Cover page
Cover page - shares | 6 Months Ended | |
Apr. 30, 2021 | May 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-33913 | |
Entity Registrant Name | QUANEX BUILDING PRODUCTS CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1561397 | |
Entity Address, Address Line One | 1800 West Loop South | |
Entity Address, Address Line Two | Suite 1500 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77027 | |
City Area Code | 713 | |
Local Phone Number | 961-4600 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001423221 | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 33,596,045 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2021 | Oct. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 49,258 | $ 51,621 |
Accounts receivable, net of allowance for credit losses of $133 and $161 | 96,521 | 88,287 |
Inventories, net | 80,365 | 61,181 |
Prepaid and other current assets | 8,361 | 6,217 |
Total current assets | 234,505 | 207,306 |
Property, plant and equipment, net of accumulated depreciation of $344,395 and $340,144 | 178,466 | 184,104 |
Operating lease right-of-use assets | 56,424 | 51,824 |
Goodwill | 150,302 | 146,154 |
Intangible assets, net | 88,850 | 93,068 |
Other assets | 7,025 | 9,129 |
Total assets | 715,572 | 691,585 |
Current liabilities: | ||
Accounts payable | 83,081 | 77,335 |
Accrued liabilities | 41,207 | 38,289 |
Income taxes payable | 2,463 | 6,465 |
Current maturities of long-term debt | 745 | 692 |
Current operating lease liabilities | 8,226 | 7,459 |
Total current liabilities | 135,722 | 130,240 |
Long-term debt | 87,195 | 116,728 |
Noncurrent operating lease liabilities | 48,989 | 44,873 |
Deferred pension and postretirement benefits | 10,819 | 10,923 |
Deferred income taxes | 22,078 | 19,116 |
Other liabilities | 15,672 | 13,946 |
Total liabilities | 320,475 | 335,826 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, shares authorized 1,000,000; issued and outstanding - none | 0 | 0 |
Common stock, $0.01 par value, shares authorized 125,000,000; issued 37,273,510 and 37,296,166, respectively; outstanding 33,588,545 and 32,804,737, respectively | 373 | 373 |
Additional paid-in-capital | 253,147 | 253,458 |
Retained earnings | 230,590 | 213,517 |
Accumulated other comprehensive loss | (23,392) | (33,024) |
Less: Treasury stock at cost, 3,684,965 and 4,491,429 shares, respectively | (65,621) | (78,565) |
Total stockholders’ equity | 395,097 | 355,759 |
Total liabilities and stockholders' equity | $ 715,572 | $ 691,585 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2021 | Oct. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 133 | $ 161 |
Accumulated depreciation of property, plant and equipment | $ 344,395 | $ 340,144 |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 37,273,510 | 37,296,166 |
Common stock, shares outstanding | 33,588,545 | 32,804,737 |
Treasury stock, shares | 3,684,965 | 4,491,429 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 270,357 | $ 187,475 | $ 500,504 | $ 384,072 |
Cost and expenses: | ||||
Cost of sales (excluding depreciation and amortization) | 208,460 | 149,732 | 384,857 | 307,159 |
Selling, general and administrative | 29,672 | 16,713 | 60,533 | 40,845 |
Restructuring charges | 0 | 251 | 39 | 404 |
Depreciation and amortization | 10,845 | 11,886 | 21,860 | 24,791 |
Operating income | 21,380 | 8,893 | 33,215 | 10,873 |
Non-operating (expense) income: | ||||
Interest expense | (640) | (1,563) | (1,391) | (3,145) |
Other, net | 265 | 300 | 457 | 336 |
Income before income taxes | 21,005 | 7,630 | 32,281 | 8,064 |
Income tax expense | (6,454) | (2,129) | (9,878) | (2,553) |
Net income | $ 14,551 | $ 5,501 | $ 22,403 | $ 5,511 |
Basic earnings per common share | $ 0.44 | $ 0.17 | $ 0.68 | $ 0.17 |
Diluted earnings per common share | $ 0.43 | $ 0.17 | $ 0.67 | $ 0.17 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 33,355 | 32,676 | 33,110 | 32,770 |
Diluted (in shares) | 33,637 | 32,793 | 33,444 | 32,907 |
Cash dividends per share (in usd per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 14,551 | $ 5,501 | $ 22,403 | $ 5,511 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 1,032 | (6,999) | 9,632 | (4,256) |
Change in pension from net unamortized gain adjustment (pretax) | 0 | 0 | 0 | 2,519 |
Change in pension from net unamortized gain adjustment tax expense | 0 | 0 | 0 | (609) |
Other comprehensive income (loss) | 1,032 | (6,999) | 9,632 | (2,346) |
Comprehensive income (loss) | $ 15,583 | $ (1,498) | $ 32,035 | $ 3,165 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Operating activities: | ||
Net income | $ 22,403 | $ 5,511 |
Adjustments to reconcile net income to cash (used for) provided by operating activities: | ||
Depreciation and amortization | 21,860 | 24,791 |
Stock-based compensation | 970 | 86 |
Deferred income tax | 2,339 | 1,194 |
Other, net | 5,049 | 463 |
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable | (6,726) | 14,682 |
Increase in inventory | (18,265) | (8,363) |
Increase in other current assets | (2,013) | (559) |
Increase (decrease) in accounts payable | 5,584 | (16,807) |
Increase (decrease) in accrued liabilities | 994 | (13,673) |
Decrease in income taxes payable | (4,071) | (4,052) |
(Decrease) increase in deferred pension and postretirement benefits | (104) | 562 |
Increase (decrease) in other long-term liabilities | 642 | (787) |
Other, net | 298 | (576) |
Cash provided by operating activities | 28,960 | 2,472 |
Investing activities: | ||
Capital expenditures | (9,799) | (16,313) |
Proceeds from disposition of capital assets | 1,665 | 33 |
Cash used for investing activities | (8,134) | (16,280) |
Financing activities: | ||
Borrowings under credit facility | 0 | 114,500 |
Repayments of credit facility borrowings | (30,000) | (41,000) |
Repayments of other long-term debt | (605) | (505) |
Common stock dividends paid | (5,330) | (5,287) |
Issuance of common stock | 16,123 | 2,954 |
Cash paid for payroll tax for shares forfeited upon vesting | 492 | 454 |
Purchase of treasury stock | (3,968) | (6,693) |
Cash (used for) provided by financing activities | (24,272) | 63,515 |
Effect of exchange rate changes on cash and cash equivalents | 1,083 | (323) |
(Decrease) increase in cash and cash equivalents | (2,363) | 49,384 |
Cash and cash equivalents at beginning of period | 51,621 | 30,868 |
Cash and cash equivalents at end of period | $ 49,258 | $ 80,252 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at beginning of period at Oct. 31, 2019 | $ 330,187 | $ 374 | $ 254,673 | $ 185,703 | $ (33,817) | $ (76,746) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10 | 10 | ||||
Foreign currency translation adjustment | 2,743 | 2,743 | ||||
Common dividends ($0.08 per share) | (2,659) | (2,659) | ||||
Treasury shares purchased, at cost | (4,639) | (4,639) | ||||
Change in pension from net unamortized loss (net of tax expense of $609) | 1,910 | 1,910 | ||||
Stock-based compensation activity: | ||||||
Expense related to stock-based compensation | (239) | (239) | ||||
Stock options exercised | 3,075 | 92 | (159) | 3,142 | ||
Restricted stock awards granted | 0 | (1,082) | 94 | 988 | ||
Performance restricted stock units vested | (495) | 495 | ||||
Other | (455) | (1) | (454) | |||
Balance at end of period at Jan. 31, 2020 | $ 329,933 | 373 | 252,495 | 182,989 | (29,164) | (76,760) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.08 | |||||
Balance at beginning of period at Oct. 31, 2019 | $ 330,187 | 374 | 254,673 | 185,703 | (33,817) | (76,746) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 5,511 | |||||
Balance at end of period at Apr. 30, 2020 | $ 323,957 | 373 | 252,717 | 185,779 | (36,163) | (78,749) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.16 | |||||
Balance at beginning of period at Jan. 31, 2020 | $ 329,933 | 373 | 252,495 | 182,989 | (29,164) | (76,760) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 5,501 | 5,501 | ||||
Foreign currency translation adjustment | (6,999) | (6,999) | ||||
Common dividends ($0.08 per share) | (2,628) | (2,628) | ||||
Treasury shares purchased, at cost | (2,054) | (2,054) | ||||
Stock-based compensation activity: | ||||||
Expense related to stock-based compensation | 325 | 325 | ||||
Stock options exercised | (121) | (38) | (83) | 0 | ||
Restricted stock awards granted | 0 | (65) | 0 | 65 | ||
Balance at end of period at Apr. 30, 2020 | $ 323,957 | 373 | 252,717 | 185,779 | (36,163) | (78,749) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.08 | |||||
Balance at beginning of period at Oct. 31, 2020 | $ 355,759 | 373 | 253,458 | 213,517 | (33,024) | (78,565) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,852 | 7,852 | ||||
Foreign currency translation adjustment | 8,600 | 8,600 | ||||
Common dividends ($0.08 per share) | (2,637) | (2,637) | ||||
Treasury shares purchased, at cost | (1,927) | (1,927) | ||||
Stock-based compensation activity: | ||||||
Expense related to stock-based compensation | 523 | 523 | ||||
Stock options exercised | 10,030 | 635 | 9,395 | |||
Restricted stock awards granted | 0 | (1,282) | 1,282 | |||
Performance restricted stock units vested | (565) | 565 | ||||
Other | (492) | (492) | ||||
Balance at end of period at Jan. 31, 2021 | $ 377,708 | 373 | 252,277 | 218,732 | (24,424) | (69,250) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.08 | |||||
Balance at beginning of period at Oct. 31, 2020 | $ 355,759 | 373 | 253,458 | 213,517 | (33,024) | (78,565) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,403 | |||||
Balance at end of period at Apr. 30, 2021 | $ 395,097 | 373 | 253,147 | 230,590 | (23,392) | (65,621) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.16 | |||||
Balance at beginning of period at Jan. 31, 2021 | $ 377,708 | 373 | 252,277 | 218,732 | (24,424) | (69,250) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,551 | 14,551 | ||||
Foreign currency translation adjustment | 1,032 | 1,032 | ||||
Common dividends ($0.08 per share) | (2,693) | (2,693) | ||||
Treasury shares purchased, at cost | (2,041) | (2,041) | ||||
Stock-based compensation activity: | ||||||
Expense related to stock-based compensation | 447 | 447 | ||||
Stock options exercised | 6,093 | 423 | 5,670 | |||
Balance at end of period at Apr. 30, 2021 | $ 395,097 | $ 373 | $ 253,147 | $ 230,590 | $ (23,392) | $ (65,621) |
Stock-based compensation activity: | ||||||
Cash dividends per share (in usd per share) | $ 0.08 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Jan. 31, 2020USD ($)$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends per share (in usd per share) | $ / shares | $ 0.08 |
Change in pension from net unamortized loss, tax | $ | $ 609,000 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation Quanex Building Products Corporation is a component supplier to original equipment manufacturers (OEMs) in the building products industry. These components can be categorized as window and door (fenestration) components and kitchen and bath cabinet components. Examples of fenestration components include: (1) energy-efficient flexible insulating glass spacers, (2) extruded vinyl profiles, (3) window and door screens, and (4) precision-formed metal and wood products. We also manufacture cabinet doors and other components for OEMs in the kitchen and bathroom cabinet industry. In addition, we provide certain other non-fenestration components and products, which include solar panel sealants, trim moldings, vinyl decking, vinyl fencing, water retention barriers, and conservatory roof components. We have organized our business into three reportable business segments. For additional discussion of our reportable business segments, see Note 11, “Segment Information.” We use low-cost, short lead-time production processes and engineering expertise to provide our customers with specialized products for their specific window, door, and cabinet applications. We believe these capabilities provide us with unique competitive advantages. We serve a primary customer base in North America and the United Kingdom (U.K.), and also serve customers in international markets through our operating plants in the U.K. and Germany, as well as through sales and marketing efforts in other countries. Unless the context indicates otherwise, references to “Quanex”, the “Company”, “we”, “us” and “our” refer to the consolidated business operations of Quanex Building Products Corporation and its subsidiaries. The accompanying interim unaudited condensed consolidated financial statements include the accounts of Quanex Building Products Corporation. All intercompany accounts and transactions have been eliminated in consolidation. These financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of October 31, 2020 was derived from audited financial information but does not include all disclosures required by U.S. GAAP. The accompanying financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020. In our opinion, the accompanying financial statements contain all adjustments (which consist of normal recurring adjustments, except as disclosed herein) necessary to fairly present our financial position, results of operations and cash flows for the interim periods. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year or for any future periods. In preparing financial statements, we make informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. We review our estimates on an on-going basis, including those related to impairment of long-lived assets and goodwill, contingencies and income taxes. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates. Revenue from Contracts with Customers Revenue recognition We recognize revenue that reflects the consideration we expect to receive for product sales upon transfer to customers. Revenue for product sales is recognized when control of the promised products is transferred to our customers, and we are entitled to consideration in exchange for such transfer. We account for a contract when a customer provides us with a firm purchase order that identifies the products to be provided, the payment terms for those products, and when collectability of the consideration due is probable. Performance obligations A performance obligation is a promise to provide the customer with a good or service. Our performance obligations include product sales, with each product included in a customer contract being recognized as a separate performance obligation. For contracts with multiple performance obligations, the standalone selling price of each product is generally readily observable. Revenue from product sales is recognized at a point in time when the product is transferred to the customer, in accordance with the shipping terms, which is generally upon shipment. We estimate a provision for sales returns and warranty allowances to account for product returns related to general returns and product nonconformance. We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. Additionally, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Pricing and sales incentives Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price, reflective of current and prospective discounts. Shipping and handling costs We account for shipping and handling services as fulfillment services; accordingly, freight revenue is combined with the product deliverable rather than being accounted for as a distinct performance obligation within the terms of the agreement. Shipping and handling costs incurred by us for the delivery of goods to customers are considered a cost to fulfill the contract and are included in cost of sales in the accompanying condensed consolidated statements of income. Contract assets and liabilities Deferred revenue, which is not significant, is recorded when we have remaining unsatisfied performance obligations for which we have received consideration. Disaggregation of revenue We produce a wide variety of products that are used in the fenestration industry, including window spacer systems; extruded vinyl products; metal fabricated products; and astragals, thresholds and screens. In addition, we produce certain non-fenestration products, including kitchen and bath cabinet doors and components, flooring and trim moldings, solar edge tape, plastic decking, fencing, water retention barriers, conservatory roof components, and other products. The following table summarizes our product sales for the three and six months ended April 30, 2021 and 2020 into groupings by segment which we believe depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further details regarding our results by segment, refer to Note 11, “Segment Information”. Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (In thousands) North American Fenestration: United States - fenestration $ 128,218 $ 95,791 $ 240,518 $ 192,638 International - fenestration 8,397 6,153 16,175 12,587 United States - non-fenestration 6,293 4,372 11,690 8,935 International - non-fenestration 3,235 2,277 5,876 4,885 $ 146,143 $ 108,593 $ 274,259 $ 219,045 European Fenestration: International - fenestration $ 50,835 $ 24,865 $ 92,189 55,829 International - non-fenestration 10,822 4,335 18,559 10,137 $ 61,657 $ 29,200 $ 110,748 $ 65,966 North American Cabinet Components: United States - fenestration $ 3,497 $ 2,647 $ 6,471 $ 5,795 United States - non-fenestration 60,388 47,540 110,890 93,989 International - non-fenestration (323) 477 195 924 $ 63,562 $ 50,664 $ 117,556 $ 100,708 Unallocated Corporate & Other Eliminations $ (1,005) $ (982) $ (2,059) $ (1,647) $ (1,005) $ (982) $ (2,059) $ (1,647) Net sales $ 270,357 $ 187,475 $ 500,504 $ 384,072 Allowance for Credit Losses We have established an allowance for credit losses to estimate the risk of losses, which represents an estimate of expected losses over the remaining contractual life of our receivables. The allowance is determined using two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection rates, write-off experience, and forecasts of future economic conditions. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. COVID-19 Impact On March 11, 2020, the World Health Organization (WHO) declared the outbreak of COVID-19 as a global pandemic and advised aggressive containment action. The COVID-19 pandemic and its impacts are continuing to have an adverse effect on many sectors of the economy. Measures providing for business shutdowns generally exclude certain essential services commonly including critical infrastructure such as construction and the businesses that support that critical infrastructure. To date, we have not experienced significant challenges or expenses implementing crisis management plans intended for containment and prevention. While we could expect some negative impacts on our business, results of operations, cash flows and financial position, the overall financial impact cannot be reasonably estimated at this time. The health and safety of our employees are high priority. In response to the COVID-19 pandemic, we have taken additional measures to limit possible infections at the workplace by implementing social distancing, sanitizing the workspace, and requiring employees to wear masks and other measures necessary to ensure safety as infection surges dictate. We continue to assess and refine these measures on an ongoing basis as public health guidance and applicable laws and regulations continue to evolve. |
Inventories
Inventories | 6 Months Ended |
Apr. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following at April 30, 2021 and October 31, 2020 (in thousands): April 30, October 31, Raw materials $ 40,506 $ 33,298 Finished goods and work in process 41,881 32,347 Supplies and other 2,170 2,020 Total 84,557 67,665 Less: Inventory reserves 4,192 6,484 Inventories, net $ 80,365 $ 61,181 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill for the six months ended April 30, 2021 was as follows (in thousands): Six Months Ended April 30, 2021 Beginning balance as of November 1, 2020 $ 146,154 Foreign currency translation adjustment 4,148 Balance as of the end of the period $ 150,302 At our last annual test date, August 31, 2020, we evaluated the recoverability of goodwill at each of our five reporting units with goodwill balances and determined that our goodwill was not impaired. We evaluated for indicators of impairment during the three and six months ended April 30, 2021 and determined that there were no triggering events related to the impacts of COVID-19 or any other areas of our operations. However, the long term effects of the COVID-19 pandemic on the demand and pricing of our products may result in future impairment charges. For a summary of the change in the carrying amount of goodwill by segment, see Note 11, “Segment Information.” Identifiable Intangible Assets Amortizable intangible assets consisted of the following as of April 30, 2021 and October 31, 2020 (in thousands): April 30, 2021 October 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Customer relationships $ 146,592 $ 76,203 $ 154,004 $ 80,441 Trademarks and trade names 56,554 38,622 55,745 37,314 Patents and other technology 22,545 22,016 22,386 21,312 Total $ 225,691 $ 136,841 $ 232,135 $ 139,067 We had aggregate amortization expense related to intangible assets for the three and six months ended April 30, 2021 of $3.3 million and $6.7 million, respectively, and $3.6 million and $7.4 million, respectively, for the comparable prior year periods. We retired fully amortized identifiable assets of $9.9 million related to customer relationships during the six months ended April 30, 2021. Estimated remaining amortization expense, based on current intangible balances, for each of the fiscal years ending October 31, is as follows (in thousands): Estimated 2021 (remaining six months) $ 6,105 2022 12,163 2023 11,404 2024 10,652 2025 9,426 Thereafter 39,100 Total $ 88,850 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 6 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Long-term debt consisted of the following at April 30, 2021 and October 31, 2020 (in thousands): April 30, October 31, Revolving Credit Facility $ 73,000 $ 103,000 Finance lease obligations and other 15,689 15,321 Unamortized deferred financing fees (749) (901) Total debt $ 87,940 $ 117,420 Less: Current maturities of long-term debt 745 692 Long-term debt $ 87,195 $ 116,728 Revolving Credit Facility As more fully described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020, on October 18, 2018, we amended and extended our prior credit facility by entering into a $325.0 million revolving credit facility (the “2018 Credit Facility”), with Wells Fargo Bank, National Association, as Agent, Swingline Lender and Issuing Lender, and Bank of America, N.A. serving as Syndication Agent. The 2018 Credit Facility has a five-year term, maturing on October 18, 2023, and requires interest payments calculated, at our election and depending upon our Consolidated Leverage Ratio, at either a Base Rate plus an applicable margin or the LIBOR Rate plus an applicable margin. At the time of the initial borrowing, the applicable rate was LIBOR + 1.50%. In addition, we are subject to commitment fees for the unused portion of the 2018 Credit Facility. The applicable margin and commitment fees are outlined in the following table: Pricing Level Consolidated Leverage Ratio Commitment Fee LIBOR Rate Loans Base Rate Loans I Less than or equal to 1.50 to 1.00 0.200% 1.25% 0.25% II Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00 0.225% 1.50% 0.50% III Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00 0.250% 1.75% 0.75% IV Greater than 3.00 to 1.00 0.300% 2.00% 1.00% In the event of default, outstanding borrowings would accrue interest at the Default Rate, as defined, whereby the obligations will bear interest at a per annum rate equal to 2% above the total per annum rate otherwise applicable. The 2018 Credit Facility provides for incremental revolving credit commitments for a minimum principal amount of $10.0 million, up to an aggregate amount of $150.0 million, subject to the lender's discretion to elect or decline the incremental increase. We can also borrow up to the lesser of $15.0 million or the revolving credit commitment, as defined, under a Swingline feature of the Credit Facility. The 2018 Credit Facility contains a: (1) Consolidated Interest Coverage Ratio requirement whereby we must not permit the Consolidated Interest Coverage Ratio, as defined, to be less than 2.25 to 1.00, and (2) Consolidated Leverage Ratio requirement, whereby we must not permit the Consolidated Leverage Ratio, as defined, to be greater than 3.25 to 1.00. In addition to maintaining these financial covenants, the 2018 Credit Facility also limits our ability to enter into certain business transactions, such as to incur indebtedness or liens, to acquire businesses or dispose of material assets, make restricted payments, pay dividends (limited to $20.0 million per year) and other transactions as further defined in the 2018 Credit Facility. Some of these limitations, however, do not take effect so long as total leverage is less than or equal to 2.75 to 1.00 and available liquidity exceeds $25 million. Substantially all of our domestic assets, with the exception of real property, are used as collateral for the Credit Agreement. As of April 30, 2021, we ha d $73.0 million of borrowings outstanding under the 2018 Credit Facility (reduced by unamortized debt issuance costs of $0.7 million ), $4.5 million of outstanding letters of credit and $15.7 million outstanding primarily under finance leases and other debt. We had $247.5 million available for use under the 2018 Credit Facility at April 30, 2021. Outstanding borrowings under the 2018 Credit Facility accrue interes t at 1.36% per annum. Our weighted average borrowing rate for borrowings outstanding during the six months ended April 30, 2021 and 2020 was 1.47% |
Retirement Plans
Retirement Plans | 6 Months Ended |
Apr. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Pension Plan Our non-contributory, single employer defined benefit pension plan covers a majority of our employees in the U.S. The net periodic pension cost for this plan for the three and six months ended April 30, 2021 and 2020 was as follows (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Service cost $ 212 $ 242 $ 425 $ 780 Interest cost 189 280 378 573 Expected return on plan assets (490) (502) (980) (994) Amortization of net loss 36 95 72 204 Net periodic pension (benefit) cost $ (53) $ 115 $ (105) $ 563 On January 1, 2020, we enacted changes to our pension plan whereby the benefits for all participants were frozen and thereafter those participants will receive increased benefits in the Company sponsored defined contribution plan in lieu of participation in a defined benefit plan. As a result of this action, we remeasured the pension assets and obligations for the pension plan, which resulted in a decrease to our projected benefit obligation and a corresponding net actuarial gain that was recorded in accumulated other comprehensive income. During September 2020, we contributed $3.7 million to fund our plan, and we expect to make a contribution to our plan in September 2021 of approximately $0.5 million. Other Plans We also have a supplemental benefit plan covering certain executive officers and key employees and a non-qualified deferred compensation plan covering members of the Board of Directors and certain key employees. As of April 30, 2021 and October 31, 2020, our liability under the supplemental benefit plan was approximat ely $2.8 million and $2.6 million, respectively. As of April 30, 2021 and October 31, 2020, the liability associated with the deferred compensation plan was approximately $4.6 million and $3.3 million, respectively. We record the current portion of liabilities as sociated with these plans under the caption “Accrued Liabilities,” and the long-term portion under the caption “Other Liabilities” in the accompanying condensed consolidated balance sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes To determine our income tax expense or benefit for interim periods, consistent with accounting standards, we apply the estimated annual effective income tax rate to year-to-date results. Our estimated annual effective tax rates for the six months ended April 30, 2021 and 2020 were 27.3% and 25.8%, respectively, excluding discrete items. The 2021 effective tax rate is higher than the U.S. Statutory rate of 21% primarily due to state income taxes and the $0.8 million true-up of our deferred taxes from prior year filings, partially offset by a discrete benefit of $0.6 million related to the vesting or exercise of equity-based compensation awards. The 2020 effective tax rate was primarily impacted by a discrete charge of $0.4 million related to the vesting or exercise of equity-based compensation awards. As of April 30, 2021, our liability for uncertain tax p ositions (UTP ) of $0.5 million relates to certain state tax items regarding the interpretation of tax laws and regulations. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. The outcome of the future tax consequences of legal proceedings, if any, as well as the outcome of competent authority proceedings, changes in regulatory tax laws, or interpretation of those tax laws could impact our financial statements. We are subject to the effect of these matters occurring in various jurisdictions. The disallowance of the UTP would not materially affect the annual effective tax rate. We do not believe any of the UTP at April 30, 2021 will be recognized within the next twelve months. We evaluate the likelihood of realization of our deferred tax assets by considering both positive and negative evidence. We maintain a valuation allowance for certain state net operating losses which totaled $1.5 million as o f April 30, 2021 and October 31, 2020. Final regulations were published by the Internal Revenue Service regarding Uniform Capitalization (UNICAP) that became effective during fiscal 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. In addition, the Consolidated Appropriations Act, 2021 (CAA) was signed into law on December 27, 2020 and the American Rescue Plan Act of 2021 (American Rescue Plan) was signed into law on March 11, 2021. We evaluated the UNICAP regulations and the CARES Act and determined that there were no material impacts on our condensed consolidated financial statements. We are evaluating the CAA and the American Rescue Plan and do not believe there will be a material impact on our condensed consolidated financial statements. |
Contingencies
Contingencies | 6 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies Remediation and Environmental Compliance Costs Under applicable state and federal laws, we may be responsible for, among other things, all or part of the costs required to remove or remediate wastes or hazardous substances at locations we, or our predecessors, have owned or operated. From time to time, we also have been alleged to be liable for all or part of the costs incurred to clean up third-party sites where there might have been an alleged improper disposal of hazardous substances. At present, we are not involved in any such matters. From time to time, we incur routine expenses and capital expenditures associated with compliance with existing environmental regulations, including control of air emissions and water discharges, and plant decommissioning costs. We have not incurred any material expenses or capital expenditures related to environmental matters during the past six fiscal years, and do not expect to incur a material amount of such costs in fiscal 2021. While we will continue to have future expenditures related to environmental matters, any such amounts are impossible to reasonably estimate at this time. Based upon our experience to date, we do not believe that our compliance with environmental requirements will have a material adverse effect on our operations, financial condition or cash flows. Litigation From time to time, we, along with our subsidiaries, are involved in various litigation matters arising in the ordinary course of our business, including those arising from or related to contractual matters, commercial disputes, intellectual property, personal injury, environmental matters, product performance or warranties, product liability, insurance coverage and personnel and employment disputes. We regularly review with legal counsel the status of all ongoing proceedings, and we maintain insurance against these risks to the extent deemed prudent by our management and to the extent such insurance is available. However, there is no assurance that we will prevail in these matters or that our insurers will accept full coverage of these matters, and we could, in the future, incur judgments, enter into settlements of claims, or revise our expectations regarding the outcome or insurability of matters we face, which could materially impact our results of operations. |
Fair Value Measurement of Asset
Fair Value Measurement of Assets and Liabilities | 6 Months Ended |
Apr. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market data developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to Level 1 and the lowest priority to Level 3. The three levels of the fair value hierarchy are described below: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates) and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Carrying amounts reported on the balance sheet for cash, cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. Our outstanding debt is variable rate debt that re-prices frequently, thereby limiting our exposure to significant change in interest rate risk. As a result, the fair value of our debt instrument approximates carrying value at April 30, 2021, and October 31, 2020 (Level 2 measurement). Our performance share awards are marked-to-market on a quarterly basis during a three-year vesting period based on market data (Level 2 measurement). For further information, refer to Note 9, “Stock-Based Compensation - Performance Share Awards.” |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We have established and maintain an Omnibus Incentive Plan (2020 Plan) that provides for the granting of restricted stock awards, stock options, restricted stock units, performance share awards, performance restricted stock units, and other stock-based and cash-based awards. The 2020 Plan is administered by the Compensation and Management Development Committee of the Board of Directors. The aggregate number of shares of common stock authorized for grant under the 2020 Plan is 3,139,895 as approved by shareholders. Any officer, key employee and/or non-employee director is eligible for awards under the 2020 Plan. We grant restricted stock units to non-employee directors on the first business day of each fiscal year. As approved by the Compensation & Management Development Committee of our Board of Directors annually, we grant a mix of restricted stock awards, restricted stock units, performance shares and/or performance restricted stock units to officers, management and key employees. We also historically granted stock options to certain officers, directors and key employees. Occasionally, we may make additional grants to key employees at other times during the year. Restricted Stock Awards Restricted stock awards are granted to key employees and officers annually, and typically cliff vest over a three-year period with service and continued employment as the only vesting criteria. The recipient of the restricted stock award is entitled to all of the rights of a shareholder, except that the award is nontransferable during the vesting period. The fair value of the restricted stock award is established on the grant date and then expensed over the vesting period resulting in an increase in additional paid-in-capital. Shares are generally issued from treasury stock at the time of grant. A summary of non-vested restricted stock awards activity during the six months ended April 30, 2021 is presented below: Restricted Stock Awards Weighted Average Non-vested at October 31, 2020 187,500 $ 16.82 Granted 73,300 20.68 Forfeited — — Vested (44,400) 20.70 Non-vested at April 30, 2021 216,400 $ 17.28 The total weighted average grant-date fair value of restricted stock awards that vested during each of the six months ended April 30, 2021 and 2020 was $0.9 million and $1.1 million , respectively. As of April 30, 2021, total unrecognized compensation cost related to unamortized restricted stock awards was $2.1 million. We expect to recognize this expense over the remaining weighted average vesting period of 2.1 years. Stock Options Historically, stock options have been awarded to key employees, officers and non-employee directors. In December 2017, the Compensation & Management Development Committee of the Board of Directors approved a change to the long-term incentive award program eliminating the grant of stock options and replacing this award with a grant of performance restricted stock units as further described below. As a result, the final stock options were granted during the fiscal year ended October 31, 2017. Stock options typically vested ratably over a three-year period with service and continued employment as the vesting conditions. Our stock options may be exercised up to a maximum of ten years from the date of grant. The fair value of the stock options was determined on the grant date and expensed over the vesting period resulting in an increase in additional paid-in-capital. For employees who were nearing retirement-eligibility, we recognized stock option expense ratably over the shorter of the vesting period or the period from the grant-date to the retirement-eligibility date. We use a Black-Scholes pricing model to estimate the fair value of stock options. A description of the methodology for the valuation assumptions was disclosed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020. The following table summarizes our stock option activity for the six months ended April 30, 2021: Stock Options Weighted Average Weighted Average Aggregate Outstanding at October 31, 2020 1,095,329 $ 18.88 Granted — Exercised (857,893) 18.79 Forfeited/Expired (2,500) 18.22 Outstanding at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 Vested at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 Exercisable at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 Intrinsic value is the amount by which the market price of the common stock on the date of exercise exceeds the exercise price of the stock option. The total intrinsic value of stock options exercised during the six months ended April 30, 2021 and 2020 was $4.2 million and $0.5 million, respectively. The weighted-average grant date fair value of stock options that vested during the six months ended April 30, 2020 was $0.4 million. Restricted Stock Units Restricted stock units may be awarded to key employees and officers from time to time, and annually to non-employee directors. The non-employee director restricted stock units vest immediately but are payable only upon the director's cessation of service unless an election is made by the non-employee director to settle and pay the award on an earlier specified date. Restricted stock units awarded to employees and officers typically cliff vest after a three-year period with service and continued employment as the vesting conditions. Restricted stock units are not considered outstanding shares and do not have voting rights, although the holder does receive a cash payment equivalent to the dividend paid, on a one-for-one basis, on our outstanding common shares. Once the criteria is met, each restricted stock unit is payable to the holder in cash based on the market value of one share of our common stock. Accordingly, we record a liability for the restricted stock units on our balance sheet and recognize any changes in the market value during each reporting period as compensation expense. During the six months ended April 30, 2021 and 2020, non-employee directors received 28,826 and 25,326 restricted stock units, respectively, at a grant date fair value of $18.79 per share and $19.02 per share, respectively, which vested immediately. As of April 30, 2021, there were 21,774 non-vested restricted stock units, which were awarded in January 2020 to key employees at a weighted average grant date fair value of $17.08. During the six months ended April 30, 2021 we paid $0.8 million to settle vested restricted stock units. There were no corresponding payments to settle vested restricted stock during the six months ended April 30, 2020. Performance Share Awards We have awarded annual grants of performance shares to key employees and officers. Beginning with the fiscal year ended October 31, 2019, performance share awards issued vest with return on net assets (RONA) as the vesting condition and pay out 100% in cash, and are accounted for as liability. The expected cash settlement of the performance share award is recorded as a liability and is being marked to market over the three-year term of the award and can fluctuate depending on the number of shares ultimately expected to vest. Depending on the achievement of the performance conditions, 0% to 200% of the awarded performance shares may ultimately vest. The following table summarizes our performance share grants and the grant date fair value for the RONA performance metrics: Grant Date Shares Awarded Return on Net Assets Shares Forfeited December 5, 2018 132,400 $ 13.63 40,900 December 5, 2019 55,900 $ 19.40 5,300 December 2, 2020 65,300 $ 20.68 — In December 2020, the December 2017 grant vested, however, no shares were awarded as performance criteria were not met. We recorded compensation expense of $0.6 million and $3.3 million, respectively , for the three and six months ended April 30, 2021 related to the expected payout of our performance share awards that were outstanding as of April 30, 2021. We recorded compensation expense of $0.1 million for the three months ended April 30, 2020 and a decrease in compensation expense of $0.4 million for the six months ended April 30, 2020 related to the expected payout of our performance share awards that were outstanding as of April 30, 2020. Performance share awards are not considered outstanding shares and do not have voting rights, although dividends are accrued over the performance period and will be payable in cash based upon the number of performance shares ultimately earned. Performance Restricted Stock Units We award performance restricted stock units to key employees and officers. These awards cliff vest upon a three-year service period with the absolute total shareholder return of our common stock over this three-year term as the vesting criteria. The number of shares earned is variable depending on the metric achieved, and the settlement method is 100% in our common stock, with accrued dividends paid in cash at the time of vesting, assuming the shares had been outstanding throughout the performance period. To value the performance restricted stock units, we used a Monte Carlo simulation model to arrive at a grant-date fair value. This amount will be adjusted for forfeitures and expensed over the three-year term of the award with a credit to additional paid-in-capital. Depending on the achievement of the performance conditions, a minimum of 0% and a maximum of 150% of the awarded performance restricted stock units may vest. Specifically, the awards vest on a continuum with the following Absolute Total Shareholder Return (A-TSR) milestones: Vesting Level Vesting Criteria Percentage of Award Vested Level 1 A-TSR greater than or equal to 50% 150% Level 2 A-TSR less than 50% and greater than or equal to 20% 100% Level 3 A-TSR less than 20% and greater than or equal to -20% 50% Level 4 A-TSR less than -20% —% The following table summarizes our performance restricted stock unit grants and the grant date fair value for the A-TSR performance metric: Grant Date Shares Awarded Grant Date Fair Value Shares Forfeited December 5, 2018 89,200 $ 13.63 25,500 December 5, 2019 35,000 $ 19.40 — December 2, 2020 38,400 $ 20.68 — During the six months ended April 30, 2021 , 32,322 perfo rmance restricted stock units vested. We recorded compensation expense related to our performance restricted stock units of approximately $0.2 million and $0.4 million, respec tively, for the three and six months ending April 30, 2021 and $0.1 million and $0.3 million, respectively, for the comparable prior year periods. The performance restricted stock units are not considered outstanding shares, do not have voting rights, and are excluded from diluted weighted-average shares used to calculate earnings per share until the performance criteria is probable to result in the issuance of contingent shares. As of April 30, 2021, we have de emed 91,460 shares related to the December 2018 grant of performance restricted stock units as probable to vest. Treasury Shares We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Shares are generally issued from treasury stock at the time of grant of restricted stock awards, upon the exercise of stock options, and upon the vesting of performance shares and performance restricted stock units. On the subsequent issuance of treasury shares, we record proceeds in excess of cost as an increase in additional paid in capital. A deficiency of such proceeds relative to costs would be applied to reduce paid-in-capital associated with prior issuances to the extent available, with the remainder recorded as a charge to retained earnings. There were no charges to retained earnings during the six months ended April 30, 2021. The following table summarizes the treasury stock activity during the six months ended April 30, 2021: Six Months Ended April 30, 2021 Beginning Balance as of November 1, 2020 4,491,429 Restricted stock awards granted (73,300) Performance restricted stock units vested (32,322) Stock options exercised (857,893) Treasury stock repurchases 157,051 Balance at April 30, 2021 3,684,965 |
Other Income
Other Income | 6 Months Ended |
Apr. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income, included under the caption “Other, net” on the accompanying condensed consolidated statements of income, consisted of the following for the three and six months ended April 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Foreign currency transaction gains (losses) $ (4) $ 132 $ (82) $ 83 Foreign currency derivative losses — (4) — (15) Pension service benefit 265 127 530 217 Interest income 1 14 4 19 Other 3 31 5 32 Other, net $ 265 $ 300 $ 457 $ 336 |
Segment Information
Segment Information | 6 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We present three reportable business segments (1) NA Fenestration, comprising three operating segments primarily focused on the fenestration market in North America including vinyl profiles, insulating glass spacers, screens & other fenestration components; (2) EU Fenestration, comprising our U.K.-based vinyl extrusion business, manufacturing vinyl profiles & conservatories, and the European insulating glass business manufacturing insulating glass spacers; and (3) NA Cabinet Components, comprising our cabinet door and components operations. We maintain an Unallocated Corporate & Other which includes transaction expenses, stock-based compensation, long-term incentive awards based on the performance of our common stock and other factors, certain severance, legal, and other costs not deemed to be allocable to all segments, depreciation of corporate assets, interest expense, other, net, income taxes and inter-segment eliminations, and executive incentive compensation and medical expense fluctuations relative to planned costs as determined during the annual planning process. Other general and administrative costs associated with the corporate office are allocated to the reportable segments, based upon a relative measure of profitability in order to more accurately reflect each reportable business segment's administrative costs. We allocate corporate expenses to businesses acquired mid-year from the date of acquisition. The accounting polic ies of our operating segments are the same as those used to prepare the accompanying condensed consolidated financial statements. Corporate general and administrative expense allocated during the three and six month period ended April 30, 2021 was $5.4 million and $10.7 million, respectively, and $4.6 million and $10.2 million for the comparable prior year periods. ASC Topic 280-10-50, “Segment Reporting” (ASC 280) permits aggregation of operating segments based on factors including, but not limited to: (1) similar nature of products serving the building products industry, primarily the fenestration business; (2) similar production processes, although there are some differences in the amount of automation amongst operating plants; (3) similar types or classes of customers, namely the primary OEMs; (4) similar distribution methods for product delivery, although the extent of the use of third-party distributors will vary amongst the businesses; (5) similar regulatory environment; and (6) converging long-term economic similarities. Segment information for the three and six months ended April 30, 2021 and 2020, and total assets as of April 30, 2021 and October 31, 2020 are summarized in the following table (in thousands): NA Fenestration EU Fenestration NA Cabinet Comp. Unallocated Corp. & Other Total Three Months Ended April 30, 2021 Net sales $ 146,143 $ 61,657 $ 63,562 $ (1,005) $ 270,357 Depreciation and amortization 4,846 2,607 3,305 87 10,845 Operating income (loss) 15,783 10,250 (284) (4,369) 21,380 Capital expenditures 2,001 1,268 1,160 124 4,553 Three Months Ended April 30, 2020 Net sales $ 108,593 $ 29,200 $ 50,664 $ (982) $ 187,475 Depreciation and amortization 5,961 2,330 3,474 121 11,886 Operating income (loss) 7,428 612 (1,174) 2,027 8,893 Capital expenditures 4,308 407 2,269 17 7,001 Six Months Ended April 30, 2021 Net sales $ 274,259 $ 110,748 $ 117,556 $ (2,059) $ 500,504 Depreciation and amortization 9,957 5,125 6,575 203 21,860 Operating income (loss) 26,986 18,437 (297) (11,911) 33,215 Capital expenditures 4,821 1,740 3,113 125 9,799 Six Months Ended April 30, 2020 Net sales $ 219,045 $ 65,966 $ 100,708 $ (1,647) $ 384,072 Depreciation and amortization 12,940 4,738 6,875 238 24,791 Operating income (loss) 9,058 3,776 (3,288) 1,327 10,873 Capital expenditures 11,236 1,626 3,344 107 16,313 As of April 30, 2021 Total assets $ 261,311 $ 238,109 $ 175,769 $ 40,383 $ 715,572 As of October 31, 2020 Total assets $ 252,703 $ 223,248 $ 174,713 $ 40,921 $ 691,585 The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the six months ended April 30, 2021 (in thousands): NA Fenestration EU Fenestration NA Cabinet Comp. Unallocated Corp. & Other Total Balance as of October 31, 2020 $ 38,712 $ 68,295 $ 39,147 $ — $ 146,154 Foreign currency translation adjustment — 4,148 — — 4,148 Balance as of April 30, 2021 $ 38,712 $ 72,443 $ 39,147 $ — $ 150,302 For further details of Goodwill, see Note 3, “Goodwill & Intangible Assets”, located herewith. We did not allocate non-operating loss or income tax benefit to the reportable segments. The following table reconciles operating income as reported above to net income for the three and six months ended April 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Operating income $ 21,380 $ 8,893 $ 33,215 $ 10,873 Interest expense (640) (1,563) (1,391) (3,145) Other, net 265 300 457 336 Income tax expense (6,454) (2,129) (9,878) (2,553) Net income $ 14,551 $ 5,501 $ 22,403 $ 5,511 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareWe compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common shares include the weighted average of additional shares associated with the incremental effect of dilutive employee stock options, non-vested restricted stock as determined using the treasury stock method prescribed by U.S. GAAP and contingent shares associated with performance share awards, if dilutive. Basic and diluted earnings per share for the three and six months ended April 30, 2021 and 2020 were calculated as follows (in thousands, except per share data): Net Income Weighted Average Shares Per Share Three Months Ended April 30, 2021 Basic earnings per common share $ 14,551 33,355 $ 0.44 Effect of dilutive securities: Stock options — 78 — Restricted stock awards — 112 — Performance restricted stock units — 92 — Diluted earnings per common share $ 14,551 33,637 $ 0.43 Three Months Ended April 30, 2020 Basic earnings per common share $ 5,501 32,676 $ 0.17 Effect of dilutive securities: Stock options — 1 — Restricted stock awards — 73 — Performance shares — 18 — Performance restricted stock units — 25 — Diluted earnings per common share $ 5,501 32,793 $ 0.17 Six Months Ended April 30, 2021 Basic earnings per common share $ 22,403 33,110 $ 0.68 Effect of dilutive securities: Stock options — 135 — Restricted stock awards — 108 — Performance restricted stock units — 91 — Diluted earnings per common share $ 22,403 33,444 $ 0.67 Six Months Ended April 30, 2020 Basic earnings per common share $ 5,511 32,770 $ 0.17 Effect of dilutive securities: Stock options — 12 — Restricted stock awards — 83 — Performance shares — 17 — Performance restricted stock units — 25 — Diluted earnings per common share $ 5,511 32,907 $ 0.17 We do not include equity instruments in our calculation of diluted earnings per share if those instruments would be anti-dilutive. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The following table shows anti-dilutive instruments for the three and six months ended April 30, 2021 and 2020 (shares in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Stock options — 1,174 — 1,116 Restricted stock awards — 51 — 51 Total — 1,225 — 1,167 |
New Accounting Guidance
New Accounting Guidance | 6 Months Ended |
Apr. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Guidance | New Accounting Guidance Accounting Standards Recently Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) . This ASU sets forth a “current expected credit loss” model, which requires the measurement of all expected credit losses for financial instruments or other assets (e.g., trade receivables), held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. We adopted this amendment on November 1, 2020, with no material impact on our condensed consolidated financial statements. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disaggregation of Revenue | Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (In thousands) North American Fenestration: United States - fenestration $ 128,218 $ 95,791 $ 240,518 $ 192,638 International - fenestration 8,397 6,153 16,175 12,587 United States - non-fenestration 6,293 4,372 11,690 8,935 International - non-fenestration 3,235 2,277 5,876 4,885 $ 146,143 $ 108,593 $ 274,259 $ 219,045 European Fenestration: International - fenestration $ 50,835 $ 24,865 $ 92,189 55,829 International - non-fenestration 10,822 4,335 18,559 10,137 $ 61,657 $ 29,200 $ 110,748 $ 65,966 North American Cabinet Components: United States - fenestration $ 3,497 $ 2,647 $ 6,471 $ 5,795 United States - non-fenestration 60,388 47,540 110,890 93,989 International - non-fenestration (323) 477 195 924 $ 63,562 $ 50,664 $ 117,556 $ 100,708 Unallocated Corporate & Other Eliminations $ (1,005) $ (982) $ (2,059) $ (1,647) $ (1,005) $ (982) $ (2,059) $ (1,647) Net sales $ 270,357 $ 187,475 $ 500,504 $ 384,072 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following at April 30, 2021 and October 31, 2020 (in thousands): April 30, October 31, Raw materials $ 40,506 $ 33,298 Finished goods and work in process 41,881 32,347 Supplies and other 2,170 2,020 Total 84,557 67,665 Less: Inventory reserves 4,192 6,484 Inventories, net $ 80,365 $ 61,181 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the six months ended April 30, 2021 was as follows (in thousands): Six Months Ended April 30, 2021 Beginning balance as of November 1, 2020 $ 146,154 Foreign currency translation adjustment 4,148 Balance as of the end of the period $ 150,302 The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the six months ended April 30, 2021 (in thousands): NA Fenestration EU Fenestration NA Cabinet Comp. Unallocated Corp. & Other Total Balance as of October 31, 2020 $ 38,712 $ 68,295 $ 39,147 $ — $ 146,154 Foreign currency translation adjustment — 4,148 — — 4,148 Balance as of April 30, 2021 $ 38,712 $ 72,443 $ 39,147 $ — $ 150,302 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Identifiable Intangible Assets Amortizable intangible assets consisted of the following as of April 30, 2021 and October 31, 2020 (in thousands): April 30, 2021 October 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Customer relationships $ 146,592 $ 76,203 $ 154,004 $ 80,441 Trademarks and trade names 56,554 38,622 55,745 37,314 Patents and other technology 22,545 22,016 22,386 21,312 Total $ 225,691 $ 136,841 $ 232,135 $ 139,067 |
Estimated Amortization Expense Related to Intangible Assets | Estimated remaining amortization expense, based on current intangible balances, for each of the fiscal years ending October 31, is as follows (in thousands): Estimated 2021 (remaining six months) $ 6,105 2022 12,163 2023 11,404 2024 10,652 2025 9,426 Thereafter 39,100 Total $ 88,850 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Finance Lease Obligations | Long-term debt consisted of the following at April 30, 2021 and October 31, 2020 (in thousands): April 30, October 31, Revolving Credit Facility $ 73,000 $ 103,000 Finance lease obligations and other 15,689 15,321 Unamortized deferred financing fees (749) (901) Total debt $ 87,940 $ 117,420 Less: Current maturities of long-term debt 745 692 Long-term debt $ 87,195 $ 116,728 |
Schedule of Applicable Margin and Commitment Fees | The applicable margin and commitment fees are outlined in the following table: Pricing Level Consolidated Leverage Ratio Commitment Fee LIBOR Rate Loans Base Rate Loans I Less than or equal to 1.50 to 1.00 0.200% 1.25% 0.25% II Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00 0.225% 1.50% 0.50% III Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00 0.250% 1.75% 0.75% IV Greater than 3.00 to 1.00 0.300% 2.00% 1.00% |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | The net periodic pension cost for this plan for the three and six months ended April 30, 2021 and 2020 was as follows (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Service cost $ 212 $ 242 $ 425 $ 780 Interest cost 189 280 378 573 Expected return on plan assets (490) (502) (980) (994) Amortization of net loss 36 95 72 204 Net periodic pension (benefit) cost $ (53) $ 115 $ (105) $ 563 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Share Activity | A summary of non-vested restricted stock awards activity during the six months ended April 30, 2021 is presented below: Restricted Stock Awards Weighted Average Non-vested at October 31, 2020 187,500 $ 16.82 Granted 73,300 20.68 Forfeited — — Vested (44,400) 20.70 Non-vested at April 30, 2021 216,400 $ 17.28 |
Schedule of Stock Option Activity | The following table summarizes our stock option activity for the six months ended April 30, 2021: Stock Options Weighted Average Weighted Average Aggregate Outstanding at October 31, 2020 1,095,329 $ 18.88 Granted — Exercised (857,893) 18.79 Forfeited/Expired (2,500) 18.22 Outstanding at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 Vested at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 Exercisable at April 30, 2021 234,936 $ 19.22 3.8 $ 1,896 |
Schedule of Performance Share Awards | The following table summarizes our performance share grants and the grant date fair value for the RONA performance metrics: Grant Date Shares Awarded Return on Net Assets Shares Forfeited December 5, 2018 132,400 $ 13.63 40,900 December 5, 2019 55,900 $ 19.40 5,300 December 2, 2020 65,300 $ 20.68 — |
Schedule of Performance Restricted Stock Vesting Conditions | Specifically, the awards vest on a continuum with the following Absolute Total Shareholder Return (A-TSR) milestones: Vesting Level Vesting Criteria Percentage of Award Vested Level 1 A-TSR greater than or equal to 50% 150% Level 2 A-TSR less than 50% and greater than or equal to 20% 100% Level 3 A-TSR less than 20% and greater than or equal to -20% 50% Level 4 A-TSR less than -20% —% |
Performance Restricted Stock Units by Grant | Grant Date Shares Awarded Grant Date Fair Value Shares Forfeited December 5, 2018 89,200 $ 13.63 25,500 December 5, 2019 35,000 $ 19.40 — December 2, 2020 38,400 $ 20.68 — |
Treasury Stock Activity | The following table summarizes the treasury stock activity during the six months ended April 30, 2021: Six Months Ended April 30, 2021 Beginning Balance as of November 1, 2020 4,491,429 Restricted stock awards granted (73,300) Performance restricted stock units vested (32,322) Stock options exercised (857,893) Treasury stock repurchases 157,051 Balance at April 30, 2021 3,684,965 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-operating Income (Expense) | Other Income Other income, included under the caption “Other, net” on the accompanying condensed consolidated statements of income, consisted of the following for the three and six months ended April 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Foreign currency transaction gains (losses) $ (4) $ 132 $ (82) $ 83 Foreign currency derivative losses — (4) — (15) Pension service benefit 265 127 530 217 Interest income 1 14 4 19 Other 3 31 5 32 Other, net $ 265 $ 300 $ 457 $ 336 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the three and six months ended April 30, 2021 and 2020, and total assets as of April 30, 2021 and October 31, 2020 are summarized in the following table (in thousands): NA Fenestration EU Fenestration NA Cabinet Comp. Unallocated Corp. & Other Total Three Months Ended April 30, 2021 Net sales $ 146,143 $ 61,657 $ 63,562 $ (1,005) $ 270,357 Depreciation and amortization 4,846 2,607 3,305 87 10,845 Operating income (loss) 15,783 10,250 (284) (4,369) 21,380 Capital expenditures 2,001 1,268 1,160 124 4,553 Three Months Ended April 30, 2020 Net sales $ 108,593 $ 29,200 $ 50,664 $ (982) $ 187,475 Depreciation and amortization 5,961 2,330 3,474 121 11,886 Operating income (loss) 7,428 612 (1,174) 2,027 8,893 Capital expenditures 4,308 407 2,269 17 7,001 Six Months Ended April 30, 2021 Net sales $ 274,259 $ 110,748 $ 117,556 $ (2,059) $ 500,504 Depreciation and amortization 9,957 5,125 6,575 203 21,860 Operating income (loss) 26,986 18,437 (297) (11,911) 33,215 Capital expenditures 4,821 1,740 3,113 125 9,799 Six Months Ended April 30, 2020 Net sales $ 219,045 $ 65,966 $ 100,708 $ (1,647) $ 384,072 Depreciation and amortization 12,940 4,738 6,875 238 24,791 Operating income (loss) 9,058 3,776 (3,288) 1,327 10,873 Capital expenditures 11,236 1,626 3,344 107 16,313 As of April 30, 2021 Total assets $ 261,311 $ 238,109 $ 175,769 $ 40,383 $ 715,572 As of October 31, 2020 Total assets $ 252,703 $ 223,248 $ 174,713 $ 40,921 $ 691,585 |
Changes in the Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the six months ended April 30, 2021 was as follows (in thousands): Six Months Ended April 30, 2021 Beginning balance as of November 1, 2020 $ 146,154 Foreign currency translation adjustment 4,148 Balance as of the end of the period $ 150,302 The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the six months ended April 30, 2021 (in thousands): NA Fenestration EU Fenestration NA Cabinet Comp. Unallocated Corp. & Other Total Balance as of October 31, 2020 $ 38,712 $ 68,295 $ 39,147 $ — $ 146,154 Foreign currency translation adjustment — 4,148 — — 4,148 Balance as of April 30, 2021 $ 38,712 $ 72,443 $ 39,147 $ — $ 150,302 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | We did not allocate non-operating loss or income tax benefit to the reportable segments. The following table reconciles operating income as reported above to net income for the three and six months ended April 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Operating income $ 21,380 $ 8,893 $ 33,215 $ 10,873 Interest expense (640) (1,563) (1,391) (3,145) Other, net 265 300 457 336 Income tax expense (6,454) (2,129) (9,878) (2,553) Net income $ 14,551 $ 5,501 $ 22,403 $ 5,511 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted earnings per share for the three and six months ended April 30, 2021 and 2020 were calculated as follows (in thousands, except per share data): Net Income Weighted Average Shares Per Share Three Months Ended April 30, 2021 Basic earnings per common share $ 14,551 33,355 $ 0.44 Effect of dilutive securities: Stock options — 78 — Restricted stock awards — 112 — Performance restricted stock units — 92 — Diluted earnings per common share $ 14,551 33,637 $ 0.43 Three Months Ended April 30, 2020 Basic earnings per common share $ 5,501 32,676 $ 0.17 Effect of dilutive securities: Stock options — 1 — Restricted stock awards — 73 — Performance shares — 18 — Performance restricted stock units — 25 — Diluted earnings per common share $ 5,501 32,793 $ 0.17 Six Months Ended April 30, 2021 Basic earnings per common share $ 22,403 33,110 $ 0.68 Effect of dilutive securities: Stock options — 135 — Restricted stock awards — 108 — Performance restricted stock units — 91 — Diluted earnings per common share $ 22,403 33,444 $ 0.67 Six Months Ended April 30, 2020 Basic earnings per common share $ 5,511 32,770 $ 0.17 Effect of dilutive securities: Stock options — 12 — Restricted stock awards — 83 — Performance shares — 17 — Performance restricted stock units — 25 — Diluted earnings per common share $ 5,511 32,907 $ 0.17 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | We do not include equity instruments in our calculation of diluted earnings per share if those instruments would be anti-dilutive. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The following table shows anti-dilutive instruments for the three and six months ended April 30, 2021 and 2020 (shares in thousands): Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 Stock options — 1,174 — 1,116 Restricted stock awards — 51 — 51 Total — 1,225 — 1,167 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation Summary of Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Product Information [Line Items] | ||||
Total sales | $ 270,357 | $ 187,475 | $ 500,504 | $ 384,072 |
Operating Segments | NA Fenestration | ||||
Product Information [Line Items] | ||||
Total sales | 146,143 | 108,593 | 274,259 | 219,045 |
Operating Segments | NA Fenestration | United States | Fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 128,218 | 95,791 | 240,518 | 192,638 |
Operating Segments | NA Fenestration | United States | Non-fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 6,293 | 4,372 | 11,690 | 8,935 |
Operating Segments | NA Fenestration | International | Fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 8,397 | 6,153 | 16,175 | 12,587 |
Operating Segments | NA Fenestration | International | Non-fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 3,235 | 2,277 | 5,876 | 4,885 |
Operating Segments | EU Fenestration | ||||
Product Information [Line Items] | ||||
Total sales | 61,657 | 29,200 | 110,748 | 65,966 |
Operating Segments | EU Fenestration | International | Fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 50,835 | 24,865 | 92,189 | 55,829 |
Operating Segments | EU Fenestration | International | Non-fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 10,822 | 4,335 | 18,559 | 10,137 |
Operating Segments | NA Cabinet Components | ||||
Product Information [Line Items] | ||||
Total sales | 63,562 | 50,664 | 117,556 | 100,708 |
Operating Segments | NA Cabinet Components | United States | Fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 3,497 | 2,647 | 6,471 | 5,795 |
Operating Segments | NA Cabinet Components | United States | Non-fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | 60,388 | 47,540 | 110,890 | 93,989 |
Operating Segments | NA Cabinet Components | International | Non-fenestration [Member] | ||||
Product Information [Line Items] | ||||
Total sales | (323) | 477 | 195 | 924 |
Corporate Non-Segment | ||||
Product Information [Line Items] | ||||
Total sales | $ (1,005) | $ (982) | $ (2,059) | $ (1,647) |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Oct. 31, 2020 |
Inventory, Raw Materials and Supplies, Net of Reserves [Abstract] | ||
Raw materials | $ 40,506 | $ 33,298 |
Finished goods and work in process | 41,881 | 32,347 |
Supplies and other | 2,170 | 2,020 |
Total | 84,557 | 67,665 |
Less: Inventory reserves | 4,192 | 6,484 |
Inventories, net | $ 80,365 | $ 61,181 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) | Aug. 31, 2020USD ($)reporting_unit | Apr. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of reporting units | reporting_unit | 5 | |
Goodwill, impairment loss | $ 0 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 146,154,000 | |
Foreign currency translation adjustment | 4,148,000 | |
Balance as of the end of the period | $ 150,302,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | $ 225,691 | $ 225,691 | $ 232,135 | ||
Accumulated amortization | 136,841 | 136,841 | 139,067 | ||
Intangible assets amortization expense | 3,300 | $ 3,600 | 6,700 | $ 7,400 | |
Estimated Amortization Expense | |||||
2021 (remaining six months) | 6,105 | 6,105 | |||
2022 | 12,163 | 12,163 | |||
2023 | 11,404 | 11,404 | |||
2024 | 10,652 | 10,652 | |||
2025 | 9,426 | 9,426 | |||
Thereafter | 39,100 | 39,100 | |||
Total | 88,850 | 88,850 | 93,068 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 146,592 | 146,592 | 154,004 | ||
Accumulated amortization | 76,203 | 76,203 | 80,441 | ||
Retirement of fully amortized intangibles | 9,900 | ||||
Trademarks and trade names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 56,554 | 56,554 | 55,745 | ||
Accumulated amortization | 38,622 | 38,622 | 37,314 | ||
Patents and other technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 22,545 | 22,545 | 22,386 | ||
Accumulated amortization | $ 22,016 | $ 22,016 | $ 21,312 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations (Details) - USD ($) | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | Oct. 18, 2018 | |
Debt Instrument [Line Items] | ||||
Unamortized deferred financing fees | $ 749,000 | $ 901,000 | ||
Total debt | 87,940,000 | 117,420,000 | ||
Current maturities of long-term debt | 745,000 | 692,000 | ||
Long-term Debt | 87,195,000 | 116,728,000 | ||
Letters of credit, outstanding | 4,500,000 | |||
Finance lease obligations and other | 15,700,000 | |||
Credit Facility, amount available | $ 247,500,000 | |||
Debt Instrument, Interest Rate During Period | 1.47% | 3.03% | ||
Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.36% | |||
Capital Lease Obligations | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 15,689,000 | 15,321,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving Credit Facility | 73,000,000 | |||
Total debt | $ 73,000,000 | $ 103,000,000 | ||
2018 Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Default interest rate | 2.00% | |||
Minimum Incremental Borrowing | $ 10,000,000 | |||
Maximum Incremental Borrowing | $ 150,000,000 | |||
Debt Instrument, Required Coverage Ratio | 0.0225 | |||
Debt Instrument, Required Leverage Ratio | 0.0325 | |||
Debt Instrument, Limitation on Annual Dividend | $ 20,000,000 | |||
Debt Instrument, Leverage Ratio Threshold for Limitations to Take Effect | 2.75 | |||
Debt Instrument, Liquidity Threshold for Limitations to Take Effect | $ 25,000,000 | |||
2018 Credit Facility [Member] | Line of Credit [Member] | Less than or equal to 1.50 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.20% | |||
2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.225% | |||
2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.25% | |||
2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.30% | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 325,000,000 | |||
Swing Line [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 15,000,000 | |||
Base Rate [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Less than or equal to 1.50 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Base Rate [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Base Rate [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
Base Rate [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Less than or equal to 1.50 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 1.50 to 1.00, but less than or equal to 2.25 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 2.25 to 1.00, but less than or equal to 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Credit Facility [Member] | Line of Credit [Member] | Greater than 3.00 to 1.00 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% |
Retirement Plans (Detail)
Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Retirement Benefits [Abstract] | |||||
Defined benefit plan, contributions by employer | $ 3,700 | $ 500 | |||
Supplemental benefit plan liability | $ 2,800 | 2,600 | 2,800 | ||
Deferred compensation liability | 4,600 | $ 3,300 | 4,600 | ||
Net periodic benefit cost: | |||||
Service cost | 212 | $ 242 | 425 | $ 780 | |
Interest cost | 189 | 280 | 378 | 573 | |
Expected return on plan assets | (490) | (502) | (980) | (994) | |
Amortization of net loss | 36 | 95 | 72 | 204 | |
Net periodic pension (benefit) cost | $ (53) | $ 115 | $ (105) | $ 563 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 25.80% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 0.8 | ||
Effective Income Tax Rate Reconciliation, Vesting or Exercise Of Share-based Payment Arrangement, Amount | 0.6 | $ 0.4 | |
Liability for uncertain tax positions | 0.5 | ||
Valuation allowance | $ 1.5 | $ 1.5 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) | Apr. 30, 2021shares |
Share-based Payment Arrangement [Abstract] | |
Number of shares authorized, originally | 3,139,895 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) - USD ($) | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Number of Shares | |||
Nonvested (in shares) | 216,400 | 187,500 | |
Grants (in shares) | 73,300 | ||
Cancelled (in shares) | 0 | ||
Vested (in shares) | (44,400) | ||
Weighted Average Grant Date Fair Value per Share | |||
Non-vested at beginning of the period (in usd per share) | $ 16.82 | ||
Granted (in usd per share) | 20.68 | ||
Cancelled (in usd per share) | 0 | ||
Vested (in usd per share) | 20.70 | ||
Non-vested at end of the period (in usd per share) | $ 17.28 | ||
Fair value of restricted stock awards vested | $ 900,000 | $ 1,100,000 | |
Unrecognized compensation cost - non vested restricted stock awards | $ 2,100,000 | ||
Weighted-average period over which unrecognized cost is expected to be recognized | 2 years 1 month 6 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Stock Options, [Roll Forward] | ||
Outstanding at beginning of period (in shares) | 1,095,329 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (857,893) | |
Forfeited/Expired (in shares) | (2,500) | |
Outstanding at end of period (in shares) | 234,936 | |
Vested (in shares) | 234,936 | |
Exercisable at end of period (in shares) | 234,936 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period (in usd per share) | $ 18.88 | |
Granted (in usd per share) | ||
Exercised (in usd per share) | 18.79 | |
Forfeited/Expired (in usd per share) | 18.22 | |
Outstanding at end of period (in usd per share) | 19.22 | |
Vested or expected to vest at end of period (in usd per share) | 19.22 | |
Exercisable at end of period (in usd per share) | $ 19.22 | |
Weighted Average Remaining Contractual Life | ||
Outstanding, weighted average remaining contractual life | 3 years 9 months 18 days | |
Vested, remaining contractual life | 3 years 9 months 18 days | |
Exercisable, weighted average remaining contractual life | 3 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Outstanding at end of period | $ 1,896 | |
Vested or expected to vest at end of period | 1,896 | |
Exercisable at end of period | $ 1,896 | |
Stock Options | ||
Stock Options, [Roll Forward] | ||
Exercised (in shares) | (857,893) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Total intrinsic value of options exercised | $ 4,200 | $ 500 |
Fair value of stock options vested | $ 400 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Grants (in shares) | 28,826 | 25,326 |
Granted (in usd per share) | $ 18.79 | $ 19.02 |
Nonvested (in shares) | 21,774 | |
Vested (in usd per share) | $ 17.08 | |
Cash paid to settle vested units | $ 800 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants (in shares) | 32,322 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Share Awards (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions | Dec. 02, 2020 | Dec. 05, 2019 | Dec. 05, 2018 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance shares settled in cash | 100.00% | ||||||
Performance shares granted | 65,300 | 55,900 | 132,400 | ||||
Return On Net Assets | $ 20.68 | $ 19.40 | $ 13.63 | ||||
Performance shares forfeited | 0 | 5,300 | 40,900 | ||||
Performance shares compensation expense | $ 0.6 | $ 0.1 | $ 3.3 | $ (0.4) | |||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance shares vesting percentage maximum | 0.00% | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance shares vesting percentage maximum | 200.00% |
Stock-Based Compensation - Pe_2
Stock-Based Compensation - Performance Restricted Stock Units (Details) - Performance Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions | Dec. 02, 2020 | Dec. 05, 2019 | Dec. 05, 2018 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Performance restricted stock units settled in cash | 100.00% | ||||||
Performance Restricted Stock Units Granted | 38,400 | 35,000 | 89,200 | ||||
Granted (in usd per share) | $ 20.68 | $ 19.40 | $ 13.63 | ||||
Performance restricted stock units shares forfeited | 0 | 0 | 25,500 | ||||
Vested (in shares) | 32,322 | ||||||
Share-based Payment Arrangement, Expense | $ 0.2 | $ 0.1 | $ 0.4 | $ 0.3 | |||
Performance restricted stock units as probable to vest | 91,460 | 91,460 | |||||
Level 1 [Member] | A-TSR greater than or equal to 50% [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 150.00% | ||||||
Level 2 [Member] | A-TSR less than 50% and greater than or equal to 20% [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 100.00% | ||||||
Level 3 [Member] | A-TSR less than 20% and greater than or equal to -20% [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 50.00% | ||||||
Level 4 [Member] | A-TSR less than -20% [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 0.00% | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 0.00% | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance restricted stock units vesting percentage maximum | 150.00% |
Stock-Based Compensation - Trea
Stock-Based Compensation - Treasury Shares (Details) | 6 Months Ended |
Apr. 30, 2021shares | |
Treasury Stock [Abstract] | |
Beginning Balance as of November 1, 2020 | (4,491,429) |
Stock options exercised | (857,893) |
Treasury stock repurchases | 157,051 |
Balance at April 30, 2021 | 3,684,965 |
Restricted Stock Awards (RSAs) | |
Treasury Stock [Abstract] | |
Restricted stock awards granted | (73,300) |
Performance Shares | |
Treasury Stock [Abstract] | |
Restricted stock awards granted | (32,322) |
Stock Options | |
Treasury Stock [Abstract] | |
Stock options exercised | (857,893) |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency transaction gains (losses) | $ (4) | $ 132 | $ (82) | $ 83 |
Foreign currency derivative losses | 0 | (4) | 0 | (15) |
Pension service benefit | 265 | 127 | 530 | 217 |
Interest income | 1 | 14 | 4 | 19 |
Other | 3 | 31 | 5 | 32 |
Other, net | $ 265 | $ 300 | $ 457 | $ 336 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Apr. 30, 2021USD ($)segment | Apr. 30, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 3 | |||
Allocated corporate general and administrative expense | $ | $ 5.4 | $ 4.6 | $ 10.7 | $ 10.2 |
Operating Segments | NA Fenestration | ||||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | 3 |
Segment Information Segment Rep
Segment Information Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 270,357 | $ 187,475 | $ 500,504 | $ 384,072 | |
Depreciation and amortization | 10,845 | 11,886 | 21,860 | 24,791 | |
Operating income (loss) | 21,380 | 8,893 | 33,215 | 10,873 | |
Capital expenditures | 4,553 | 7,001 | 9,799 | 16,313 | |
Total assets | 715,572 | 715,572 | $ 691,585 | ||
Operating Segments | NA Fenestration | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 146,143 | 108,593 | 274,259 | 219,045 | |
Depreciation and amortization | 4,846 | 5,961 | 9,957 | 12,940 | |
Operating income (loss) | 15,783 | 7,428 | 26,986 | 9,058 | |
Capital expenditures | 2,001 | 4,308 | 4,821 | 11,236 | |
Total assets | 261,311 | 261,311 | 252,703 | ||
Operating Segments | EU Fenestration | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 61,657 | 29,200 | 110,748 | 65,966 | |
Depreciation and amortization | 2,607 | 2,330 | 5,125 | 4,738 | |
Operating income (loss) | 10,250 | 612 | 18,437 | 3,776 | |
Capital expenditures | 1,268 | 407 | 1,740 | 1,626 | |
Total assets | 238,109 | 238,109 | 223,248 | ||
Operating Segments | NA Cabinet Components | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 63,562 | 50,664 | 117,556 | 100,708 | |
Depreciation and amortization | 3,305 | 3,474 | 6,575 | 6,875 | |
Operating income (loss) | (284) | (1,174) | (297) | (3,288) | |
Capital expenditures | 1,160 | 2,269 | 3,113 | 3,344 | |
Total assets | 175,769 | 175,769 | 174,713 | ||
Corporate Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (1,005) | (982) | (2,059) | (1,647) | |
Depreciation and amortization | 87 | 121 | 203 | 238 | |
Operating income (loss) | (4,369) | 2,027 | (11,911) | 1,327 | |
Capital expenditures | 124 | $ 17 | 125 | $ 107 | |
Total assets | $ 40,383 | $ 40,383 | $ 40,921 |
Segment Information Goodwill by
Segment Information Goodwill by Segment (Details) $ in Thousands | 6 Months Ended |
Apr. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 146,154 |
Foreign currency translation adjustment | 4,148 |
Balance as of the end of the period | 150,302 |
Operating Segments | NA Fenestration | |
Goodwill [Line Items] | |
Beginning balance | 38,712 |
Foreign currency translation adjustment | 0 |
Balance as of the end of the period | 38,712 |
Operating Segments | EU Fenestration | |
Goodwill [Line Items] | |
Beginning balance | 68,295 |
Foreign currency translation adjustment | 4,148 |
Balance as of the end of the period | 72,443 |
Operating Segments | NA Cabinet Components | |
Goodwill [Line Items] | |
Beginning balance | 39,147 |
Foreign currency translation adjustment | 0 |
Balance as of the end of the period | 39,147 |
Corporate Non-Segment | |
Goodwill [Line Items] | |
Beginning balance | 0 |
Foreign currency translation adjustment | 0 |
Balance as of the end of the period | $ 0 |
Segment Information Reconcillia
Segment Information Reconcilliation of Operating Loss to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Segment Reporting [Abstract] | ||||||
Operating income | $ 21,380 | $ 8,893 | $ 33,215 | $ 10,873 | ||
Interest expense | (640) | (1,563) | (1,391) | (3,145) | ||
Other, net | 265 | 300 | 457 | 336 | ||
Income tax expense | (6,454) | (2,129) | (9,878) | (2,553) | ||
Net income | $ 14,551 | $ 7,852 | $ 5,501 | $ 10 | $ 22,403 | $ 5,511 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings Per Share Disclosure [Line Items] | ||||
Basic earnings per common share | $ 14,551 | $ 5,501 | $ 22,403 | $ 5,511 |
Diluted earnings per common share | $ 14,551 | $ 5,501 | $ 22,403 | $ 5,511 |
Basic (in shares) | 33,355,000 | 32,676,000 | 33,110,000 | 32,770,000 |
Diluted (in shares) | 33,637,000 | 32,793,000 | 33,444,000 | 32,907,000 |
Basic earnings per common share | $ 0.44 | $ 0.17 | $ 0.68 | $ 0.17 |
Diluted earnings per common share | $ 0.43 | $ 0.17 | $ 0.67 | $ 0.17 |
Antidilutive securities (in shares) | 0 | 1,225,000 | 0 | 1,167,000 |
Stock Options | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 78,000 | 1,000 | 135,000 | 12,000 |
Antidilutive securities (in shares) | 0 | 1,174,000 | 0 | 1,116,000 |
Restricted Stock Awards (RSAs) | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 112,000 | 73,000 | 108,000 | 83,000 |
Antidilutive securities (in shares) | 0 | 51,000 | 0 | 51,000 |
Performance Shares | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 18,000 | 17,000 | ||
Performance Restricted Stock Units | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 92,000 | 25,000 | 91,000 | 25,000 |