Builders FirstSource (BLDR) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Cover [Abstract]
Entity Registrant Name	BUILDERS FIRSTSOURCE, INC.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	BLDR
Security Exchange Name	NASDAQ
Entity Central Index Key	0001316835
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Entity Common Stock, Shares Outstanding		207,133,523
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 - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 4,173,775	$ 1,787,021
Cost of sales	3,104,221	1,321,608
Gross margin	1,069,554	465,413
Selling, general and administrative expenses	821,598	404,466
Income from operations	247,956	60,947
Interest expense, net	31,844	51,931
Income before income taxes	216,112	9,016
Income tax expense	43,532	249
Net income	$ 172,580	$ 8,767
Net income per share:
Basic	$ 0.84	$ 0.08
Diluted	$ 0.83	$ 0.07
Weighted average common shares:
Basic	206,571	116,258
Diluted	208,624	117,494

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 19,118	$ 423,806
Accounts receivable, less allowances of $30,630 and $17,637 at March 31, 2021 and December 31, 2020, respectively	1,749,650	880,018
Other receivables	96,835	76,436
Inventories, net	1,585,612	784,527
Other current assets	119,453	58,895
Total current assets	3,570,668	2,223,682
Property, plant and equipment, net	1,297,756	749,130
Operating lease right-of-use assets, net	442,440	274,562
Goodwill	2,536,909	785,305
Intangible assets, net	1,501,250	119,882
Other assets, net	30,483	21,110
Total assets	9,379,506	4,173,671
Current liabilities:
Accounts payable	1,123,804	600,357
Accrued liabilities	628,924	385,536
Current portion of operating lease liabilities	94,316	61,625
Current maturities of long-term debt	14,134	27,335
Total current liabilities	1,861,178	1,074,853
Noncurrent portion of operating lease liabilities	356,549	219,239
Long-term debt, net of current maturities, debt discount, and debt issuance costs	1,658,109	1,596,905
Deferred income taxes	390,577	49,495
Other long-term liabilities	129,148	80,396
Total liabilities	4,395,561	3,020,888
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized; 206,858 and 116,829 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	2,069	1,168
Additional paid-in capital	4,246,922	589,241
Retained earnings	734,954	562,374
Total stockholders' equity	4,983,945	1,152,783
Total liabilities and stockholders' equity	$ 9,379,506	$ 4,173,671

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 30,630	$ 17,637
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	206,858,000	116,829,000
Common stock, shares outstanding	206,858,000	116,829,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 172,580	$ 8,767
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	134,331	29,400
Deferred income taxes	(8,857)	875
Stock-based compensation expense	10,402	3,254
Other non-cash adjustments	2,874	5,900
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(384,123)	(61,998)
Inventories	(340,940)	(78,591)
Other current assets	(27,664)	(5,000)
Other assets and liabilities	1,999	26,286
Accounts payable	241,621	108,295
Accrued liabilities	(2,731)	(87,842)
Net cash used in operating activities	(200,508)	(50,654)
Cash flows from investing activities:
Purchases of property, plant and equipment	(39,263)	(28,498)
Proceeds from sale of property, plant and equipment	3,194	538
Cash acquired in BMC Merger	167,490
Cash used for acquisitions		(15,893)
Net cash provided by (used in) investing activities	131,421	(43,853)
Cash flows from financing activities:
Borrowings under revolving credit facility	410,000	681,000
Repayments under revolving credit facility	(260,000)	(398,000)
Proceeds from long-term debt and other loans		550,000
Repayments of long-term debt and other loans	(468,671)	(554,263)
Payments of debt extinguishment costs	(2,475)	(22,686)
Payments of loan costs	(4,272)	(8,332)
Exercise of stock options	235	398
Repurchase of common stock	(10,418)	(3,834)
Net cash (used in) provided by financing activities	(335,601)	244,283
Net change in cash and cash equivalents	(404,688)	149,776
Cash and cash equivalents at beginning of period	423,806	14,096
Cash and cash equivalents at end of period	19,118	163,872
Supplemental disclosures of cash flow information:
Cash paid for interest	21,922	21,651
Cash paid for income taxes	21,701	150
Supplemental disclosures of non-cash activities:
Non-cash consideration for the BMC Merger	3,658,362
Accrued purchases of property, plant and equipment	6,734	5,238
Acquisition of assets under operating lease obligations	13,707	9,437
Acquisition of assets under finance lease obligations	$ 1,644	$ 2,679

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Balance at Dec. 31, 2019	$ 824,953	$ 1,161	$ 574,955	$ 248,837
Balance, shares at Dec. 31, 2019		116,052
Vesting of restricted stock units		$ 6	(6)
Vesting of restricted stock units, shares		579
Stock-based compensation expense	3,254		3,254
Exercise of stock options	398		398
Exercise of stock options, shares		82
Shares withheld for restricted stock units vested	(3,834)	$ (2)	(3,832)
Shares withheld for restricted stock units vested, shares		(168)
Net income	8,767			8,767
Balance at Mar. 31, 2020	833,538	$ 1,165	574,769	257,604
Balance, shares at Mar. 31, 2020		116,545
Balance at Dec. 31, 2020	$ 1,152,783	$ 1,168	589,241	562,374
Balance, shares at Dec. 31, 2020	116,829	116,829
Merger consideration	$ 3,658,362	$ 896	3,657,466
Merger consideration, shares		89,586
Vesting of restricted stock units		$ 6	(6)
Vesting of restricted stock units, shares		648
Stock-based compensation expense	10,402		10,402
Exercise of stock options	235	$ 1	234
Exercise of stock options, shares		27
Shares withheld for restricted stock units vested	(10,417)	$ (2)	(10,415)
Shares withheld for restricted stock units vested, shares		(232)
Net income	172,580			172,580
Balance at Mar. 31, 2021	$ 4,983,945	$ 2,069	$ 4,246,922	$ 734,954
Balance, shares at Mar. 31, 2021	206,858	206,858

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 550 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, 2020 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, 2020 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, 2020 included in our most recent 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. Segments We offer an integrated solution to our customers by providing manufacturing, supply, and installation of a full range of structural and related building products 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 our approximately 550 locations operating in 40 states across the United States. Following the merger with BMC Stock Holdings, Inc. on January 1, 2021, which is discussed in Note 2 to these condensed consolidated financial statements, the Company reorganized the structure of its internal organization. Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. Our operating divisions are organized on a geographical basis to facilitate a disaggregated management of the Company and to respond to the local needs of the customers in the markets we serve. All of our segments have similar customers, products and services, and distribution methods. Due to these similarities, along with the similar economic profitability achieved across all our operating segments, we aggregate our three operating segments into one reportable segment. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income (loss) from continuing operations before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by the CODM, including revenue, gross profit and income before income taxes, are shown in these condensed consolidated financial statements. Business Combinations When they meet the requirements under ASC 805, Business Combinations Comprehensive Income Comprehensive income is equal to the net income for all periods presented. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. The amendments and expedients in this update are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In December 2019, the FASB issued an update to existing guidance under the Income Taxes Income Taxes

Business Combination

Business Combination	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Combination	2. Business Combination On January 1, 2021, we completed our previously announced all stock merger transaction with BMC Stock Holdings, Inc., a Delaware corporation (“BMC”), pursuant to the Agreement and Plan of Merger, dated as of August 26, 2020 (as amended, restated, supplemented, or otherwise modified from time to time, the “Merger Agreement”), by and among Builders FirstSource, Inc., Boston Merger Sub I Inc., a Delaware corporation and direct wholly owned subsidiary of Builders FirstSource, Inc. (“Merger Sub”) and BMC. On the terms and subject to the conditions set forth in the Merger Agreement, on January 1, 2021, Merger Sub merged with and into BMC, with BMC continuing as the surviving corporation and a wholly owned subsidiary of Builders FirstSource, Inc. (the “BMC Merger”). The BMC Merger expands the Company’s geographic reach and value-added offerings. The BMC Merger was accounted for by the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition date. Net sales and income before income taxes attributable to BMC were $1.4 billion and $42.8 million, respectively, for the three months ended March 31, 2021. Income before income taxes attributable to BMC reflects an increase in depreciation and amortization expense related to the recording of these assets at fair value as of the acquisition date and is also impacted by changes in the business post-acquisition. The consideration transferred was allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with the excess recorded as goodwill. We incurred transaction-related costs of $17.6 million related to the BMC Merger during the three months ended March 31, 2021 which are included in selling, general and administrative expenses in the accompanying condensed consolidated statement of operations. The consideration transferred was determined as the sum of the following: (A) the price per share of the Company’s common stock (“BFS common stock”) of $40.81 (based on the closing price per share of BFS common stock on December 31, 2020), multiplied by each of: (1) the approximately 88.7 million shares of BFS common stock issued to BMC stockholders in the BMC Merger (based on the number of shares of BMC common stock outstanding on December 31, 2020, multiplied by the exchange ratio as set forth in the Merger Agreement); and (2) the approximately 0.9 million shares of BFS common stock issued to holders of outstanding BMC restricted stock awards in connection with the BMC Merger (based on the number of BMC restricted stock awards outstanding as of December 31, 2020 (with performance-based awards vesting at target level of performance), multiplied by the exchange ratio as set forth in the Merger Agreement); plus (B) the fair value attributable to fully vested, outstanding options for BMC common stock held by current BMC employees that were assumed by the Company at the effective time and became options to purchase BFS common stock, with the number of shares and exercise price adjusted by the exchange ratio. The calculation of consideration transferred is as follows: (In thousands, except ratios and per share amounts) Amount Number of BMC common shares outstanding 67,568 Exchange ratio for common shares outstanding per Merger Agreement 1.3125 Shares of BFS common stock issued for BMC outstanding common stock 88,683 Number of BMC stock awards that vested as a result of the BMC Merger 688 Exchange ratio for stock awards expected to vest per Merger Agreement 1.3125 Shares of BFS common stock issued for BMC vested equity awards 903 Price per share of BFS common stock $ 40.81 Fair value of BFS common stock issued for BMC outstanding common stock and vested equity awards $ 3,655,988 Fair value of modified BMC fully vested, unexercised options 2,374 Total consideration transferred $ 3,658,362 The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for BMC (in thousands): (In thousands) Amount Cash and cash equivalents $ 167,490 Accounts receivable 469,204 Other receivables 36,704 Inventories 460,146 Other current assets 32,891 Property, plant and equipment 555,170 Operating lease right-of-use assets 179,133 Goodwill 1,751,604 Intangible assets 1,470,000 Other assets 6,244 Total assets $ 5,128,586 Accounts payable $ 279,980 Accrued liabilities 246,119 Operating lease liabilities 180,650 Long-term debt 366,797 Deferred income taxes 349,971 Other long-term liabilities 46,707 Total liabilities $ 1,470,224 Total consideration transferred $ 3,658,362 The allocation of the consideration transferred for the BMC Merger is preliminary and based upon all information available to the Company at the time of filing, and is subject to change. The Company is in the process of finalizing its valuation of the identified acquired intangible assets, and therefore, the allocation of the consideration transferred for the BMC Merger is not complete. The fair value assigned above may be adjusted during the measurement period. The preliminary fair value of acquired intangible assets of $1.5 billion, primarily related to customer relationships, was estimated by applying an income approach. That measure is based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates. Immediately following the BMC Merger, the Company settled certain assumed long-term debt of $359.8 million using cash on hand. The following table reflects the pro forma operating results for the Company which gives effect to the BMC Merger as if it had occurred on January 1, 2020. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of future results. The pro forma financial information includes the historical results of the Company and BMC adjusted for certain items, which are described below, and does not include the effects of any synergies or cost reduction initiatives related to the BMC Merger. Three Months Ended March 31, (In thousands) 2021 2020 Net sales $ 4,173,775 $ 2,707,900 Net income (loss) 231,991 (86,675) Pro forma net income (loss) reflects the following adjustments: • Property, plant and equipment and intangible assets are assumed to be recorded at their estimated fair values as of January 1, 2020, and are depreciated or amortized over their estimated useful lives from that date. • Transaction-related expenses of $57.7 million are assumed to have occurred on January 1, 2020, and are presented as an expense during the three months ended March 31, 2020. • Interest expense related to certain assumed long-term debt settled in connection with the BMC Merger has been adjusted. • Expense incurred during the three months ended March 31, 2021 in relation to the sell-through of inventory which was stepped up in value in connection with the BMC Merger has been adjusted and is presented as an expense during the three months ended March 31, 2020.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue The following table disaggregates our sales by product category (in thousands): Three Months Ended March 31, 2021 2020 Lumber & lumber sheet goods $ 1,728,495 $ 552,481 Manufactured products 816,133 354,457 Windows, doors & millwork 718,557 391,317 Gypsum, roofing & insulation 146,440 110,852 Siding, metal & concrete products 301,910 168,885 Other building products & services 462,240 209,029 Net sales $ 4,173,775 $ 1,787,021 Net sales from installation and construction services was 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 are included in accounts receivable on our consolidated balance sheet and were $179.6 million and $57.3 million as of March 31, 2021 and December 31, 2020, respectively. 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 $121.2 million and $58.5 million as of March 31, 2021 and December 31, 2020, respectively. The increase in contract assets and liabilities during the three months ended March 31, 2021 was primarily related to contract assets and liabilities acquired in the BMC Merger.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income per Common Share	4. Net Income per Common Share Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share The table below presents the calculation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net income $ 172,580 $ 8,767 Denominator: Weighted average shares outstanding, basic 206,571 116,258 Dilutive effect of options and RSUs 2,053 1,236 Weighted average shares outstanding, diluted 208,624 117,494 Net income per share: Basic $ 0.84 $ 0.08 Diluted $ 0.83 $ 0.07 Antidilutive and contingent options and RSUs excluded from diluted EPS 78 217

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	5. Property, Plant and Equipment Property, plant and equipment consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Land $ 330,701 $ 206,321 Buildings and improvements 543,756 386,922 Machinery and equipment 812,919 517,543 Furniture, fixtures and computer equipment 124,427 102,309 Construction in progress 34,745 16,568 Finance lease right-of-use assets 7,934 43,256 Property, plant and equipment 1,854,482 1,272,919 Less: accumulated depreciation 556,726 523,789 Property, plant and equipment, net $ 1,297,756 $ 749,130 Depreciation expense was $45.7 million and $23.7 million, of which $10.3 million and $5.0 million was included in cost of sales, for the three months ended March 31, 2021 and 2020, respectively. 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 sheets: March 31, 2021 December 31, 2020 (In thousands) Land $ 114,938 $ 116,638 Buildings and improvements 126,110 131,390 Assets held under other finance obligations 241,048 248,028 Less: accumulated amortization 23,597 25,015 Assets held under other finance obligations, net $ 217,451 $ 223,013

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	6. Goodwill The following table sets forth the changes in the carrying amount of goodwill for the three months ended March 31, 2021 (in thousands): Balance as of December 31, 2020 (1) $ 785,305 BMC Merger 1,751,604 Balance as of March 31, 2021 (1) $ 2,536,909 (1) Goodwill is presented net of accumulated impairment losses of $44.6 million. In 2021, the change in the carrying amount of goodwill is attributable to the BMC Merger. As a result of the change in segments discussed in Note 1 to these condensed consolidated financial statements, the Company has determined that the reporting units used in the analysis of goodwill impairment should align with its three operating segments. As of March 31, 2021, no triggering events have occurred. The amount allocated to goodwill is attributable to the assembled workforce of BMC as well as expected growth from the expanded product and service offerings. The goodwill recognized from the BMC Merger will not be deductible for tax purposes.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	7. Intangible Assets The following table presents intangible assets as of: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 1,532,135 $ (155,107 ) $ 195,435 $ (94,690 ) Trade names 185,361 (65,766 ) 52,061 (38,138 ) Subcontractor relationships 5,440 (2,397 ) 5,440 (1,944 ) Non-compete agreements 3,719 (2,135 ) 3,719 (2,001 ) Total intangible assets $ 1,726,655 $ (225,405 ) $ 256,655 $ (136,773 ) In connection with the BMC Merger, we recorded intangible assets of $1,470.0 million, which includes $1,336.7 million of customer relationships and $133.3 million of trade names. The weighted average useful lives of the acquired intangible assets are 11.3 years in total, 11.4 years for customer relationships and 5.5 years for trade names, respectively. During the three months ended March 31, 2021 and 2020, we recorded amortization expense in relation to the above-listed intangible assets of $88.6 million and $5.7 million, respectively. The following table presents the estimated amortization expense for intangible assets for the years ending December 31 (in thousands): 2021 (from April 1, 2021) $ 257,017 2022 207,258 2023 180,421 2024 159,158 2025 140,181 Thereafter 557,215 Total future net intangible amortization expense $ 1,501,250

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued Liabilities	8. Accrued Liabilities Accrued liabilities consisted of the following (in thousands) as of: March 31, 2021 December 31, 2020 Accrued payroll and other employee related expenses $ 204,374 $ 176,379 Contract liabilities 121,193 58,455 Accrued business taxes 91,982 46,717 Self-insurance reserves 73,814 38,642 Income taxes payable 70,216 12,236 Accrued interest 18,000 13,567 Accrued rebates payable 17,041 18,592 Other 32,304 20,948 Total accrued liabilities $ 628,924 $ 385,536

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	9. Long-Term Debt Long-term debt consisted of the following (in thousands) as of: March 31, 2021 December 31, 2020 2026 revolving credit facility (1) $ 225,000 $ 75,000 2027 notes 695,000 777,500 2030 notes 550,000 550,000 Other finance obligations 211,167 216,072 Finance lease obligations 7,714 23,873 1,688,881 1,642,445 Unamortized debt discount/premium and debt issuance costs (16,638 ) (18,205 ) 1,672,243 1,624,240 Less: current maturities of long-term debt and lease obligations 14,134 27,335 Long-term debt, net of current maturities $ 1,658,109 $ 1,596,905 (1) The weighted average interest rate was 2.7% and 3.8% as of March 31, 2021 and December 31, 2020, respectively. 2021 Debt Transactions On January 29, 2021, the Company amended its revolving credit facility to increase the total commitments by an aggregate amount of $500.0 million resulting in a new $1.4 billion amended credit facility (the “2026 revolving credit facility”), and to extend the maturity date from November 2023 January 2026 during the three months ended March 31, 2021. Approximately $4.3 million of new debt issuance costs related to the amendment will be deferred through January 2026. The 2026 revolving credit facility is discussed in more detail below. On March 3, 2021, pursuant to the optional call feature in the indenture governing our 6.75% senior secured notes due 2027 (the “2027 notes”), $82.5 million of 2027 notes were redeemed at a redemption price equal to 103% of the principal amount of the notes, plus accrued and unpaid interest. 2026 Revolving Credit Facility The 2026 revolving credit facility provides for a $1.4 billion revolving credit line to be used for working capital, general corporate purposes and funding capital expenditures and growth opportunities. In addition, we may use borrowings under the 2026 revolving credit facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement, subject to certain reserves. As of March 31, 2021, we had $225.0 million in outstanding borrowings under our 2026 revolving credit facility and our net excess borrowing availability was $1.0 billion after being reduced by outstanding letters of credit of approximately $136.7 million. Borrowings under the 2026 revolving credit facility bear interest, at our option, at either a eurodollar rate or a base rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.50% to 2.00% per annum in the case of eurodollar rate loans and 0.50% to 1.00% per annum in the case of base rate loans. The margin in either case is based on a measure of availability under the 2026 revolving credit facility. A variable commitment fee, currently 0.375% per annum, is charged on the unused amount of the revolver based on quarterly average loan utilization. Letters of credit under the 2026 revolving credit facility are assessed at a rate equal to the applicable eurodollar margin, currently 1.50%, as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December. All obligations under the 2026 revolving credit facility are guaranteed jointly and severally by the Company and all other subsidiaries that guarantee the 2027 notes and our 5.00% unsecured senior notes due 2030 (the “2030 notes”). All obligations 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 with respect to the 2026 revolving credit facility, a first-priority security interest in such assets that constitute ABL Collateral (as defined below) and a second-priority security interest in such assets that constitute Notes Collateral (as defined below). “ABL Collateral” includes substantially all presently owned and after-acquired accounts receivable, inventory, rights of unpaid vendors with respect to inventory, deposit accounts, commodity accounts, securities accounts and lock boxes, investment property, cash and cash equivalents, and general intangibles, books and records, supporting obligations and documents and related letters of credit, commercial tort claims or other claims related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral that is not ABL Collateral. The 2026 revolving credit facility contains restrictive covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the 2026 revolving credit facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $140.0 million as of March 31, 2021. Fair Value As of March 31, 2021 and December 31, 2020, the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our 2027 notes, 2030 notes and 2026 revolving credit facility at amortized cost. The fair values of the 2027 notes and 2030 notes at March 31, 2021 were approximately $749.9 million and $576.3 million, respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the 2026 revolving credit facility at March 31, 2021 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the 2026 revolving credit facility was also classified as Level 2 in the hierarchy. We were not in violation of any covenants or restrictions imposed by any of our debt agreements at March 31, 2021.

Leases and Other Finance Obliga

Leases and Other Finance Obligations	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases and Other Finance Obligations	10. Leases and Other Finance Obligations Right-of-use assets and lease liabilities consisted of the following (in thousands) as of: March 31, 2021 December 31, 2020 Assets Operating lease right-of-use assets, net $ 442,440 $ 274,562 Finance lease right-of-use assets, net (included in property, plant and equipment, net) 7,073 34,905 Total right-of-use assets $ 449,513 $ 309,467 Liabilities Current Current portion of operating lease liabilities $ 94,316 $ 61,625 Current portion of finance lease liabilities (included in current maturities of long-term debt) 2,592 12,178 Noncurrent Noncurrent portion of operating lease liabilities $ 356,549 $ 219,239 Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) 5,122 11,695 Total lease liabilities $ 458,579 $ 304,737 Total lease costs consisted of the following for the three months ended March 31 (in thousands): 2021 2020 Operating lease costs (1) $ 32,289 $ 21,672 Finance lease costs: Amortization of finance lease right-of-use assets 959 1,613 Interest on finance lease liabilities 194 314 Variable lease costs 6,772 4,249 Total lease costs $ 40,214 $ 27,848 (1) Includes short-term lease costs and sublease income which were not material for the three months ended March 31, 2021 and 2020. Future maturities of lease liabilities as of March 31, 2021 were as follows (in thousands): Finance Leases Operating Leases 2021 (from April 1, 2021) $ 2,386 $ 87,378 2022 1,794 104,414 2023 1,569 86,915 2024 720 69,772 2025 510 48,139 Thereafter 1,572 140,525 Total lease payments 8,551 537,143 Less: amount representing interest (837 ) (86,278 ) Present value of lease liabilities 7,714 450,865 Less: current portion (2,592 ) (94,316 ) Long-term lease liabilities, net of current portion $ 5,122 $ 356,549 Weighted average lease terms and discount rates as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases 6.3 6.3 Finance leases 5.3 2.1 Weighted average discount rate Operating leases 5.5 % 6.3 % Finance leases 4.4 % 5.9 % The following table presents cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31 (in thousands): 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,512 $ 20,846 Operating cash flows from finance leases 194 314 Financing cash flows from finance leases 25,801 3,522 Residual value guarantees in our lease agreements are not material. Our lease agreements do not impose any significant restrictions or covenants on us. As of March 31, 2021, we do not have any material leases that have been signed, but have not yet commenced. Leases with related parties are not significant as of March 31, 2021 nor for the three months ended March 31, 2021 and 2020. Other Finance Obligations In addition to the operating and finance lease arrangements described above, the Company is party to 126 individual property lease agreements with a single lessor as of March 31, 2021. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year 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 March 31, 2021, other finance obligations consist of $211.2 million, with cash payments of $5.1 million for the three months ended March 31, 2021. These other finance obligations are included on the consolidated balance sheet as part of long-term debt. The related assets are recorded as components of property, plant, and equipment on the consolidated balance sheet. Future minimum commitments for other finance obligations as of March 31, 2021 were as follows (in thousands): 2021 (from April 1, 2021) $ 12,867 2022 16,818 2023 16,818 2024 16,835 2025 16,836 Thereafter 174,300 Total $ 254,474

Employee Stock-Based Compensati

Employee Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employee Stock-Based Compensation	11. Employee Stock-Based Compensation Time Based Restricted Stock Unit Grants In the first quarter of 2021, our board of directors granted 266,000 restricted stock units (“RSUs”) to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. 229,000 of the RSUs vest at 33 Performance and Service Condition Based Restrictive Stock Unit Grants In the first quarter of 2021, our board of directors granted 37,000 RSUs to employees under our 2014 Incentive Plan for which vesting is based on the Company’s achievement of certain performance targets over a two-year Performance, Market and Service Condition Based Restricted Stock Unit Grants In the first quarter of 2021, our board of directors granted 186,000 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 over a three-year Expected volatility (company) 51.3% Expected volatility (peer group median) 42.9% Correlation between the Company and peer group median 0.6 Expected dividend yield 0.0% Risk-free rate 0.3% 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	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below: Three Months Ended 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % State income taxes, net of federal income tax 1.7 2.2 Stock-based compensation windfall benefit (1.9 ) (16.0 ) Permanent differences and other (0.7 ) (4.4 ) 20.1 % 2.8 % We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses. 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	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies As of March 31, 2021, we had outstanding letters of credit totaling $136.7 million under our 2026 revolving credit 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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 for one of our suppliers, PGT, Inc. In addition, a member of the Company’s board of directors is an executive officer of one of our customers, Ashton Woods USA, L.L.C. Transactions between the Company and other related parties occur in the ordinary course of business. However, the Company carefully monitors and assesses related party relationships. Management does not believe that any of these transactions with related parties had a material impact on the Company’s results for the three months ended March 31, 2021 or 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On May 3, 2021, we acquired certain assets and the operations of John’s Lumber and Hardware Co. (“John’s Lumber”) for $24.9 million in cash, subject to certain adjustments. Located in the Detroit, Michigan metropolitan area, John’s Lumber is a supplier and installer of windows, doors, molding, trim, siding and decking. This acquisition was funded with a combination of cash on hand and borrowings under our 2026 revolving credit facility. The accounting for this acquisition has not been completed at the date of this filing given the proximity to the acquisition date. The acquisition will be accounted for by the acquisition method, and accordingly the results of operations will be included in the Company’s consolidated financial statements from the acquisition date. The purchase price will be allocated to the net assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Segments	Segments We offer an integrated solution to our customers by providing manufacturing, supply, and installation of a full range of structural and related building products 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 our approximately 550 locations operating in 40 states across the United States. Following the merger with BMC Stock Holdings, Inc. on January 1, 2021, which is discussed in Note 2 to these condensed consolidated financial statements, the Company reorganized the structure of its internal organization. Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. Our operating divisions are organized on a geographical basis to facilitate a disaggregated management of the Company and to respond to the local needs of the customers in the markets we serve. All of our segments have similar customers, products and services, and distribution methods. Due to these similarities, along with the similar economic profitability achieved across all our operating segments, we aggregate our three operating segments into one reportable segment. Centralized financial and operational oversight, including resource allocation and assessment of performance on an income (loss) from continuing operations before income taxes basis, is performed by our CEO, whom we have determined to be our chief operating decision maker (“CODM”). The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by the CODM, including revenue, gross profit and income before income taxes, are shown in these condensed consolidated financial statements.
Business Combinations	Business Combinations When they meet the requirements under ASC 805, Business Combinations
Comprehensive Income	Comprehensive Income Comprehensive income is equal to the net income for all periods presented.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. The amendments and expedients in this update are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In December 2019, the FASB issued an update to existing guidance under the Income Taxes Income Taxes

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Calculation of Consideration Transferred	The calculation of consideration transferred is as follows: (In thousands, except ratios and per share amounts) Amount Number of BMC common shares outstanding 67,568 Exchange ratio for common shares outstanding per Merger Agreement 1.3125 Shares of BFS common stock issued for BMC outstanding common stock 88,683 Number of BMC stock awards that vested as a result of the BMC Merger 688 Exchange ratio for stock awards expected to vest per Merger Agreement 1.3125 Shares of BFS common stock issued for BMC vested equity awards 903 Price per share of BFS common stock $ 40.81 Fair value of BFS common stock issued for BMC outstanding common stock and vested equity awards $ 3,655,988 Fair value of modified BMC fully vested, unexercised options 2,374 Total consideration transferred $ 3,658,362
Summary of Aggregate Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for BMC (in thousands): (In thousands) Amount Cash and cash equivalents $ 167,490 Accounts receivable 469,204 Other receivables 36,704 Inventories 460,146 Other current assets 32,891 Property, plant and equipment 555,170 Operating lease right-of-use assets 179,133 Goodwill 1,751,604 Intangible assets 1,470,000 Other assets 6,244 Total assets $ 5,128,586 Accounts payable $ 279,980 Accrued liabilities 246,119 Operating lease liabilities 180,650 Long-term debt 366,797 Deferred income taxes 349,971 Other long-term liabilities 46,707 Total liabilities $ 1,470,224 Total consideration transferred $ 3,658,362
Pro Forma Operating Results	The following table reflects the pro forma operating results for the Company which gives effect to the BMC Merger as if it had occurred on January 1, 2020. Three Months Ended March 31, (In thousands) 2021 2020 Net sales $ 4,173,775 $ 2,707,900 Net income (loss) 231,991 (86,675)

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Lumber & lumber sheet goods $ 1,728,495 $ 552,481 Manufactured products 816,133 354,457 Windows, doors & millwork 718,557 391,317 Gypsum, roofing & insulation 146,440 110,852 Siding, metal & concrete products 301,910 168,885 Other building products & services 462,240 209,029 Net sales $ 4,173,775 $ 1,787,021

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Numerator: Net income $ 172,580 $ 8,767 Denominator: Weighted average shares outstanding, basic 206,571 116,258 Dilutive effect of options and RSUs 2,053 1,236 Weighted average shares outstanding, diluted 208,624 117,494 Net income per share: Basic $ 0.84 $ 0.08 Diluted $ 0.83 $ 0.07 Antidilutive and contingent options and RSUs excluded from diluted EPS 78 217

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Land $ 330,701 $ 206,321 Buildings and improvements 543,756 386,922 Machinery and equipment 812,919 517,543 Furniture, fixtures and computer equipment 124,427 102,309 Construction in progress 34,745 16,568 Finance lease right-of-use assets 7,934 43,256 Property, plant and equipment 1,854,482 1,272,919 Less: accumulated depreciation 556,726 523,789 Property, plant and equipment, net $ 1,297,756 $ 749,130
Schedule of Balances Held Under Other Finance Obligations	The following balances held under other finance obligations are included on the accompanying consolidated balance sheets: March 31, 2021 December 31, 2020 (In thousands) Land $ 114,938 $ 116,638 Buildings and improvements 126,110 131,390 Assets held under other finance obligations 241,048 248,028 Less: accumulated amortization 23,597 25,015 Assets held under other finance obligations, net $ 217,451 $ 223,013

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
Schedule of Change in Carrying Amount of Goodwill	The following table sets forth the changes in the carrying amount of goodwill for the three months ended March 31, 2021 (in thousands): Balance as of December 31, 2020 (1) $ 785,305 BMC Merger 1,751,604 Balance as of March 31, 2021 (1) $ 2,536,909 (1) Goodwill is presented net of accumulated impairment losses of $44.6 million.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents intangible assets as of: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Customer relationships $ 1,532,135 $ (155,107 ) $ 195,435 $ (94,690 ) Trade names 185,361 (65,766 ) 52,061 (38,138 ) Subcontractor relationships 5,440 (2,397 ) 5,440 (1,944 ) Non-compete agreements 3,719 (2,135 ) 3,719 (2,001 ) Total intangible assets $ 1,726,655 $ (225,405 ) $ 256,655 $ (136,773 )
Estimated Amortization Expense for Intangible Assets	The following table presents the estimated amortization expense for intangible assets for the years ending December 31 (in thousands): 2021 (from April 1, 2021) $ 257,017 2022 207,258 2023 180,421 2024 159,158 2025 140,181 Thereafter 557,215 Total future net intangible amortization expense $ 1,501,250

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands) as of: March 31, 2021 December 31, 2020 Accrued payroll and other employee related expenses $ 204,374 $ 176,379 Contract liabilities 121,193 58,455 Accrued business taxes 91,982 46,717 Self-insurance reserves 73,814 38,642 Income taxes payable 70,216 12,236 Accrued interest 18,000 13,567 Accrued rebates payable 17,041 18,592 Other 32,304 20,948 Total accrued liabilities $ 628,924 $ 385,536

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consisted of the following (in thousands) as of: March 31, 2021 December 31, 2020 2026 revolving credit facility (1) $ 225,000 $ 75,000 2027 notes 695,000 777,500 2030 notes 550,000 550,000 Other finance obligations 211,167 216,072 Finance lease obligations 7,714 23,873 1,688,881 1,642,445 Unamortized debt discount/premium and debt issuance costs (16,638 ) (18,205 ) 1,672,243 1,624,240 Less: current maturities of long-term debt and lease obligations 14,134 27,335 Long-term debt, net of current maturities $ 1,658,109 $ 1,596,905 (1) The weighted average interest rate was 2.7% and 3.8% as of March 31, 2021 and December 31, 2020, respectively.

Leases and Other Finance Obli_2

Leases and Other Finance Obligations (Table)	3 Months Ended
	Mar. 31, 2021
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) as of: March 31, 2021 December 31, 2020 Assets Operating lease right-of-use assets, net $ 442,440 $ 274,562 Finance lease right-of-use assets, net (included in property, plant and equipment, net) 7,073 34,905 Total right-of-use assets $ 449,513 $ 309,467 Liabilities Current Current portion of operating lease liabilities $ 94,316 $ 61,625 Current portion of finance lease liabilities (included in current maturities of long-term debt) 2,592 12,178 Noncurrent Noncurrent portion of operating lease liabilities $ 356,549 $ 219,239 Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) 5,122 11,695 Total lease liabilities $ 458,579 $ 304,737
Summary of Total Lease Costs	Total lease costs consisted of the following for the three months ended March 31 (in thousands): 2021 2020 Operating lease costs (1) $ 32,289 $ 21,672 Finance lease costs: Amortization of finance lease right-of-use assets 959 1,613 Interest on finance lease liabilities 194 314 Variable lease costs 6,772 4,249 Total lease costs $ 40,214 $ 27,848 (1) Includes short-term lease costs and sublease income which were not material for the three months ended March 31, 2021 and 2020.
Summary of Future Maturities of Lease Liabilities	Future maturities of lease liabilities as of March 31, 2021 were as follows (in thousands): Finance Leases Operating Leases 2021 (from April 1, 2021) $ 2,386 $ 87,378 2022 1,794 104,414 2023 1,569 86,915 2024 720 69,772 2025 510 48,139 Thereafter 1,572 140,525 Total lease payments 8,551 537,143 Less: amount representing interest (837 ) (86,278 ) Present value of lease liabilities 7,714 450,865 Less: current portion (2,592 ) (94,316 ) Long-term lease liabilities, net of current portion $ 5,122 $ 356,549
Summary of Weighted Average Lease Terms and Discount Rates	Weighted average lease terms and discount rates as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases 6.3 6.3 Finance leases 5.3 2.1 Weighted average discount rate Operating leases 5.5 % 6.3 % Finance leases 4.4 % 5.9 %
Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities	The following table presents cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31 (in thousands): 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 30,512 $ 20,846 Operating cash flows from finance leases 194 314 Financing cash flows from finance leases 25,801 3,522
Other Finance Obligations
Lessee Lease Description [Line Items]
Summary of Future Maturities of Other Finance Obligation	Future minimum commitments for other finance obligations as of March 31, 2021 were as follows (in thousands): 2021 (from April 1, 2021) $ 12,867 2022 16,818 2023 16,818 2024 16,835 2025 16,836 Thereafter 174,300 Total $ 254,474

Employee Stock-Based Compensa_2

Employee Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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 $47.85 per unit, which was determined using the Monte Carlo simulation model using the following assumptions: Expected volatility (company) 51.3% Expected volatility (peer group median) 42.9% Correlation between the Company and peer group median 0.6 Expected dividend yield 0.0% Risk-free rate 0.3%

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % State income taxes, net of federal income tax 1.7 2.2 Stock-based compensation windfall benefit (1.9 ) (16.0 ) Permanent differences and other (0.7 ) (4.4 ) 20.1 % 2.8 %

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021StoreStatesRegionSegment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1998
Number of Locations | Store	550
Number of states | States	40
Number of geographic regions | Region	3
Number of operating segments	3
Number of reportable segment	1

Business Combination - Addition

Business Combination - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net sales	$ 4,173,775	$ 1,787,021
Income before income taxes	$ 216,112	9,016
Common stock, shares issued	206,858			116,829
Common stock, shares outstanding	206,858			116,829
BMC Stock Holdings, Inc.
Business Acquisition [Line Items]
Common stock price per share			$ 40.81
Common stock, shares issued			88,683
Common stock, shares outstanding			67,568
Preliminary fair value of intangible assets acquired			$ 1,470,000
Transaction related expenses assumed	$ 57,700
BMC Stock Holdings, Inc. | Level 3 | Customer Relationships
Business Acquisition [Line Items]
Preliminary fair value of intangible assets acquired		$ 1,500,000
BMC Stock Holdings, Inc. | Merger Agreement
Business Acquisition [Line Items]
Merger agreement date	Aug. 26, 2020
Net sales	$ 1,400,000
Income before income taxes	42,800
Transaction related costs, incurred	17,600
Common stock price per share				$ 40.81
Common stock, shares issued				88,700
Common stock, shares outstanding				900
Long-term debt, assumed	$ 359,800

Business Combination - Schedule

Business Combination - Schedule of Calculation of Consideration Transferred (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jan. 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Common stock, shares outstanding		206,858	116,829
Common stock, shares issued		206,858	116,829
BMC Stock Holdings, Inc.
Business Acquisition [Line Items]
Common stock, shares outstanding	67,568
Exchange ratio for common shares outstanding per Merger Agreement	1.3125%
Common stock, shares issued	88,683
Number of BMC stock awards that vested as a result of the BMC Merger	688
Exchange ratio for stock awards expected to vest per Merger Agreement	1.3125%
Shares of BFS common stock issued for BMC vested equity awards	903
Common stock price per share	$ 40.81
Fair value of BFS common stock issued for BMC outstanding common stock and vested equity awards	$ 3,655,988
Fair value of modified BMC fully vested, unexercised options	2,374
Total consideration transferred	$ 3,658,362

Business Combination - Summary

Business Combination - Summary of Aggregate Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,536,909		$ 785,305
BMC Stock Holdings, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 167,490
Accounts receivable		469,204
Other receivables		36,704
Inventories		460,146
Other current assets		32,891
Property, plant and equipment		555,170
Operating lease right-of-use assets		179,133
Goodwill		1,751,604
Intangible assets		1,470,000
Other assets		6,244
Total assets		5,128,586
Accounts payable		279,980
Accrued liabilities		246,119
Operating lease liabilities		180,650
Long-term debt		366,797
Deferred income taxes		349,971
Other long-term liabilities		46,707
Total liabilities		1,470,224
Total consideration transferred		$ 3,658,362

Business Combination - Pro Form

Business Combination - Pro Forma Operating Results (Detail) - BMC Stock Holdings, Inc. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Net sales	$ 4,173,775	$ 2,707,900
Net income (loss)	$ 231,991	$ (86,675)

Revenue - Sales by Product Cate

Revenue - Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 4,173,775	$ 1,787,021
Lumber and Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,728,495	552,481
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	816,133	354,457
Windows, Doors and Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	718,557	391,317
Gypsum, Roofing and Insulation
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	146,440	110,852
Siding, Metal and Concrete Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	301,910	168,885
Other Building Products and Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 462,240	$ 209,029

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract liability	$ 121,193	$ 58,455
Contract asset	$ 179,600	$ 57,300
Transferred over Time | Maximum
Disaggregation Of Revenue [Line Items]
Percentage of sales related to contracts with service	10.00%

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 172,580	$ 8,767
Denominator:
Weighted average shares outstanding, basic	206,571	116,258
Dilutive effect of options and RSUs	2,053	1,236
Weighted average shares outstanding, diluted	208,624	117,494
Net income per share:
Basic	$ 0.84	$ 0.08
Diluted	$ 0.83	$ 0.07
Antidilutive and contingent options and RSUs excluded from diluted EPS	78	217

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary of Property, Plant and Equipment
Property, plant and equipment	$ 1,854,482	$ 1,272,919
Less: accumulated depreciation	556,726	523,789
Property, plant and equipment, net	1,297,756	749,130
Land
Summary of Property, Plant and Equipment
Property, plant and equipment	330,701	206,321
Buildings and Improvements
Summary of Property, Plant and Equipment
Property, plant and equipment	543,756	386,922
Machinery and Equipment
Summary of Property, Plant and Equipment
Property, plant and equipment	812,919	517,543
Furniture, Fixtures and Computer Equipment
Summary of Property, Plant and Equipment
Property, plant and equipment	124,427	102,309
Construction in Progress
Summary of Property, Plant and Equipment
Property, plant and equipment	34,745	16,568
Finance Lease Right-of-use Assets
Summary of Property, Plant and Equipment
Property, plant and equipment	$ 7,934	$ 43,256

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 45.7	$ 23.7
Depreciation expense included in cost of goods	$ 10.3	$ 5

Property, Plant and Equipment_3

Property, Plant and Equipment - Schedule of Balances Held Under Other Finance Obligations (Detail) - Other Finance Obligations - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	$ 241,048	$ 248,028
Less: accumulated amortization	23,597	25,015
Assets held under other finance obligations, net	217,451	223,013
Land
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	114,938	116,638
Buildings and Improvements
Property Plant And Equipment [Line Items]
Assets held under other finance obligations	$ 126,110	$ 131,390

Goodwill - Schedule of Change i

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Line Items]
Balance as of December 31, 2020	$ 785,305
Balance as of March 31, 2021	2,536,909
BMC Merger
Goodwill [Line Items]
Acquisitions	$ 1,751,604

Goodwill - Schedule of Change_2

Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated impairment losses	$ 44.6	$ 44.6

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Segment
Goodwill And Intangible Assets Disclosure [Abstract]
Number of operating segments	3

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,726,655	$ 256,655
Accumulated Amortization	(225,405)	(136,773)
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,532,135	195,435
Accumulated Amortization	(155,107)	(94,690)
Trade Names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	185,361	52,061
Accumulated Amortization	(65,766)	(38,138)
Subcontractor Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,440	5,440
Accumulated Amortization	(2,397)	(1,944)
Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,719	3,719
Accumulated Amortization	$ (2,135)	$ (2,001)

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization Expenses	$ 88.6	$ 5.7
BMC Merger
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 1,470
Weighted average useful lives of the acquired intangible assets	11 years 3 months 18 days
BMC Merger | Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 1,336.7
Weighted average useful lives of the acquired intangible assets	11 years 4 months 24 days
BMC Merger | Trade Names
Finite Lived Intangible Assets [Line Items]
Intangible assets in connection with acquisition	$ 133.3
Weighted average useful lives of the acquired intangible assets	5 years 6 months

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (from April 1, 2021)	$ 257,017
2022	207,258
2023	180,421
2024	159,158
2025	140,181
Thereafter	557,215
Total future net intangible amortization expense	$ 1,501,250

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary of accrued liabilities
Accrued payroll and other employee related expenses	$ 204,374	$ 176,379
Contract liabilities	121,193	58,455
Accrued business taxes	91,982	46,717
Self-insurance reserves	73,814	38,642
Income taxes payable	70,216	12,236
Accrued interest	18,000	13,567
Accrued rebates payable	17,041	18,592
Other	32,304	20,948
Total accrued liabilities	$ 628,924	$ 385,536

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 1,688,881	$ 1,642,445
Unamortized debt discount/premium and debt issuance costs	(16,638)	(18,205)
Long-term debt and capital lease obligation	1,672,243	1,624,240
Less: current maturities of long-term debt and lease obligations	14,134	27,335
Long-term debt, net of current maturities	1,658,109	1,596,905
2026 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount	225,000	75,000
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	695,000	777,500
2030 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	550,000	550,000
Other Finance Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	211,167	216,072
Finance Lease Obligations
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 7,714	$ 23,873

Long-Term Debt - Summary of L_2

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)	Mar. 31, 2021	Dec. 31, 2020
2026 Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	2.70%	3.80%

Long-Term Debt - 2021 Debt Tran

Long-Term Debt - 2021 Debt Transactions - Additional Information (Detail) - USD ($)	Mar. 03, 2021	Jan. 29, 2021	Jan. 28, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Debt issuance costs		$ 4,300
2026 Revolving Credit Facility
Debt Instrument [Line Items]
Increase in line of credit facility		500,000,000
Line of credit facility maximum borrowing capacity		$ 1,400,000,000		$ 1,400,000,000
Revolving credit facility due date		Jan. 31, 2026	Nov. 30, 2023
Unamortized debt discount and debt issuance costs				1,000,000
2027 Notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	6.75%
Gain (loss) on extinguishment of debt				(3,600,000)
Gain (Loss) on repurchase of debt instrument				(2,500,000)
Write-off of unamortized net debt discount and debt issuance costs				$ 1,100,000
2027 Notes | Redemption Period on March 3, 2021, Pursuant to the Optional Call Feature in the Indenture
Debt Instrument [Line Items]
Debt instrument redeemed	$ 82,500,000
Debt Instrument Redemption Price Percentage	103.00%

Long-Term Debt - 2026 Revolving

Long-Term Debt - 2026 Revolving Credit Facility - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Jan. 29, 2021
Debt Instrument [Line Items]
Outstanding letters of credit	$ 136,700,000
2030 Notes
Debt Instrument [Line Items]
Private offered aggregate principal amount rate	5.00%
2026 Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 1,400,000,000	$ 1,400,000,000
Line of credit facility	225,000,000
Line of credit facility, remaining borrowing capacity	1,000,000,000
Outstanding letters of credit	$ 136,700,000
Line of credit commitment fee percentage	0.375%
Interest rates of outstanding letters of credit	1.50%
Fronting fee per annum	0.125%
Minimum fixed charge ratio	1
Debt instrument, covenant description	In addition, the 2026 revolving credit facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $140.0 million as of March 31, 2021.
Debt instrument minimum excess availability-dollars	$ 80,000,000
Debt instrument minimum excess availability-percentage	10.00%
Debt instrument covenant maximum borrowing capacity amount	$ 140,000,000
2026 Revolving Credit Facility | Eurodollar Rate | Minimum
Debt Instrument [Line Items]
Debt instrument applicable rate	1.50%
2026 Revolving Credit Facility | Eurodollar Rate | Maximum
Debt Instrument [Line Items]
Debt instrument applicable rate	2.00%
2026 Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument applicable rate	0.50%
2026 Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument applicable rate	1.00%

Long-Term Debt - Fair Value - A

Long-Term Debt - Fair Value - Additional Information (Detail) - Level 2 $ in Millions	Mar. 31, 2021USD ($)
2027 Notes
Debt Instrument [Line Items]
Fair value of long term debt	$ 749.9
2030 Notes
Debt Instrument [Line Items]
Fair value of long term debt	$ 576.3

Leases and Other Finance Obli_3

Leases and Other Finance Obligations - Summary of Right-of-use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Operating lease right-of-use assets, net	$ 442,440	$ 274,562
Finance lease right-of-use assets, net (included in property, plant and equipment, net)	7,073	34,905
Total right-of-use assets	449,513	309,467
Current
Current portion of operating lease liabilities	94,316	61,625
Current portion of finance lease liabilities (included in current maturities of long-term debt)	2,592	12,178
Noncurrent
Noncurrent portion of operating lease liabilities	356,549	219,239
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)	5,122	11,695
Total lease liabilities	$ 458,579	$ 304,737

Leases and Other Finance Obli_4

Leases and Other Finance Obligations - Summary of Total Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Cost [Abstract]
Operating lease costs	$ 32,289	$ 21,672
Amortization of finance lease right-of-use assets	959	1,613
Interest on finance lease liabilities	194	314
Variable lease costs	6,772	4,249
Total lease costs	$ 40,214	$ 27,848

Leases and Other Finance Obli_5

Leases and Other Finance Obligations - Summary of Future Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finance Leases
2021 (from April 1, 2021)	$ 2,386
2022	1,794
2023	1,569
2024	720
2025	510
Thereafter	1,572
Total lease payments	8,551
Less: amount representing interest	(837)
Present value of lease liabilities	7,714
Less: current portion	(2,592)	$ (12,178)
Long-term lease liabilities, net of current portion	5,122	11,695
Operating Leases
2021 (from April 1, 2021)	87,378
2022	104,414
2023	86,915
2024	69,772
2025	48,139
Thereafter	140,525
Total lease payments	537,143
Less: amount representing interest	(86,278)
Present value of lease liabilities	450,865
Less: current portion	(94,316)	(61,625)
Long-term lease liabilities, net of current portion	$ 356,549	$ 219,239

Leases and Other Finance Obli_6

Leases and Other Finance Obligations - Summary of Weighted Average Lease Terms and Discount Rates (Detail)	Mar. 31, 2021	Dec. 31, 2020
Weighted average remaining lease term (years)
Operating leases	6 years 3 months 18 days	6 years 3 months 18 days
Finance leases	5 years 3 months 18 days	2 years 1 month 6 days
Weighted average discount rate
Operating leases	5.50%	6.30%
Finance leases	4.40%	5.90%

Leases and Other Finance Obli_7

Leases and Other Finance Obligations - Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 30,512	$ 20,846
Operating cash flows from finance leases	194	314
Financing cash flows from finance leases	$ 25,801	$ 3,522

Leases and Other Finance Obli_8

Leases and Other Finance Obligations - Additional Information (Detail)	Mar. 31, 2021USD ($)
Lessee Disclosure [Abstract]
Guarantees under lease of residual value	$ 0

Leases and Other Finance Obli_9

Leases and Other Finance Obligations - Other Finance Obligations - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Property
Other Finance Obligations [Line Items]
Number of leased properties with single lessor | Property	126
Other finance obligation, renewal term	5 years
Total lease term	30 years
Master lease agreement description	Company is party to 126 individual property lease agreements with a single lessor as of March 31, 2021. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms.
Other finance obligations	$ 211.2
Payment of other finance obligation	$ 5.1
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_10

Leases and Other Finance Obligations - Summary of Future Maturities of Other Finance Obligation (Detail) - Other Finance Obligations $ in Thousands	Mar. 31, 2021USD ($)
Other Finance Obligations [Line Items]
2021 (from April 1, 2021)	$ 12,867
2022	16,818
2023	16,818
2024	16,835
2025	16,836
Thereafter	174,300
Total	$ 254,474

Employee Stock-Based Compensa_3

Employee Stock-Based Compensation - Additional Information (Detail) - 2014 Incentive Plan	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Time Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	266,000
Weighted average grant date fair value, granted | $ / shares	$ 46.17
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	229,000
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 Second Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	37,000
Stock award vesting percentage	50.00%
Performance and Service Condition Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	37,000
Stock award granted vesting period	2 years
Weighted average grant date fair value, granted | $ / shares	$ 40.81
Performance 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 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	120.00%
Performance Market and Service Condition Based Restricted Stock Unit Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Granted	186,000
Stock award granted vesting period	3 years
Weighted average grant date fair value, granted | $ / shares	$ 47.85
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	3 Months Ended
	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (company)	51.30%
Expected volatility (peer group median)	42.90%
Correlation between the Company and peer group median	0.6
Expected dividend yield	0.00%
Risk-free rate	0.30%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%
State income taxes, net of federal income tax	1.70%	2.20%
Stock-based compensation windfall benefit	(1.90%)	(16.00%)
Permanent differences and other	(0.70%)	(4.40%)
Total effective rate for continuing operations	20.10%	2.80%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 136.7

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	May 03, 2021USD ($)
John’s Lumber and Hardware Co. | Subsequent Event
Subsequent Event [Line Items]
Cash consideration for certain assets acquired	$ 24.9