1.34
Diluted	$ 0.67	$ 0.63	$ 1.54	$ 1.31
Weighted average common shares:
Basic	115,732	114,707	115,639	114,480
Diluted	117,154	116,456	116,870	116,614

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 43,271	$ 10,127
Accounts receivable, less allowances of $14,280 and $13,054 at September 30, 2019 and December 31, 2018, respectively	721,134	654,170
Other receivables	49,526	68,637
Inventories, net	581,543	596,896
Other current assets	34,603	43,921
Total current assets	1,430,077	1,373,751
Property, plant and equipment, net	696,154	670,075
Operating lease right-of-use assets, net	286,971
Goodwill	754,765	740,411
Intangible assets, net	101,303	103,154
Deferred income taxes	5,055	22,766
Other assets, net	23,434	22,152
Total assets	3,297,759	2,932,309
Current liabilities:
Accounts payable	499,360	423,168
Accrued liabilities	289,735	292,526
Current portion of operating lease liabilities	60,280
Current maturities of long-term debt	14,370	15,565
Total current liabilities	863,745	731,259
Noncurrent portion of operating lease liabilities	232,475
Long-term debt, net of current maturities, debt discount, premium and issuance costs	1,350,467	1,545,729
Deferred income taxes	18,836
Other long-term liabilities	53,235	58,983
Total liabilities	2,518,758	2,335,971
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding
Common stock, $0.01 par value, 200,000 shares authorized; 115,767 and 115,078 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,158	1,151
Additional paid-in capital	570,373	560,221
Retained earnings	207,470	34,966
Total stockholders' equity	779,001	596,338
Total liabilities and stockholders' equity	$ 3,297,759	$ 2,932,309

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 14,280	$ 13,054
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	115,767,000	115,078,000
Common stock, shares outstanding	115,767,000	115,078,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 180,442	$ 153,170
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	71,771	72,691
Amortization of debt discount, premium and issuance costs	3,060	3,479
Loss on extinguishment of debt, net	4,654
Deferred income taxes	36,547	35,829
Stock compensation expense	9,380	9,929
Net gain on sale of assets and asset impairments	(1,502)	(480)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(41,083)	(151,092)
Inventories	22,263	(86,639)
Other current assets	8,968	(1,786)
Other assets and liabilities	1,756	1,442
Accounts payable	73,913	(12,792)
Accrued liabilities	(9,905)	(14,219)
Net cash provided by operating activities	360,264	9,532
Cash flows from investing activities:
Purchases of property, plant and equipment	(77,937)	(78,693)
Proceeds from sale of property, plant and equipment	5,474	1,890
Cash used for acquisitions	(33,931)
Net cash used in investing activities	(106,394)	(76,803)
Cash flows from financing activities:
Borrowings under revolving credit facility	885,000	1,243,000
Repayments under revolving credit facility	(1,064,000)	(1,189,000)
Proceeds from long-term debt and other loans	478,375	3,818
Repayments of long-term debt and other loans	(502,062)	(11,173)
Payments of debt extinguishment costs	(2,301)
Payments of loan costs	(8,566)
Exercise of stock options	3,220	2,394
Repurchase of common stock	(10,392)	(4,855)
Net cash provided by (used in) financing activities	(220,726)	44,184
Net change in cash and cash equivalents	33,144	(23,087)
Cash and cash equivalents at beginning of the period	10,127	57,533
Cash and cash equivalents at end of the period	$ 43,271	$ 34,446

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement Of Cash Flows [Abstract]
Purchases of property, plant and equipment included in accounts payable	$ 2.1	$ 2.5
Equipment purchased and financed through finance/capital lease obligations	$ 11.7	$ 9

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock		Additional Paid in Capital	Retained Earnings (Accumulated Deficit)
Balance at Dec. 31, 2017		$ 376,209	$ 1,136		$ 546,766	$ (171,693)
Balance, shares at Dec. 31, 2017			113,572
Vesting of restricted stock units			$ 7		(7)
Vesting of restricted stock units, shares			766
Stock compensation expense		2,890			2,890
Exercise of stock options		2,041	$ 5		2,036
Exercise of stock options, shares			517
Shares withheld for restricted stock units vested		(4,855)	$ (2)		(4,853)
Shares withheld for restricted stock units vested, shares			(236)
Cumulative effect adjustment		1,468				1,468
Net income		23,220				23,220
Balance at Mar. 31, 2018		400,973	$ 1,146		546,832	(147,005)
Balance, shares at Mar. 31, 2018			114,619
Balance at Dec. 31, 2017		376,209	$ 1,136		546,766	(171,693)
Balance, shares at Dec. 31, 2017			113,572
Net income		153,170
Balance at Sep. 30, 2018		538,315	$ 1,147		554,223	(17,055)
Balance, shares at Sep. 30, 2018			114,725
Balance at Mar. 31, 2018		400,973	$ 1,146		546,832	(147,005)
Balance, shares at Mar. 31, 2018			114,619
Vesting of restricted stock units			$ 1		(1)
Vesting of restricted stock units, shares			6
Stock compensation expense		3,538			3,538
Exercise of stock options		338			338
Exercise of stock options, shares			46
Net income		56,622				56,622
Balance at Jun. 30, 2018		461,471	$ 1,147		550,707	(90,383)
Balance, shares at Jun. 30, 2018			114,671
Vesting of restricted stock units, shares			49
Stock compensation expense		3,501			3,501
Exercise of stock options		15			15
Exercise of stock options, shares			5
Net income		73,328				73,328
Balance at Sep. 30, 2018		538,315	$ 1,147		554,223	(17,055)
Balance, shares at Sep. 30, 2018			114,725
Balance at Dec. 31, 2018		$ 596,338	$ 1,151		560,221	34,966
Balance, shares at Dec. 31, 2018		115,078	115,078
Vesting of restricted stock units			$ 7		(7)
Vesting of restricted stock units, shares			662
Stock compensation expense		$ 2,659			2,659
Exercise of stock options		216			216
Exercise of stock options, shares			59
Shares withheld for restricted stock units vested		(2,450)	$ (2)		(2,448)
Shares withheld for restricted stock units vested, shares			(196)
Net income		35,708				35,708
Balance at Mar. 31, 2019		632,471	$ 1,156		560,641	70,674
Balance, shares at Mar. 31, 2019			115,603
Balance at Dec. 31, 2018		$ 596,338	$ 1,151		560,221	34,966
Balance, shares at Dec. 31, 2018		115,078	115,078
Repurchase of common stock		$ (7,900)
Repurchase of common stock, shares		(460)
Net income		$ 180,442
Balance at Sep. 30, 2019		$ 779,001	$ 1,158		570,373	207,470
Balance, shares at Sep. 30, 2019		115,767	115,767
Balance at Mar. 31, 2019		$ 632,471	$ 1,156		560,641	70,674
Balance, shares at Mar. 31, 2019			115,603
Vesting of restricted stock units, shares			11
Stock compensation expense		3,379			3,379
Exercise of stock options		1,677	$ 3		1,674
Exercise of stock options, shares			266
Net income		66,604				66,604
Balance at Jun. 30, 2019		704,131	$ 1,159		565,694	137,278
Balance, shares at Jun. 30, 2019			115,880
Vesting of restricted stock units, shares			59
Repurchase of common stock	[1]	$ (7,942)	$ (4)			(7,938)
Repurchase of common stock, shares		(460)	(460)	[1]
Stock compensation expense		$ 3,342			3,342
Exercise of stock options		1,340	$ 3		1,337
Exercise of stock options, shares			288
Net income		78,130				78,130
Balance at Sep. 30, 2019		$ 779,001	$ 1,158		$ 570,373	$ 207,470
Balance, shares at Sep. 30, 2019		115,767	115,767
[1]	During the three and nine months ended September 30, 2019 we repurchased and retired 460,000 shares of our common stock at an average price of $17.24 per share for $7.9 million pursuant to the repurchase program authorized by our board of directors in February 2019.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019		Sep. 30, 2019
Statement Of Stockholders Equity [Abstract]
Repurchased and retired common stock, shares	460		460
Repurchased and retired common stock	$ 7,942	[1]	$ 7,900
Average price of common shares repurchased and retired	$ 17.24		$ 17.24
[1]	During the three and nine months ended September 30, 2019 we repurchased and retired 460,000 shares of our common stock at an average price of $17.24 per share for $7.9 million pursuant to the repurchase program authorized by our board of directors in February 2019.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier and manufacturer of building materials, manufactured components and construction services to professional homebuilders, sub-contractors, remodelers and consumers. The Company operates approximately 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 unless otherwise stated or the context otherwise requires. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Intercompany transactions are eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2018 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, 2018 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, 2018 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, except as noted below relating to the adoption of updated guidance under the Leases Recent Accounting Pronouncements In June 2016, the FASB issued an update to existing guidance under the Investments In February 2016, the FASB issued an update to the existing guidance under the Leases We adopted this guidance on January 1, 2019 by applying the provisions of this guidance on a modified retrospective basis as of the effective date. As such, comparative periods have not been restated and the disclosures required under the new standard have not been provided for periods prior to January 1, 2019. We elected the package of practical expedients whereby we were not required to: i) reassess whether any expired or existing contracts are or contain leases, ii) reassess the lease classification of existing leases and iii) reassess initial direct costs for any existing leases. We did not elect the hindsight practical expedient or the practical expedient related to land easements. We have assessed and updated our business processes, systems and controls to ensure compliance with the recognition and disclosure requirements of the new standard. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $269.7 million and $267.5 million, respectively, as of January 1, 2019 to recognize operating leases, primarily related to real estate and rolling stock, which were not recognized on our balance sheet under previous guidance. Further, the adoption of this guidance had no impact to our remaining other finance obligations as they continue to fail to meet the sale-leaseback requirements of the new standard. The adoption of this guidance did not have a material impact on our condensed consolidated statement of operations and comprehensive income or on our condensed consolidated statement of cash flows as our leases retained their classifications as determined under previous guidance.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue	2. Revenue The following table disaggregates our sales by product category (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Lumber & lumber sheet goods $ 605,494 $ 818,693 $ 1,724,670 $ 2,273,761 Manufactured products 401,245 385,894 1,092,896 1,050,963 Windows, doors & millwork 407,397 372,453 1,151,836 1,080,120 Gypsum, roofing & insulation 149,676 146,648 408,983 400,797 Siding, metal & concrete products 201,068 196,591 542,275 528,290 Other building products & services 216,155 198,188 596,198 574,860 Net sales $ 1,981,035 $ 2,118,467 $ 5,516,858 $ 5,908,791 Information regarding disaggregation of sales by segment is discussed in Note 13 to the condensed consolidated financial statements. Sales related to contracts with service elements represents less than 10% of the Company’s net sales for each period presented. The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, contract assets and contract liabilities. Contract asset balances were not significant as of September 30, 2019 or December 31, 2018. Contract liabilities consist of deferred revenue and customer advances and deposits. Contract liability balances are included in accrued liabilities on our consolidated balance sheet and were $48.3 million and $ 42.1

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income per Common Share	3. Net Income per Common Share Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share The table below presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 78,130 $ 73,328 $ 180,442 $ 153,170 Denominator: Weighted average shares outstanding, basic 115,732 114,707 115,639 114,480 Dilutive effect of options and RSUs 1,422 1,749 1,231 2,134 Weighted average shares outstanding, diluted 117,154 116,456 116,870 116,614 Net income per share: Basic $ 0.68 $ 0.64 $ 1.56 $ 1.34 Diluted $ 0.67 $ 0.63 $ 1.54 $ 1.31 Antidilutive and contingent options and RSUs excluded from diluted EPS 151 1,035 488 578

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	4. Debt Long-term debt consisted of the following (in thousands): September 30, December 31, 2019 2018 2023 facility (1) $ — $ 179,000 2024 notes 503,923 696,361 2024 term loan (2) 157,075 458,250 2027 notes 475,000 — Other finance obligations (Note 5) 222,606 227,071 Finance lease obligations (Note 5) 18,915 16,445 d 1,377,519 1,577,127 Unamortized debt discount/premium and debt issuance costs (12,682 ) (15,833 ) d 1,364,837 1,561,294 Less: current maturities of long-term debt 14,370 15,565 Long-term debt, net of current maturities $ 1,350,467 $ 1,545,729 (1) The weighted average interest rate was 4.4% and 3.9 (2) The weighted average interest rate was 5.6% and 5.2% as of September 30, 2019 and December 31, 2018, respectively. 2019 Debt Transactions During the nine months ended September 30, 2019, the Company executed several debt transactions which are described in more detail below. These transactions include: (i) open market purchases of our 5.625% senior secured notes due 2024 (“2024 notes”), (ii) extension of the maturity of our $900.0 million revolving credit facility (“2023 facility”) and (iii) privately negotiated purchases of our 2024 notes and a partial repayment of our senior secured term loan facility due 2024 (“2024 term loan”) with the proceeds from the issuance of 6.75% senior secured notes due 2027 (“2027 notes”). These transactions collectively have extended our debt maturity profile and reduced the amount of long-term debt outstanding. 2024 Note Repurchase Transactions In the first quarter of 2019, the Company executed a series of open market purchases of its 2024 notes. These transactions resulted in $20.4 million in aggregate principal amount of the 2024 notes being repurchased at prices ranging from 94.9% to 95.9% of par value. These repurchases of the 2024 notes were considered to be debt extinguishments. As such, we recognized a gain on debt extinguishment of $0.7 million which was recorded as a component of interest expense in the first quarter of 2019. Of this gain, approximately $0.9 million was attributable to the repurchase of the notes at a discount to par value which was partially offset by a $0.2 million write-off of unamortized debt issuance costs associated with the 2024 notes repurchased. Revolving Credit Facility Amendment In April 2019, the Company extended the maturity date of its 2023 facility by 20 months to November 22, 2023. All other material terms of the 2023 facility remain unchanged from those of the previous agreement. In connection with the 2023 facility amendment we incurred $1.2 million in lender and third-party fees which, together with $5.9 million in remaining unamortized debt issuance costs, have been recorded as other assets and are being amortized over the remaining contractual life of the 2023 facility on a straight-line basis. Second Quarter 2019 Refinancing Transactions In May 2019, we completed a private offering of $400.0 million in aggregate principal amount of 2027 notes at an issue price equal to 100% of their par value. The proceeds from the issuance of the 2027 notes were used, together with cash on hand, to purchase $97.0 million in aggregate principal amount of 2024 notes, to repay $300.0 million of the 2024 term loan and to pay related transaction fees and expenses. In connection with the issuance of the 2027 notes, we incurred $6.1 million of various third-party fees and expenses. Of these costs, $2.1 million were recorded to interest expense in the second quarter of 2019. The remaining $4.0 million in costs incurred have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 2027 notes using the effective interest method. Further, we recorded an additional $2.2 million to interest expense in the second quarter of 2019 related to the write-off of unamortized debt discount and debt issuance costs in connection with the partial repayment of the 2024 term loan. Third Quarter In July 2019, we completed a private offering of an additional $75.0 million in aggregate principal amount of 2027 notes at an issue price of 104.5% of their par value. The proceeds from the issuance of the 2027 notes were used together with cash on hand to redeem an additional $75.0 million in aggregate principal amount of 2024 notes and to pay related transaction fees and expenses. The additional $3.4 million in proceeds received in excess of par value represents a debt premium which has been recorded as an increase to long-term debt. In connection with the issuance of the additional 2027 notes, we incurred $1.3 million of various third-party fees and expenses which have been recorded as a reduction to long-term debt. These third party costs and the debt premium will be amortized over the contractual life of the 2027 notes using the effective interest method. The redemption of the 2024 notes was considered to be an extinguishment. As such, we recognized a loss on extinguishment of $3.1 million. Of this loss, $2.2 million was attributable to the call premium paid to the lenders and $0.9 million was attributable to the write-off of unamortized debt issuance costs associated with the extinguished 2024 notes. Senior Secured Notes due 2027 As of September 30, 2019, we have $475.0 million outstanding in aggregate principal amount of the 2027 notes which mature on June 1, 2027. Interest accrues on the 2027 notes at a rate of 6.75% per annum and is payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2019. The terms of the 2027 notes are governed by the indenture, dated as of the May 30, 2019 (the “Indenture”), among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee and as notes collateral agent. The 2027 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior secured basis, by certain of the Company’s direct and indirect wholly owned subsidiaries (the “Guarantors”). All obligations under the 2027 notes, and the guarantees of those obligations, are 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 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 June 1, 2022, the Company may redeem the 2027 notes in whole or in part at a redemption price equal to 100% of the principal amount of the 2027 notes plus the “applicable premium” set forth in the Indenture. At any time on or after June 1, 2022, the Company may redeem the 2027 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 the Closing Date, the Company may redeem up to 10% of the aggregate principal amount of the 2027 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 June 1, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2027 notes with the net cash proceeds of one or more equity offerings, as described in the Indenture, at a price equal to 106.750% 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 2027 notes may require it to repurchase all or part of their 2027 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date. Fair Value As of September 30, 2019 and December 31, 2018, 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 2027 notes, 2024 notes, 2024 term loan and 2023 facility at amortized cost. The fair values of the 2027 notes, 2024 notes and the 2024 term loan at September 30, 2019 were approximately $512.1 million, $526.1 million and $157.6 million, respectively, and were determined using Level 2 inputs based on market prices. We were not in violation of any covenants or restrictions imposed by any of our debt agreements at September 30, 2019.

Leases and Other Finance Obliga

Leases and Other Finance Obligations	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases and Other Finance Obligations	5. Leases and Other Finance Obligations We lease certain land, buildings, rolling stock and other types of equipment for use in our operations. These leases typically have initial terms ranging from one to 15 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options generally have terms ranging from one to five years. We also lease certain properties from related parties, including current employees and non-affiliate stockholders. Leases with related parties are not significant as of or for the nine months ended September 30, 2019 or 2018. We determine if an arrangement is a lease at the inception of the arrangement. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any Certain of our leases are subject to variable lease payments based on various measures, such as rent escalations determined by percentage changes in the consumer price index. As these types of variable lease payments are determined on a basis other than an index or a rate, they are generally excluded from the calculation of lease liabilities and right-of-use assets and are expensed as incurred. In addition, we have residual value guarantees on certain equipment leases. Under these leases, we have the option of (a) purchasing the equipment at the end of the lease term, (b) arranging for the sale of the equipment to a third party, or (c) returning the equipment to the lessor to sell the equipment. If the sales proceeds in any case are less than the residual value, we are required to reimburse the lessor for the deficiency up to a specified level as stated in each lease agreement. If the sales proceeds exceed the residual value, we are entitled to all of such excess amounts. The guarantees under these leases for the residual values of equipment at the end of the respective operating lease periods approximated $4.9 million as of September 30, 2019. Based upon the expectation that none of these leased assets will have a residual value at the end of the lease term that is materially less than the value specified in the related operating lease agreement or that we will purchase the equipment at the end of the lease term, we do not believe it is probable that we will be required to fund any amounts under the terms of these guarantee arrangements. Accordingly, these guarantees have not been recognized in the calculation of our right-of-use assets and lease liabilities. Our lease agreements do not impose any significant restrictions or covenants on us. As of September 30, 2019, we had future lease payments of $3.1 million related to leases which have been signed, but have not yet commenced. As such, these lease payments are not reflected on our condensed consolidated balance sheet as of September 30, 2019. Right-of-use assets and lease liabilities consisted of the following (in thousands): September 30, 2019 Assets Operating lease right-of-use assets, net $ 286,971 Finance lease right-of-use assets, net (included in property, plant and equipment, net) 28,747 Total right-of-use assets $ 315,718 Liabilities Current Current portion of operating lease liabilities $ 60,280 Current portion of finance lease liabilities (included in current maturities of long-term debt) 10,330 Noncurrent Noncurrent portion of operating lease liabilities $ 232,475 Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) 8,585 Total lease liabilities $ 311,670 Total lease costs consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Operating lease costs* $ 21,153 $ 63,255 Finance lease costs: Amortization of finance lease right-of-use assets 1,353 3,686 Interest on finance lease liabilities 294 810 Variable lease costs 3,484 11,566 Total lease costs $ 26,284 $ 79,317 * Includes short-term lease costs and sublease income which were not material for the three and nine months ended September 30, 2019. Future maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Finance Leases Operating Leases 2019 (from October 1, 2019) $ 3,448 $ 20,301 2020 9,658 74,964 2021 5,496 66,168 2022 1,507 51,749 2023 — 38,723 Thereafter — 108,577 Total lease payments 20,109 360,482 Less: amount representing interest (1,194 ) (67,727 ) Present value of lease liabilities 18,915 292,755 Less: current portion (10,330 ) (60,280 ) Long-term lease liabilities, net of current portion $ 8,585 $ 232,475 Weighted average lease ter ms and discount rates as of September 30, 2019 were as follows: Weighted average remaining lease term (years) Operating leases 6.3 Finance leases 2.0 Weighted average discount rate Operating leases 6.7 % Finance leases 5.9 % Future maturities of lease obligations as of December 31, 2018 were as follows (in thousands): Capital Leases Operating Leases 2019 $ 10,784 $ 77,297 2020 5,392 63,633 2021 1,242 51,804 2022 — 37,054 2023 — 23,327 Thereafter — 57,000 Total minimum lease payments 17,418 $ 310,115 Less: amount representing interest (973 ) Present value of lease liabilities 16,445 Less: current portion (10,039 ) Long-term lease liabilities, net of current portion $ 6,406 The following table presents cash paid for amounts included in the measurement of lease liabilities as well supplemental noncash information (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 60,977 Operating cash flows from finance leases 810 Financing cash flows from finance leases 8,181 Right-of-use assets obtained in exchange for new operating lease liabilities 64,632 Right-of-use assets obtained in exchange for new finance lease liabilities 11,653 Other Finance Obligations In addition to the operating and finance lease arrangements described above, the Company is party to 140 individual property lease agreements with a single lessor as of September 30, 2019. These lease agreements have initial terms ranging from nine to 15 years (expiring through 2021) and renewal options in five-year increments providing for up to approximately 30-year total lease terms. We were deemed the owner of certain of our facilities during their construction period based on an evaluation made in accordance with the Leases As of September 30, 2019, other finance obligations consist of $222.6 million, with cash payments of $15.8 million for the nine months ended September 30, 2019. These other finance obligations are included on the condensed consolidated balance sheet as part of long-term debt. The related assets are recorded as components of property, plant, and equipment on the condensed consolidated balance sheet. Future maturities for other finance obligations as of September 30, 2019 were as follows (in thousands): 2019 (from October 1, 2019) $ 4,558 2020 18,094 2021 17,628 2022 17,475 2023 17,484 Thereafter 218,275 Total $ 293,514

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	6. Property, Plant and Equipment Property, plant and equipment consisted of the following: September 30, December 31, 2019 2018 (In thousands) Land $ 198,165 $ 198,304 Buildings and improvements 366,593 358,411 Machinery and equipment 413,302 403,765 Furniture, fixtures and computer equipment 88,385 78,910 Construction in progress 29,448 20,810 Finance lease right-of-use assets 32,339 — Property, plant and equipment 1,128,232 1,060,200 Less: accumulated depreciation 432,078 390,125 Property, plant and equipment, net $ 696,154 $ 670,075 Depreciation expense was $20.3 million and $19.1 million, of which $5.0 million and $4.8 million and $13.9 Included in property, plant and equipment are certain assets held under other finance obligations. These assets are recorded at the present value of the lease payments and include land, buildings and equipment. Amortization charges associated with assets held under other finance obligations are included in depreciation expense. The following balances held under other finance obligations are included on the accompanying consolidated balance sheet: September 30, December 31, 2019 2018* (In thousands) Land $ 118,683 $ 118,677 Buildings and improvements 137,050 142,345 Machinery and equipment — 27,188 Assets held under other finance obligations 255,733 288,210 Less: accumulated amortization 17,713 21,786 Assets held under other finance obligations, net $ 238,020 $ 266,424 * Totals as of December 31, 2018 included assets which, under previous guidance, were held under capital leases. As of September 30, 2019 these assets are now presented as finance lease right-of-use assets as reflected in the table above.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Business Combination	7. Business Combination On July 1, 2019, we acquired certain assets and the operations of Sun State Components (“Sun State”) for $42.5 million in cash. This acquisition was funded with a combination of cash on hand and borrowings under our 2023 facility. Sun State is comprised of three truss locations, which are located in Las Vegas, Nevada; Surprise, Arizona; and Kingman, Arizona. Sun State manufactures roof trusses and floor trusses and distributes lumber and related products to residential homebuilders and commercial contractors. This transaction was accounted for by the acquisition method, and accordingly the results of operations has been included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. Pro forma results of operations as well as net sales and income attributable to Sun State are not presented as this acquisition did not have a material impact on our results of operations. We did not incur any significant acquisition related costs attributable to this transaction. The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Accounts receivable $ 5,721 Inventory 6,909 Other current assets 83 Property, plant and equipment (includes finance lease right-of-use assets) 8,177 Operating lease right-of-use assets 4,180 Goodwill (Note 8) 14,354 Intangible assets (Note 9) 9,950 Total assets acquired 49,374 Accounts payable and accrued liabilities (9,146 ) Operating lease liabilities (4,180 ) Finance lease liabilities (2,117 ) Total liabilities assumed (15,443 ) Total net assets acquired $ 33,931 In connection with the acquisition of Sun State, we entered into real estate leases with the sellers for Sun State’s three operating locations. Of the $42.5 million in cash consideration, $33.9 million was paid to the sellers at closing with the remaining amount payable to the sellers on the first anniversary of the acquisition date. The remaining amount payable to the sellers is included in accounts payable and accrued liabilities in the table above.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	8. Goodwill The following table sets forth the change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2019 (in thousands): Northeast Southeast South West Total Balance as of December 31, 2018 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) 96,608 60,076 286,135 297,592 740,411 Acquisition — — — 14,354 14,354 Balance as of September 30, 2019 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 311,946 $ 799,401 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) $ 96,608 $ 60,076 $ 286,135 $ 311,946 $ 754,765 In 2019, the change in the carrying amount of goodwill is attributable to our acquisition of Sun State. The amount allocated to goodwill is attributable to the assembled workforce of Sun State as well as expected growth from the new markets we entered into as a result of the Sun State acquisition. All of the goodwill recognized from this acquisition is expected to be deductible for tax purposes and will be amortized ratably over a 15-year period for tax purposes.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	9. Intangible Assets The following table presents intangible assets as of: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 158,645 $ (73,421 ) $ 149,045 $ (63,187 ) Trade names 51,361 (35,603 ) 51,361 (34,065 ) Non-compete agreements 1,729 (1,408 ) 1,379 (1,379 ) Favorable lease intangibles — — 6,409 (6,409 ) Total intangible assets $ 211,735 $ (110,432 ) $ 208,194 $ (105,040 ) Unfavorable lease obligations (included in Accrued liabilities and Other long-term liabilities) $ — $ — $ (19,597 ) $ 19,597 In connection with the acquisition of Sun State, we recorded intangible assets of $10.0 million, which includes $9.6 million of customer relationships and $0.4 million of non-compete agreements. The weighted average useful lives of the acquired assets are 7.2 years in total, 7.3 years for customer relationships and 5.0 years for non-compete agreements, respectively. During the three and nine months ended September 30, 2019, we recorded net amortization expense in relation to the above-listed intangible assets of $4.1 million and $11.8 million, respectively. During the three and nine months ended September 30, 2018, we recorded net amortization expense in relation to the above-listed intangible assets of $6.0 million and $17.5 million, respectively. The following table presents the estimated amortization expense for these intangible assets for the years ending December 31 (in thousands): 2019 (from October 1, 2019) $ 3,918 2020 14,958 2021 13,533 2022 12,351 2023 11,280 Thereafter 45,263 Total future net intangible amortization expense $ 101,303

Employee Stock-Based Compensati

Employee Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Stock-Based Compensation	10. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first nine months of 2019, our board of directors granted 751,000 RSUs to employees and eligible directors under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. 618,000 of the RSUs vest at 33 % P erformance , Market and Service Condition Based Restricted Stock Unit Grants In the first nine months of 2019, our board of directors granted 397,000 RSUs to employees under our 2014 Incentive Plan, that cliff vest on the third anniversary of the grant date based on the Company’s level of achievement of performance goals relating to return on invested capital (“ROIC”) over a three-year period (“performance condition”) as well as continued employment during the performance period. The total number of shares of common stock that may be earned from the performance condition ranges from zero to 200% of the RSUs granted. The number of shares earned from the performance condition may be further increased by 10% or decreased by 10% based on the Company’s total shareholder return relative to a peer group during the performance period (“market condition”). The average grant date fair value for these RSUs, with consideration of the market condition, was $14.42 per unit, which was determined using the Monte Carlo simulation model using the following assumptions: Expected volatility (company) 38.3% Expected volatility (peer group median) 33.2% Correlation between the company and peer group median 0.5 Expected dividend yield 0.0% Risk-free rate 2.6% The expected volatilities and correlation are based on the historical daily returns 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 4.5 5.0 4.4 5.0 Stock compensation windfall benefit (0.8 ) — (0.5 ) (2.2 ) Permanent differences - credits (2.2 ) (6.3 ) (2.4 ) (3.9 ) Permanent differences and other 0.8 1.2 0.7 1.0 23.3 % 20.9 % 23.2 % 20.9 % 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, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies As of September 30, 2019, we had outstanding letters of credit totaling $82.2 million under our 2023 facility that principally support our self-insurance programs. The Company has a number of known and threatened construction defect legal claims. While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on the Company's financial position, results of operations or cash flows. In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in such amounts in excess of our self-insured retention as we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information	13. Segment 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 are organized into nine geographical regions. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). 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 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 as a single unit 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 before income taxes and certain other measures for the reportable segments, reconciled to total consolidated operations, for the periods indicated (in thousands): Three months ended September 30, 2019 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 359,972 $ 3,267 $ 5,323 $ 19,639 Southeast 416,994 3,193 5,370 23,388 South 473,473 4,747 5,463 29,639 West 660,779 7,247 9,998 39,475 Total reportable segments 1,911,218 18,454 26,154 112,141 All other 69,817 5,928 1,634 (10,297 ) Total consolidated $ 1,981,035 $ 24,382 $ 27,788 $ 101,844 Three months ended September 30, 2018 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 357,184 $ 3,390 $ 6,453 $ 13,462 Southeast 455,565 3,053 6,958 19,951 South 538,373 5,271 6,946 33,553 West 701,126 6,979 11,354 38,924 Total reportable segments 2,052,248 18,693 31,711 105,890 All other 66,219 6,411 (2,605 ) (13,208 ) Total consolidated $ 2,118,467 $ 25,104 $ 29,106 $ 92,682 Nine months ended September 30, 2019 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 996,952 $ 9,730 $ 15,717 $ 45,224 Southeast 1,225,558 9,339 16,516 64,737 South 1,409,106 14,486 17,230 87,663 West 1,697,989 20,237 28,032 73,550 Total reportable segments 5,329,605 53,792 77,495 271,174 All other 187,253 17,979 4,576 (36,077 ) Total consolidated $ 5,516,858 $ 71,771 $ 82,071 $ 235,097 Nine months ended September 30, 2018 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 997,701 $ 10,074 $ 17,978 $ 26,922 Southeast 1,299,752 8,561 19,354 47,790 South 1,541,656 15,403 19,562 76,769 West 1,884,624 20,077 30,875 84,517 Total reportable segments 5,723,733 54,115 87,769 235,998 All other 185,058 18,576 (2,964 ) (42,312 ) Total consolidated $ 5,908,791 $ 72,691 $ 84,805 $ 193,686 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions Certain members of the Company’s board of directors also serve on the board of directors of one of our suppliers, PGT, Inc. Further, the Company has entered into certain leases of land and buildings with certain employees or non-affiliate stockholders. Activity associated with these related party transactions was not significant as of or for the nine months ended September 30, 2019 or 2018. 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 nine months ended September 30, 2019 or 2018.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued an update to existing guidance under the Investments In February 2016, the FASB issued an update to the existing guidance under the Leases We adopted this guidance on January 1, 2019 by applying the provisions of this guidance on a modified retrospective basis as of the effective date. As such, comparative periods have not been restated and the disclosures required under the new standard have not been provided for periods prior to January 1, 2019. We elected the package of practical expedients whereby we were not required to: i) reassess whether any expired or existing contracts are or contain leases, ii) reassess the lease classification of existing leases and iii) reassess initial direct costs for any existing leases. We did not elect the hindsight practical expedient or the practical expedient related to land easements. We have assessed and updated our business processes, systems and controls to ensure compliance with the recognition and disclosure requirements of the new standard. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $269.7 million and $267.5 million, respectively, as of January 1, 2019 to recognize operating leases, primarily related to real estate and rolling stock, which were not recognized on our balance sheet under previous guidance. Further, the adoption of this guidance had no impact to our remaining other finance obligations as they continue to fail to meet the sale-leaseback requirements of the new standard. The adoption of this guidance did not have a material impact on our condensed consolidated statement of operations and comprehensive income or on our condensed consolidated statement of cash flows as our leases retained their classifications as determined under previous guidance.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Sales by Product Category	The following table disaggregates our sales by product category (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Lumber & lumber sheet goods $ 605,494 $ 818,693 $ 1,724,670 $ 2,273,761 Manufactured products 401,245 385,894 1,092,896 1,050,963 Windows, doors & millwork 407,397 372,453 1,151,836 1,080,120 Gypsum, roofing & insulation 149,676 146,648 408,983 400,797 Siding, metal & concrete products 201,068 196,591 542,275 528,290 Other building products & services 216,155 198,188 596,198 574,860 Net sales $ 1,981,035 $ 2,118,467 $ 5,516,858 $ 5,908,791

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Summary of Calculation of Basic And Diluted EPS	The table below presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 78,130 $ 73,328 $ 180,442 $ 153,170 Denominator: Weighted average shares outstanding, basic 115,732 114,707 115,639 114,480 Dilutive effect of options and RSUs 1,422 1,749 1,231 2,134 Weighted average shares outstanding, diluted 117,154 116,456 116,870 116,614 Net income per share: Basic $ 0.68 $ 0.64 $ 1.56 $ 1.34 Diluted $ 0.67 $ 0.63 $ 1.54 $ 1.31 Antidilutive and contingent options and RSUs excluded from diluted EPS 151 1,035 488 578

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consisted of the following (in thousands): September 30, December 31, 2019 2018 2023 facility (1) $ — $ 179,000 2024 notes 503,923 696,361 2024 term loan (2) 157,075 458,250 2027 notes 475,000 — Other finance obligations (Note 5) 222,606 227,071 Finance lease obligations (Note 5) 18,915 16,445 d 1,377,519 1,577,127 Unamortized debt discount/premium and debt issuance costs (12,682 ) (15,833 ) d 1,364,837 1,561,294 Less: current maturities of long-term debt 14,370 15,565 Long-term debt, net of current maturities $ 1,350,467 $ 1,545,729 (1) The weighted average interest rate was 4.4% and 3.9 (2) The weighted average interest rate was 5.6% and 5.2% as of September 30, 2019 and December 31, 2018, respectively.

Leases and Other Finance Obli_2

Leases and Other Finance Obligations (Table)	9 Months Ended
	Sep. 30, 2019
Lessee Lease Description [Line Items]
Summary of Right-of-use Assets and Lease Liabilities	Right-of-use assets and lease liabilities consisted of the following (in thousands): September 30, 2019 Assets Operating lease right-of-use assets, net $ 286,971 Finance lease right-of-use assets, net (included in property, plant and equipment, net) 28,747 Total right-of-use assets $ 315,718 Liabilities Current Current portion of operating lease liabilities $ 60,280 Current portion of finance lease liabilities (included in current maturities of long-term debt) 10,330 Noncurrent Noncurrent portion of operating lease liabilities $ 232,475 Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) 8,585 Total lease liabilities $ 311,670
Summary of Total Lease Costs	Total lease costs consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Operating lease costs* $ 21,153 $ 63,255 Finance lease costs: Amortization of finance lease right-of-use assets 1,353 3,686 Interest on finance lease liabilities 294 810 Variable lease costs 3,484 11,566 Total lease costs $ 26,284 $ 79,317 * Includes short-term lease costs and sublease income which were not material for the three and nine months ended September 30, 2019.
Summary of Future Maturities of Lease Liabilities	Future maturities of lease liabilities as of September 30, 2019 were as follows (in thousands): Finance Leases Operating Leases 2019 (from October 1, 2019) $ 3,448 $ 20,301 2020 9,658 74,964 2021 5,496 66,168 2022 1,507 51,749 2023 — 38,723 Thereafter — 108,577 Total lease payments 20,109 360,482 Less: amount representing interest (1,194 ) (67,727 ) Present value of lease liabilities 18,915 292,755 Less: current portion (10,330 ) (60,280 ) Long-term lease liabilities, net of current portion $ 8,585 $ 232,475
Summary of Weighted Average Lease Terms and Discount Rates	Weighted average lease ter ms and discount rates as of September 30, 2019 were as follows: Weighted average remaining lease term (years) Operating leases 6.3 Finance leases 2.0 Weighted average discount rate Operating leases 6.7 % Finance leases 5.9 %
Summary of Future Maturities of Lease Obligations	Future maturities of lease obligations as of December 31, 2018 were as follows (in thousands): Capital Leases Operating Leases 2019 $ 10,784 $ 77,297 2020 5,392 63,633 2021 1,242 51,804 2022 — 37,054 2023 — 23,327 Thereafter — 57,000 Total minimum lease payments 17,418 $ 310,115 Less: amount representing interest (973 ) Present value of lease liabilities 16,445 Less: current portion (10,039 ) Long-term lease liabilities, net of current portion $ 6,406
Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities as Well Supplemental Noncash Information	The following table presents cash paid for amounts included in the measurement of lease liabilities as well supplemental noncash information (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 60,977 Operating cash flows from finance leases 810 Financing cash flows from finance leases 8,181 Right-of-use assets obtained in exchange for new operating lease liabilities 64,632 Right-of-use assets obtained in exchange for new finance lease liabilities 11,653
Other Finance Obligations
Lessee Lease Description [Line Items]
Summary of Future Maturities of Other Finance Obligation	Future maturities for other finance obligations as of September 30, 2019 were as follows (in thousands): 2019 (from October 1, 2019) $ 4,558 2020 18,094 2021 17,628 2022 17,475 2023 17,484 Thereafter 218,275 Total $ 293,514

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consisted of the following: September 30, December 31, 2019 2018 (In thousands) Land $ 198,165 $ 198,304 Buildings and improvements 366,593 358,411 Machinery and equipment 413,302 403,765 Furniture, fixtures and computer equipment 88,385 78,910 Construction in progress 29,448 20,810 Finance lease right-of-use assets 32,339 — Property, plant and equipment 1,128,232 1,060,200 Less: accumulated depreciation 432,078 390,125 Property, plant and equipment, net $ 696,154 $ 670,075
Schedule of Balances Held Under Other Finance Obligations	The following balances held under other finance obligations are included on the accompanying consolidated balance sheet: September 30, December 31, 2019 2018* (In thousands) Land $ 118,683 $ 118,677 Buildings and improvements 137,050 142,345 Machinery and equipment — 27,188 Assets held under other finance obligations 255,733 288,210 Less: accumulated amortization 17,713 21,786 Assets held under other finance obligations, net $ 238,020 $ 266,424

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Accounts receivable $ 5,721 Inventory 6,909 Other current assets 83 Property, plant and equipment (includes finance lease right-of-use assets) 8,177 Operating lease right-of-use assets 4,180 Goodwill (Note 8) 14,354 Intangible assets (Note 9) 9,950 Total assets acquired 49,374 Accounts payable and accrued liabilities (9,146 ) Operating lease liabilities (4,180 ) Finance lease liabilities (2,117 ) Total liabilities assumed (15,443 ) Total net assets acquired $ 33,931

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Schedule of Change in Carrying Amount of Goodwill	The following table sets forth the change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2019 (in thousands): Northeast Southeast South West Total Balance as of December 31, 2018 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 297,592 $ 785,047 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) 96,608 60,076 286,135 297,592 740,411 Acquisition — — — 14,354 14,354 Balance as of September 30, 2019 Goodwill $ 97,102 $ 60,691 $ 329,662 $ 311,946 $ 799,401 Accumulated impairment losses (494 ) (615 ) (43,527 ) — (44,636 ) $ 96,608 $ 60,076 $ 286,135 $ 311,946 $ 754,765

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents intangible assets as of: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 158,645 $ (73,421 ) $ 149,045 $ (63,187 ) Trade names 51,361 (35,603 ) 51,361 (34,065 ) Non-compete agreements 1,729 (1,408 ) 1,379 (1,379 ) Favorable lease intangibles — — 6,409 (6,409 ) Total intangible assets $ 211,735 $ (110,432 ) $ 208,194 $ (105,040 ) Unfavorable lease obligations (included in Accrued liabilities and Other long-term liabilities) $ — $ — $ (19,597 ) $ 19,597
Estimated Amortization Expense for Intangible Assets	The following table presents the estimated amortization expense for these intangible assets for the years ending December 31 (in thousands): 2019 (from October 1, 2019) $ 3,918 2020 14,958 2021 13,533 2022 12,351 2023 11,280 Thereafter 45,263 Total future net intangible amortization expense $ 101,303

Employee Stock-Based Compensa_2

Employee Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Performance Market and Service Condition Based Restricted Stock Unit Grants
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions	The average grant date fair value for these RSUs, with consideration of the market condition, was $14.42 per unit, which was determined using the Monte Carlo simulation model using the following assumptions: Expected volatility (company) 38.3% Expected volatility (peer group median) 33.2% Correlation between the company and peer group median 0.5 Expected dividend yield 0.0% Risk-free rate 2.6%

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations	A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax 4.5 5.0 4.4 5.0 Stock compensation windfall benefit (0.8 ) — (0.5 ) (2.2 ) Permanent differences - credits (2.2 ) (6.3 ) (2.4 ) (3.9 ) Permanent differences and other 0.8 1.2 0.7 1.0 23.3 % 20.9 % 23.2 % 20.9 %

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Reconciling Information by Reportable Segments	The following tables present net sales, income before income taxes and certain other measures for the reportable segments, reconciled to total consolidated operations, for the periods indicated (in thousands): Three months ended September 30, 2019 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 359,972 $ 3,267 $ 5,323 $ 19,639 Southeast 416,994 3,193 5,370 23,388 South 473,473 4,747 5,463 29,639 West 660,779 7,247 9,998 39,475 Total reportable segments 1,911,218 18,454 26,154 112,141 All other 69,817 5,928 1,634 (10,297 ) Total consolidated $ 1,981,035 $ 24,382 $ 27,788 $ 101,844 Three months ended September 30, 2018 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 357,184 $ 3,390 $ 6,453 $ 13,462 Southeast 455,565 3,053 6,958 19,951 South 538,373 5,271 6,946 33,553 West 701,126 6,979 11,354 38,924 Total reportable segments 2,052,248 18,693 31,711 105,890 All other 66,219 6,411 (2,605 ) (13,208 ) Total consolidated $ 2,118,467 $ 25,104 $ 29,106 $ 92,682 Nine months ended September 30, 2019 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 996,952 $ 9,730 $ 15,717 $ 45,224 Southeast 1,225,558 9,339 16,516 64,737 South 1,409,106 14,486 17,230 87,663 West 1,697,989 20,237 28,032 73,550 Total reportable segments 5,329,605 53,792 77,495 271,174 All other 187,253 17,979 4,576 (36,077 ) Total consolidated $ 5,516,858 $ 71,771 $ 82,071 $ 235,097 Nine months ended September 30, 2018 Reportable segments Net Sales Depreciation & Amortization Interest Income before income taxes Northeast $ 997,701 $ 10,074 $ 17,978 $ 26,922 Southeast 1,299,752 8,561 19,354 47,790 South 1,541,656 15,403 19,562 76,769 West 1,884,624 20,077 30,875 84,517 Total reportable segments 5,723,733 54,115 87,769 235,998 All other 185,058 18,576 (2,964 ) (42,312 ) Total consolidated $ 5,908,791 $ 72,691 $ 84,805 $ 193,686

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)StoreStates	Jan. 01, 2019USD ($)
Basis Of Presentation [Line Items]
Entity formed, year	1998
Number of Locations | Store	400
Number of states | States	40
Operating lease, right-of-use assets	$ 286,971
Operating lease liabilities	$ 292,755
Accounting Standards Update 2016-02
Basis Of Presentation [Line Items]
Operating lease, right-of-use assets		$ 269,700
Operating lease liabilities		$ 267,500

Revenue - Sales by Product Cate

Revenue - Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,981,035	$ 2,118,467	$ 5,516,858	$ 5,908,791
Lumber and Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	605,494	818,693	1,724,670	2,273,761
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	401,245	385,894	1,092,896	1,050,963
Windows, Doors and Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	407,397	372,453	1,151,836	1,080,120
Gypsum, Roofing and Insulation
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	149,676	146,648	408,983	400,797
Siding, Metal and Concrete Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	201,068	196,591	542,275	528,290
Other Building Products and Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 216,155	$ 198,188	$ 596,198	$ 574,860

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Contract liability	$ 48.3	$ 42.1

Net Income per Common Share - S

Net Income per Common Share - Summary of Calculation of Basic And Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income	$ 78,130	$ 66,604	$ 35,708	$ 73,328	$ 56,622	$ 23,220	$ 180,442	$ 153,170
Weighted average common shares:
Basic	115,732			114,707			115,639	114,480
Dilutive effect of options and RSUs	1,422			1,749			1,231	2,134
Weighted average shares outstanding, diluted	117,154			116,456			116,870	116,614
Net income per share:
Basic	$ 0.68			$ 0.64			$ 1.56	$ 1.34
Diluted	$ 0.67			$ 0.63			$ 1.54	$ 1.31
Antidilutive and contingent options and RSUs excluded from diluted EPS	151			1,035			488	578

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 31, 2019	May 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 1,377,519			$ 1,577,127
Unamortized debt discount/premium and debt issuance costs	(12,682)			(15,833)
Long-term debt and capital lease obligation	1,364,837			1,561,294
Less: current maturities of long-term debt	14,370			15,565
Long-term debt, net of current maturities	1,350,467			1,545,729
2023 Facility
Debt Instrument [Line Items]
Debt instrument carrying amount				179,000
2024 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	503,923			696,361
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument carrying amount	157,075			458,250
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	475,000	$ 75,000	$ 400,000
Other Finance Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	222,606			227,071
Finance Lease Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 18,915			$ 16,445

Debt - Summary of Long-Term D_2

Debt - Summary of Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2019	Dec. 31, 2018
2023 Facility
Debt Instrument [Line Items]
Weighted average interest rate	4.40%	3.90%
2024 Term Loan
Debt Instrument [Line Items]
Weighted average interest rate	5.60%	5.20%

Debt - 2019 Debt Transactions -

Debt - 2019 Debt Transactions - Additional Information (Detail)	Sep. 30, 2019USD ($)
2023 facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 900,000,000
2024 notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	5.625%
2027 Notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	6.75%

Debt - 2024 Note Repurchase Tra

Debt - 2024 Note Repurchase Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ (4,654)
2024 notes
Debt Instrument [Line Items]
Notes repurchase amount	$ 20,400
Gain (loss) on extinguishment of debt	700
Gain (Loss) on repurchase of debt instrument	900
Write off of unamortized deferred loan cost	$ 200
Minimum | 2024 notes
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount	94.90%
Maximum | 2024 notes
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount	95.90%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility Amendment - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Debt issuance costs		$ 8,566
2023 facility
Debt Instrument [Line Items]
Revolving credit facility extended maturity period	20 months
Revolving credit facility due date	Nov. 22, 2023
Debt issuance costs	$ 1,200
Unamortized debt discount and debt issuance costs	$ 5,900

Debt - Second Quarter 2019 Refi

Debt - Second Quarter 2019 Refinancing Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 31, 2019	May 31, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 1,377,519	$ 1,577,127
Debt issuance costs				8,566
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 75,000	$ 400,000		475,000
Net percentage of proceeds from debt issuance	104.50%	100.00%
Debt issuance costs		$ 6,100
Debt issuance costs recorded to interest expense			$ 2,100
Debt issuance costs	$ 1,300	4,000
2024 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount				503,923	696,361
Purchase of notes, aggregate principal amount	75,000	97,000
Write-off of unamortized debt discount and debt issuance costs	$ 900
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 157,075	$ 458,250
Repayment of term loan		$ 300,000
Write-off of unamortized debt discount and debt issuance costs			$ 2,200

Debt - Third Quarter 2019 Refin

Debt - Third Quarter 2019 Refinancing Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jul. 31, 2019	May 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument carrying amount			$ 1,377,519	$ 1,577,127
Gain (loss) on extinguishment of debt			(4,654)
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 75,000	$ 400,000	475,000
Net percentage of proceeds from debt issuance	104.50%	100.00%
Proceeds from issuance of long-term debt	$ 3,400
Debt issuance costs	1,300	$ 4,000
2024 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount			$ 503,923	$ 696,361
Purchase of notes, aggregate principal amount	75,000	$ 97,000
Gain (loss) on extinguishment of debt	3,100
Gain (loss) on extinguishment of debt attributable to call premium paid to lenders	2,200
Write off of unamortized deferred loan cost	$ 900

Debt - Senior Secured Notes due

Debt - Senior Secured Notes due 2027 - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jul. 31, 2019	May 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 1,377,519			$ 1,577,127
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 475,000	$ 75,000	$ 400,000
Senior secured term loan maturity date	Jun. 1, 2027
Private offered aggregate principal amount rate	6.75%
Debt instrument interest rate terms	payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2019.
Purchase price, Percentage of principal amount	101.00%
Redemption period	36 months
2027 Notes | Redemption Period Prior to June 1, 2022
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount	100.00%
2027 Notes | Redemption Period Following Closing Date for Each Twelve-month
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount	103.00%
2027 Notes | Redemption Price Using Proceeds From Equity Offering
Debt Instrument [Line Items]
Purchase price, Percentage of principal amount	106.75%
2027 Notes | Maximum | Redemption Period Following Closing Date for Each Twelve-month
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount redeemable in each twelve-month period commencing on closing date	10.00%
2027 Notes | Maximum | Redemption Price Using Proceeds From Equity Offering
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount	40.00%

Debt - Fair Value - Additional

Debt - Fair Value - Additional Information (Detail) - Level 2 $ in Millions	Sep. 30, 2019USD ($)
2027 Notes
Debt Instrument [Line Items]
Fair value of long term debt	$ 512.1
2024 Notes
Debt Instrument [Line Items]
Fair value of long term debt	526.1
2024 Term Loan
Debt Instrument [Line Items]
Fair value of long term debt	$ 157.6

Leases and Other Finance Obli_3

Leases and Other Finance Obligations - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Operating Leased Assets [Line Items]
Guarantees under lease of residual value	$ 4.9
Future lease payments	$ 3.1
Lease Agreements | Minimum
Operating Leased Assets [Line Items]
Total lease term	1 year
Renewal term	1 year
Lease Agreements | Maximum
Operating Leased Assets [Line Items]
Total lease term	15 years
Renewal term	5 years

Leases and Other Finance Obli_4

Leases and Other Finance Obligations - Summary of Right-of-use Assets and Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Assets
Operating lease right-of-use assets, net	$ 286,971
Finance lease right-of-use assets, net (included in property, plant and equipment, net)	28,747
Total right-of-use assets	315,718
Current
Current portion of operating lease liabilities	60,280
Current portion of finance lease liabilities (included in current maturities of long-term debt)	10,330
Noncurrent
Noncurrent portion of operating lease liabilities	232,475
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)	8,585
Total lease liabilities	$ 311,670

Leases and Other Finance Obli_5

Leases and Other Finance Obligations - Summary of Total Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lease Cost [Abstract]
Operating lease costs	$ 21,153	$ 63,255
Amortization of finance lease right-of-use assets	1,353	3,686
Interest on finance lease liabilities	294	810
Variable lease costs	3,484	11,566
Total lease costs	$ 26,284	$ 79,317

Leases and Other Finance Obli_6

Leases and Other Finance Obligations - Summary of Future Maturities of Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Finance Leases
2019 (from October 1, 2019)	$ 3,448
2020	9,658
2021	5,496
2022	1,507
Total lease payments	20,109
Less: amount representing interest	(1,194)
Present value of lease liabilities	18,915
Less: current portion	(10,330)
Long-term lease liabilities, net of current portion	8,585
Operating Leases
2019 (from October 1, 2019)	20,301
2020	74,964
2021	66,168
2022	51,749
2023	38,723
Thereafter	108,577
Total lease payments	360,482
Less: amount representing interest	(67,727)
Present value of lease liabilities	292,755
Less: current portion	(60,280)
Long-term lease liabilities, net of current portion	$ 232,475

Leases and Other Finance Obli_7

Leases and Other Finance Obligations - Summary of Weighted Average Lease Terms and Discount Rates (Detail)	Sep. 30, 2019
Weighted average remaining lease term (years)
Operating leases	6 years 3 months 18 days
Finance leases	2 years
Weighted average discount rate
Operating leases	6.70%
Finance leases	5.90%

Leases and Other Finance Obli_8

Leases and Other Finance Obligations - Summary of Future Maturities of Lease Obligations (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Capital Leases
2019	$ 10,784
2020	5,392
2021	1,242
Total minimum lease payments	17,418
Less: amount representing interest	(973)
Present value of lease liabilities	16,445
Less: current portion	(10,039)
Long-term lease liabilities, net of current portion	6,406
Operating Leases
2019	77,297
2020	63,633
2021	51,804
2022	37,054
2023	23,327
Thereafter	57,000
Total minimum lease payments	$ 310,115

Leases and Other Finance Obli_9

Leases and Other Finance Obligations - Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities as Well Supplemental Noncash Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 60,977
Operating cash flows from finance leases	810
Financing cash flows from finance leases	8,181
Right-of-use assets obtained in exchange for new operating lease liabilities	64,632
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 11,653

Leases and Other Finance Obl_10

Leases and Other Finance Obligations - Other Finance Obligations - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)Property
Other Finance Obligations [Line Items]
Number of leased properties with single lessor | Property	140
Other finance obligation, expiration year	2021
Other finance obligation, renewal term	5 years
Total lease term	30 years
Master lease agreement description	Company is party to 140 individual property lease agreements with a single lessor as of September 30, 2019. These lease agreements have initial terms ranging from nine to 15 years (expiring through 2021) and renewal options in five-year increments providing for up to approximately 30-year total lease terms.
Other finance obligations	$ 222.6
Payment of other finance obligation	$ 15.8
Minimum
Other Finance Obligations [Line Items]
Other finance obligation, term	9 years
Maximum
Other Finance Obligations [Line Items]
Other finance obligation, term	15 years

Leases and Other Finance Obl_11

Leases and Other Finance Obligations - Summary of Future Maturities of Other Finance Obligation (Detail) - Other Finance Obligations $ in Thousands	Sep. 30, 2019USD ($)
Other Finance Obligations [Line Items]
2019 (from October 1, 2019)	$ 4,558
2020	18,094
2021	17,628
2022	17,475
2023	17,484
Thereafter	218,275
Total	$ 293,514

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Summary of Property, Plant and Equipment
Property, plant and equipment	$ 1,128,232	$ 1,060,200
Less: accumulated depreciation	432,078	390,125
Property, plant and equipment, net	696,154	670,075
Land
Summary of Property, Plant and Equipment
Property, plant and equipment	198,165	198,304
Buildings and Improvements
Summary of Property, Plant and Equipment
Property, plant and equipment	366,593	358,411
Machinery and Equipment
Summary of Property, Plant and Equipment
Property, plant and equipment	413,302	403,765
Furniture, Fixtures and Computer Equipment
Summary of Property, Plant and Equipment
Property, plant and equipment	88,385	78,910
Construction in Progress
Summary of Property, Plant and Equipment
Property, plant and equipment	29,448	$ 20,810
Finance Lease Right-of-use Assets
Summary of Property, Plant and Equipment
Property, plant and equipment	$ 32,339

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 20.3	$ 19.1	$ 60	$ 55.2
Depreciation expense included in cost of goods	$ 5	$ 4.8	$ 14.7	$ 13.9

Property, Plant and Equipment_3

Property, Plant and Equipment - Schedule of Balances Held Under Other Finance Obligations (Detail) - Other Finance Obligations - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	$ 255,733	$ 288,210
Less: accumulated amortization	17,713	21,786
Assets held under other finance obligations, net	238,020	266,424
Land
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	118,683	118,677
Buildings and Improvements
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	$ 137,050	142,345
Machinery and Equipment
Property Plant And Equipment [Line Items]
Assets held under other finance obligations		$ 27,188

Business Combination - Addition

Business Combination - Additional Information (Detail) $ in Thousands	Jul. 01, 2019USD ($)Location	Sep. 30, 2019Store
Business Acquisition [Line Items]
Number of Locations | Store		400
Sun State
Business Acquisition [Line Items]
Cash consideration for certain assets acquired	$ 42,500
Number of Locations | Location	3
Fair value of intangible assets acquired	$ 9,950
Business acquisition, cash paid	33,900
Sun State | Level 3 | Customer Relationships
Business Acquisition [Line Items]
Fair value of intangible assets acquired	$ 10,000

Business Combination - Summary

Business Combination - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 01, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 754,765		$ 740,411
Sun State
Business Acquisition [Line Items]
Accounts receivable		$ 5,721
Inventory		6,909
Other current assets		83
Property, plant and equipment (includes finance lease right-of-use assets)		8,177
Operating lease right-of-use assets		4,180
Goodwill		14,354
Intangible assets (Note 9)		9,950
Total assets acquired		49,374
Accounts payable and accrued liabilities		(9,146)
Operating lease liabilities		(4,180)
Finance lease liabilities		(2,117)
Total liabilities assumed		(15,443)
Total net assets acquired		$ 33,931

Goodwill - Schedule of Change i

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2019
Goodwill [Line Items]
Goodwill	$ 785,047	$ 799,401
Accumulated impairment losses	(44,636)	(44,636)
Goodwill, net	740,411	754,765
Acquisition	14,354
Northeast
Goodwill [Line Items]
Goodwill	97,102	97,102
Accumulated impairment losses	(494)	(494)
Goodwill, net	96,608	96,608
Southeast
Goodwill [Line Items]
Goodwill	60,691	60,691
Accumulated impairment losses	(615)	(615)
Goodwill, net	60,076	60,076
South
Goodwill [Line Items]
Goodwill	329,662	329,662
Accumulated impairment losses	(43,527)	(43,527)
Goodwill, net	286,135	286,135
West
Goodwill [Line Items]
Goodwill	297,592	311,946
Goodwill, net	297,592	$ 311,946
Acquisition	$ 14,354

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill amortization period	15 years

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 211,735	$ 208,194
Accumulated Amortization	(110,432)	(105,040)
Unfavorable Lease Obligation Gross		(19,597)
Unfavorable Lease Obligation Accumulated Amortization		19,597
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	158,645	149,045
Accumulated Amortization	(73,421)	(63,187)
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	51,361	51,361
Accumulated Amortization	(35,603)	(34,065)
Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,729	1,379
Accumulated Amortization	$ (1,408)	(1,379)
Favorable Lease Intangibles
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		6,409
Accumulated Amortization		$ (6,409)

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finite Lived Intangible Assets [Line Items]
Amortization Expenses	$ 4.1	$ 6	$ 11.8	$ 17.5
Sun State
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	10		$ 10
Weighted average useful lives of the acquired assets			7 years 2 months 12 days
Sun State | Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	9.6		$ 9.6
Weighted average useful lives of the acquired assets			7 years 3 months 18 days
Sun State | Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 0.4		$ 0.4
Weighted average useful lives of the acquired assets			5 years

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2019 (from October 1, 2019)	$ 3,918
2020	14,958
2021	13,533
2022	12,351
2023	11,280
Thereafter	45,263
Total future net intangible amortization expense	$ 101,303

Employee Stock-Based Compensa_3

Employee Stock-Based Compensation - Additional Information (Detail) - 2014 Incentive Plan	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	751,000
Weighted average grant date fair value, granted | $ / shares	$ 14.20
Time Based Restricted Stock Unit Grants | Share Based Compensation Award Vesting Over Three Years
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	618,000
Stock award granted vesting period	3 years
Time Based Restricted Stock Unit Grants | 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 | 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 | 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 | Share Based Compensation Award Vesting On Fourth Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	73,000
Stock award granted vesting period	4 years
Time Based Restricted Stock Unit Grants | Share Based Compensation Award Vesting On First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	60,000
Stock award granted vesting period	1 year
Performance Market and Service Condition Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	397,000
Stock award granted vesting period	3 years
Weighted average grant date fair value, granted | $ / shares	$ 14.42
Increased percentage of number of shares of additional common stock earned	10.00%
Decreased percentage of number of shares of additional common stock earned	10.00%
Performance Market and Service Condition Based Restricted Stock Unit Grants | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of number of shares of common stock earned	0.00%
Performance Market and Service Condition Based Restricted Stock Unit Grants | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of number of shares of common stock earned	200.00%

Employee Stock-Based Compensa_4

Employee Stock-Based Compensation - Restricted Stock Unit Valuation (Detail) - Performance Market and Service Condition Based Restricted Stock Unit Grants	9 Months Ended
	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (company)	38.30%
Expected volatility (peer group median)	33.20%
Correlation between the company and peer group median	0.5
Expected dividend yield	0.00%
Risk-free rate	2.60%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal income tax	4.50%	5.00%	4.40%	5.00%
Stock compensation windfall benefit	(0.80%)		(0.50%)	(2.20%)
Permanent differences - credits	(2.20%)	(6.30%)	(2.40%)	(3.90%)
Permanent differences and other	0.80%	1.20%	0.70%	1.00%
Total effective rate for continuing operations	23.30%	20.90%	23.20%	20.90%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 82.2

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019StoreStatesRegionSegment
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 Information - Schedule

Segment Information - Schedule of Reconciling Information by Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 1,981,035	$ 2,118,467	$ 5,516,858	$ 5,908,791
Depreciation & Amortization	24,382	25,104	71,771	72,691
Interest	27,788	29,106	82,071	84,805
Income before income taxes	101,844	92,682	235,097	193,686
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	1,911,218	2,052,248	5,329,605	5,723,733
Depreciation & Amortization	18,454	18,693	53,792	54,115
Interest	26,154	31,711	77,495	87,769
Income before income taxes	112,141	105,890	271,174	235,998
Operating Segments | Northeast
Segment Reporting Information [Line Items]
Net Sales	359,972	357,184	996,952	997,701
Depreciation & Amortization	3,267	3,390	9,730	10,074
Interest	5,323	6,453	15,717	17,978
Income before income taxes	19,639	13,462	45,224	26,922
Operating Segments | Southeast
Segment Reporting Information [Line Items]
Net Sales	416,994	455,565	1,225,558	1,299,752
Depreciation & Amortization	3,193	3,053	9,339	8,561
Interest	5,370	6,958	16,516	19,354
Income before income taxes	23,388	19,951	64,737	47,790
Operating Segments | South
Segment Reporting Information [Line Items]
Net Sales	473,473	538,373	1,409,106	1,541,656
Depreciation & Amortization	4,747	5,271	14,486	15,403
Interest	5,463	6,946	17,230	19,562
Income before income taxes	29,639	33,553	87,663	76,769
Operating Segments | West
Segment Reporting Information [Line Items]
Net Sales	660,779	701,126	1,697,989	1,884,624
Depreciation & Amortization	7,247	6,979	20,237	20,077
Interest	9,998	11,354	28,032	30,875
Income before income taxes	39,475	38,924	73,550	84,517
All other
Segment Reporting Information [Line Items]
Net Sales	69,817	66,219	187,253	185,058
Depreciation & Amortization	5,928	6,411	17,979	18,576
Interest	1,634	(2,605)	4,576	(2,964)
Income before income taxes	$ (10,297)	$ (13,208)	$ (36,077)	$ (42,312)