Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jun. 30, 2015 | Jul. 31, 2015 | |
| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2015 | |
| Document Fiscal Year Focus | 2,015 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | CBPX | |
| Entity Registrant Name | Continental Building Products, Inc. | |
| Entity Central Index Key | 1,592,480 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 43,205,636 |
Consolidated Statements of Oper
| Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Income Statement [Abstract] | ||||
| Net Sales | $ 110,996 | $ 102,915 | $ 203,172 | $ 189,888 |
| Costs, expenses and other income: | ||||
| Cost of goods sold | 81,516 | 82,025 | 153,191 | 155,221 |
| Selling and administrative | 9,363 | 8,088 | 17,791 | 15,584 |
| Long Term Incentive Plan funded by Lone Star | 15,842 | 20,013 | ||
| Total costs and operating expenses | 106,721 | 90,113 | 190,995 | 170,805 |
| Operating income | 4,275 | 12,802 | 12,177 | 19,083 |
| Other income (expense), net | 31 | (144) | (417) | (5,330) |
| Interest expense, net | (4,184) | (5,397) | (8,405) | (19,573) |
| Income (loss) before loss on equity method investment and income tax | 122 | 7,261 | 3,355 | (5,820) |
| Loss from equity method investment | (311) | (237) | (252) | (237) |
| Income (loss) before income tax | (189) | 7,024 | 3,103 | (6,057) |
| Income tax (expense) benefit | 63 | (2,357) | (1,209) | 2,101 |
| Net income (loss) | $ (126) | $ 4,667 | $ 1,894 | $ (3,956) |
| Net income (loss) per common share: | ||||
| Basic | $ 0 | $ 0.11 | $ 0.04 | $ (0.09) |
| Diluted | $ 0 | $ 0.11 | $ 0.04 | $ (0.09) |
| Weighted average shares outstanding: | ||||
| Basic | 43,606 | 44,069 | 43,840 | 41,794 |
| Diluted | 43,606 | 44,081 | 43,877 | 41,794 |
Consolidated Statements of Comp
| Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ (126) | $ 4,667 | $ 1,894 | $ (3,956) |
| Foreign currency translation adjustment | 425 | 733 | (1,138) | (108) |
| Gain on derivatives qualifying as cash flow hedges, net of tax | 405 | 498 | ||
| Other comprehensive income (loss), net of tax | 830 | 733 | (640) | (108) |
| Comprehensive income (loss) | $ 704 | $ 5,400 | $ 1,254 | $ (4,064) |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Assets | ||
| Cash | $ 15,839 | $ 15,627 |
| Receivables, net | 42,218 | 40,152 |
| Inventories | 30,934 | 29,564 |
| Prepaid and other current assets | 8,108 | 8,330 |
| Deferred taxes, current | 3,161 | 3,157 |
| Total current assets | 100,260 | 96,830 |
| Property, plant and equipment, net | 337,278 | 353,652 |
| Customer relationships and other intangibles, net | 102,394 | 110,809 |
| Goodwill | 119,945 | 119,945 |
| Equity method investment | 10,085 | 10,919 |
| Debt issuance costs | 7,907 | 8,826 |
| Total Assets | 677,869 | 700,981 |
| Liabilities and equity | ||
| Accounts payable | 23,042 | 24,561 |
| Accrued and other liabilities | 7,725 | 11,428 |
| Notes payable, current portion | 0 | 0 |
| Total current liabilities | 30,767 | 35,989 |
| Deferred taxes and other long-term liabilities | 12,861 | 12,494 |
| Notes payable, non-current portion | 329,350 | 349,125 |
| Total liabilities | $ 372,978 | $ 397,608 |
| Equity | ||
| Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2015 and December 31, 2014 | ||
| Common stock, $0.001 par value per share; 190,000,000 shares authorized, 43,205,636 and 44,069,000 shares issued and outstanding at June 30, 2015 and December 31, 2014 | $ 43 | $ 44 |
| Additional paid-in capital | 308,694 | 288,393 |
| Less: Treasury stock | (20,036) | |
| Accumulated other comprehensive loss | (3,700) | (3,060) |
| Accumulated earnings | 19,890 | 17,996 |
| Total equity | 304,891 | 303,373 |
| Total liabilities and equity | $ 677,869 | $ 700,981 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
| Statement of Financial Position [Abstract] | ||
| Undesignated preferred Stock, par value | $ 0.001 | $ 0.001 |
| Undesignated preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
| Undesignated preferred Stock, shares issued | 0 | 0 |
| Undesignated preferred Stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 190,000,000 | 190,000,000 |
| Common stock, shares issued | 43,205,636 | 44,069,000 |
| Common stock, shares outstanding | 43,205,636 | 44,069,000 |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2015 | Jun. 30, 2014 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $ 1,894 | $ (3,956) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 26,270 | 27,813 |
| Bad debt recovery | (250) | |
| Amortization of debt issuance costs and debt discount | 1,106 | 7,996 |
| Loss from equity method investment | 252 | 237 |
| Share based compensation | 407 | 215 |
| Deferred taxes | 457 | (1,842) |
| Change in assets and liabilities: | ||
| Receivables | (1,890) | (3,540) |
| Inventories | (1,505) | (8,485) |
| Prepaid expenses and other current assets | 222 | 686 |
| Accounts payable | (1,302) | (2,885) |
| Accrued and other current liabilities | (3,120) | (4,193) |
| Other long term liabilities | (93) | 255 |
| Net cash provided by operating activities | 22,448 | 12,301 |
| Cash flows from investing activities: | ||
| Capital expenditures | (1,733) | (1,741) |
| Software purchased or developed | (554) | (1,130) |
| Distributions from equity method investment | 583 | 1,540 |
| Net cash used in investing activities | (1,704) | (1,331) |
| Cash flows from financing activities: | ||
| Net proceeds from issuance of common stock | 151,354 | |
| Principal payments for First Lien Credit Agreement | (20,000) | (12,075) |
| Repayment of Second Lien Credit Agreement | (155,000) | |
| Proceeds from revolving credit facility, net | 0 | 0 |
| Capital Contribution from Lone Star Funds | 19,893 | |
| Payments to repurchase common stock | (20,036) | |
| Net cash used in financing activities | (20,143) | (15,721) |
| Effect of foreign exchange rates on cash and cash equivalents | (389) | (33) |
| Net change in cash and cash equivalents | 212 | (4,784) |
| Cash, beginning of period | 15,627 | 11,822 |
| Cash, end of period | $ 15,839 | $ 7,038 |
Background and Nature of Operat
| Background and Nature of Operations | 6 Months Ended |
| Jun. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Background and Nature of Operations | 1. Background and Nature of Operations Description of Business Continental Building Products, Inc. (“CBP”, or the “Company”) is a Delaware corporation. Prior to the acquisition of the gypsum division of Lafarge North America Inc. (“Lafarge N.A.”) on August 30, 2013, further described below, CBP had no operating activity. The accompanying consolidated financial statements of CBP for the three and six months ended June 30, 2015 and June 30, 2014 contain activity of the acquired business. The Company manufactures gypsum wallboard and related products for commercial and residential buildings and houses. The Company operates a network of three highly efficient wallboard facilities, all located in the eastern United States and produces joint compound at one plant in the United States and at another plant in Canada. The Acquisition On June 24, 2013, Lone Star Funds (“Lone Star”) entered into a definitive agreement with Lafarge N.A. to purchase the assets of its North American gypsum division for a total purchase price of approximately $703 million (the “Acquisition”) in cash. The closing of the Acquisition occurred on August 30, 2013. Initial Public Offering On February 10, 2014, the Company completed the initial public offering of 11,765,000 shares of its common stock par value $0.001 per share, at an offering price of $14.00 per share (the “Initial Public Offering”). Net proceeds from the Initial Public Offering after underwriting discounts and commissions, but before other closing costs, were approximately $154 million. The net proceeds were used to pay a $2 million one-time payment to Lone Star in consideration for the termination of the Company’s asset advisory agreement with affiliates of Lone Star (See Note 10, Related Party Transactions). The remaining $152 million of net proceeds and cash on hand of $6.1 million were used to repay the $155 million Second Lien Term Loan in full along with a prepayment premium of $3.1 million (See Note 13, Debt). In expectation of the Initial Public Offering, on February 3, 2014, the Company effected a 32,304 for one stock split of its common stock. The Company’s common stock trades on the New York Stock Exchange under the symbol “CBPX”. Secondary Public Offerings On March 18, 2015, LSF8 Gypsum Holdings, L.P. (“LSF8”), an affiliate of Lone Star, sold 5,000,000 shares of the Company’s common stock at a price per share of $19.40. As a result of the sale, the aggregate beneficial ownership of Lone Star fell below 50% of the Company’s outstanding shares of common stock and the Company no longer qualified as a “Controlled Company” under the corporate governance standards of New York Stock Exchange. On May 15, 2015 and June 3, 2015, LSF8 sold an additional 4,600,000 and 361,747 shares of the Company’s common stock, respectively, at a price per share of $21.90. The decrease in ownership by Lone Star and its affiliates to below 50% triggered an aggregate of $20.0 million in payments to certain officers and the estate of our former CEO under the LSF8 Gypsum Holdings, L.P. Long Term Incentive Plan, which is funded by LSF8 (See Note 10, Related Party Transaction). |
Significant Accounting Policies
| Significant Accounting Policies | 6 Months Ended |
| Jun. 30, 2015 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements for CBP have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. Basis of Presentation for Interim Periods Certain information and footnote disclosures normally included for the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. Management believes that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company and the results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Seasonal changes and other conditions can affect the sales volumes of the Company’s products. Therefore, the financial results for any interim period do not necessarily indicate the expected results for the year. The financial statements should be read in conjunction with CBP’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the fiscal year then ended (the “2014 10-K”). The Company has continued to follow the accounting policies set forth in those financial statements. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 will be effective for the Company in the first quarter of 2016. Early adoption is permitted. Upon adoption, the guidance must be applied retroactively to all periods presented in the financial statements. The adoption of this guidance will result in a reclassification of debt issuance costs on the Company’s balance sheet, but will not have a material impact on our results of operations. |
Receivables
| Receivables | 6 Months Ended |
| Jun. 30, 2015 | |
| Receivables [Abstract] | |
| Receivables | 3. Receivables Receivables consist of the following: (in thousands) As of As of Trade receivables $ 44,131 $ 42,460 Total allowances (1,913 ) (2,308 ) Total receivables, net $ 42,218 $ 40,152 Trade receivables are recorded net of credit memos issued during the normal course of business. |
Inventories
| Inventories | 6 Months Ended |
| Jun. 30, 2015 | |
| Inventory Disclosure [Abstract] | |
| Inventories | 4. Inventories Inventories consist of the following: (in thousands) As of As of Finished products $ 8,303 $ 4,875 Raw materials 14,723 17,010 Supplies and other 7,908 7,679 Total inventories $ 30,934 $ 29,564 |
Property, Plant and Equipment
| Property, Plant and Equipment | 6 Months Ended |
| Jun. 30, 2015 | |
| Property, Plant and Equipment [Abstract] | |
| Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment consist of the following: (in thousands) As of As of Land $ 12,928 $ 12,930 Buildings 111,828 111,506 Plant machinery 270,724 269,633 Mobile equipment 3,518 3,448 Construction in progress 3,118 3,165 Property, plant and equipment, at cost 402,116 400,682 Accumulated depreciation (64,838 ) (47,030 ) Total property, plant and equipment, net $ 337,278 $ 353,652 Depreciation expense was $9.0 million for the three months ended June 30, 2015, $17.9 million for the six months ended June 30, 2015, $8.8 million for the three months ended June 30, 2014 and $17.6 million for the six months ended June 30, 2014. |
Software and Other Intangibles
| Software and Other Intangibles | 6 Months Ended |
| Jun. 30, 2015 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Software and Other Intangibles | 6. Software and Other Intangibles Customer relationships and other intangibles consist of the following: (in thousands) As of As of Customer relationships $ 116,818 $ 117,243 Purchased and internally developed software 4,736 4,332 Trademarks 14,852 14,905 Customer relationships and other intangibles, at cost 136,406 136,480 Accumulated amortization (34,012 ) (25,671 ) Customer relationships and other intangibles, net $ 102,394 $ 110,809 Amortization expense was $4.2 million for the three months ended June 30, 2015, $8.4 million for the six months ended June 30, 2015, $5.1 million for the three months ended June 30, 2014 and $10.2 million for the six months ended June 30, 2014. Amortization of customer relationships is done over a 15-year period using an accelerated method that reflects the expected future cash flows from the acquired customer-related intangible asset. Trademarks are amortized on a straight-line basis over the estimated useful life of 15 years. Amortization expense related to capitalized software was $0.4 million and $0.7 million for the three and six months ended June 30, 2015, respectively, and $0.01 million for the six months ended June 30, 2014. Software development costs are amortized over a three-year life with the expense recorded in selling and administrative expense. |
Accrued and Other Liabilities
| Accrued and Other Liabilities | 6 Months Ended |
| Jun. 30, 2015 | |
| Payables and Accruals [Abstract] | |
| Accrued and Other Liabilities | 7. Accrued and Other Liabilities Accrued and other liabilities consist of the following: (in thousands) As of As of Vacation and other employee-related costs $ 4,385 7,945 VAT taxes 726 1,220 Other 2,614 2,263 Total accrued and other liabilities $ 7,725 $ 11,428 |
Income Taxes
| Income Taxes | 6 Months Ended |
| Jun. 30, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 8. Income Taxes The Company’s annual estimated effective tax rate, before reporting the impact of foreign losses, is approximately 35% and the Company did not recognize any discrete tax items for the six months ended June 30, 2015. At both June 30, 2015 and December 31, 2014, there was a valuation allowance of $0.4 million related to the Company’s Canadian operations. The Company is subject to audit examinations at federal, state and local levels by tax authorities in those jurisdictions. In addition, the Canadian operations are subject to audit examinations at federal and provincial levels by tax authorities in those jurisdictions. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of these challenges is subject to uncertainty. The Company has not identified any issues that did not meet the recognition threshold or would be impacted by the measurement provisions of the uncertain tax position guidance. |
Commitments and Contingencies
| Commitments and Contingencies | 6 Months Ended |
| Jun. 30, 2015 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 9. Commitments and Contingencies The Company leases certain buildings and equipment. The Company’s facility and equipment leases may provide for escalations of rent or rent abatements and payment of pro rata portions of building operating expenses. Minimum lease payments are recognized on a straight-line basis over the minimum lease term. During the three months ended June 30, 2015, the six months ended June 30, 2015, three months ended June 30, 2014, and six months ended June 30, 2014, total expenses under operating leases were $1.1 million, $2.1 million, $1.2 million, and $2.5 million, respectively. The Company also has noncapital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The table below shows the future minimum lease payments due under non-cancelable operating leases and purchase commitments at June 30, 2015: (in thousands) Total Remaining 2016 2017 2018 2019 2020 Thereafter Operating leases (1) $ 5,459 $ 846 $ 1,320 $ 1,183 $ 616 $ 1,494 $ — $ — Purchase commitments 156,824 16,370 29,959 29,446 19,410 16,529 14,145 30,965 Total commitments $ 162,283 $ 17,216 $ 31,279 $ 30,629 $ 20,026 $ 18,023 $ 14,145 $ 30,965 (1) Future minimum lease payments over the non-cancelable lease terms of the operating leases. Under certain circumstances, the Company provides letters of credit related to its natural gas and other supply purchases. At June 30, 2015 and December 31, 2014, the Company had outstanding letters of credit of approximately $3.6 million and $4.8 million, respectively. In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these indemnifications are not expected to have a materially adverse effect on the Company’s financial condition, results of operations or liquidity. In the ordinary course of business, the Company is involved in certain legal actions and claims, including proceedings under laws and regulations relating to environmental and other matters. Because such matters are subject to many uncertainties and the outcomes are not predictable with assurance, the total liability for these legal actions and claims cannot be determined with certainty. When the Company determines that it is probable that a liability for environmental matters, legal actions or other contingencies has been incurred and the amount of the loss is reasonably estimable, an estimate of the costs to be incurred is recorded as a liability in the financial statements. As of June 30, 2015 and December 31, 2014, such liabilities were not material to the Company’s financial statements. While management believes its accruals for such liabilities are adequate, the Company may incur costs in excess of the amounts provided. Although the ultimate amount of liability that may result from these matters or actions is not ascertainable, the Company believes that any amounts exceeding the recorded accruals will not materially affect its financial condition. In March 2015, a group of homebuilders commenced a lawsuit against the Company and other US wallboard manufacturers alleging that such manufacturers had conspired to fix the price of wallboard in violation of antitrust and unfair competition laws. The complaint also alleges that the manufacturers agreed to abolish the use of “job quotes” and agreed to restrict the supply of wallboard in order to support the allegedly collusive price increases. The Company denies any wrongdoing of the type alleged in the complaint and believes that it has meritorious defenses to the allegations and will vigorously defend itself in this case. The case has been transferred to the Eastern District of Pennsylvania for coordinated and consolidated pretrial proceedings with existing antitrust litigation in that district. The Company does not believe the lawsuit will have a material adverse effect on its financial condition, results of operation or liquidity. In July 2015, the Company received a grand jury subpoena directing it to provide certain documents in connection with an investigation being conducted by the Department of Justice regarding antitrust matters in the gypsum drywall industry. The Company is cooperating fully with the Department of Justice in responding to the subpoena. The Company does not believe the investigation will have a material adverse effect on its financial condition, results of operations or liquidity. |
Related Party Transactions
| Related Party Transactions | 6 Months Ended |
| Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 10. Related Party Transactions Since the Acquisition, the Company is no longer part of Lafarge N.A. but had a Transition Services Agreement to help with certain ongoing back-office functions. These functions included, among others, accounting, treasury, tax, and information technology services. The Company paid Lafarge N.A. a fee for these services of $129,700 per month through September 2014. Thereafter, the Company reduced the services provided by Lafarge N.A. and the fees paid until the Agreement was terminated in December 2014. On August 30, 2013, the Company entered into an asset advisory agreement with an affiliate of Lone Star to provide certain management oversight services to the Company, including assistance and advice on strategic plans, obtaining and maintaining certain legal documents, and communicating and coordinating with service providers. The Company paid 110% of actual costs for the services provided. No services were provided in 2014. The agreement was terminated upon the closing of the Initial Public Offering in the first quarter of 2014 and in connection therewith, the Company paid a termination fee of $2.0 million that is included in non-operating expense. In connection with the March and May 2015 secondary public offerings, certain executives of the Company earned incentive payments in the aggregate amount of approximately $20.0 million. These payments were earned under the LSF8 Gypsum Holdings, L.P. Long Term Incentive Plan (the “LTIP”). Under the LTIP, certain of the Company’s officers and the estate of the Company’s former CEO are eligible to receive payments from LSF8 in the event of a monetization event, as further described in the 2014 10-K. LSF8 is responsible for funding any payments under the LTIP, including those paid in connection with the March and May 2015 secondary public offerings (See Note 1, Background and Nature of Operations). As these payments arose out of employment with the Company, the Company recognizes the payments made to the officers as expense. The funding of the LTIP payments by LSF8 is recorded as additional paid in capital. The $20.0 million in LTIP payments related to the March and May 2015 secondary public offerings were recorded as an expense to the Company, that will also be tax deductible, and capital contributions by LSF8 in the first and second quarters of fiscal 2015. |
Investment in Seven Hills
| Investment in Seven Hills | 6 Months Ended |
| Jun. 30, 2015 | |
| Investments Schedule [Abstract] | |
| Investment in Seven Hills | 11. Investment in Seven Hills The Company is a party with an unaffiliated third-party to a paperboard liner venture named Seven Hills Paperboard, LLC (“Seven Hills”) that provides the Company with a continuous supply of high-quality recycled paperboard liner to meet its ongoing production requirements. The Company has evaluated the characteristics of its investment and determined that Seven Hills would be deemed a variable interest entity, but that it did not have the power to direct the principal activities most impacting the economic performance of Seven Hills, and is thus not the primary beneficiary. As such, the Company accounts for this investment in Seven Hills under the equity method of accounting. Paperboard purchased from Seven Hills was $11.3 million and $12.0 million for the three months ended June 30, 2015 and June 30, 2014, respectively. Paperboard purchased from Seven Hills was $22.4 million and $24.9 million for the six months ended June 30, 2015 and June 30, 2014, respectively. As of June 30, 2015, the Company has certain paper purchase commitments to Seven Hills totaling $36.3 million through 2018. |
Fair Value Measurements
| Fair Value Measurements | 6 Months Ended |
| Jun. 30, 2015 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | 12. Fair Value Measurements U.S. GAAP provides a framework for measuring fair value, establishes a fair value hierarchy of the valuation techniques used to measure the fair value and requires certain disclosures relating to fair value measurements. 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 in a market with sufficient activity. The three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value is as follows: • Level 1—Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities that a Company has the ability to access; • Level 2—Inputs, other than the quoted market prices included in Level 1, which are observable for the asset or liability, either directly or indirectly; and • Level 3—Unobservable inputs for the asset or liability which is typically based on an entity’s own assumptions when there is little, if any, related market data available. The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The fair values of receivables, accounts payable, accrued costs and other current liabilities approximate the carrying values as a result of the short-term nature of these instruments. The Company estimates the fair value of its debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of June 30, 2015 and December 31, 2014, the carrying value reported in the consolidated balance sheet for the Company’s notes payable approximated its fair value. The only assets or liabilities the Company had at June 30, 2015 that are recorded at fair value on a recurring basis are the interest rate cap that the Company entered into on March 31, 2014 that had zero fair value as of June 30, 2015 (see Note 13, Debt) and a fair value of $0.03 million as of December 31, 2014, and natural gas hedges that had a negative fair value of $0.4 million at June 30, 2015, net of tax amount of $0.2 million, and $0.9 million at December 31, 2014, net of tax amount of $0.5 million. Both the interest rate cap and the natural gas hedges are classified within Level 2 of the fair value hierarchy as they are valued using third party pricing models which contain inputs that are derived from observable market data. Generally, the Company obtains its Level 2 pricing inputs from the counterparties. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value when they are considered to be impaired. There were no fair value adjustments for assets and liabilities measured on a non-recurring basis. The Company discloses fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. |
Debt
| Debt | 6 Months Ended |
| Jun. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Debt | 13. Debt Debt consists of the following: (in thousands) As of June 30, 2015 As of First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at June 30, 2015 and December 31, 2014 331,988 $ 351,988 Less: Original issue discount (net of amortization) (2,638 ) (2,863 ) Total debt 329,350 349,125 Less: Current portion of long-term debt — — Long-term debt $ 329,350 $ 349,125 On August 30, 2013, the Company and its subsidiary Continental Building Products Operating Company, LLC (“OpCo”) entered into a first lien credit agreement with Credit Suisse AG, as administrative agent, Credit Suisse Securities (USA) LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners, and Royal Bank of Canada, as syndication agent (as amended on December 2, 2013, the “First Lien Credit Agreement”). The First Lien Credit Agreement provided OpCo a term loan facility at an initial amount of $415.0 million and a U.S. dollar revolving loan facility of $40.0 million and a Canadian dollar and/or U.S. dollar revolving facility of $10.0 million (such aggregate $50.0 million revolving facilities together, the “Revolver”), which may be borrowed by OpCo or by its subsidiary, Continental Building Products Canada Inc. in Canadian dollars or U.S. dollars. On August 30, 2013, the Company and OpCo entered into a second lien credit agreement with Credit Suisse AG, as administrative agent, Credit Suisse Securities (USA) LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners, and Royal Bank of Canada, as syndication agent (as amended on December 2, 2013, the “Second Lien Credit Agreement”). The Second Lien Credit Agreement provided OpCo a term loan facility of $155.0 million (the “Second Lien Term Loan”). On February 10, 2014, the Company completed the Initial Public Offering and used $152 million of net proceeds from the Initial Public Offering and cash on hand of $6.1 million to repay the $155 million Second Lien Term Loan in full along with a prepayment premium of $3.1 million. The $3.1 million prepayment premium was recorded in other (expense) income. The prepayment of the Second Lien Term Loan also resulted in the write-off of $6.9 million in original issue discount and deferred financing fees that were recorded in interest expense. Interest under the First Lien Credit Agreement is floating. The interest rate spread over LIBOR, which has a 1% floor, was reduced by 50 basis points on May 14, 2014, from 3.75% to 3.25%, as a result of the Company achieving a total leverage ratio of less than four times net debt to the trailing twelve months adjusted earnings before interest, depreciation and amortization, as of March 31, 2014, as calculated pursuant to the First Lien Credit Agreement. This reduced interest rate for the First Lien Credit Agreement will be in effect for as long as the leverage ratio, as calculated pursuant to the First Lien Credit Agreement, remains below four. The margin applicable to the borrowing was further reduced on August 26, 2014 by 25 basis points to 3.00% after the Company achieved a B2 rating with a stable outlook by Moody’s and will remain in effect as long as this rating and outlook are maintained or better. The First Lien Credit Agreement is secured by the underlying property and equipment of the Company. During the three and six months ended June 30, 2015, the Company pre-paid $10.0 and $20.0 million of principal payments, respectively, and no further quarterly mandatory principal payments are required until the final payment of $332 million due on August 28, 2020. The annual effective interest rate on the First Lien Credit Agreement including original issue discount and amortization of debt issuance costs was 4.7% at June 30, 2015. There were no amounts outstanding under the Revolver as of June 30, 2015. The interest rate on amounts outstanding under the Revolver is floating, based on LIBOR (with a floor of 1%), plus 225 basis points. In addition, CBP pays a facility fee of 50 basis points per annum on the total Revolver. Availability under the Revolver, based on draws and outstanding letters of credit and non-existence of violations of covenants, was $46.4 million at June 30, 2015. Total cash interest paid for the three and six months ended June 30, 2015 was $3.5 million and $7.0 million, respectively. Total cash interest paid for the three and six months ended June 30, 2014 was $4.8 million and $11.4 million, respectively. The table below shows the future minimum principal payments due under the First Lien Credit Agreement. (in thousands) Amount Due 2015 — 2016 — 2017 — 2018 — 2019 — Thereafter $ 331,988 Under the terms of the First Lien Credit Agreement, the Company is required to comply with certain covenants, including among others, a limitation of indebtedness, limitation on liens, and limitations on certain cash distributions. One single financial covenant governs all of the Company’s debt and applies only if the outstanding borrowings of the Revolver plus outstanding letters of credit are greater than $12.5 million as of the end of the quarter. The financial covenant is a total leverage ratio calculation, in which total debt less outstanding cash is divided by adjusted earnings before interest, depreciation and amortization. If the financial covenant were applicable, it would require a leverage ratio below 6.0 as of June 30, 2015. As the sum of outstanding borrowings under the Revolver and outstanding letters of credit were less than $12.5 million at June 30, 2015, the financial covenant was not applicable for the quarter. |
Derivative Instruments
| Derivative Instruments | 6 Months Ended |
| Jun. 30, 2015 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Instruments | 14. Derivative Instruments The Company uses derivative instruments to manage selected commodity price and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes, and typically does not hedge beyond two years. Cash flows from derivative instruments are included in net cash provided by operating activities in the consolidated statements of cash flows. Commodity Derivative Instruments As of June 30, 2015, the Company had 600 thousand millions of British Thermal Units (“mmBTUs”) in aggregate notional amount outstanding natural gas swap contracts to manage natural gas price exposures. All of these contracts mature by October 31, 2015. The Company elected to designate these derivative instruments as cash flow hedges in accordance with FASB Accounting Standards Codification (“ASC”) 815-20, Derivatives - Hedging On a pre-tax basis, approximately $0.6 million and $0.8 million of gains were recognized in other comprehensive income for the commodity contracts for the three and six months ended June 30, 2015, respectively. For the same periods, the amount of gain reclassified from accumulated other comprehensive income into income was nominal. As of June 30, 2015, $0.4 million was recorded in other current liabilities. Interest Rate Derivative Instrument At June 30, 2015, the Company had an interest rate cap on three month U.S. Dollar LIBOR of 2% for a notional amount of $203.9 million, representing 61.4% of the principal amount outstanding under the First Lien Credit Agreement as of June 30, 2015. The notional amount of the interest rate cap declines by $0.5 million each quarter through December 31, 2015. The objective of the hedge is to protect the cash flows from adverse extreme market interest rate changes for a portion of the First Lien Credit Agreement through June 30, 2016. Changes in the fair value of the interest rate cap are expected to be perfectly effective in offsetting the changes in cash flow of interest payments attributable to fluctuations for three month U.S. Dollar LIBOR interest rates above 2%. The hedge is being accounted for as a cash flow hedge. Changes in the time value of the interest rate cap are reflected directly in earnings through “other income / expense” in non-operating income. CBP recorded a $0.03 million loss for the three and six months ended June 30, 2015. The fair value of the time value of the interest rate cap was $0 as of June 30, 2015. Counterparty Risk The Company is exposed to credit losses in the event of nonperformance by the counterparties to the Company’s derivative instruments. As of June 30, 2015, the Company’s derivatives were in a $0.4 million net liability position. All of the Company’s counterparties have investment grade credit ratings; accordingly, the Company anticipates that the counterparties will be able to fully satisfy their obligations under the contracts. The Company’s agreements outline the conditions upon which it or the counterparties are required to post collateral. As of June 30, 2015, the Company had no collateral posted with its counterparties related to the derivatives. |
Segment Reporting
| Segment Reporting | 6 Months Ended |
| Jun. 30, 2015 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | 15. Segment Reporting Segment information is presented in accordance with ASC 280, Segment Reporting Revenues from the major products sold to external customers include gypsum wallboard and finishing products. The Company’s two geographic areas consist of the United States and Canada for which it reports net sales, fixed assets and total assets. The Company evaluates operating performance based on profit or loss from operations before certain adjustments as shown below. Revenues are attributed to geographic areas based on the location of the assets producing the revenues. The Company did not provide asset information by segment as the Company’s Chief Operating Decision Maker does not use such information for purposes of allocating resources and assessing segment performance. Reportable segment information consists of the following: (in thousands) Three Months Three Months Six Months Six Months Net Sales: Wallboard 107,569 99,222 196,312 182,140 Other 3,427 3,693 6,860 7,748 Total net sales 110,996 102,915 203,172 189,888 Operating income (loss): Wallboard 4,418 12,984 12,196 19,340 Other (143 ) (182 ) (19 ) (257 ) Total operating income (loss) 4,275 12,802 12,177 19,083 Adjustments: Interest Expense (4,184 ) (5,397 ) (8,405 ) (19,573 ) Gain (loss) from Equity Investment (311 ) (237 ) (252 ) (237 ) Other non-operating expenses 31 (144 ) (417 ) (5,330 ) Income (loss) before income tax benefit (189 ) 7,024 3,103 (6,057 ) Depreciation and Amortization Wallboard 12,847 13,629 25,682 27,212 Other 294 301 588 601 Total depreciation and amortization 13,141 13,930 26,270 27,813 |
Share Repurchase
| Share Repurchase | 6 Months Ended |
| Jun. 30, 2015 | |
| Equity [Abstract] | |
| Share Repurchase | 16. Share Repurchase On May 15, 2015, the Company repurchased 913,200 shares of its common stock from LSF8 in a private transaction at a price per share of $21.90 per share, or an aggregate of approximately $20.0 million, pursuant to a stock purchase agreement dated May 11, 2015. The repurchased shares are held in treasury and the effect thereof reduces the number of shares of common stock outstanding is reflected in our earnings per share calculation. |
Share-Based Compensation
| Share-Based Compensation | 6 Months Ended |
| Jun. 30, 2015 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Share-Based Compensation | 17. Share-Based Compensation In conjunction with the Initial Public Offering, the Company granted certain employees and independent members of the Board of Directors an aggregate of 142,000 stock options and 75,000 shares of restricted stock that vest over four years. The fair value of stock options was determined using the Black Scholes option pricing model with the following assumptions: (a) a risk free interest rate assumption of 2.15%, based on the U.S. Treasury yield curve in effect at the time of the grant; (b) a dividend yield of 0% as the Company currently has no plans to pay a dividend; (c) a volatility assumption of 50.34%, based on historical volatilities of comparable publicly traded companies, and (d) an expected life of 6.25 years based on the assumption that the options will be exercised evenly from time of vesting to the expiration date. On March 2, 2015, the Company granted certain employees and independent members of the Board of Directors 62,070 Restricted Stock Units (“RSUs”) and 40,050 RSUs that are subject to certain performance conditions (“PRSUs”). Of the 62,070 RSUs granted in March, 7,581 fully vest after one year, and 54,489 vest ratably over four years. On May 5, 2015, the Company granted certain employees an additional 9,205 RSUs and 6,280 PRSUs which vest ratably over four years. The PRSUs vest on December 31, 2017, with the exact number of PRSUs vested subject to the achievement of certain performance conditions through December 31, 2016. The number of PRSUs earned will vary from 0% to 200% of the number of PRSUs awarded, depending on our performance relative to a cumulative two year EBITDA target for fiscal years 2015 and 2016. The fair value of each RSU and PRSU is equal to the market price of our common stock at the date of the grant. The following table summarizes shares of restricted stock (“RSAs”), RSU and PRSU activity for the six months ending June 30, 2015: Number of RSAs Number of RSUs Number of PRSUs Weighted Non-Vested, December 31, 2014 55,000 — — $ 14.00 Granted — 71,275 46,330 $ 21.19 Cancelled/Forfeited (3,000 ) — — $ 14.00 Vested (13,750 ) — — $ 14.00 Non-Vested, June 30, 2015 38,250 71,275 46,330 $ 19.43 As of June 30, 2015, there was $2.7 million of unrecognized compensation expense related to non-vested restricted stock. This expense is subject to future adjustments for vesting and forfeitures and is being recognized on a straight-line basis. The following table summarizes stock option activity for the six months ending June 30, 2015: Number of Weighted Aggregate Weighted Outstanding, January 1, 2015 142,000 $ 14.00 Granted — — Forfeited (1,925 ) $ 14.00 Exercised — — Outstanding, June 30, 2015 140,075 $ 14.00 $ 1,007,139 8.61 Exercisable, June 30, 2015 81,462 $ 14.00 $ 585,710 8.61 Vested and Expected to Vest, June 30, 2015 140,075 $ 14.00 $ 1,007,139 8.61 Unearned compensation related to stock options as of June 30, 2015 of $0.4 million will be recognized over a weighted average remaining period of approximately three years. Compensation expense of $0.3 million and $0.4 million was recorded for share-based awards for the three and six months ended June 30, 2015, respectively. Compensation expense of $0.1 million and $0.2 million was recorded for share-based awards for the three and six months ended June 30, 2014, respectively. Employee Stock Purchase Plan On February 18, 2015, subject to approval by the Company’s stockholders, the Company adopted an Employee Stock Purchase Plan (“ESPP”) enabling employees to purchase the Company’s shares at a discount. On May 20, 2015, the Company’s stockholders approved the ESPP at the Company’s 2015 annual meeting. The ESPP authorizes the issuance of up to 600,000 shares of the Company’s common stock, but actual shares issued will depend on plan participation. Shares issued under the ESPP will reduce, on a share-for-share basis, the number of shares of the Company’s common stock already available for issuance pursuant to the Company’s 2014 Stock Incentive Plan. Employees contribute to the ESPP through payroll deductions over a twelve month offering period and are limited to the lower of 10% of the employee’s salary or $10,000 per employee. The purchase price of the shares is equal to the lower of 85 percent of the closing price of our common stock on either the first or last trading day of a given offering period. The first offering period commenced on May 1, 2015. |
Earnings (Loss) Per Share
| Earnings (Loss) Per Share | 6 Months Ended |
| Jun. 30, 2015 | |
| Earnings Per Share [Abstract] | |
| Earnings (Loss) Per Share | 18. Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted average number of shares of common stock outstanding assuming the 32,304 for one stock split occurred as of January 1, 2014 and taking into account the issuance of 11,765,000 new shares on February 10, 2014 in connection with the Initial Public Offering. Diluted earnings and loss per share is based on the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding restricted stock, restricted stock units and stock options. Earnings (Loss) Per Share (in thousands, except per share data) Three Months Three Months Six Months Six Months Net income (loss) $ (126 ) $ 4,667 $ 1,894 $ (3,956 ) Weighted average shares outstanding - basic 43,606 44,069 43,840 41,794 Dilutive impact of RSAs — 12 5 — Dilutive impact of PRSUs — — 4 — Dilutive impact of RSUs — — 3 — Dilutive impact of Stock Options — — 24 — Weighted average shares outstanding - diluted 43,606 44,081 43,877 41,794 Net income per common share: Basic $ (0.00 ) $ 0.11 $ 0.04 $ (0.09 ) Diluted $ (0.00 ) $ 0.11 $ 0.04 $ (0.09 ) |
Significant Accounting Polici25
| Significant Accounting Policies (Policies) | 6 Months Ended |
| Jun. 30, 2015 | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements for CBP have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 will be effective for the Company in the first quarter of 2016. Early adoption is permitted. Upon adoption, the guidance must be applied retroactively to all periods presented in the financial statements. The adoption of this guidance will result in a reclassification of debt issuance costs on the Company’s balance sheet, but will not have a material impact on our results of operations. |
| Interim Period [Member] | |
| Basis of Presentation | Basis of Presentation for Interim Periods Certain information and footnote disclosures normally included for the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. Management believes that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company and the results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Seasonal changes and other conditions can affect the sales volumes of the Company’s products. Therefore, the financial results for any interim period do not necessarily indicate the expected results for the year. The financial statements should be read in conjunction with CBP’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the fiscal year then ended (the “2014 10-K”). The Company has continued to follow the accounting policies set forth in those financial statements. |
Receivables (Tables)
| Receivables (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Receivables [Abstract] | |
| Components of Receivables | Receivables consist of the following: (in thousands) As of As of Trade receivables $ 44,131 $ 42,460 Total allowances (1,913 ) (2,308 ) Total receivables, net $ 42,218 $ 40,152 |
Inventories (Tables)
| Inventories (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Inventory Disclosure [Abstract] | |
| Components of Inventories | Inventories consist of the following: (in thousands) As of As of Finished products $ 8,303 $ 4,875 Raw materials 14,723 17,010 Supplies and other 7,908 7,679 Total inventories $ 30,934 $ 29,564 |
Property, Plant and Equipment (
| Property, Plant and Equipment (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Property, Plant and Equipment [Abstract] | |
| Components of Property, Plant and Equipment | Property, plant and equipment consist of the following: (in thousands) As of As of Land $ 12,928 $ 12,930 Buildings 111,828 111,506 Plant machinery 270,724 269,633 Mobile equipment 3,518 3,448 Construction in progress 3,118 3,165 Property, plant and equipment, at cost 402,116 400,682 Accumulated depreciation (64,838 ) (47,030 ) Total property, plant and equipment, net $ 337,278 $ 353,652 |
Software and Other Intangibles
| Software and Other Intangibles (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Customer Relationships and Other Intangibles | Customer relationships and other intangibles consist of the following: (in thousands) As of As of Customer relationships $ 116,818 $ 117,243 Purchased and internally developed software 4,736 4,332 Trademarks 14,852 14,905 Customer relationships and other intangibles, at cost 136,406 136,480 Accumulated amortization (34,012 ) (25,671 ) Customer relationships and other intangibles, net $ 102,394 $ 110,809 |
Accrued and Other Liabilities (
| Accrued and Other Liabilities (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Payables and Accruals [Abstract] | |
| Accrued and Other Liabilities | Accrued and other liabilities consist of the following: (in thousands) As of As of Vacation and other employee-related costs $ 4,385 7,945 VAT taxes 726 1,220 Other 2,614 2,263 Total accrued and other liabilities $ 7,725 $ 11,428 |
Commitments and Contingencies (
| Commitments and Contingencies (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Future Minimum Lease Payments Due under Non-Cancelable Operating Leases | The table below shows the future minimum lease payments due under non-cancelable operating leases and purchase commitments at June 30, 2015: (in thousands) Total Remaining 2016 2017 2018 2019 2020 Thereafter Operating leases (1) $ 5,459 $ 846 $ 1,320 $ 1,183 $ 616 $ 1,494 $ — $ — Purchase commitments 156,824 16,370 29,959 29,446 19,410 16,529 14,145 30,965 Total commitments $ 162,283 $ 17,216 $ 31,279 $ 30,629 $ 20,026 $ 18,023 $ 14,145 $ 30,965 (1) Future minimum lease payments over the non-cancelable lease terms of the operating leases. |
Debt (Tables)
| Debt (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Debt Disclosure [Abstract] | |
| Summary of Debt | Debt consists of the following: (in thousands) As of June 30, 2015 As of First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at June 30, 2015 and December 31, 2014 331,988 $ 351,988 Less: Original issue discount (net of amortization) (2,638 ) (2,863 ) Total debt 329,350 349,125 Less: Current portion of long-term debt — — Long-term debt $ 329,350 $ 349,125 |
| Summary of Future Minimum Principal Payments Due under First Lien Credit Agreement | The table below shows the future minimum principal payments due under the First Lien Credit Agreement. (in thousands) Amount Due 2015 — 2016 — 2017 — 2018 — 2019 — Thereafter $ 331,988 |
Segment Reporting (Tables)
| Segment Reporting (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Segment Reporting [Abstract] | |
| Summary of Reportable Segment Information | Reportable segment information consists of the following: (in thousands) Three Months Three Months Six Months Six Months Net Sales: Wallboard 107,569 99,222 196,312 182,140 Other 3,427 3,693 6,860 7,748 Total net sales 110,996 102,915 203,172 189,888 Operating income (loss): Wallboard 4,418 12,984 12,196 19,340 Other (143 ) (182 ) (19 ) (257 ) Total operating income (loss) 4,275 12,802 12,177 19,083 Adjustments: Interest Expense (4,184 ) (5,397 ) (8,405 ) (19,573 ) Gain (loss) from Equity Investment (311 ) (237 ) (252 ) (237 ) Other non-operating expenses 31 (144 ) (417 ) (5,330 ) Income (loss) before income tax benefit (189 ) 7,024 3,103 (6,057 ) Depreciation and Amortization Wallboard 12,847 13,629 25,682 27,212 Other 294 301 588 601 Total depreciation and amortization 13,141 13,930 26,270 27,813 |
Share-Based Compensation (Table
| Share-Based Compensation (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Summary of Restricted Shares activity | The following table summarizes shares of restricted stock (“RSAs”), RSU and PRSU activity for the six months ending June 30, 2015: Number of RSAs Number of RSUs Number of PRSUs Weighted Non-Vested, December 31, 2014 55,000 — — $ 14.00 Granted — 71,275 46,330 $ 21.19 Cancelled/Forfeited (3,000 ) — — $ 14.00 Vested (13,750 ) — — $ 14.00 Non-Vested, June 30, 2015 38,250 71,275 46,330 $ 19.43 |
| Summary of Stock Option Activity | The following table summarizes stock option activity for the six months ending June 30, 2015: Number of Weighted Aggregate Weighted Outstanding, January 1, 2015 142,000 $ 14.00 Granted — — Forfeited (1,925 ) $ 14.00 Exercised — — Outstanding, June 30, 2015 140,075 $ 14.00 $ 1,007,139 8.61 Exercisable, June 30, 2015 81,462 $ 14.00 $ 585,710 8.61 Vested and Expected to Vest, June 30, 2015 140,075 $ 14.00 $ 1,007,139 8.61 |
Earnings (Loss) Per Share (Tabl
| Earnings (Loss) Per Share (Tables) | 6 Months Ended |
| Jun. 30, 2015 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings (Loss) Per Share | Earnings (Loss) Per Share (in thousands, except per share data) Three Months Three Months Six Months Six Months Net income (loss) $ (126 ) $ 4,667 $ 1,894 $ (3,956 ) Weighted average shares outstanding - basic 43,606 44,069 43,840 41,794 Dilutive impact of RSAs — 12 5 — Dilutive impact of PRSUs — — 4 — Dilutive impact of RSUs — — 3 — Dilutive impact of Stock Options — — 24 — Weighted average shares outstanding - diluted 43,606 44,081 43,877 41,794 Net income per common share: Basic $ (0.00 ) $ 0.11 $ 0.04 $ (0.09 ) Diluted $ (0.00 ) $ 0.11 $ 0.04 $ (0.09 ) |
Background and Nature of Oper36
| Background and Nature of Operations - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 03, 2015$ / sharesshares | May. 15, 2015$ / sharesshares | Mar. 18, 2015$ / sharesshares | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 03, 2014 | Jan. 01, 2014 | Jun. 24, 2013USD ($) | Jun. 30, 2015USD ($)Facility$ / shares | Dec. 31, 2014$ / shares |
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||
| Net proceeds after underwriting discounts and commissions | $ 154 | ||||||||
| One-time payment to Lone Star for termination of asset advisory agreement | 2 | ||||||||
| Stock split ratio | 32,304 | 32,304 | |||||||
| Lafarge N.A. [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Agreement date of acquisition | Jun. 24, 2013 | ||||||||
| Total purchase price | $ 703 | ||||||||
| Closing date of acquisition | Aug. 30, 2013 | ||||||||
| Second Lien Term Loan [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Net proceeds from Initial Public Offering | 152 | ||||||||
| Cash on hand | 6.1 | ||||||||
| Repayment amount | 155 | ||||||||
| Prepayment premium | $ 3.1 | ||||||||
| Wallboard [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Number of operating facilities | Facility | 3 | ||||||||
| Joint Compound [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Number of operating facilities | Facility | 1 | ||||||||
| Initial Public Offering [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Shares issued at public offering | shares | 11,765,000 | ||||||||
| Common stock, par value | $ / shares | $ 0.001 | ||||||||
| Offering price per share | $ / shares | $ 14 | ||||||||
| Secondary Public Offerings [Member] | LSF8 Gypsum Holdings, L.P. [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Shares issued at public offering | shares | 361,747 | 4,600,000 | 5,000,000 | ||||||
| Offering price per share | $ / shares | $ 21.90 | $ 21.90 | $ 19.40 | ||||||
| Secondary Public Offerings [Member] | LSF8 Gypsum Holdings, L.P. [Member] | Long Term Incentive Plan [Member] | |||||||||
| Description Of Business And Significant Accounting Policies [Line Items] | |||||||||
| Incentive payments | $ 20 |
Receivables - Components of Rec
| Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Receivables [Abstract] | ||
| Trade receivables | $ 44,131 | $ 42,460 |
| Total allowances | (1,913) | (2,308) |
| Total receivables, net | $ 42,218 | $ 40,152 |
Inventories - Components of Inv
| Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Inventory Disclosure [Abstract] | ||
| Finished products | $ 8,303 | $ 4,875 |
| Raw materials | 14,723 | 17,010 |
| Supplies and other | 7,908 | 7,679 |
| Total inventories | $ 30,934 | $ 29,564 |
Property, Plant and Equipment -
| Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | $ 402,116 | $ 400,682 |
| Accumulated depreciation | (64,838) | (47,030) |
| Total property, plant and equipment, net | 337,278 | 353,652 |
| Land [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 12,928 | 12,930 |
| Buildings [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 111,828 | 111,506 |
| Plant Machinery [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 270,724 | 269,633 |
| Mobile Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 3,518 | 3,448 |
| Construction in Progress [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | $ 3,118 | $ 3,165 |
Property, Plant and Equipment40
| Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Property, Plant and Equipment [Abstract] | ||||
| Depreciation expense | $ 9 | $ 8.8 | $ 17.9 | $ 17.6 |
Software and Other Intangible41
| Software and Other Intangibles - Customer Relationships and Other Intangibles (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Finite-Lived Intangible Assets [Line Items] | ||
| Customer relationships and other intangibles, at cost | $ 136,406 | $ 136,480 |
| Accumulated amortization | (34,012) | (25,671) |
| Customer relationships and other intangibles, net | 102,394 | 110,809 |
| Customer Relationships [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Customer relationships and other intangibles, at cost | 116,818 | 117,243 |
| Purchased and Internally Developed Software [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Customer relationships and other intangibles, at cost | 4,736 | 4,332 |
| Trademarks [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Customer relationships and other intangibles, at cost | $ 14,852 | $ 14,905 |
Software and Other Intangible42
| Software and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 4,200 | $ 5,100 | $ 8,400 | $ 10,200 |
| Purchased and Internally Developed Software [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 400 | $ 700 | $ 10 | |
| Amortization on estimated useful life | 3 years | |||
| Customer Relationships [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Intangible assets amortization period | 15 years | |||
| Trademarks [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Intangible assets amortization period | 15 years | |||
Accrued and Other Liabilities -
| Accrued and Other Liabilities - Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Payables and Accruals [Abstract] | ||
| Vacation and other employee-related costs | $ 4,385 | $ 7,945 |
| VAT taxes | 726 | 1,220 |
| Other | 2,614 | 2,263 |
| Total accrued and other liabilities | $ 7,725 | $ 11,428 |
Income Taxes - Additional Infor
| Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
| Jun. 30, 2015 | Dec. 31, 2014 | |
| Income Tax Disclosure [Abstract] | ||
| Valuation allowance | $ 400,000 | $ 400,000 |
| Estimated effective tax rate | 35.00% | |
| Discrete tax items recognize | $ 0 |
Commitments and Contingencies -
| Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
| Commitments and Contingencies Disclosure [Abstract] | |||||
| Total expenses under operating leases | $ 1.1 | $ 1.2 | $ 2.1 | $ 2.5 | |
| Outstanding amount of letters of credit | $ 3.6 | $ 3.6 | $ 4.8 | ||
Commitments and Contingencies46
| Commitments and Contingencies - Future Minimum Lease Payments Due under Non-Cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
| Commitments and Contingencies Disclosure [Abstract] | |
| Operating leases, Total | $ 5,459 |
| Operating leases, Remaining 2015 | 846 |
| Operating leases, 2016 | 1,320 |
| Operating leases, 2017 | 1,183 |
| Operating leases, 2018 | 616 |
| Operating leases, 2019 | 1,494 |
| Operating leases, 2020 | 0 |
| Operating leases, After 2020 | 0 |
| Purchase commitments, Total | 156,824 |
| Purchase commitments, Remaining 2015 | 16,370 |
| Purchase commitments, 2016 | 29,959 |
| Purchase commitments, 2017 | 29,446 |
| Purchase commitments, 2018 | 19,410 |
| Purchase commitments, 2019 | 16,529 |
| Purchase commitments, 2020 | 14,145 |
| Purchase commitments, After 2020 | 30,965 |
| Total commitments | 162,283 |
| Total commitments, Remaining 2015 | 17,216 |
| Total commitments, 2016 | 31,279 |
| Total commitments, 2017 | 30,629 |
| Total commitments, 2018 | 20,026 |
| Total commitments, 2019 | 18,023 |
| Total commitments, 2020 | 14,145 |
| Total commitments, After 2020 | $ 30,965 |
Related Party Transactions - Ad
| Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
| Mar. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | Aug. 30, 2013 | |
| Lafarge N.A. [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Payment for services per month | $ 129,700 | |||
| Termination of agreement period | Dec. 31, 2014 | |||
| LSF8 Gypsum Holdings, L.P. [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Percentage of actual cost paid for the services | 110.00% | |||
| Termination fee included non-operating expense | $ 2,000,000 | |||
| LSF8 Gypsum Holdings, L.P. [Member] | Long Term Incentive Plan [Member] | Secondary Public Offerings [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Incentive payments | $ 20,000,000 |
Investment in Seven Hills - Add
| Investment in Seven Hills - Additional Information (Detail) - Seven Hills, LLC [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
| Schedule of Investments [Line Items] | |||||
| Cost of paperboard | $ 11.3 | $ 12 | $ 22.4 | $ 24.9 | |
| Purchase commitments | $ 36.3 |
Fair Value Measurements - Addit
| Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
| Jun. 30, 2015 | Dec. 31, 2014 | |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value adjustments for assets and liabilities | $ 0 | |
| Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value of interest rate cap | 0 | $ 30,000 |
| Fair Value, Inputs, Level 2 [Member] | Natural Gas Hedges [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value of derivatives hedges, net of tax | (400,000) | (900,000) |
| Fair value of derivatives hedges, tax | $ (200,000) | $ (500,000) |
Debt - Summary of Debt (Detail)
| Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
| Debt Instrument [Line Items] | ||
| Total debt | $ 329,350 | $ 349,125 |
| Less: Current portion of long-term debt | 0 | 0 |
| Long-term debt | 329,350 | 349,125 |
| Total debt | 329,350 | 349,125 |
| First Lien Credit Agreement [Member] | ||
| Debt Instrument [Line Items] | ||
| Less: Original issue discount (net of amortization) | (2,638) | (2,863) |
| First Lien Credit Agreement [Member] | Term Loan Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt before unamortized discount | $ 331,988 | $ 351,988 |
Debt - Summary of Debt (Parenth
| Debt - Summary of Debt (Parenthetical) (Detail) - First Lien Credit Agreement [Member] | Dec. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | May. 14, 2014 |
| Debt Instrument [Line Items] | ||||
| Debt, maturity date | Aug. 28, 2020 | |||
| Floor rate | 1.00% | |||
| Term Loan Facility [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt, maturity date | Aug. 28, 2020 | Aug. 28, 2020 | ||
| Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt, variable interest rate | 3.00% | 3.00% | ||
| Floor rate | 1.00% | 1.00% | 1.00% |
Debt - Additional Information (
| Debt - Additional Information (Detail) | Aug. 26, 2014 | May. 14, 2014 | Feb. 10, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014 | Aug. 30, 2013USD ($) |
| Debt Instrument [Line Items] | |||||||||
| Original issue discount write-off | $ 1,106,000 | $ 7,996,000 | |||||||
| Reduction in margin, percentage | 0.50% | ||||||||
| Further reduction in margin, percentage | 0.25% | ||||||||
| Cash interest paid | $ 3,500,000 | $ 4,800,000 | 7,000,000 | $ 11,400,000 | |||||
| Debt covenant trigger, line of credit facility amount less letters of credit threshold | $ 12,500,000 | $ 12,500,000 | |||||||
| Leverage ratio | 6 | ||||||||
| Revolving Credit Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Floor rate | 1.00% | 1.00% | |||||||
| Basis points | 2.25% | ||||||||
| Facility fee, basis points | 0.50% | ||||||||
| Remaining outstanding | $ 46,400,000 | $ 46,400,000 | |||||||
| First Lien Credit Agreement [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Floor rate | 1.00% | ||||||||
| Debt, variable interest rate | 3.25% | ||||||||
| Pre-paid principal payments | 10,000,000 | 20,000,000 | |||||||
| Final payment | $ 332,000,000 | $ 332,000,000 | |||||||
| Credit agreement due date | Aug. 28, 2020 | ||||||||
| Effective interest rate | 4.70% | 4.70% | |||||||
| Outstanding revolver amount | $ 0 | $ 0 | |||||||
| First Lien Credit Agreement [Member] | Term Loan Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility borrowing capacity | $ 415,000,000 | ||||||||
| Credit agreement due date | Aug. 28, 2020 | Aug. 28, 2020 | |||||||
| First Lien Credit Agreement [Member] | Term Loan Facility [Member] | Moody's, B2 Rating [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Debt, variable interest rate | 3.00% | ||||||||
| First Lien Credit Agreement [Member] | U.S. Dollar Revolving Loan Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility borrowing capacity | 40,000,000 | ||||||||
| First Lien Credit Agreement [Member] | Canadian Dollar and/or U.S. Dollar Revolving Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility borrowing capacity | 10,000,000 | ||||||||
| First Lien Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Revolver amount | 50,000,000 | ||||||||
| Second Lien Credit Agreement [Member] | Term Loan Facility [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Line of credit facility borrowing capacity | $ 155,000,000 | ||||||||
| Second Lien Term Loan [Member] | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Net proceeds from Initial Public Offering | $ 152,000,000 | ||||||||
| Cash on hand | 6,100,000 | ||||||||
| Prepayment premium | 3,100,000 | ||||||||
| Repayment amount | 155,000,000 | ||||||||
| Original issue discount write-off | $ 6,900,000 |
Debt - Summary of Future Minimu
| Debt - Summary of Future Minimum Principal Payments Due under First Lien Credit Agreement (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
| Maturities of Long-term Debt [Abstract] | |
| 2,015 | $ 0 |
| 2,016 | 0 |
| 2,017 | 0 |
| 2,018 | 0 |
| 2,019 | 0 |
| Thereafter | $ 331,988 |
Derivative Instruments - Additi
| Derivative Instruments - Additional Information (Detail) - Jun. 30, 2015 | USD ($)MMBTU | USD ($) | USD ($) |
| Derivative [Line Items] | |||
| Net unrealized loss recognized in accumulated other comprehensive income (loss) | $ 405,000 | $ 498,000 | |
| Quarterly reduction in notional amount of interest rate cap | 500,000 | ||
| Derivatives, net liability position | $ 400,000 | 400,000 | 400,000 |
| Collateral posted with counterparties related to derivatives | $ 0 | $ 0 | $ 0 |
| London Interbank Offered Rate (LIBOR) [Member] | |||
| Derivative [Line Items] | |||
| Interest rate cap | 2.00% | 2.00% | 2.00% |
| Interest Rate Cap [Member] | |||
| Derivative [Line Items] | |||
| Notional amount | $ 203,900,000 | $ 203,900,000 | $ 203,900,000 |
| Percentage of notional amount outstanding | 61.40% | 61.40% | 61.40% |
| Loss due to changes in time value of option reflected in earnings | $ 30,000 | $ 30,000 | |
| Fair value of option of interest rate cap | $ 0 | 0 | $ 0 |
| Commodity Contract [Member] | |||
| Derivative [Line Items] | |||
| Aggregate notional amount of outstanding natural gas swap contracts | MMBTU | 600,000 | ||
| Derivative instrument contracts maturity date | Oct. 31, 2015 | ||
| Net unrealized loss recognized in accumulated other comprehensive income (loss) | $ 400,000 | ||
| Net unrealized loss recognized in accumulated other comprehensive income (loss), tax amount | 200,000 | ||
| Gains recognized in other comprehensive income, before tax | 600,000 | 800,000 | |
| Other current liabilities | $ 400,000 | $ 400,000 | $ 400,000 |
| Maximum [Member] | |||
| Derivative [Line Items] | |||
| Derivative instruments maximum hedging period | 2 years |
Segment Reporting - Additional
| Segment Reporting - Additional Information (Detail) - Areas | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Segment Reporting Information [Line Items] | ||||
| Number of geographical areas | 2 | |||
| Wallboard [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Percentage of revenues | 97.00% | 96.00% | 97.00% | 96.00% |
Segment Reporting - Summary of
| Segment Reporting - Summary of Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Net Sales: | ||||
| Total net sales | $ 110,996 | $ 102,915 | $ 203,172 | $ 189,888 |
| Operating income (loss): | ||||
| Operating income (loss) | 4,275 | 12,802 | 12,177 | 19,083 |
| Adjustments: | ||||
| Interest Expense | (4,184) | (5,397) | (8,405) | (19,573) |
| Gain (loss) from Equity Investment | (311) | (237) | (252) | (237) |
| Other non-operating expenses | 31 | (144) | (417) | (5,330) |
| Income (loss) before income tax | (189) | 7,024 | 3,103 | (6,057) |
| Depreciation and Amortization | ||||
| Total depreciation and amortization | 13,141 | 13,930 | 26,270 | 27,813 |
| Wallboard [Member] | ||||
| Net Sales: | ||||
| Total net sales | 107,569 | 99,222 | 196,312 | 182,140 |
| Operating income (loss): | ||||
| Operating income (loss) | 4,418 | 12,984 | 12,196 | 19,340 |
| Depreciation and Amortization | ||||
| Total depreciation and amortization | 12,847 | 13,629 | 25,682 | 27,212 |
| Other [Member] | ||||
| Net Sales: | ||||
| Total net sales | 3,427 | 3,693 | 6,860 | 7,748 |
| Operating income (loss): | ||||
| Operating income (loss) | (143) | (182) | (19) | (257) |
| Depreciation and Amortization | ||||
| Total depreciation and amortization | $ 294 | $ 301 | $ 588 | $ 601 |
Share Repurchase - Additional I
| Share Repurchase - Additional Information (Detail) - May. 15, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
| Equity [Abstract] | |
| Aggregate value of common stock shares repurchased | $ 20 |
| Number of common stock shares repurchased, value per share | $ 21.90 |
| Number of common stock shares repurchased | 913,200 |
Share-Based Compensation - Addi
| Share-Based Compensation - Additional Information (Detail) - USD ($) | May. 20, 2015 | May. 05, 2015 | Mar. 02, 2015 | Feb. 10, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Stock options granted | 142,000 | 0 | ||||||
| Vesting period | 4 years | |||||||
| Risk free interest rate | 2.15% | |||||||
| Dividend yield | 0.00% | |||||||
| Volatility assumption | 50.34% | |||||||
| Expected life | 6 years 3 months | |||||||
| Unrecognized compensation expense related to non-vested restricted stock | $ 2,700,000 | $ 2,700,000 | ||||||
| Unearned compensation expense related to stock options yet to be recognized | 400,000 | $ 400,000 | ||||||
| Unearned compensation expense, weighted average remaining period | 3 years | |||||||
| Compensation expense | $ 300,000 | $ 100,000 | $ 400,000 | $ 200,000 | ||||
| ESPP offering period | 12 months | |||||||
| ESPP offering period, start date | May 1, 2015 | |||||||
| Employee contribution to ESPP through payroll deductions, maximum percentage | 10.00% | |||||||
| Employee contribution to ESPP through payroll deductions, maximum amount per employee | $ 10,000 | |||||||
| Percentage of purchase price of shares on closing price under ESPP | 85.00% | |||||||
| Fully Vest After One Year [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 7,581 | |||||||
| Vest Ratably Over Four Years [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 54,489 | |||||||
| Maximum [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Total number of shares authorized for issuance under Employee Stock Purchase Plan | $ 600,000 | |||||||
| Restricted Stock Awards [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 75,000 | |||||||
| Restricted Stock Units [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 62,070 | 71,275 | ||||||
| Restricted Stock Units [Member] | Vest Ratably Over Four Years [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 9,205 | |||||||
| Performance Restricted Stock Units [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 40,050 | 46,330 | ||||||
| Performance Restricted Stock Units [Member] | Vest Ratably Over Four Years [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Restricted shares | 6,280 | |||||||
| Performance Restricted Stock Units [Member] | Minimum [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Percentage of PRSUs earned | 0.00% | |||||||
| Performance Restricted Stock Units [Member] | Maximum [Member] | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Percentage of PRSUs earned | 200.00% |
Share-Based Compensation - Summ
| Share-Based Compensation - Summary of Restricted Shares Activity (Detail) - $ / shares | Mar. 02, 2015 | Feb. 10, 2014 | Jun. 30, 2015 |
| Restricted Stock Awards [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of Shares, Non-vested, Beginning balance | 55,000 | ||
| Number of Shares, Non-vested, Granted | 75,000 | ||
| Number of Shares, Non-vested, Cancelled/Forfeited | (3,000) | ||
| Number of Shares, Non-vested, Vested | (13,750) | ||
| Number of Shares, Non-vested, Ending balance | 38,250 | ||
| Weighted Average Grant Date Value, Beginning balance | $ 14 | ||
| Weighted Average Grant Date Value, Cancelled/Forfeited | 14 | ||
| Weighted Average Grant Date Value, Vested | 14 | ||
| Weighted Average Grant Date Value, Ending balance | 19.43 | ||
| RSUs and PRSUs [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Weighted Average Grant Date Value, Granted | $ 21.19 | ||
| Restricted Stock Units [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of Shares, Non-vested, Granted | 62,070 | 71,275 | |
| Number of Shares, Non-vested, Ending balance | 71,275 | ||
| Performance Restricted Stock Units [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of Shares, Non-vested, Granted | 40,050 | 46,330 | |
| Number of Shares, Non-vested, Ending balance | 46,330 |
Share-Based Compensation - Su60
| Share-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | Feb. 10, 2014 | Jun. 30, 2015 |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
| Number of Shares, Outstanding, Beginning balance | 142,000 | |
| Number of Shares, Granted | 142,000 | 0 |
| Number of Shares, Forfeited | (1,925) | |
| Number of Shares, Exercised | 0 | |
| Number of Shares, Outstanding, Ending balance | 140,075 | |
| Number of Shares, Exercisable | 81,462 | |
| Number of Shares, Vested and Expected to Vest | 140,075 | |
| Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 14 | |
| Weighted Average Exercise Price, Granted | 0 | |
| Weighted Average Exercise Price, Forfeited | 14 | |
| Weighted Average Exercise Price, Exercised | 0 | |
| Weighted Average Exercise Price, Outstanding, Ending Balance | 14 | |
| Weighted Average Exercise Price, Exercisable | 14 | |
| Weighted Average Exercise Price, Vested and Expected to Vest | $ 14 | |
| Aggregate Intrinsic Value, Outstanding | $ 1,007,139 | |
| Aggregate Intrinsic Value, Exercisable | 585,710 | |
| Aggregate Intrinsic Value, Vested and Expected to Vest | $ 1,007,139 | |
| Weighted Average Remaining Contractual Term (in Years), Outstanding | 8 years 7 months 9 days | |
| Weighted Average Remaining Contractual Term (in Years), Exercisable | 8 years 7 months 9 days | |
| Weighted Average Remaining Contractual Term (in Years), Vested and Expected to Vest | 8 years 7 months 9 days |
Earnings (Loss) Per Share - Add
| Earnings (Loss) Per Share - Additional Information (Detail) | Feb. 10, 2014shares | Feb. 03, 2014 | Jan. 01, 2014 |
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
| Stock split ratio | 32,304 | 32,304 | |
| Initial Public Offering [Member] | |||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
| Shares issued at public offering | 11,765,000 |
Earnings (Loss) Per Share - Sch
| Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Net income (loss) | $ (126) | $ 4,667 | $ 1,894 | $ (3,956) |
| Weighted average shares outstanding - basic | 43,606 | 44,069 | 43,840 | 41,794 |
| Weighted average shares outstanding - diluted | 43,606 | 44,081 | 43,877 | 41,794 |
| Net income per common share: | ||||
| Basic | $ 0 | $ 0.11 | $ 0.04 | $ (0.09) |
| Diluted | $ 0 | $ 0.11 | $ 0.04 | $ (0.09) |
| Restricted Stock Awards [Member] | ||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Dilutive impact of share-based compensation | 12 | 5 | ||
| Performance Restricted Stock Units [Member] | ||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Dilutive impact of share-based compensation | 4 | |||
| Restricted Stock Units [Member] | ||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Dilutive impact of share-based compensation | 3 | |||
| Stock Options [Member] | ||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
| Dilutive impact of share-based compensation | 24 | |||