Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,692,504 | ||
Entity Public Float | $ 661,755,987 |
Consolidated (Successor) _ Comb
Consolidated (Successor) / Combined (Predecessor) Statements of Operations - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted average shares outstanding: | ||||
Basic | 43,172,528 | 42,940,849 | ||
Diluted | 43,218,324 | 42,952,022 | ||
Successor [Member] | ||||
Net Sales | $ 150,066 | $ 421,682 | $ 424,502 | |
Costs, expenses and other income: | ||||
Cost of goods sold | 121,335 | 312,840 | 330,173 | |
Selling and administrative: | ||||
Direct | 14,953 | 34,891 | 33,568 | |
Total selling and administrative | 14,953 | 34,891 | 33,568 | |
Long Term Incentive Plan funded by Lone Star | 29,946 | |||
Total costs and operating expenses | 136,288 | 377,677 | 363,741 | |
Operating income (loss) | 13,778 | 44,005 | 60,761 | |
Other expense, net | (21) | (751) | (5,644) | |
Interest expense, net | (10,542) | (16,432) | (29,069) | |
Income (loss) before losses on equity method investment and income tax | 3,215 | 26,822 | 26,048 | |
Earnings (losses) from equity method investment | (750) | (113) | ||
Income (loss) before income tax | 3,215 | 26,072 | 25,935 | |
Income tax (expense) benefit | (1,110) | (9,336) | (10,044) | |
Net income (loss) | $ 2,105 | $ 16,736 | $ 15,891 | |
Net income per share: | ||||
Basic | $ 0.07 | $ 0.39 | $ 0.37 | |
Diluted | $ 0.07 | $ 0.39 | $ 0.37 | |
Weighted average shares outstanding: | ||||
Basic | 32,304,000 | 43,172,528 | 42,940,849 | |
Diluted | 32,304,000 | 43,218,324 | 42,952,022 | |
Predecessor [Member] | ||||
Net Sales | $ 252,248 | |||
Costs, expenses and other income: | ||||
Cost of goods sold | 195,338 | |||
Selling and administrative: | ||||
Direct | 19,338 | |||
Allocated from Lafarge | 4,945 | |||
Total selling and administrative | 24,283 | |||
Total costs and operating expenses | 219,621 | |||
Operating income (loss) | 32,627 | |||
Other expense, net | (191) | |||
Interest expense, net | (91) | |||
Income (loss) before losses on equity method investment and income tax | 32,345 | |||
Earnings (losses) from equity method investment | (30) | |||
Income (loss) before income tax | 32,315 | |||
Income tax (expense) benefit | (130) | |||
Net income (loss) | $ 32,185 |
Consolidated (Successor) _ Com3
Consolidated (Successor) / Combined (Predecessor) Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Net income (loss) | $ 2,105 | $ 16,736 | $ 15,891 | |
Foreign currency translation adjustment | (254) | (3,099) | (1,939) | |
Gain (loss) on derivatives qualifying as cash flow hedges, net of tax | 811 | (867) | ||
Other | 7 | |||
Other comprehensive income (loss) | (254) | (2,281) | (2,806) | |
Comprehensive income (loss) | $ 1,851 | $ 14,455 | $ 13,085 | |
Predecessor [Member] | ||||
Net income (loss) | $ 32,185 | |||
Foreign currency translation adjustment | 2,707 | |||
Other comprehensive income (loss) | 2,707 | |||
Comprehensive income (loss) | $ 34,892 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 14,729 | $ 15,627 |
Receivables, net | 35,812 | 40,152 |
Inventories | 27,080 | 29,564 |
Prepaid and other current assets | 8,035 | 8,330 |
Deferred taxes, current | 3,157 | |
Total current assets | 85,656 | 96,830 |
Property, plant and equipment, net | 326,407 | 353,652 |
Customer relationships and other intangibles, net | 94,835 | 110,809 |
Goodwill | 119,945 | 119,945 |
Equity method investment | 9,262 | 10,919 |
Debt issuance costs | 6,936 | 8,826 |
Total Assets | 643,041 | 700,981 |
Liabilities and equity | ||
Accounts payable | 22,788 | 24,561 |
Accrued and other liabilities | 12,334 | 11,428 |
Notes payable, current portion | 0 | 0 |
Total current liabilities | 35,122 | 35,989 |
Deferred taxes and other long-term liabilities | 12,537 | 12,494 |
Notes payable, non-current portion | 294,616 | 349,125 |
Total liabilities | $ 342,275 | $ 397,608 |
Equity | ||
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2015 and 2014 | ||
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 44,145,080 and 44,069,000 shares issued at December 31, 2015 and 2014, respectively; 41,750,031 and 44,069,000 shares outstanding at December 31, 2015 and 2014, respectively | $ 44 | $ 44 |
Additional paid-in capital | 319,817 | 288,393 |
Less: Treasury stock | (48,479) | |
Accumulated other comprehensive loss | (5,341) | (3,060) |
Accumulated earnings | 34,725 | 17,996 |
Total equity | 300,766 | 303,373 |
Total liabilities and equity | $ 643,041 | $ 700,981 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 44,145,080 | 44,069,000 |
Common stock, shares outstanding | 41,750,031 | 44,069,000 |
Consolidated (Successor) _ Com6
Consolidated (Successor) / Combined (Predecessor) Statements of Cash Flows - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from financing activities: | ||||
Cash, beginning of period | $ 15,627 | |||
Cash, end of period | 14,729 | $ 15,627 | ||
Successor [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | $ 2,105 | 16,736 | 15,891 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 18,529 | 51,308 | 54,317 | |
Bad debt expense | (166) | 413 | ||
Amortization of debt issuance costs and debt discount | 808 | 2,315 | 9,210 | |
Loss on disposal of property, plant and equipment | 199 | 95 | ||
Loss from equity method investment | 750 | 113 | ||
Share based compensation | 801 | 797 | ||
Deferred taxes | (3,087) | 3,407 | 11,105 | |
Change in assets and liabilities: | ||||
Receivables | (451) | 4,299 | (8,268) | |
Inventories | 8,268 | 2,116 | (1,645) | |
Prepaid expenses and other current assets | (2,509) | 749 | (783) | |
Accounts payable | 2,777 | (1,323) | (3,805) | |
Accrued and other current liabilities | 10,718 | 1,682 | (665) | |
Other long term liabilities | (191) | 1,311 | ||
Net cash provided by operating activities | 37,357 | 82,578 | 77,991 | |
Cash flows from investing activities: | ||||
Capital expenditures | (2,798) | (8,812) | (5,698) | |
Software purchased or developed | (1,217) | (3,940) | ||
Acquisition of predecessor | (703,141) | |||
Capital contributions to equity method investment | (103) | |||
Distributions from equity method investment | 1,010 | 1,968 | ||
Net cash used in investing activities | (705,939) | (9,122) | (7,670) | |
Cash flows from financing activities: | ||||
Capital contribution from Lone Star Funds | 265,000 | 29,750 | ||
Proceeds from issuance of long-term debt, net of original issue discount | 564,965 | |||
Net proceeds from issuance of common stock | 151,354 | |||
Proceeds from exercise of stock options | 873 | |||
Principal payments for First Lien Credit Agreement | (1,038) | (55,000) | (61,975) | |
Repayment of Second Lien Credit Agreement | (155,000) | |||
Return of capital to Lone Star Funds | (130,000) | |||
Debt issuance costs | (18,461) | |||
Payments to repurchase common stock | (48,479) | |||
Net cash (used in) provided by financing activities | 680,466 | (72,856) | (65,621) | |
Effect of foreign exchange rates on cash and cash equivalents | (62) | (1,498) | (895) | |
Net change in cash and cash equivalents | 11,822 | (898) | 3,805 | |
Cash, beginning of period | 15,627 | 11,822 | ||
Cash, end of period | $ 11,822 | $ 14,729 | $ 15,627 | |
Predecessor [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | $ 32,185 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 16,886 | |||
Loss on disposal of property, plant and equipment | 1,115 | |||
Loss from equity method investment | 30 | |||
Deferred taxes | 182 | |||
Change in assets and liabilities: | ||||
Receivables | (8,655) | |||
Inventories | (5,827) | |||
Prepaid expenses and other current assets | (1,783) | |||
Other long-term assets | 429 | |||
Accounts payable | (5,738) | |||
Accrued and other current liabilities | (3,996) | |||
Other long term liabilities | (126) | |||
Net cash provided by operating activities | 24,702 | |||
Cash flows from investing activities: | ||||
Capital expenditures | (2,506) | |||
Capital contributions to equity method investment | (66) | |||
Distributions from equity method investment | 552 | |||
Net cash used in investing activities | (2,020) | |||
Cash flows from financing activities: | ||||
Capital distribution to Lafarge NA, net | (22,682) | |||
Net cash (used in) provided by financing activities | $ (22,682) |
Consolidated (Successor)_ Combi
Consolidated (Successor)/ Combined (Predecessor) Statements of Changes in Equity/Net Parent Investment - USD ($) $ in Thousands | Total | Accumulated Net Contributions from Parent [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings [Member] | Treasury Shares [Member] |
Beginning Balance (Predecessor [Member]) at Dec. 31, 2012 | $ 510,233 | $ 515,793 | $ (5,560) | ||||
Net transfers to Lafarge NA (parent) | Predecessor [Member] | (21,846) | (21,846) | |||||
Net income | Predecessor [Member] | 32,185 | 32,185 | |||||
Foreign currency translation adjustments | Predecessor [Member] | 2,707 | 2,707 | |||||
Ending Balance (Predecessor [Member]) at Aug. 30, 2013 | 523,279 | $ 526,132 | (2,853) | ||||
Beginning Balance (Successor [Member]) at Dec. 31, 2013 | 136,851 | (254) | $ 32 | $ 134,968 | $ 2,105 | ||
Beginning Balance, Shares (Successor [Member]) at Dec. 31, 2013 | 32,304,000 | ||||||
Net income | Successor [Member] | 15,891 | 15,891 | |||||
Proceeds from the Initial Public Offering | Successor [Member] | 151,354 | $ 12 | 151,342 | ||||
Proceeds from the Initial Public Offering, Shares | Successor [Member] | 11,765,000 | ||||||
Tax impact of the Initial Public Offering | Successor [Member] | 1,286 | 1,286 | |||||
Share-based compensation | Successor [Member] | 797 | 797 | |||||
Foreign currency translation adjustments | Successor [Member] | (1,939) | (1,939) | |||||
Gain (loss) on derivatives qualifying as cash flow hedges | Successor [Member] | (867) | (867) | |||||
Ending Balance (Successor [Member]) at Dec. 31, 2014 | 303,373 | (3,060) | $ 44 | 288,393 | 17,996 | ||
Ending Balance at Dec. 31, 2014 | 303,373 | ||||||
Ending Balance, Shares (Successor [Member]) at Dec. 31, 2014 | 44,069,000 | ||||||
Capital contribution from Lone Star Funds | Successor [Member] | 29,750 | 29,750 | |||||
Net income | Successor [Member] | 16,736 | 16,736 | |||||
Purchase of treasury shares | Successor [Member] | (48,479) | $ (48,479) | |||||
Purchase of treasury shares ( in shares) | Successor [Member] | (2,395,049,000) | ||||||
Share-based compensation | Successor [Member] | 801 | 801 | |||||
Share-based compensation, shares | Successor [Member] | 13,749,000 | ||||||
Stock option exercise | Successor [Member] | 873 | 873 | |||||
Stock option exercise, shares | Successor [Member] | 62,331 | ||||||
Foreign currency translation adjustments | Successor [Member] | (3,099) | (3,099) | |||||
Gain (loss) on derivatives qualifying as cash flow hedges | Successor [Member] | 811 | 811 | |||||
Other | Successor [Member] | 7 | (7) | |||||
Ending Balance (Successor [Member]) at Dec. 31, 2015 | 300,766 | $ (5,341) | $ 44 | $ 319,817 | $ 34,725 | $ (48,479) | |
Ending Balance at Dec. 31, 2015 | $ 300,766 | ||||||
Ending Balance, Shares (Successor [Member]) at Dec. 31, 2015 | 41,750,031 |
Background and Nature of Operat
Background and Nature of Operations | 12 Months Ended |
Dec. 31, 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”, the “Company”, or the “Successor”) 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 years ended December 31, 2015 and 2014 and for the period July 26, 2013 to September 30, 2013 contain activity of the acquired business (the “Successor”) and the combined financial statements for the period January 1, 2013 to August 30, 2013 include the historical accounts of the gypsum division of Lafarge N.A. (the “Predecessor”). The Company manufactures gypsum wallboard 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 Fund VIII (U.S.), L.P., (along with its affiliates and associates, but excluding the Company and other companies that it owns as a result of its investment activity, “Lone Star”), entered into a definitive agreement with Lafarge N.A. to purchase the assets of its North American gypsum division for an aggregate 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 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 11, 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. On September 16, 2015, LSF8 sold an additional 4,600,000 shares of the Company’s common stock at a price per share of $19.85. The decrease in ownership by Lone Star and its affiliates to below 50% and LSF8’s subsequent sales of common stock triggered an aggregate of $29.9 million in payments to certain officers and the estate of the Company’s former CEO under the LSF8 Gypsum Holdings, L.P. Long Term Incentive Plan, which was funded by LSF8 (See Note 11, Related Party Transactions). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation—Successor 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. The Company’s financial statements reflect the Acquisition of the Predecessor that occurred on August 30, 2013, which was accounted for as a business combination. In connection with the Acquisition, $3.3 million in Acquisition related costs were incurred, which are reported as selling and administrative costs in the accompanying statement of operations of the Successor for the period from July 26, 2013 to December 31, 2013. The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. (in thousands) Total current assets $ 70,371 Property, plant and equipment 392,809 Financial interest in Seven Hills JV 13,000 Trademarks 15,000 Customer Relationships 118,000 Goodwill 119,945 Total current liabilities (25,984 ) Total purchase price $ 703,141 The fair value of accounts receivables acquired was $31.9 million (included in total current assets above), with the gross contractual amount being $33.3 million. The Company expects $1.4 million to be uncollectible. There were no loss contingencies identified as part of the Acquisition. The total Purchase Price remained the same as the one previously provided for the year ended December 31, 2013. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of the Company. These come from the synergies that are obtained in operating the plants as part of a network, versus individually, and from an experienced employee base skilled at managing a process driven manufacturing environment. The goodwill was deductible for income tax purposes. The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: (in thousands) Year ended Revenues $ 402,314 Net income (loss) $ 4,895 These amounts have been calculated by adjusting the results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2012, and to reflect the interest expense on the debt used to finance the Acquisition (see Note 13, Debt) net of proceeds received from the Initial Public Offering. Basis of Presentation—Predecessor The accompanying combined financial statements for the Predecessor have been prepared in accordance with U.S. GAAP. The Predecessor financial statements have been derived from the consolidated financial statements and accounting records of Lafarge N.A. using the historical results of operations and historical cost basis of the assets and liabilities of Lafarge N.A. that comprise the business acquired. These Predecessor financial statements have been prepared to demonstrate the historical results of operations, financial position, and cash flows for the indicated periods under Lafarge N.A.’s management that were acquired by CBP. All intercompany balances and transactions have been eliminated. Transactions and balances between the Predecessor and Lafarge N.A. and its subsidiaries are reflected as related party transactions within these financial statements. The accompanying Predecessor combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the acquired business and reflect all costs of doing business related to their operations, including expenses incurred by other entities on the Predecessor’s behalf. In addition, certain costs related to the Predecessor have been allocated from Lafarge N.A. Those allocations are derived from multiple levels of the organization including shared corporate expenses from Lafarge N.A. and fees from Lafarge N.A.’s parent company related to certain service and support functions. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount, or proportionate direct labor costs compared to Lafarge N.A. and/or its subsidiaries. These allocated costs are primarily related to corporate administrative expenses, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. Income taxes have been accounted for in the Predecessor financial statements on a separate return basis as described in Note 9. The Predecessor utilized Lafarge N.A.’s centralized processes and systems for cash management, payroll, and purchasing. As a result, all cash received by the Predecessor was deposited in and commingled with Lafarge N.A.’s general corporate funds and was not specifically allocated to the Predecessor. The net results of these cash transactions between the Predecessor and Lafarge N.A. are reflected within “Net capital contributions to Lafarge N.A.” in the accompanying Combined Statements of Cash Flows. Management believes the assumptions and allocations underlying the Predecessor combined financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses incurred by the Company that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for these periods under the Predecessor are not indicative of the Company’s future results of operations, financial position and cash flows. Earnings Per Share Earnings per share for the period from July 26, 2013 to December 31, 2013 are calculated after taking into account the 32,304 for one stock split that occurred on February 3, 2014. For the years ended December 31, 2015 and 2014, basic earnings and loss per share are 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 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 are 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. The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: Year Ended Year Ended July 26 - Weighted average shares outstanding used to computed basic earnings per share 43,172,528 42,940,849 32,304,000 Dilutive effect of Restricted Stock Awards 12,081 11,173 — Dilutive effect of Restricted Stock Units 7,000 — — Dilutive effect of Performance Restricted Stock Units 3,188 — — Dilutive effect of Stock Options 23,527 — — Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share 43,218,324 42,952,022 32,304,000 Cost of Goods Sold and Selling and Administrative Expenses Cost of goods sold includes costs of production, depreciation, amortization of acquired intangibles, inbound freight charges for raw materials, outbound freight to customers, purchasing and receiving costs, inspection costs, warehousing at plant facilities, and internal transfer costs. Costs associated with third-party warehouses are included in selling and administrative expenses. Selling and administrative costs also include expenses for sales, marketing, legal, accounting and finance services, human resources, customer support, treasury, other general corporate services and amortization of software development cost. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses. Actual results may differ from these estimates. Foreign Currency Translation The Company uses the U.S. dollar as its functional currency for operations in the United States and the Canadian dollar for the Company’s operations in Canada. The assets and liabilities of the Company’s Canadian operations are translated at the exchange rate prevailing at the balance sheet date. Related revenues and expense accounts for the Canadian operations are translated using the average exchange rate during the year. Cumulative foreign currency translation adjustment of $5.3 million, $2.2 million and $0.3 million at December 31, 2015, 2014 and 2013, respectively, is included in “Accumulated Other Comprehensive Loss” in the Balance Sheets and in the Consolidated/Combined Statements of Changes in Equity. Cash Cash and cash equivalents include highly liquid investments with maturities of three months or less at the time of purchase maintained at financial institutions in the United States and Canada. At times the amounts may exceed federally insured deposit limits. The Company has not experienced any losses and does not believe it is exposed to any significant credit risk related to demand deposits. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily receivables. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The allowances for non-collection of receivables are based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: Successor Predecessor Year Ended Year Ended July 26 - January 1 - August 30, Lowes 16 % 15 % 12 % 15 % The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: Successor Year Ended Year Ended Year Ended Lowes 26 % 23 % 27 % Receivables Trade receivables are recorded at net realizable value, which includes allowances for cash discounts and doubtful accounts, and are reflected net of customer incentives. The Company reviews the collectability of trade receivables on an ongoing basis. The Company reserves for trade receivables determined to be uncollectible. This determination is based on the delinquency of the account, the financial condition of the customer and the Company’s collection experience. Inventories Inventories are valued at the lower of cost or market. Virtually all of the Company’s inventories are valued under the average cost method. Inventories include materials, labor and applicable factory overhead costs. The value of inventory is adjusted for damaged, obsolete, excess and slow-moving inventory. Market value of inventory is estimated based on the impact of market trends, an evaluation of economic conditions and the value of current orders relating to the future sales of this type of inventory. Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. These lives range from 20 to 25 years for buildings, 5 to 25 years for plant machinery, and 5 to 8 years for mobile equipment. For plant machinery, the large majority of the existing assets are being amortized over an estimated remaining life of approximately 8 years. Repair and maintenance costs are expensed as incurred. Substantially all of the Company’s depreciation expenses are recorded in “Cost of goods sold” in the Statements of Operations. The Company capitalizes interest during the active construction of major projects. Capitalized interest is added to the cost of the underlying assets and is depreciated over the useful lives of those assets. The amount of interest capitalized during 2015 was nominal and there was no interest capitalized during the years ended December 31, 2014 and 2013. Impairment or Disposal of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets in accordance with the provisions of Accounting Standards Codification 360 Property, Plant and Equipment (“ASC 360”). ASC 360 requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for its products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. The Company assesses impairment of the Company’s long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. At December 31, 2015, the Company grouped the wallboard plants as an asset group. The plants within each group were used together to generate cash flows. The Company’s two joint compound plants were also grouped as an asset group. Goodwill and Intangible Assets The goodwill and intangibles reflected in the Successor financial statements relates solely to the Acquisition. Goodwill represents the excess of costs over the fair value of identifiable assets of businesses acquired. The Company evaluates goodwill and intangible assets in accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”). ASC 350 requires goodwill to be either qualitatively or quantitatively assessed for impairment annually (or more frequently if impairment indicators arise) for each reporting unit. The Company performs its annual impairment testing of goodwill as of October 1st of each year. Intangible assets that are deemed to have definite lives are amortized over their useful lives. The cost of internal-use software purchased or developed internally, is accounted for in accordance with ASC 350-40, Internal-Use Software. The weighted average useful life of capitalized software is 3 years. 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 identified as having definite lives are amortized on a straight-line basis over the estimated useful life of 15 years. 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 December 31, 2015 and 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 December 31, 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 December 31, 2015 and a fair value of $0.03 million as of December 31, 2014, and natural gas hedges that had a negative fair value of $0.1 million at December 31, 2015, net of tax amount of $0.03 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 its 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 for which it is practicable to estimate that value. Environmental Remediation Liabilities When the Company determines that it is probable that a liability for environmental matters has been incurred, an undiscounted estimate of the required remediation costs is recorded as a liability in the financial statements, without offset of potential insurance recoveries. Costs that extend the life, increase the capacity or improve the safety or efficiency of company-owned assets or are incurred to mitigate or prevent future environmental contamination are capitalized. Other environmental costs are expensed when incurred. The Company has no environmental liabilities recorded at December 31, 2015. Income Taxes For the Predecessor financial statements, the provision for income taxes is calculated as if the Company completed a separate tax return apart from its Parent, although the Company was included in the Parent’s U.S. federal and state income tax returns and non-U.S. (Canada) jurisdiction tax returns. As of the date of Acquisition, the Successor financial statements reflect a new tax basis of accounting and the Company is a tax filer independent of Lafarge N.A. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts, using currently enacted tax rates. In the Successor financial statements, no net operating losses were carried over from the Predecessor as part of the Acquisition. Stock-Based Compensation The Company accounts for stock-based compensation to employees and directors based on the estimated fair value of the award generally determined on the date of grant. The associated expense, net of estimated forfeitures, is generally recognized ratably over the requisite service period, which is generally the vesting period of the award. For awards with graded vesting that only contain a service condition, we recognize expense on a straight-line basis over the service period. Collective Bargaining Agreement Some of the Company’s employees at its Buchanan wallboard plant, representing approximately 14% of its workforce, are represented by two unions. The collective bargaining agreements with these unions expire on November 30, 2017. Its remaining employees are non-union. The Company believes its relationships with both its union and non-union employees are good. Defined Contribution Pension Plans—Successor Subsequent to the Acquisition, the Company’s employees were able to participate in a 401K defined contribution pension plan. The Company contributes funds into this plan depending on each employee’s years of service and subject to certain limits. For the periods ended December 31, 2015 and 2014, the Company recorded an expense of $1.4 million and $1.9 million, respectively, for these contributions. From July 26, 2013 to December 31, 2013, the Company recorded an expense of $0.5 million. Defined Benefit Pension Plans and Other Post-Retirement Benefits—Predecessor Prior to the Acquisition, the Company’s salaried employees and union hourly employees participated in defined benefit pension plans sponsored by the Parent. These plans include other Parent employees that are not employees of the Company. The Parent also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Company. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, co-payment and payments made by government programs and other group coverage. For the period from January 1, 2013 to August 30, 2013 (Predecessor), the Company recorded approximately $7.5 million in pension and other post-retirement benefits expense related to its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations. The related pension and post-retirement benefit liability has not been allocated to the Company and has not been presented in the accompanying Combined Balance Sheets since the obligation remained a liability of Lafarge N.A after the Acquisition of the Company by Lone Star. Revenue Recognition Revenue from the sale of gypsum products is recorded when title and ownership are transferred upon shipment of the products. Amounts billed to a customer in a sales transaction related to shipping and handling are included in “Net sales,” and costs incurred for shipping and handling are classified as “Cost of goods sold” in the Consolidated/Combined Statements of Operations. The revenues reported in these financial statements relate to specifically identifiable historical activities of the plants, warehouses, and other assets that comprise the Company. The Company records estimated reductions to revenue for customer programs and incentive offerings, including promotions and other volume-based incentives, in the period in which the sale occurs. 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 one year. All derivative instruments must be recorded on the balance sheet at fair value. Currently, the Company is using natural gas swap contracts manage commodity price increase exposure. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging. For derivative contracts designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to accumulated other comprehensive income, and is reclassified to earnings when the underlying forecasted transaction affects earnings. The ineffective portion of the changes in the fair value of the derivative is recorded in cost of goods sold. Gains and losses on these contracts that are designated as cash flow hedges are reclassified into earnings when the underlying forecasted transaction affect earnings. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. In addition, the Company is using an interest rate cap to protect against extreme market interest rate changes. 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. 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 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, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | 3. Receivables Receivables consist of the following ( in thousands As of As of December 31, 2015 December 31, 2014 Trade receivables $ 37,800 $ 42,460 Total Allowances (1,988 ) (2,308 ) Total receivables, net $ 35,812 $ 40,152 Trade receivables are recorded net of credit memos issued during the normal course of business. The following reflects a rollforward of the receivable allowances for the years ended December 31, 2015, 2014, and 2013 ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Beginning $ (2,308 ) $ (1,737 ) $ (1,768 ) $ (1,530 ) Additions (3,599 ) (4,468 ) (1,466 ) (2,377 ) Write-offs 3,919 3,897 1,497 2,139 Ending $ (1,988 ) $ (2,308 ) $ (1,737 ) $ (1,768 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories consist of the following ( in thousands As of As of December 31, 2015 December 31, 2014 Finished Products $ 5,454 $ 4,875 Raw Materials $ 14,557 17,010 Supplies and other $ 7,069 7,679 Total Inventories $ 27,080 $ 29,564 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 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 December 31, 2015 December 31, 2014 Land $ 12,925 $ 12,930 Buildings 112,121 111,506 Plant machinery 272,613 269,633 Mobile equipment 3,837 3,448 Construction in progress 6,812 3,165 Property, plant and equipment, at cost 408,308 400,682 Accumulated depreciation (81,901 ) (47,030 ) Total property, plant and equipment, net $ 326,407 $ 353,652 Depreciation expense was $35.4 million and $35.3 million for the years ended December 31, 2015 and 2014 (Successor), respectively, $11.7 million for July 26, 2013 to December 31, 2013 (Successor), and $16.1 million for January 1, 2013 to August 30, 2013 (Predecessor). Depreciation expense for the Predecessor includes depreciation of certain equipment obtained under a capital lease arrangement. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 6. Goodwill At December 31, 2015 and 2014, the Company had two reporting units, of which only the wallboard reporting unit included goodwill. On an annual basis, we measure the fair value of our wallboard reporting unit on a qualitative basis or by using a discounted cash flow approach that estimates the projected future cash flows to be generated by the reporting unit, using a discount rate reflecting the weighted average cost of capital for a potential market participant. We perform our annual goodwill impairment test on the first day of our fiscal fourth quarter. Differences in assumptions used in projecting future cash flows and cost of funds could have a significant impact on the determination of fair value. During its goodwill impairment review, the Company may assess qualitative factors to determine whether it more likely than not the fair value of its reporting unit is less than its carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations and the overall financial performance of the Company. If, after assessing the totality of these qualitative factors, the Company determines that it is not more likely than not that the fair value of its reporting unit is less than its carrying amount, then no additional assessment is deemed necessary. In accordance with ASC 350, the Company completed qualitative assessments as of October 1, 2015 and 2014 and determined that it was not more likely than not that the fair value of its reporting unit was less than its carrying amount. As a result management concluded that there was no goodwill impairment as of December 31, 2015 and 2014. To date, no goodwill impairment losses have been recognized. |
Software and Other Intangibles
Software and Other Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Software and Other Intangibles | 7. Software and Other Intangibles Customer relationships and other intangibles consist of the following ( in thousands As of As of (in thousands) December 31, 2015 December 31, 2014 Customer relationships $ 116,073 $ 117,243 Purchased and internally developed Software 5,284 4,332 Trademarks 14,759 14,905 Customer relationships and other intangibles, at cost 136,116 136,480 Accumulated amortization (41,281 ) (25,671 ) Customer relationships and other intangibles, net $ 94,835 $ 110,809 Amortization expense was $15.9 million and $19.0 million for the years ended December 31, 2015 and 2014 (Successor), respectively, $6.8 million for July 26, 2013 to December 31, 2013 (Successor), and $0.8 million for January 1, 2013 to August 30, 2013 (Predecessor). Amortization expense related to capitalized software was $1.5 million and $0.3 million for the years ended December 31, 2015 and 2014 (Successor), respectively, and $0.3 million for the period January 1, 2013 to August 30, 2013 (Predecessor). CBP did not acquire capitalized software as part of the Acquisition, and capitalized approximately $1.0 million for the year ended December 31, 2015 for various projects related to improving productivity and customer service, and $3.7 million for the year ended December 31, 2014 related to internal-use software development costs for a new enterprise resource planning (“ERP”) system. The new ERP system was placed in service in October 2014 and amortization of the software development costs began over a three-year useful life with the expense to be recorded in selling and administrative expense. In addition, CBP capitalized $0.6 million in 2014 for software purchased from external parties and $0.1 million for the development of a new website. Based on the intangible assets recorded as of December 31, 2015, amortization expense for the years ending December 31, 2016, 2017, 2018, 2019 and 2020 is expected to be approximately $13.5 million, $11.6 million, $9.3 million, $8.3 million, and $7.6 million, respectively. These amounts may vary as acquisitions and dispositions occur in the future. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | 8. Accrued and Other Liabilities Accrued and other liabilities consist of the following ( in thousands As of As of (in thousands) December 31, 2015 December 31, 2014 Employee-related costs 7,621 $ 7,945 Income taxes 2,482 — Other taxes 508 1,220 Other 1,723 2,263 Total accrued and other liabilities $ 12,334 $ 11,428 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The components of the income tax (expense) benefit are as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Current $ (5,929 ) $ 1,061 $ (4,197 ) $ (884 ) Deferred (3,407 ) (11,105 ) 3,087 754 Total income tax (expense) benefit $ (9,336 ) $ (10,044 ) $ (1,110 ) $ (130 ) The components of income (loss) before income taxes by country are as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 USA $ 27,090 $ 27,270 $ 3,225 $ 32,509 Canada (1,018 ) (1,335 ) (10 ) (194 ) Total income (loss) before earnings (losses) on equity method investment and income tax $ 26,072 $ 25,935 $ 3,215 $ 32,315 The provision for income taxes differs from that which would have resulted from the use of the federal statutory income tax rates primarily as a result of the provision for various state income taxes and due to the valuation allowance recorded against deferred tax assets for the Predecessor. Taxes computed at the U.S. statutory federal income tax rate of 35% are reconciled to the Company’s effective rate as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Taxes at the U.S. federal income tax rate $ (9,124 ) $ (9,077 ) $ (1,125 ) $ (11,310 ) U.S./Canadian tax rate differential 18 (107 ) (2 ) (19 ) U.S. state and Canadian provincial income taxes, net of federal benefit (401 ) (503 ) (74 ) (1,314 ) Non-deductible expenses (166 ) (46 ) (17 ) (46 ) Domestic production activities deduction 356 — 108 — Tax credits 147 — — — Valuation allowance (272 ) (361 ) — 12,559 Other 106 50 — — Income tax (expense) benefit $ (9,336 ) $ (10,044 ) $ (1,110 ) $ (130 ) Effective rate 35.81 % 38.73 % 34.53 % 0.40 % Income tax payments, net of refunds received, made by the Company during 2015 and 2014 totaled $1.9 million and $4.2 million, respectively. Deferred income taxes reflect the net effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The significant components of deferred tax assets and deferred tax liabilities included on the Combined Balance Sheets are ( in thousands As of As of December 31, 2015 December 31, 2014 Deferred tax assets: Reserves and other liabilities $ 3,717 $ 2,909 Tax loss carryforwards 592 366 Acquisition costs and intangibles 1,220 1,884 Deferred Compensation 284 — Inventory 1,825 1,040 AMT Credit 2,141 — Other 91 285 9,870 6,484 Less valuation allowance 663 361 Deferred tax assets, net of valuation allowance 9,207 6,123 Deferred tax liabilities: Prepaids 338 — Depreciation, amortization and other 20,285 14,149 Deferred tax liabilities 20,623 14,149 Net deferred tax asset (liability) (11,416 ) (8,026 ) Net deferred tax asset, current — 3,157 Net deferred tax asset, non-current — — Net deferred tax liability, non-current (11,416 ) (11,183 ) The following is a rollforward of the deferred tax valuation allowance for the periods presented ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Balance at the beginning of the period $ 361 $ — $ — $ 43,780 Amounts charged to expense 302 361 — (12,559 ) Amounts charged to Other Comprehensive Income — — — Balance at the end of the period $ 663 $ 361 $ — $ 31,221 The Predecessor’s operating results have historically been included in Lafarge N.A.’s combined US Federal and state income tax returns. In addition, the Canadian Predecessor operations have historically been included in Lafarge N.A.’s Canadian Federal and provincial income tax returns. The provisions for income taxes in the Predecessor financial statements have been determined on a separate return basis as if the Company filed its own tax returns. For U.S. federal income tax purposes, the Predecessor had unused net operating loss carry-forwards of $111.0 million expiring from 2028 through 2032. For Canadian federal income tax purposes, the Predecessor had no loss carry-forwards available. The income tax benefits related to net operating losses that have been utilized by Lafarge N.A. are reflected in the Predecessor financial statements as a distribution to Lafarge N.A. Management considered and weighed the available evidence, both positive and negative, to determine whether it is more-likely-than-not that some portion, or all, of the Predecessor’s deferred tax assets will not be realized. Given the losses of the Predecessor over the recent years, the Predecessor had established a valuation allowance relating to a portion of the deferred tax assets in the Predecessor financial statements. None of the net operating loss carried forward to CBP as of the Acquisition date. For Canadian federal income tax purposes, at December 31, 2015 the Company had net operating loss carryforward of $0.6 million which expires in 2035 and 2036. At December 31, 2015 and 2014, the Company recorded a valuation allowance of $0.7 million and $0.4 million, respectively, related to its Canadian operations. The Successor 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 Successor 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. Penalties and interest, if any, related to uncertain tax positions, are recorded as a component of the income tax provision. The Company is no longer subject to examination by Federal or State taxing authorities for the years before 2012. As of December 31, 2015 and 2014 the Company did not have any unrecognized tax benefits. The Company does not expect the amount of any unrecognized tax benefits to significantly increase in the next twelve months. The Company recognizes interest related to income tax matters as interest expense and penalties related to income tax matters as other non-interest expense. As of December 31, 2015 and 2014, the Company does not have any amounts accrued for interest or penalties. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. 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. The rent expense for the years ended December 31, 2015 and 2014 was $4.4 million and $4.8 million, respectively. The Predecessor terminated the leases at a facility at the Port of Newark prior to the Acquisition. During January 1, 2013 to August 30, 2013 (Predecessor), total rent paid on this lease, including a termination fee, was $4.2 million. Total expenses under operating leases were $1.5 million for July 26, 2013 to December 31, 2013 (Successor). Including Newark, total expenses under operating leases were $7.8 million for January 1, 2013 to August 30, 2013 (Predecessor). The Company also has noncapital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The total amounts purchased under such commitments were $66.7 million and $72.5 million for the years ended December 31, 2015 and 2014 (Successor), respectively, $23.0 million for July 26, 2013 to December 31, 2013 (Successor), and $47.9 million for January 1, 2013 to August 30, 2013 (Predecessor). The table below shows the future minimum lease payments due under non-cancelable operating leases and purchase commitments at December 31, 2015 ( in thousands Total 2016 2017 2018 2019 2020 Thereafter Operating leases (1) $ 4,880 $ 1,587 $ 1,183 $ 616 $ 1,494 $ — $ — Purchase commitments 146,654 35,655 30,403 19,242 16,329 14,060 30,965 Total commitments $ 151,534 $ 37,242 $ 31,586 $ 19,858 $ 17,823 $ 14,060 $ 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 December 31, 2015 and December 31, 2014, the Company had outstanding letters of credit of approximately $3.0 million and $4.8 million, respectively. In March 2015, a group of homebuilders commenced a lawsuit against the Company and other US wallboard manufacturers, which was amended in October 2015, alleging that such manufacturers had conspired to fix the price of wallboard in violation of antitrust and unfair competition laws. The amended 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 amended 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. In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry and indemnifications specific to a transaction such as sale of a business. 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 guarantees and 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 December 31, 2015 and 2014, such liabilities are not expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. 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, any amounts exceeding the recorded accruals are not expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Allocated Expenses The Predecessor has been allocated selling and administrative expenses from Lafarge N.A. of $4.9 million for January 1, 2013 to August 30, 2013. These costs from Lafarge N.A. had been derived from multiple levels of the organization including shared corporate expenses and fees from the parent of Lafarge N.A. These allocated costs were primarily related to corporate administrative expenses and reorganization costs, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount or proportionate direct labor costs of the Predecessor compared to Lafarge N.A. and/or its subsidiaries. In addition to the allocated selling and administrative expenses noted above, the Predecessor recorded approximately $7.6 million for January 1, 2013 to August 30, 2013 in pension and other post-retirement benefits expense related to its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations of the Predecessor. The Predecessor’s salaried employees and union hourly employees participated in defined benefit pension plans sponsored by the Parent. These plans included other Lafarge N.A. employees that are not employees of the Predecessor. Lafarge N.A. also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Predecessor. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, copayment and payments made by government programs and other group coverage. The related pension and post-retirement benefit liability has not been allocated to the Predecessor and has not been presented in the accompanying Predecessor balance sheet since the obligation remained a liability of Lafarge N.A. The Successor does not have any pension or postretirement benefit plans in place. Management believes the assumptions and allocations underlying the combined Predecessor financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the period presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for this period are not indicative of the future results of operations, financial position and cash flows. LTIP Payments In connection with the March, May and September 2015 secondary public offerings and concurrent May and September 2015 stock repurchases, certain executives of the Company and the estate of the Company’s former CEO earned incentive payments in the aggregate amount of approximately $29.9 million under the LTIP. LSF8 is responsible for funding any payments under the LTIP, including those paid in connection with the March, May and September 2015 secondary public offerings and concurrent May and September 2015 stock repurchases. As these payments arose out of employment with the Company, the Company recognizes the payments made to the officers and the estate as an expense. The funding of the LTIP payments by LSF8 is recorded as additional paid-in capital. The $29.9 million in LTIP payments related to the March, May and September 2015 secondary public offerings and concurrent May and September 2015 stock repurchases were recorded as an expense to the Company, that will also be tax deductible, and capital contributions by LSF8 in the first, second and third quarters of fiscal 2015. No further payments will be made under the LTIP. Other Since the Acquisition, the Company has no longer been part of the Lafarge N.A. organization but did have a Transition Services Agreement to help with certain ongoing back-office functions. These functions included, among others, accounting, treasury, tax, and information technology services. Starting in September 2013, the Company paid Lafarge N.A. a fee for these services of $119,000 per month that escalated to $129,700 per month in 2014. These services were terminated as of December 31, 2014. On August 30, 2013, the Company entered into an 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. For fiscal year 2014 no services were provided. The agreement was terminated upon the closing of the Initial Public Offering and in connection therewith, the Company paid a termination fee of $2.0 million that is included in non-operating expense. We sold products to a customer that, for a portion of 2015, was affiliated with one of our stockholders. During that portion of 2015, we sold an aggregate amount of $12.4 million of products to the customer, and as of December 31, 2015, $4.0 million was due from the customer. The sales were made on terms equivalent to an arm’s length basis. |
Investment in Seven Hills
Investment in Seven Hills | 12 Months Ended |
Dec. 31, 2015 | |
Investments Schedule [Abstract] | |
Investment in Seven Hills | 12. Investment in Seven Hills The Predecessor was a party to a paperboard liner venture named Seven Hills Paperboard, LLC (“Seven Hills”) with an unaffiliated third-party. This venture provided the Predecessor with a continuous supply of high-quality recycled paperboard liner to meet its ongoing production requirements. For the Predecessor financial statements, management evaluated the characteristics of its investment in Seven Hills and concluded that Seven Hills would be deemed a Variable Interest Entity as there was not sufficient equity at risk in Seven Hills. The Predecessor also considered certain characteristics related to control and the power to direct the activities of Seven Hills that most significantly impact Seven Hills’ economic performance, including the significant decisions made by the Managing Board and the involvement of the other investor in managing the day-to-day activities. The Predecessor concluded the Company was not the primary beneficiary. Accordingly, the Predecessor accounted for its investment in Seven Hills under the equity method of accounting. From the closing of the Acquisition through March 13, 2014, the venture equity ownership remained with Lafarge N.A., although many of the rights and obligations and underlying economics were contractually transferred to the Company in connection with the Acquisition. Based on the allocation of the purchase price paid in the Acquisition, $13.0 million related to the financial interest in the Seven Hills venture was recorded and represents the fair value of the rights retained by the Company after the Acquisition. In the Successor financial statements, the Company elected the option to account for this financial interest at fair value with changes in fair value reflected in earnings during the period in which they occur. The Company elected to measure this financial interest at fair value, as permitted under FASB Accounting Standards Codification 825, Financial Instruments, to better reflect the expected future benefit of the acquired financial interest. On March 13, 2014, Lafarge N.A. assigned its interest in the joint venture and the joint venture agreement and the other operative agreements to the Company under the same terms and conditions as existed prior to the Acquisition. The Successor 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, at this date of transfer the Company recorded the investment at fair value and began accounting for this investment in Seven Hills under the equity method of accounting. The Company currently has the right to terminate the venture and put its interest to the other investor based on a formula-driven price effective on the anniversary of the commencement date by providing notice two years prior to any such anniversary. Proceeds from such termination would revert to CBP. As of December 31, 2015 and December 31, 2014, the estimated redemption value would be $9.4 million and $11.1 million, respectively. Paperboard purchased from Seven Hills was $45.5 million and $49.7 million for the years ended December 31, 2015 and 2014 (Successor), respectively, $17.6 million for July 26, 2013 to December 31, 2013 (Successor), and $33.1 million for January 1, 2013 to August 30, 2013 (Predecessor). The Company also has certain purchase commitments for paper totaling $29.7 million through 2018. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 13. Debt Debt consists of the following: As of As of (in thousands) December 31, 2015 December 31, 2014 First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at December 31, 2015 and December 31, 2014 $ 296,988 $ 351,988 Less: Original issue discount (net of amortization) (2,372 ) (2,863 ) Total debt 294,616 349,125 Less: Current portion of long-term debt — — Long-term debt $ 294,616 $ 349,125 In connection with the Acquisition by Lone Star, CBP purchased all of the assets of the Predecessor with cash. In order to finance a portion of the consideration payable to Lafarge N.A., the Successor entered into a First Lien Credit Agreement for borrowings of $320 million, a Second Lien Credit Agreement for borrowings of $120 million, and drew $25 million under a $50 million revolving credit facility as part of the First Lien Credit Agreement. In conjunction with the initial issuance of this debt, the Company incurred $15.3 million of debt issuance costs which are recorded as an asset and are being amortized using the effective interest rate method or the straight-line method which approximates the effective interest rate method, over the estimated life of the related debt. On December 2, 2013, the Company modified the First Lien Credit Agreement and Second Lien Credit Agreement and increased its borrowings by a total of $130 million with the proceeds distributed as a return of capital to Lone Star. The changes were considered a modification of the existing instruments in accordance with guidance provided by ASC 470-50, Debt The maturity dates for the First Lien Credit Agreement and Second Lien Credit Agreement remained the same. The First Lien was increased by $95 million from $320 million to a total $415 million with quarterly principal payments increased from $0.8 million to $1.0 million and the remaining amount due at maturity in 2020. The Second Lien was increased by $35 million from $120 million to $155 million and remained all due at maturity in 2021. Interest remained floating for both liens and the interest rate spread over LIBOR (with a 1% floor) was increased from plus 3.5% to plus 3.75% for the term loan under the First Lien Credit Agreement and from plus 7.5% to plus 7.75% for the term loan under the Second Lien Credit Agreement. Total original issue discount and other fees associated with the amendment of approximately $5 million were paid at closing. Third party debt issuance costs were expensed. In May 2014, the interest rate spread over LIBOR was reduced by 50 basis points, 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, remains below four. The margin applicable to the borrowing was further reduced in the third quarter 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 2015 and 2014, the Company pre-paid $55.0 million and $59.9 million of principal payments, respectively and no further quarterly mandatory principal payments are required until the final payment of $297.0 million due on August 28, 2020. At December 31, 2015, the annual effective interest rate on the First Lien Credit Agreement including original issue discount and amortization of debt issuance costs was 4.6%. The First Lien Credit Agreement also has a $50 million revolver (the “Revolver”), none of which was outstanding as of December 31, 2015. Interest 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 facility. Availability under the Revolver at December 31, 2015, based on draws and outstanding letters of credit and absence of violations of covenants, was $47 million. 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. Total interest paid by the Successor for the years ended December 31, 2015 and 2014 and for the period July 26, 2013 to December 31, 2013 was $13.5 million, $19.5 million and $9.5 million, respectively. No significant amounts of interest were paid by the Predecessor. The table below shows the future minimum principal payments due under the credit agreements. (in thousands) Amount Due 2016 — 2017 — 2018 — 2019 — 2020 $ 296,988 Under the terms of the credit agreements above, the Company is required to comply with certain covenants, including among others, the limitation of indebtedness, limitation on liens, and limitations on certain cash distributions. One single financial covenant governs all of the Company’s debt and only applies 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, beginning with the quarter ending December 31, 2013. 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. As the sum of outstanding borrowings under the Revolver and outstanding letters of credit were less than $12.5 million at December 31, 2015, the financial covenant of 5.5 times was not applicable at December 31, 2015. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 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 one year. 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 December 31, 2015, the Company had 1,522 thousand millions of British Thermal Units (“mmBTUs”) in aggregate notional amount outstanding natural gas swap contracts to manage commodity price exposures. All of these contracts mature by October 31, 2016. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging On a pre-tax basis, for the year ended December 31, 2015, approximately $0.8 million of gains, net of $0.5 million of tax expense, were recognized in other comprehensive income for the commodity contracts. For the same period, the amount of loss reclassified from accumulated other comprehensive income into income was $1.9 million. As of December 31, 2015, $0.3 million was recorded in other current liabilities and $0.2 million was recorded in other current assets. For the year ended December 31, 2014, approximately $0.9 million of losses, net of $0.5 million of tax benefits, were recognized in other comprehensive income for the commodity contracts. For the same period, the amount of gain reclassified from accumulated other comprehensive income into income was $0.1 million. As of December 31, 2014, $0.9 million was recorded in other current liabilities. Interest Rate Derivative Instrument At December 31, 2015, the Company had an interest rate cap on three month U.S. Dollar LIBOR of 2% for a notional amount of $202.9 million, representing 68.3% of the principal amount outstanding under the First Lien Credit Agreement as of 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 March 31, 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 $0.03 million and $0.2 million in losses for the years ended December 31, 2015 and 2014, respectively. The fair value of the time value of the interest rate cap was $0 as of December 31, 2015 and of $0.03 million as of December 31, 2014 and was recorded in other current assets. 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 December 31, 2015, the Company’s derivatives were in a $0.1 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 December 31, 2015, the Company had no collateral posted with its counterparties related to the derivatives. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting Segment information is presented in accordance with ASC 280, Segment Reporting (“ASC 280”), which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about products and geographic areas. The Company’s and Predecessor’s primary reportable segment is wallboard which represented approximately 97% and 96% of the Company’s revenues for the years ended December 31, 2015 and 2014, respectively. This segment produces wallboard for the commercial and residential construction sectors. The Company also operates other business activities, primarily finishing products, which complement the Company’s full range of wallboard products. 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, and Predecessor evaluated, 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 its 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 Successor Predecessor Year ended Year ended July 26 - December 31, January 1 - Net Sales: Wallboard 407,982 409,408 144,689 240,225 Other 13,700 15,094 5,377 12,023 Total net sales 421,682 424,502 150,066 252,248 Operating income (loss): Wallboard 44,276 60,080 14,162 32,699 Other (271 ) 681 (384 ) (72 ) Total operating income (loss) 44,005 60,761 13,778 32,627 Adjustments: Interest Expense (16,432 ) (29,069 ) (10,542 ) (91 ) Gain (loss) from Equity Investment (750 ) (113 ) — (30 ) Other non-operating expenses (751 ) (5,644 ) (21 ) (191 ) Income (loss) before income tax benefit 26,072 25,935 3,215 32,315 Depreciation and Amortization Wallboard 50,150 53,114 17,943 16,067 Other 1,158 1,203 586 819 Total depreciation and amortization 51,308 54,317 18,529 16,886 Information concerning principal geographic areas is as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - Net Sales: United States $ 387,937 $ 389,073 $ 135,275 $ 221,995 Canada 33,745 35,429 14,791 30,253 Total $ 421,682 $ 424,502 $ 150,066 $ 252,248 Successor As of December 31, 2015 As of December 31, 2014 Fixed Assets Total Assets Fixed Assets Total Assets United States 323,361 $ 625,951 349,909 $ 678,285 Canada 3,046 $ 17,090 3,743 22,696 Total 326,407 $ 643,041 $ 353,652 $ 700,981 |
Share Repurchase
Share Repurchase | 12 Months Ended |
Dec. 31, 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, or an aggregate of approximately $20.0 million, pursuant to a stock purchase agreement dated May 11, 2015. On September 16, 2015, the Company repurchased an additional 1,007,500 shares of its common stock from LSF8 in a private transaction at a price per share of $19.85, or an aggregate of approximately $20.0 million, pursuant to a stock purchase agreement dated September 10, 2015. On November 4, 2015, the Company announced that the Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock, at such times and prices as determined by management as market conditions warrant, through December 31, 2016. Pursuant to this authorization, in the fourth quarter of 2015, the Company repurchased an additional 472,185 shares of its common stock in an open market at prices per share ranging from $ 17.06 to $19.02 for an aggregate amount of approximately $8.4 million. All repurchased shares are held in treasury and the effect thereof reduces the number of shares of common stock outstanding and is reflected in the Company’s earnings per share calculation. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 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 employees 142,000 stock options and 75,000 restricted shares 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 had at the time of grant 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 vesting 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 the Company’s 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 the Company’s common stock at the date of the grant. The following table summarizes restricted stock award (“RSA”), RSU and PRSU activity for the year ended December 31, 2015: Number of RSAs Number of RSUs Number of PRSUs Weighted Average Non-vested, January 1, 2015 55,000 — — $ 14.00 Granted — 71,275 46,330 $ 21.19 Cancelled/Forfeited (3,619 ) (1,103 ) — $ 14.00 Vested (13,749 ) — — $ 14.00 Non-vested, December 31, 2015 37,632 70,172 46,330 $ 19.49 Compensation expense of $0.6 million and $0.8 million was recorded for share-based awards for the years ended December 31, 2015 and 2014, respectively. The income tax benefit of share-based awards for both years ended December 31, 2015 and 2014 was $0.2 million. As of December 31, 2015, there was $1.4 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 over a three year period. The following tables summarize stock option activity for the year ended December 31, 2015: Number of Weighted Aggregate Weighted Average Outstanding at January 1, 2015 142,000 14.00 Granted — — Forfeited (2,300 ) $ 14.00 Exercised (62,331 ) $ 14.00 Outstanding at December 31, 2015 77,369 $ 14.00 $ 267,697 8.10 Exercisable at December 31, 2015 19,131 $ 14.00 $ 66,193 8.10 Vested and Expected to Vest at December 31, 2015 77,369 $ 14.00 $ 267,697 8.10 Unearned compensation related to stock options as of December 31, 2015 of $0.3 million will be recognized over a weighted average remaining period of approximately 2 years. During 2015, the intrinsic value of stock options exercised was $0.3 million. 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. |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (unaudited) | 18. Quarterly Data (unaudited) The following table presents selected quarterly data for the Successor periods: Three months Three months 2015 Three months Three months Net sales $ 92,176 $ 110,996 $ 108,150 $ 110,360 Cost of goods sold 71,675 81,516 78,151 81,498 Selling and administrative 8,428 9,363 9,008 8,092 Long Term Incentive Plan funded by Lone Star 4,171 15,842 9,933 — Operating income 7,902 4,275 11,058 20,770 Net income (loss) 2,020 (126 ) 4,239 10,603 Earnings per share: Basic $ 0.05 $ (0.00 ) $ 0.10 $ 0.25 Diluted $ 0.05 $ (0.00 ) $ 0.10 $ 0.25 Wallboard sales volume (msf) 469 567 567 596 Mill net sales price $ 157.46 $ 156.85 $ 153.05 $ 148.37 Depreciation and amortization $ 13,129 $ 13,141 $ 12,661 $ 12,377 As a result of rounding and the required method of computing shares in interim periods, the total of the quarterly earnings per share amounts may not equal the earnings per share amount of the year. (in thousands, except operating data) Three months Three months 2014 Three months Three months Net sales $ 86,973 $ 102,915 $ 113,804 $ 120,810 Cost of goods sold 73,196 82,025 85,821 89,131 Selling and administrative 7,496 8,088 7,774 10,210 Long Term Incentive Plan funded by Lone Star — — — — Operating income 6,281 12,802 20,209 21,469 Net income (loss) (8,623 ) 4,667 9,486 10,361 Earnings per share: Basic $ (0.22 ) $ 0.11 $ 0.22 $ 0.24 Diluted $ (0.22 ) $ 0.11 $ 0.22 $ 0.24 Wallboard sales volume (msf) 438 525 590 627 Mill net sales price $ 157.32 $ 155.76 $ 154.10 $ 152.79 Depreciation and amortization $ 13,883 $ 13,930 $ 13,511 $ 12,993 |
Significant Accounting Polici26
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share | Earnings Per Share Earnings per share for the period from July 26, 2013 to December 31, 2013 are calculated after taking into account the 32,304 for one stock split that occurred on February 3, 2014. For the years ended December 31, 2015 and 2014, basic earnings and loss per share are 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 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 are 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. The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: Year Ended Year Ended July 26 - Weighted average shares outstanding used to computed basic earnings per share 43,172,528 42,940,849 32,304,000 Dilutive effect of Restricted Stock Awards 12,081 11,173 — Dilutive effect of Restricted Stock Units 7,000 — — Dilutive effect of Performance Restricted Stock Units 3,188 — — Dilutive effect of Stock Options 23,527 — — Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share 43,218,324 42,952,022 32,304,000 |
Cost of Goods Sold and Selling and Administrative Expenses | Cost of Goods Sold and Selling and Administrative Expenses Cost of goods sold includes costs of production, depreciation, amortization of acquired intangibles, inbound freight charges for raw materials, outbound freight to customers, purchasing and receiving costs, inspection costs, warehousing at plant facilities, and internal transfer costs. Costs associated with third-party warehouses are included in selling and administrative expenses. Selling and administrative costs also include expenses for sales, marketing, legal, accounting and finance services, human resources, customer support, treasury, other general corporate services and amortization of software development cost. |
Estimates | Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses. Actual results may differ from these estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company uses the U.S. dollar as its functional currency for operations in the United States and the Canadian dollar for the Company’s operations in Canada. The assets and liabilities of the Company’s Canadian operations are translated at the exchange rate prevailing at the balance sheet date. Related revenues and expense accounts for the Canadian operations are translated using the average exchange rate during the year. Cumulative foreign currency translation adjustment of $5.3 million, $2.2 million and $0.3 million at December 31, 2015, 2014 and 2013, respectively, is included in “Accumulated Other Comprehensive Loss” in the Balance Sheets and in the Consolidated/Combined Statements of Changes in Equity. |
Cash | Cash Cash and cash equivalents include highly liquid investments with maturities of three months or less at the time of purchase maintained at financial institutions in the United States and Canada. At times the amounts may exceed federally insured deposit limits. The Company has not experienced any losses and does not believe it is exposed to any significant credit risk related to demand deposits. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily receivables. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The allowances for non-collection of receivables are based upon analysis of economic trends in the construction industry, detailed analysis of the expected collectability of accounts receivable that are past due and the expected collectability of overall receivables. The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: Successor Predecessor Year Ended Year Ended July 26 - January 1 - August 30, Lowes 16 % 15 % 12 % 15 % The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: Successor Year Ended Year Ended Year Ended Lowes 26 % 23 % 27 % |
Receivables | Receivables Trade receivables are recorded at net realizable value, which includes allowances for cash discounts and doubtful accounts, and are reflected net of customer incentives. The Company reviews the collectability of trade receivables on an ongoing basis. The Company reserves for trade receivables determined to be uncollectible. This determination is based on the delinquency of the account, the financial condition of the customer and the Company’s collection experience. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Virtually all of the Company’s inventories are valued under the average cost method. Inventories include materials, labor and applicable factory overhead costs. The value of inventory is adjusted for damaged, obsolete, excess and slow-moving inventory. Market value of inventory is estimated based on the impact of market trends, an evaluation of economic conditions and the value of current orders relating to the future sales of this type of inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. These lives range from 20 to 25 years for buildings, 5 to 25 years for plant machinery, and 5 to 8 years for mobile equipment. For plant machinery, the large majority of the existing assets are being amortized over an estimated remaining life of approximately 8 years. Repair and maintenance costs are expensed as incurred. Substantially all of the Company’s depreciation expenses are recorded in “Cost of goods sold” in the Statements of Operations. The Company capitalizes interest during the active construction of major projects. Capitalized interest is added to the cost of the underlying assets and is depreciated over the useful lives of those assets. The amount of interest capitalized during 2015 was nominal and there was no interest capitalized during the years ended December 31, 2014 and 2013. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets in accordance with the provisions of Accounting Standards Codification 360 Property, Plant and Equipment (“ASC 360”). ASC 360 requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Such evaluations for impairment are significantly impacted by estimates of future prices for its products, capital needs, economic trends in the construction sector and other factors. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of by sale are reflected at the lower of their carrying amount or fair value less cost to sell. The Company assesses impairment of the Company’s long-lived assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. At December 31, 2015, the Company grouped the wallboard plants as an asset group. The plants within each group were used together to generate cash flows. The Company’s two joint compound plants were also grouped as an asset group. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The goodwill and intangibles reflected in the Successor financial statements relates solely to the Acquisition. Goodwill represents the excess of costs over the fair value of identifiable assets of businesses acquired. The Company evaluates goodwill and intangible assets in accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”). ASC 350 requires goodwill to be either qualitatively or quantitatively assessed for impairment annually (or more frequently if impairment indicators arise) for each reporting unit. The Company performs its annual impairment testing of goodwill as of October 1st of each year. Intangible assets that are deemed to have definite lives are amortized over their useful lives. The cost of internal-use software purchased or developed internally, is accounted for in accordance with ASC 350-40, Internal-Use Software. The weighted average useful life of capitalized software is 3 years. 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 identified as having definite lives are amortized on a straight-line basis over the estimated useful life of 15 years. |
Fair Value Measurements | 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 December 31, 2015 and 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 December 31, 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 December 31, 2015 and a fair value of $0.03 million as of December 31, 2014, and natural gas hedges that had a negative fair value of $0.1 million at December 31, 2015, net of tax amount of $0.03 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 its 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 for which it is practicable to estimate that value. |
Environmental Remediation Liabilities | Environmental Remediation Liabilities When the Company determines that it is probable that a liability for environmental matters has been incurred, an undiscounted estimate of the required remediation costs is recorded as a liability in the financial statements, without offset of potential insurance recoveries. Costs that extend the life, increase the capacity or improve the safety or efficiency of company-owned assets or are incurred to mitigate or prevent future environmental contamination are capitalized. Other environmental costs are expensed when incurred. The Company has no environmental liabilities recorded at December 31, 2015. |
Income Taxes | Income Taxes For the Predecessor financial statements, the provision for income taxes is calculated as if the Company completed a separate tax return apart from its Parent, although the Company was included in the Parent’s U.S. federal and state income tax returns and non-U.S. (Canada) jurisdiction tax returns. As of the date of Acquisition, the Successor financial statements reflect a new tax basis of accounting and the Company is a tax filer independent of Lafarge N.A. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts, using currently enacted tax rates. In the Successor financial statements, no net operating losses were carried over from the Predecessor as part of the Acquisition. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation to employees and directors based on the estimated fair value of the award generally determined on the date of grant. The associated expense, net of estimated forfeitures, is generally recognized ratably over the requisite service period, which is generally the vesting period of the award. For awards with graded vesting that only contain a service condition, we recognize expense on a straight-line basis over the service period. |
Collective Bargaining Agreement | Collective Bargaining Agreement Some of the Company’s employees at its Buchanan wallboard plant, representing approximately 14% of its workforce, are represented by two unions. The collective bargaining agreements with these unions expire on November 30, 2017. Its remaining employees are non-union. The Company believes its relationships with both its union and non-union employees are good. |
Revenue Recognition | Revenue Recognition Revenue from the sale of gypsum products is recorded when title and ownership are transferred upon shipment of the products. Amounts billed to a customer in a sales transaction related to shipping and handling are included in “Net sales,” and costs incurred for shipping and handling are classified as “Cost of goods sold” in the Consolidated/Combined Statements of Operations. The revenues reported in these financial statements relate to specifically identifiable historical activities of the plants, warehouses, and other assets that comprise the Company. The Company records estimated reductions to revenue for customer programs and incentive offerings, including promotions and other volume-based incentives, in the period in which the sale occurs. |
Derivative Instruments | 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 one year. All derivative instruments must be recorded on the balance sheet at fair value. Currently, the Company is using natural gas swap contracts manage commodity price increase exposure. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, Derivatives – Hedging. For derivative contracts designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to accumulated other comprehensive income, and is reclassified to earnings when the underlying forecasted transaction affects earnings. The ineffective portion of the changes in the fair value of the derivative is recorded in cost of goods sold. Gains and losses on these contracts that are designated as cash flow hedges are reclassified into earnings when the underlying forecasted transaction affect earnings. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. In addition, the Company is using an interest rate cap to protect against extreme market interest rate changes. 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. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 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, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes |
Successor [Member] | |
Basis of Presentation | Basis of Presentation—Successor 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. The Company’s financial statements reflect the Acquisition of the Predecessor that occurred on August 30, 2013, which was accounted for as a business combination. In connection with the Acquisition, $3.3 million in Acquisition related costs were incurred, which are reported as selling and administrative costs in the accompanying statement of operations of the Successor for the period from July 26, 2013 to December 31, 2013. The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. (in thousands) Total current assets $ 70,371 Property, plant and equipment 392,809 Financial interest in Seven Hills JV 13,000 Trademarks 15,000 Customer Relationships 118,000 Goodwill 119,945 Total current liabilities (25,984 ) Total purchase price $ 703,141 The fair value of accounts receivables acquired was $31.9 million (included in total current assets above), with the gross contractual amount being $33.3 million. The Company expects $1.4 million to be uncollectible. There were no loss contingencies identified as part of the Acquisition. The total Purchase Price remained the same as the one previously provided for the year ended December 31, 2013. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of the Company. These come from the synergies that are obtained in operating the plants as part of a network, versus individually, and from an experienced employee base skilled at managing a process driven manufacturing environment. The goodwill was deductible for income tax purposes. The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: (in thousands) Year ended Revenues $ 402,314 Net income (loss) $ 4,895 These amounts have been calculated by adjusting the results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2012, and to reflect the interest expense on the debt used to finance the Acquisition (see Note 13, Debt) net of proceeds received from the Initial Public Offering. |
Defined Contribution Pension Plans | Defined Contribution Pension Plans—Successor Subsequent to the Acquisition, the Company’s employees were able to participate in a 401K defined contribution pension plan. The Company contributes funds into this plan depending on each employee’s years of service and subject to certain limits. For the periods ended December 31, 2015 and 2014, the Company recorded an expense of $1.4 million and $1.9 million, respectively, for these contributions. From July 26, 2013 to December 31, 2013, the Company recorded an expense of $0.5 million. |
Predecessor [Member] | |
Basis of Presentation | Basis of Presentation—Predecessor The accompanying combined financial statements for the Predecessor have been prepared in accordance with U.S. GAAP. The Predecessor financial statements have been derived from the consolidated financial statements and accounting records of Lafarge N.A. using the historical results of operations and historical cost basis of the assets and liabilities of Lafarge N.A. that comprise the business acquired. These Predecessor financial statements have been prepared to demonstrate the historical results of operations, financial position, and cash flows for the indicated periods under Lafarge N.A.’s management that were acquired by CBP. All intercompany balances and transactions have been eliminated. Transactions and balances between the Predecessor and Lafarge N.A. and its subsidiaries are reflected as related party transactions within these financial statements. The accompanying Predecessor combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the acquired business and reflect all costs of doing business related to their operations, including expenses incurred by other entities on the Predecessor’s behalf. In addition, certain costs related to the Predecessor have been allocated from Lafarge N.A. Those allocations are derived from multiple levels of the organization including shared corporate expenses from Lafarge N.A. and fees from Lafarge N.A.’s parent company related to certain service and support functions. The costs associated with these services and support functions (indirect costs) have been allocated to the Predecessor using the most meaningful respective allocation methodologies which were primarily based on proportionate revenue, proportionate headcount, or proportionate direct labor costs compared to Lafarge N.A. and/or its subsidiaries. These allocated costs are primarily related to corporate administrative expenses, employee-related costs including pensions and other benefits for corporate and shared employees, and rental and usage fees for shared assets for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury, facility and other corporate and infrastructural services. Income taxes have been accounted for in the Predecessor financial statements on a separate return basis as described in Note 9. The Predecessor utilized Lafarge N.A.’s centralized processes and systems for cash management, payroll, and purchasing. As a result, all cash received by the Predecessor was deposited in and commingled with Lafarge N.A.’s general corporate funds and was not specifically allocated to the Predecessor. The net results of these cash transactions between the Predecessor and Lafarge N.A. are reflected within “Net capital contributions to Lafarge N.A.” in the accompanying Combined Statements of Cash Flows. Management believes the assumptions and allocations underlying the Predecessor combined financial statements are reasonable and appropriate under the circumstances. The expenses and cost allocations have been determined on a basis considered by Lafarge N.A. to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessor during the periods presented relative to the total costs incurred by Lafarge N.A. However, the amounts recorded for these transactions and allocations are not necessarily representative of the amount that would have been reflected in the financial statements had the Predecessor been an entity that operated independently of Lafarge N.A. Consequently, future results of operations after the Predecessor’s separation from Lafarge N.A. will include costs and expenses incurred by the Company that may be materially different than the Predecessor’s historical results of operations. Accordingly, the financial statements for these periods under the Predecessor are not indicative of the Company’s future results of operations, financial position and cash flows. |
Defined Benefit Pension Plans and Other Post-Retirement Benefits | Defined Benefit Pension Plans and Other Post-Retirement Benefits—Predecessor Prior to the Acquisition, the Company’s salaried employees and union hourly employees participated in defined benefit pension plans sponsored by the Parent. These plans include other Parent employees that are not employees of the Company. The Parent also provides certain retiree health and life insurance benefits to eligible employees who have retired from the Company. Salaried participants generally become eligible for retiree health care benefits when they retire from active service at age 55 or later. Benefits, eligibility and cost-sharing provisions for hourly employees vary by location and/or bargaining unit. Generally, the health care plans pay a stated percentage of most medical and dental expenses reduced for any deductible, co-payment and payments made by government programs and other group coverage. For the period from January 1, 2013 to August 30, 2013 (Predecessor), the Company recorded approximately $7.5 million in pension and other post-retirement benefits expense related to its employees, which has been reflected within “Cost of goods sold” and “Selling and administrative” in the accompanying Combined Statements of Operations. The related pension and post-retirement benefit liability has not been allocated to the Company and has not been presented in the accompanying Combined Balance Sheets since the obligation remained a liability of Lafarge N.A after the Acquisition of the Company by Lone Star. |
Significant Accounting Polici27
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Finalized Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition date. (in thousands) Total current assets $ 70,371 Property, plant and equipment 392,809 Financial interest in Seven Hills JV 13,000 Trademarks 15,000 Customer Relationships 118,000 Goodwill 119,945 Total current liabilities (25,984 ) Total purchase price $ 703,141 |
Unaudited Pro Forma Income Statement | The following represents the unaudited pro forma income statement as if the Acquisition had occurred on January 1, 2012: (in thousands) Year ended Revenues $ 402,314 Net income (loss) $ 4,895 |
Schedule of Reconciliation of Share Amounts Included in Basic and Diluted Earnings per Share Computations | The following is a reconciliation of the share amounts included in basic and diluted earnings per share computations: Year Ended Year Ended July 26 - Weighted average shares outstanding used to computed basic earnings per share 43,172,528 42,940,849 32,304,000 Dilutive effect of Restricted Stock Awards 12,081 11,173 — Dilutive effect of Restricted Stock Units 7,000 — — Dilutive effect of Performance Restricted Stock Units 3,188 — — Dilutive effect of Stock Options 23,527 — — Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share 43,218,324 42,952,022 32,304,000 |
Sales Revenue, Net [Member] | |
Significant Customers, as Measured by Percentage of Total Revenues/Accounts Receivable | The Company’s significant customers, as measured by percentage of total revenues for the periods presented, were as follows: Successor Predecessor Year Ended Year Ended July 26 - January 1 - August 30, Lowes 16 % 15 % 12 % 15 % |
Accounts Receivable [Member] | |
Significant Customers, as Measured by Percentage of Total Revenues/Accounts Receivable | The Company’s significant customers, as measured by percentage of total accounts receivable, were as follows: Successor Year Ended Year Ended Year Ended Lowes 26 % 23 % 27 % |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Components of Receivables | Receivables consist of the following ( in thousands As of As of December 31, 2015 December 31, 2014 Trade receivables $ 37,800 $ 42,460 Total Allowances (1,988 ) (2,308 ) Total receivables, net $ 35,812 $ 40,152 |
Rollforward of the Receivable Allowances | The following reflects a rollforward of the receivable allowances for the years ended December 31, 2015, 2014, and 2013 ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Beginning $ (2,308 ) $ (1,737 ) $ (1,768 ) $ (1,530 ) Additions (3,599 ) (4,468 ) (1,466 ) (2,377 ) Write-offs 3,919 3,897 1,497 2,139 Ending $ (1,988 ) $ (2,308 ) $ (1,737 ) $ (1,768 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following ( in thousands As of As of December 31, 2015 December 31, 2014 Finished Products $ 5,454 $ 4,875 Raw Materials $ 14,557 17,010 Supplies and other $ 7,069 7,679 Total Inventories $ 27,080 $ 29,564 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 December 31, 2014 Land $ 12,925 $ 12,930 Buildings 112,121 111,506 Plant machinery 272,613 269,633 Mobile equipment 3,837 3,448 Construction in progress 6,812 3,165 Property, plant and equipment, at cost 408,308 400,682 Accumulated depreciation (81,901 ) (47,030 ) Total property, plant and equipment, net $ 326,407 $ 353,652 |
Software and Other Intangibles
Software and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 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 (in thousands) December 31, 2015 December 31, 2014 Customer relationships $ 116,073 $ 117,243 Purchased and internally developed Software 5,284 4,332 Trademarks 14,759 14,905 Customer relationships and other intangibles, at cost 136,116 136,480 Accumulated amortization (41,281 ) (25,671 ) Customer relationships and other intangibles, net $ 94,835 $ 110,809 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consist of the following ( in thousands As of As of (in thousands) December 31, 2015 December 31, 2014 Employee-related costs 7,621 $ 7,945 Income taxes 2,482 — Other taxes 508 1,220 Other 1,723 2,263 Total accrued and other liabilities $ 12,334 $ 11,428 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Expense) Benefit | The components of the income tax (expense) benefit are as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Current $ (5,929 ) $ 1,061 $ (4,197 ) $ (884 ) Deferred (3,407 ) (11,105 ) 3,087 754 Total income tax (expense) benefit $ (9,336 ) $ (10,044 ) $ (1,110 ) $ (130 ) |
Components of Income (Loss) before Income Taxes by Country | The components of income (loss) before income taxes by country are as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 USA $ 27,090 $ 27,270 $ 3,225 $ 32,509 Canada (1,018 ) (1,335 ) (10 ) (194 ) Total income (loss) before earnings (losses) on equity method investment and income tax $ 26,072 $ 25,935 $ 3,215 $ 32,315 |
Taxes Computed at U.S. Statutory Federal Income Tax Rate | Taxes computed at the U.S. statutory federal income tax rate of 35% are reconciled to the Company’s effective rate as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Taxes at the U.S. federal income tax rate $ (9,124 ) $ (9,077 ) $ (1,125 ) $ (11,310 ) U.S./Canadian tax rate differential 18 (107 ) (2 ) (19 ) U.S. state and Canadian provincial income taxes, net of federal benefit (401 ) (503 ) (74 ) (1,314 ) Non-deductible expenses (166 ) (46 ) (17 ) (46 ) Domestic production activities deduction 356 — 108 — Tax credits 147 — — — Valuation allowance (272 ) (361 ) — 12,559 Other 106 50 — — Income tax (expense) benefit $ (9,336 ) $ (10,044 ) $ (1,110 ) $ (130 ) Effective rate 35.81 % 38.73 % 34.53 % 0.40 % |
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | The significant components of deferred tax assets and deferred tax liabilities included on the Combined Balance Sheets are ( in thousands As of As of December 31, 2015 December 31, 2014 Deferred tax assets: Reserves and other liabilities $ 3,717 $ 2,909 Tax loss carryforwards 592 366 Acquisition costs and intangibles 1,220 1,884 Deferred Compensation 284 — Inventory 1,825 1,040 AMT Credit 2,141 — Other 91 285 9,870 6,484 Less valuation allowance 663 361 Deferred tax assets, net of valuation allowance 9,207 6,123 Deferred tax liabilities: Prepaids 338 — Depreciation, amortization and other 20,285 14,149 Deferred tax liabilities 20,623 14,149 Net deferred tax asset (liability) (11,416 ) (8,026 ) Net deferred tax asset, current — 3,157 Net deferred tax asset, non-current — — Net deferred tax liability, non-current (11,416 ) (11,183 ) |
Rollforward of Deferred Tax Valuation Allowance | The following is a rollforward of the deferred tax valuation allowance for the periods presented ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - December 31, December 31, December 31, August 30, 2015 2014 2013 2013 Balance at the beginning of the period $ 361 $ — $ — $ 43,780 Amounts charged to expense 302 361 — (12,559 ) Amounts charged to Other Comprehensive Income — — — Balance at the end of the period $ 663 $ 361 $ — $ 31,221 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 ( in thousands Total 2016 2017 2018 2019 2020 Thereafter Operating leases (1) $ 4,880 $ 1,587 $ 1,183 $ 616 $ 1,494 $ — $ — Purchase commitments 146,654 35,655 30,403 19,242 16,329 14,060 30,965 Total commitments $ 151,534 $ 37,242 $ 31,586 $ 19,858 $ 17,823 $ 14,060 $ 30,965 (1) Future minimum lease payments over the non-cancelable lease terms of the operating leases. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consists of the following: As of As of (in thousands) December 31, 2015 December 31, 2014 First Lien Credit Agreement maturing on August 28, 2020; interest rate of LIBOR (with a 1% floor) plus 3.00% at December 31, 2015 and December 31, 2014 $ 296,988 $ 351,988 Less: Original issue discount (net of amortization) (2,372 ) (2,863 ) Total debt 294,616 349,125 Less: Current portion of long-term debt — — Long-term debt $ 294,616 $ 349,125 |
Summary of Future Minimum Principal Payments Due under Credit Agreements | The table below shows the future minimum principal payments due under the credit agreements. (in thousands) Amount Due 2016 — 2017 — 2018 — 2019 — 2020 $ 296,988 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segment Information | Reportable segment information consists of the following ( in thousands Successor Predecessor Year ended Year ended July 26 - December 31, January 1 - Net Sales: Wallboard 407,982 409,408 144,689 240,225 Other 13,700 15,094 5,377 12,023 Total net sales 421,682 424,502 150,066 252,248 Operating income (loss): Wallboard 44,276 60,080 14,162 32,699 Other (271 ) 681 (384 ) (72 ) Total operating income (loss) 44,005 60,761 13,778 32,627 Adjustments: Interest Expense (16,432 ) (29,069 ) (10,542 ) (91 ) Gain (loss) from Equity Investment (750 ) (113 ) — (30 ) Other non-operating expenses (751 ) (5,644 ) (21 ) (191 ) Income (loss) before income tax benefit 26,072 25,935 3,215 32,315 Depreciation and Amortization Wallboard 50,150 53,114 17,943 16,067 Other 1,158 1,203 586 819 Total depreciation and amortization 51,308 54,317 18,529 16,886 |
Information Concerning Principal Geographic Areas | Information concerning principal geographic areas is as follows ( in thousands Successor Predecessor Year Ended Year Ended July 26 - January 1 - Net Sales: United States $ 387,937 $ 389,073 $ 135,275 $ 221,995 Canada 33,745 35,429 14,791 30,253 Total $ 421,682 $ 424,502 $ 150,066 $ 252,248 Successor As of December 31, 2015 As of December 31, 2014 Fixed Assets Total Assets Fixed Assets Total Assets United States 323,361 $ 625,951 349,909 $ 678,285 Canada 3,046 $ 17,090 3,743 22,696 Total 326,407 $ 643,041 $ 353,652 $ 700,981 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Shares activity | The following table summarizes restricted stock award (“RSA”), RSU and PRSU activity for the year ended December 31, 2015: Number of RSAs Number of RSUs Number of PRSUs Weighted Average Non-vested, January 1, 2015 55,000 — — $ 14.00 Granted — 71,275 46,330 $ 21.19 Cancelled/Forfeited (3,619 ) (1,103 ) — $ 14.00 Vested (13,749 ) — — $ 14.00 Non-vested, December 31, 2015 37,632 70,172 46,330 $ 19.49 |
Summary of Stock Option Activity | The following tables summarize stock option activity for the year ended December 31, 2015: Number of Weighted Aggregate Weighted Average Outstanding at January 1, 2015 142,000 14.00 Granted — — Forfeited (2,300 ) $ 14.00 Exercised (62,331 ) $ 14.00 Outstanding at December 31, 2015 77,369 $ 14.00 $ 267,697 8.10 Exercisable at December 31, 2015 19,131 $ 14.00 $ 66,193 8.10 Vested and Expected to Vest at December 31, 2015 77,369 $ 14.00 $ 267,697 8.10 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Successor [Member] | |
Selected Quarterly Data | The following table presents selected quarterly data for the Successor periods: Three months Three months 2015 Three months Three months Net sales $ 92,176 $ 110,996 $ 108,150 $ 110,360 Cost of goods sold 71,675 81,516 78,151 81,498 Selling and administrative 8,428 9,363 9,008 8,092 Long Term Incentive Plan funded by Lone Star 4,171 15,842 9,933 — Operating income 7,902 4,275 11,058 20,770 Net income (loss) 2,020 (126 ) 4,239 10,603 Earnings per share: Basic $ 0.05 $ (0.00 ) $ 0.10 $ 0.25 Diluted $ 0.05 $ (0.00 ) $ 0.10 $ 0.25 Wallboard sales volume (msf) 469 567 567 596 Mill net sales price $ 157.46 $ 156.85 $ 153.05 $ 148.37 Depreciation and amortization $ 13,129 $ 13,141 $ 12,661 $ 12,377 As a result of rounding and the required method of computing shares in interim periods, the total of the quarterly earnings per share amounts may not equal the earnings per share amount of the year. (in thousands, except operating data) Three months Three months 2014 Three months Three months Net sales $ 86,973 $ 102,915 $ 113,804 $ 120,810 Cost of goods sold 73,196 82,025 85,821 89,131 Selling and administrative 7,496 8,088 7,774 10,210 Long Term Incentive Plan funded by Lone Star — — — — Operating income 6,281 12,802 20,209 21,469 Net income (loss) (8,623 ) 4,667 9,486 10,361 Earnings per share: Basic $ (0.22 ) $ 0.11 $ 0.22 $ 0.24 Diluted $ (0.22 ) $ 0.11 $ 0.22 $ 0.24 Wallboard sales volume (msf) 438 525 590 627 Mill net sales price $ 157.32 $ 155.76 $ 154.10 $ 152.79 Depreciation and amortization $ 13,883 $ 13,930 $ 13,511 $ 12,993 |
Background and Nature of Oper39
Background and Nature of Operations - Additional Information (Detail) $ / shares in Units, $ in Millions | Sep. 16, 2015$ / sharesshares | Jun. 03, 2015$ / sharesshares | May. 15, 2015$ / sharesshares | Mar. 18, 2015$ / sharesshares | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 03, 2014 | Jun. 24, 2013USD ($) | Dec. 31, 2015USD ($)Facility |
Description Of Business And Significant Accounting Policies [Line Items] | ||||||||
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 | |||||||
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 | |||||||
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 | |||||||
Offering price per share | $ / shares | $ 14 | |||||||
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 | |||||||
LSF8 Gypsum Holdings, L.P. [Member] | Secondary Public Offerings [Member] | ||||||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||||||
Shares issued at public offering | shares | 4,600,000 | 361,747 | 4,600,000 | 5,000,000 | ||||
Offering price per share | $ / shares | $ 19.85 | $ 21.90 | $ 21.90 | $ 19.40 | ||||
LSF8 Gypsum Holdings, L.P. [Member] | Long Term Incentive Plan [Member] | Secondary Public Offerings [Member] | ||||||||
Description Of Business And Significant Accounting Policies [Line Items] | ||||||||
Incentive payments | $ 29.9 |
Significant Accounting Polici40
Significant Accounting Policies - Additional Information (Detail) | Feb. 10, 2014shares | Feb. 03, 2014 | Dec. 31, 2013USD ($) | Aug. 30, 2013USD ($) | Dec. 31, 2015USD ($)Unionshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Jan. 01, 2014shares |
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 31,900,000 | |||||||
Accounts receivable, gross | 33,300,000 | |||||||
Uncollectible amount | 1,400,000 | |||||||
Loss contingencies | 0 | |||||||
Stock split ratio | 32,304 | |||||||
Weighted average number of shares of common stock outstanding | shares | 41,750,031 | 44,069,000 | 32,304 | |||||
Interest expense | $ 0 | $ 0 | ||||||
Fair value adjustments for assets and liabilities | $ 0 | |||||||
Environmental liabilities recorded | $ 0 | |||||||
Unionized bargaining employees percentage | 14.00% | |||||||
Number of unions | Union | 2 | |||||||
Union Two [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Unionized bargaining employees agreements expiration date | Nov. 30, 2017 | |||||||
Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Derivative instrument term | 1 year | |||||||
Capitalized Software [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets useful life | 3 years | |||||||
Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets amortization period | 15 years | |||||||
Trademarks [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets amortization period | 15 years | |||||||
Buildings [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 20 years | |||||||
Buildings [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 25 years | |||||||
Plant Machinery [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 8 years | |||||||
Plant Machinery [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 5 years | |||||||
Plant Machinery [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 25 years | |||||||
Mobile Equipment [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 5 years | |||||||
Mobile Equipment [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, plant and equipment useful life | 8 years | |||||||
Accumulated Translation Adjustment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cumulative foreign currency translation adjustment | $ 5,300,000 | 2,200,000 | $ 300,000 | |||||
Initial Public Offering [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Issuance of new shares | shares | 11,765,000 | |||||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of interest rate cap | 0 | 30,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Natural Gas Hedges [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of derivatives hedges | 100,000 | 900,000 | ||||||
Fair value of derivatives hedges, tax amount | 30,000 | 500,000 | ||||||
Successor [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Expense on defined contribution plan | $ 500,000 | $ 1,400,000 | $ 1,900,000 | |||||
Predecessor [Member] | Lone Star [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Pension and other post-retirement benefits expense | $ 7,500,000 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related cost | $ 3,300,000 |
Significant Accounting Polici41
Significant Accounting Policies - Finalized Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Thousands | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 119,945 | $ 119,945 | |
Successor [Member] | |||
Business Acquisition [Line Items] | |||
Total current assets | $ 70,371 | ||
Property, plant and equipment | 392,809 | ||
Goodwill | 119,945 | ||
Total current liabilities | (25,984) | ||
Total purchase price | 703,141 | ||
Successor [Member] | Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 15,000 | ||
Successor [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 118,000 | ||
Successor [Member] | Seven Hills, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Financial interest in Seven Hills JV | $ 13,000 |
Significant Accounting Polici42
Significant Accounting Policies - Unaudited Pro Forma Income Statement (Detail) - Predecessor [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Business Acquisition Pro Forma Information [Line Items] | |
Revenues | $ 402,314 |
Net income (loss) | $ 4,895 |
Significant Accounting Polici43
Significant Accounting Policies - Schedule of Reconciliation of Share Amounts Included in Basic and Diluted Earnings per Share Computations (Detail) - shares | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted average shares outstanding used to computed basic earnings per share | 43,172,528 | 42,940,849 | |
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 43,218,324 | 42,952,022 | |
Restricted Stock Awards [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share based payment arrangement | 12,081 | 11,173 | |
Restricted Stock Units RSU [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share based payment arrangement | 7,000 | ||
Performance Restricted Stock Units [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share based payment arrangement | 3,188 | ||
Stock Options [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of share based payment arrangement | 23,527 | ||
Successor [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted average shares outstanding used to computed basic earnings per share | 32,304,000 | 43,172,528 | 42,940,849 |
Weighted average shares outstanding and dilutive securities used to compute diluted earnings per share | 32,304,000 | 43,218,324 | 42,952,022 |
Significant Accounting Polici44
Significant Accounting Policies - Company's Significant Customers Revenue Information (Detail) - Sales Revenue, Net [Member] - Lowes [Member] - Customer Concentration Risk [Member] | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 12.00% | 16.00% | 15.00% | |
Predecessor [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 15.00% |
Significant Accounting Polici45
Significant Accounting Policies - Company's Significant Customers Accounts Receivable Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Successor [Member] | Accounts Receivable [Member] | Lowes [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 26.00% | 23.00% | 27.00% |
Receivables - Components of Rec
Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Trade receivables | $ 37,800 | $ 42,460 |
Total Allowances | (1,988) | (2,308) |
Total receivables, net | $ 35,812 | $ 40,152 |
Receivables - Rollforward of th
Receivables - Rollforward of the Receivable Allowances (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning | $ (1,768) | $ (2,308) | $ (1,737) | |
Additions | (1,466) | (3,599) | (4,468) | |
Write-offs | 1,497 | 3,919 | 3,897 | |
Ending | $ (1,737) | $ (1,988) | $ (2,308) | |
Predecessor [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning | $ (1,530) | |||
Additions | (2,377) | |||
Write-offs | 2,139 | |||
Ending | $ (1,768) |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished Products | $ 5,454 | $ 4,875 |
Raw Materials | 14,557 | 17,010 |
Supplies and other | 7,069 | 7,679 |
Total Inventories | $ 27,080 | $ 29,564 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 408,308 | $ 400,682 |
Accumulated depreciation | (81,901) | (47,030) |
Total property, plant and equipment, net | 326,407 | 353,652 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 12,925 | 12,930 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 112,121 | 111,506 |
Plant Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 272,613 | 269,633 |
Mobile Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 3,837 | 3,448 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 6,812 | $ 3,165 |
Property, Plant and Equipment50
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 11.7 | $ 35.4 | $ 35.3 | |
Predecessor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 16.1 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2014USD ($)Reporting_Unit | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of reporting units | Reporting_Unit | 2 | 2 |
Goodwill impairment | $ | $ 0 | $ 0 |
Software and Other Intangible52
Software and Other Intangibles - Customer Relationships and Other Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | $ 136,116 | $ 136,480 |
Accumulated amortization | (41,281) | (25,671) |
Customer relationships and other intangibles, net | 94,835 | 110,809 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | 116,073 | 117,243 |
Purchased and Internally Developed Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | 5,284 | 4,332 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships and other intangibles, at cost | $ 14,759 | $ 14,905 |
Software and Other Intangible53
Software and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Oct. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | $ 136,116 | $ 136,480 | |||
Amortization expense, 2016 | 13,500 | ||||
Amortization expense, 2017 | 11,600 | ||||
Amortization expense, 2018 | 9,300 | ||||
Amortization expense, 2019 | 8,300 | ||||
Amortization expense, 2020 | 7,600 | ||||
Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 6,800 | 15,900 | 19,000 | ||
Predecessor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 800 | ||||
Purchased and Internally Developed Software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | 5,284 | 4,332 | |||
Amortization on estimated useful life | 3 years | ||||
Purchased and Internally Developed Software [Member] | Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 1,500 | 300 | |||
Capitalized costs | $ 100 | 3,700 | |||
Purchased and Internally Developed Software [Member] | Predecessor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 300 | ||||
External Party Software [Member] | Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | 600 | ||||
Development of New Website [Member] | Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Capitalized costs | $ 100 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Employee-related costs | $ 7,621 | $ 7,945 |
Income taxes | 2,482 | |
Other taxes | 508 | 1,220 |
Other | 1,723 | 2,263 |
Total accrued and other liabilities | $ 12,334 | $ 11,428 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Schedule Of Current And Deferred Income Taxes [Line Items] | ||||
Current | $ (4,197) | $ (5,929) | $ 1,061 | |
Deferred | 3,087 | (3,407) | (11,105) | |
Total income tax (expense) benefit | $ (1,110) | $ (9,336) | $ (10,044) | |
Predecessor [Member] | ||||
Schedule Of Current And Deferred Income Taxes [Line Items] | ||||
Current | $ (884) | |||
Deferred | 754 | |||
Total income tax (expense) benefit | $ (130) |
Income Taxes - Components of 56
Income Taxes - Components of Income (Loss) before Income Taxes by Country (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Schedule Of Income Loss From Continuing Operations [Line Items] | ||||
USA | $ 3,225 | $ 27,090 | $ 27,270 | |
Canada | (10) | (1,018) | (1,335) | |
Income (loss) before income tax | $ 3,215 | $ 26,072 | $ 25,935 | |
Predecessor [Member] | ||||
Schedule Of Income Loss From Continuing Operations [Line Items] | ||||
USA | $ 32,509 | |||
Canada | (194) | |||
Income (loss) before income tax | $ 32,315 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 30, 2013 | |
Income Tax Contingency [Line Items] | |||
U.S. statutory federal income tax rate | 35.00% | ||
Income tax paid, net of refunds received | $ 1,900,000 | $ 4,200,000 | |
Valuation allowance | 663,000 | 361,000 | |
Unrecognized tax benefits recorded | 0 | 0 | |
Amounts accrued for interest or penalties | 0 | 0 | |
Canada [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | 663,000 | $ 361,000 | |
Canadian Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carry-forward | $ 600,000 | ||
Net operating loss carry-forward expiration year, start | 2,035 | ||
Net operating loss carry-forward expiration year, end | 2,036 | ||
Predecessor [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carry-forward | $ 0 | ||
Unused net operating loss carry-forwards, description | For U.S. federal income tax purposes, the Predecessor had unused net operating loss carry-forwards of $111.0 million expiring from 2028 through 2032. | ||
Net operating loss carry-forward expiring period | 2028 through 2032 | ||
Predecessor [Member] | U.S. Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carry-forward | 111,000,000 | ||
Predecessor [Member] | Canadian Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carry-forward | $ 0 |
Income Taxes - Taxes Computed a
Income Taxes - Taxes Computed at U.S. Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Income Tax Reconciliation [Line Items] | ||||
Taxes at the U.S. federal income tax rate | $ (1,125) | $ (9,124) | $ (9,077) | |
U.S./Canadian tax rate differential | (2) | 18 | (107) | |
U.S. state and Canadian provincial income taxes, net of federal benefit | (74) | (401) | (503) | |
Non-deductible expenses | (17) | (166) | (46) | |
Domestic production activities deduction | 108 | 356 | ||
Tax credits | 147 | |||
Valuation allowance | (272) | (361) | ||
Other | 106 | 50 | ||
Total income tax (expense) benefit | $ (1,110) | $ (9,336) | $ (10,044) | |
Effective rate | 34.53% | 35.81% | 38.73% | |
Predecessor [Member] | ||||
Income Tax Reconciliation [Line Items] | ||||
Taxes at the U.S. federal income tax rate | $ (11,310) | |||
U.S./Canadian tax rate differential | (19) | |||
U.S. state and Canadian provincial income taxes, net of federal benefit | (1,314) | |||
Non-deductible expenses | (46) | |||
Valuation allowance | 12,559 | |||
Total income tax (expense) benefit | $ (130) | |||
Effective rate | 0.40% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Reserves and other liabilities | $ 3,717 | $ 2,909 |
Tax loss carryforwards | 592 | 366 |
Acquisition costs and intangibles | 1,220 | 1,884 |
Deferred Compensation | 284 | |
Inventory | 1,825 | 1,040 |
AMT Credit | 2,141 | |
Other | 91 | 285 |
Deferred tax assets | 9,870 | 6,484 |
Less valuation allowance | 663 | 361 |
Deferred tax assets, net of valuation allowance | 9,207 | 6,123 |
Deferred tax liabilities: | ||
Prepaids | 338 | |
Depreciation, amortization and other | 20,285 | 14,149 |
Deferred tax liabilities | 20,623 | 14,149 |
Net deferred tax asset (liability) | (11,416) | (8,026) |
Net deferred tax asset, current | 3,157 | |
Net deferred tax asset, non-current | 0 | 0 |
Net deferred tax liability, non-current | $ (11,416) | $ (11,183) |
Income Taxes - Rollforward of D
Income Taxes - Rollforward of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||||
Balance at the beginning of the period | $ 361 | |||
Balance at the end of the period | 663 | $ 361 | ||
Successor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at the beginning of the period | 361 | |||
Amounts charged to expense | 302 | 361 | ||
Amounts charged to Other Comprehensive Income | $ 0 | 0 | 0 | |
Balance at the end of the period | $ 663 | $ 361 | ||
Predecessor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at the beginning of the period | $ 43,780 | |||
Amounts charged to expense | (12,559) | |||
Amounts charged to Other Comprehensive Income | 0 | |||
Balance at the end of the period | $ 31,221 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contingencies And Commitments [Line Items] | ||||
Rent expense | $ 4.4 | $ 4.8 | ||
Outstanding amount of letters of credit | 3 | 4.8 | ||
Predecessor [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Total expenses under operating leases | $ 7.8 | |||
Non capital purchased under commitments | 47.9 | |||
Predecessor [Member] | Port of Newark [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Total expenses under operating leases | $ 4.2 | |||
Successor [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Total expenses under operating leases | $ 1.5 | |||
Non capital purchased under commitments | $ 23 | $ 66.7 | $ 72.5 |
Commitments and Contingencies62
Commitments and Contingencies - Future Minimum Lease Payments Due under Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases, Total | $ 4,880 |
Operating leases, 2016 | 1,587 |
Operating leases, 2017 | 1,183 |
Operating leases, 2018 | 616 |
Operating leases, 2019 | 1,494 |
Operating leases, 2020 | 0 |
Operating leases, Thereafter | 0 |
Purchase commitments, Total | 146,654 |
Purchase commitments, 2016 | 35,655 |
Purchase commitments, 2017 | 30,403 |
Purchase commitments, 2018 | 19,242 |
Purchase commitments, 2019 | 16,329 |
Purchase commitments, 2020 | 14,060 |
Purchase commitments, Thereafter | 30,965 |
Total commitments | 151,534 |
Total commitments, 2016 | 37,242 |
Total commitments, 2017 | 31,586 |
Total commitments, 2018 | 19,858 |
Total commitments, 2019 | 17,823 |
Total commitments, 2020 | 14,060 |
Total commitments, Thereafter | $ 30,965 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||||||||
Due from related party | $ 4,000,000 | $ 4,000,000 | ||||||||||||
Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payment for services escalated 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 in non-operating expense | $ 2,000,000 | |||||||||||||
Predecessor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | $ 24,283,000 | |||||||||||||
Predecessor [Member] | Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | 4,900,000 | |||||||||||||
Pension and other post-retirement benefits expense | $ 7,600,000 | |||||||||||||
Successor [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Selling and administrative expenses | $ 8,092,000 | $ 9,008,000 | $ 9,363,000 | $ 8,428,000 | $ 10,210,000 | $ 7,774,000 | $ 8,088,000 | $ 7,496,000 | $ 14,953,000 | $ 34,891,000 | $ 33,568,000 | |||
Successor [Member] | Lafarge N.A. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payment for services per month | $ 119,000 | |||||||||||||
Sales [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Aggregate amount of sales to related party | 12,400,000 | |||||||||||||
Long Term Incentive Plan [Member] | Secondary Public Offerings [Member] | LSF8 Gypsum Holdings, L.P. [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Incentive payments | $ 29,900,000 |
Investment in Seven Hills - Add
Investment in Seven Hills - Additional Information (Detail) - USD ($) $ in Millions | 5 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | ||||
Estimated redemption value of joint venture | $ 9.4 | $ 11.1 | ||
Seven Hills, LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Purchase price allocation | 13 | |||
Purchase commitments | 29.7 | |||
Seven Hills, LLC [Member] | Successor [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cost of paperboard | $ 17.6 | $ 45.5 | $ 49.7 | |
Seven Hills, LLC [Member] | Predecessor [Member] | ||||
Schedule of Investments [Line Items] | ||||
Cost of paperboard | $ 33.1 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 294,616 | $ 349,125 |
Less: Current portion of long-term debt | 0 | 0 |
Long-term debt | 294,616 | 349,125 |
Total debt | 294,616 | 349,125 |
First Lien Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Less: Original issue discount (net of amortization) | (2,372) | (2,863) |
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt before unamortized discount | $ 296,988 | $ 351,988 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) - First Lien Credit Agreement [Member] | May. 14, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Debt, maturity date | Aug. 28, 2020 | ||
Floor rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt, variable interest rate | 3.25% | ||
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] | |||
Floor rate | 1.00% | 1.00% | |
Debt, variable interest rate | 3.00% | 3.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | May. 14, 2014 | Feb. 10, 2014USD ($) | Dec. 02, 2013USD ($) | Aug. 30, 2013USD ($) | Sep. 30, 2014 | Dec. 31, 2013USD ($) | Aug. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | $ 15,300,000 | $ 15,300,000 | ||||||||
Payment of debt issuance cost and other fees | $ 5,000,000 | |||||||||
Reduction in margin, percentage | 0.50% | |||||||||
Further reduction in margin, percentage | 0.25% | |||||||||
Debt covenant trigger, line of credit facility amount less letters of credit threshold | $ 12,500,000 | |||||||||
Leverage ratio | 5.5 | |||||||||
Successor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest paid | $ 9,500,000 | $ 13,500,000 | $ 19,500,000 | |||||||
Predecessor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest paid | 0 | |||||||||
First Lien Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | 320,000,000 | 320,000,000 | 415,000,000 | |||||||
Line of credit facility, increase in borrowing capacity | 95,000,000 | |||||||||
Debt, periodic principal payment | 800,000 | $ 1,000,000 | ||||||||
Credit agreement due date | Aug. 28, 2020 | |||||||||
Floor rate | 1.00% | |||||||||
Pre-paid principal payments | $ 55,000,000 | $ 59,900,000 | ||||||||
Final payment | $ 297,000,000 | |||||||||
Effective interest rate | 4.60% | |||||||||
Outstanding revolver amount | $ 0 | |||||||||
First Lien Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 3.25% | |||||||||
First Lien Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||
Proceeds from line of credit | $ 25,000,000 | |||||||||
Floor rate | 1.00% | |||||||||
Basis points | 2.25% | |||||||||
Facility fee, basis points | 0.50% | |||||||||
Remaining outstanding | $ 47,000,000 | |||||||||
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit agreement due date | Aug. 28, 2020 | Aug. 28, 2020 | ||||||||
Debt, variable interest rate | 3.75% | 3.50% | 3.50% | |||||||
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Floor rate | 1.00% | 1.00% | ||||||||
Debt, variable interest rate | 3.00% | 3.00% | ||||||||
First Lien Credit Agreement [Member] | Term Loan Facility [Member] | Moody's, B2 Rating [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, variable interest rate | 3.00% | |||||||||
Second Lien Credit Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility borrowing capacity | $ 120,000,000 | $ 120,000,000 | $ 155,000,000 | |||||||
Line of credit facility, increase in borrowing capacity | $ 35,000,000 | |||||||||
Credit agreement due date | Feb. 26, 2021 | |||||||||
Floor rate | 1.00% | |||||||||
Debt, variable interest rate | 7.50% | 7.50% | 7.75% | |||||||
First and Second Lien Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from line of credit | $ 130,000,000 | |||||||||
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 |
Debt - Summary of Future Minimu
Debt - Summary of Future Minimum Principal Payments Due under Credit Agreements (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | $ 296,988 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)MMBTU | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||
Derivatives, net liability position | $ 100,000 | |
Collateral posted with counterparties related to derivatives | $ 0 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Interest rate cap | 2.00% | |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Aggregate notional amount of outstanding natural gas swap contracts | MMBTU | 1,522,000 | |
Derivative instrument contracts maturity date | Oct. 31, 2016 | |
Loss on derivatives qualifying as cash flow hedges, net of tax | $ 100,000 | |
Loss on derivatives qualifying as cash flow hedges, tax | 30,000 | |
Gains (losses) recognized in other comprehensive income, net of tax | 800,000 | $ (900,000) |
Income tax expense (benefit) recognized in other comprehensive income | 500,000 | (500,000) |
Gain (loss) reclassified from accumulated other comprehensive income, before tax | (1,900,000) | 100,000 |
Amount recorded in other current liabilities | 300,000 | 900,000 |
Amount recorded in other current assets | 200,000 | |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 202,900,000 | |
Percentage of notional amount outstanding | 68.30% | |
Loss due to changes in time value of option reflected in earnings | $ 30,000 | 200,000 |
Fair value of option of interest rate cap | $ 0 | $ 30,000 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative instrument term | 1 year |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Areas | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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% |
Segment Reporting - Summary of
Segment Reporting - Summary of Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 120,810 | $ 113,804 | $ 102,915 | $ 86,973 | $ 150,066 | $ 421,682 | $ 424,502 | |
Operating income (loss): | ||||||||||||
Operating income (loss) | 20,770 | 11,058 | 4,275 | 7,902 | 21,469 | 20,209 | 12,802 | 6,281 | 13,778 | 44,005 | 60,761 | |
Adjustments: | ||||||||||||
Interest Expense | (10,542) | (16,432) | (29,069) | |||||||||
Gain (loss) from Equity Investment | (750) | (113) | ||||||||||
Other non-operating expenses | (21) | (751) | (5,644) | |||||||||
Income (loss) before income tax | 3,215 | 26,072 | 25,935 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | $ 12,377 | $ 12,661 | $ 13,141 | $ 13,129 | $ 12,993 | $ 13,511 | $ 13,930 | $ 13,883 | 18,529 | 51,308 | 54,317 | |
Successor [Member] | Wallboard [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | 144,689 | 407,982 | 409,408 | |||||||||
Operating income (loss): | ||||||||||||
Operating income (loss) | 14,162 | 44,276 | 60,080 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 17,943 | 50,150 | 53,114 | |||||||||
Successor [Member] | Other [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | 5,377 | 13,700 | 15,094 | |||||||||
Operating income (loss): | ||||||||||||
Operating income (loss) | (384) | (271) | 681 | |||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | $ 586 | $ 1,158 | $ 1,203 | |||||||||
Predecessor [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | $ 252,248 | |||||||||||
Operating income (loss): | ||||||||||||
Operating income (loss) | 32,627 | |||||||||||
Adjustments: | ||||||||||||
Interest Expense | (91) | |||||||||||
Gain (loss) from Equity Investment | (30) | |||||||||||
Other non-operating expenses | (191) | |||||||||||
Income (loss) before income tax | 32,315 | |||||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 16,886 | |||||||||||
Predecessor [Member] | Wallboard [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | 240,225 | |||||||||||
Operating income (loss): | ||||||||||||
Operating income (loss) | 32,699 | |||||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | 16,067 | |||||||||||
Predecessor [Member] | Other [Member] | ||||||||||||
Net Sales: | ||||||||||||
Total net sales | 12,023 | |||||||||||
Operating income (loss): | ||||||||||||
Operating income (loss) | (72) | |||||||||||
Depreciation and Amortization | ||||||||||||
Total depreciation and amortization | $ 819 |
Segment Reporting - Information
Segment Reporting - Information Concerning Principal Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||
Fixed Assets | $ 326,407 | $ 353,652 | $ 326,407 | $ 353,652 | ||||||||
Total Assets | 643,041 | 700,981 | 643,041 | 700,981 | ||||||||
Successor [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | 120,810 | $ 113,804 | $ 102,915 | $ 86,973 | $ 150,066 | 421,682 | 424,502 | |
Fixed Assets | 326,407 | 353,652 | 326,407 | 353,652 | ||||||||
Total Assets | 643,041 | 700,981 | 643,041 | 700,981 | ||||||||
Successor [Member] | United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 135,275 | 387,937 | 389,073 | |||||||||
Fixed Assets | 323,361 | 349,909 | 323,361 | 349,909 | ||||||||
Total Assets | 625,951 | 678,285 | 625,951 | 678,285 | ||||||||
Successor [Member] | Canada [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 14,791 | 33,745 | 35,429 | |||||||||
Fixed Assets | 3,046 | 3,743 | 3,046 | 3,743 | ||||||||
Total Assets | $ 17,090 | $ 22,696 | $ 17,090 | $ 22,696 | ||||||||
Predecessor [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 252,248 | |||||||||||
Predecessor [Member] | United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 221,995 | |||||||||||
Predecessor [Member] | Canada [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 30,253 |
Share Repurchase - Additional I
Share Repurchase - Additional Information (Detail) - USD ($) | Sep. 16, 2015 | May. 15, 2015 | Dec. 31, 2015 | Nov. 04, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate value of common stock shares repurchased | $ 20,000,000 | $ 20,000,000 | $ 8,400,000 | |
Number of common stock shares repurchased, value per share | $ 19.85 | $ 21.90 | ||
Number of common stock shares repurchased | 1,007,500 | 913,200 | 472,185 | |
Stock repurchase program authorized amount | $ 50,000,000 | |||
Maximum [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of common stock shares repurchased, value per share | $ 19.02 | |||
Minimum [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of common stock shares repurchased, value per share | $ 17.06 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | May. 20, 2015 | May. 05, 2015 | May. 01, 2015 | Mar. 02, 2015 | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 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 | ||||||
Compensation expense | $ 600,000 | $ 800,000 | |||||
Income tax benefit of share-based awards | 200,000 | $ 200,000 | |||||
Unrecognized compensation expense related to non-vested restricted stock | $ 1,400,000 | ||||||
Unearned compensation expense, weighted average remaining period | 2 years | ||||||
Unearned compensation expense related to stock options yet to be recognized | $ 300,000 | ||||||
Intrinsic value of stock option exercised | $ 300,000 | ||||||
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 | ||||||
Unearned compensation expense, weighted average remaining period | 3 years | ||||||
Restricted Stock Units RSU [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares | 62,070 | 71,275 | |||||
Restricted Stock Units RSU [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% | 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% | 200.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Shares Activity (Detail) - $ / shares | Mar. 02, 2015 | Feb. 10, 2014 | Dec. 31, 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 | (3,619) | ||
Number of Shares, Non-vested, Vested | (13,749) | ||
Number of Shares, Non-vested, Ending balance | 37,632 | ||
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 | 19.49 | ||
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 RSU [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, Cancelled/Forfeited | (1,103) | ||
Number of Shares, Non-vested, Ending balance | 70,172 | ||
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 - Su76
Share-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | Feb. 10, 2014 | Dec. 31, 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 | (2,300) | |
Number of Shares, Exercised | (62,331) | |
Number of Shares, Outstanding, Ending balance | 77,369 | |
Number of Shares, Exercisable | 19,131 | |
Number of Shares, Vested and Expected to Vest | 77,369 | |
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 | 14 | |
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, Ending balance | $ 267,697 | |
Aggregate Intrinsic Value, Exercisable | 66,193 | |
Aggregate Intrinsic Value, Vested and Expected to Vest | $ 267,697 | |
Weighted Average Remaining Contractual Term (in Years), Outstanding | 8 years 1 month 6 days | |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 8 years 1 month 6 days | |
Weighted Average Remaining Contractual Term (in Years), Vested and Expected to Vest | 8 years 1 month 6 days |
Quarterly Data - Selected Quart
Quarterly Data - Selected Quarterly Data (Detail) - Successor [Member] $ / shares in Units, $ in Thousands, ft² in Millions | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015USD ($)ft²$ / shares$ / Item | Sep. 30, 2015USD ($)ft²$ / shares$ / Item | Jun. 30, 2015USD ($)ft²$ / shares$ / Item | Mar. 31, 2015USD ($)ft²$ / shares$ / Item | Dec. 31, 2014USD ($)ft²$ / shares$ / Item | Sep. 30, 2014USD ($)ft²$ / shares$ / Item | Jun. 30, 2014USD ($)ft²$ / shares$ / Item | Mar. 31, 2014USD ($)ft²$ / shares$ / Item | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Net Sales | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 120,810 | $ 113,804 | $ 102,915 | $ 86,973 | $ 150,066 | $ 421,682 | $ 424,502 |
Cost of goods sold | 81,498 | 78,151 | 81,516 | 71,675 | 89,131 | 85,821 | 82,025 | 73,196 | 121,335 | 312,840 | 330,173 |
Selling and administrative | 8,092 | 9,008 | 9,363 | 8,428 | 10,210 | 7,774 | 8,088 | 7,496 | 14,953 | 34,891 | 33,568 |
Long Term Incentive Plan funded by Lone Star | 9,933 | 15,842 | 4,171 | 29,946 | |||||||
Operating income | 20,770 | 11,058 | 4,275 | 7,902 | 21,469 | 20,209 | 12,802 | 6,281 | 13,778 | 44,005 | 60,761 |
Net income (loss) | $ 10,603 | $ 4,239 | $ (126) | $ 2,020 | $ 10,361 | $ 9,486 | $ 4,667 | $ (8,623) | $ 2,105 | $ 16,736 | $ 15,891 |
Earnings per share: | |||||||||||
Basic | $ / shares | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.11 | $ (0.22) | $ 0.07 | $ 0.39 | $ 0.37 |
Diluted | $ / shares | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.11 | $ (0.22) | $ 0.07 | $ 0.39 | $ 0.37 |
Mill net sales price | $ / Item | 148.37 | 153.05 | 156.85 | 157.46 | 152.79 | 154.10 | 155.76 | 157.32 | |||
Depreciation and amortization | $ 12,377 | $ 12,661 | $ 13,141 | $ 13,129 | $ 12,993 | $ 13,511 | $ 13,930 | $ 13,883 | $ 18,529 | $ 51,308 | $ 54,317 |
Wallboard [Member] | |||||||||||
Selected Quarterly Financial Data [Line Items] | |||||||||||
Net Sales | 144,689 | 407,982 | 409,408 | ||||||||
Operating income | 14,162 | 44,276 | 60,080 | ||||||||
Earnings per share: | |||||||||||
Wallboard sales volume (msf) | ft² | 596 | 567 | 567 | 469 | 627 | 590 | 525 | 438 | |||
Depreciation and amortization | $ 17,943 | $ 50,150 | $ 53,114 |
Uncategorized Items - cbpx-2015
Label | Element | Value |
Successor [Member] | ||
Adjustment To Additional Paid In Capital | cbpx_AdjustmentToAdditionalPaidInCapital | $ 130,000,000 |
Capital Contribution From Affiliates | cbpx_CapitalContributionFromAffiliates | 265,000,000 |
AOCI Attributable to Parent [Member] | Successor [Member] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | (254,000) |
Additional Paid-in Capital [Member] | Successor [Member] | ||
Adjustment To Additional Paid In Capital | cbpx_AdjustmentToAdditionalPaidInCapital | 130,000,000 |
Capital Contribution From Affiliates | cbpx_CapitalContributionFromAffiliates | $ 264,968,000 |
Common Stock [Member] | Successor [Member] | ||
Capital Contribution From Affiliates Shares | cbpx_CapitalContributionFromAffiliatesShares | 32,304,000 |
Capital Contribution From Affiliates | cbpx_CapitalContributionFromAffiliates | $ 32,000 |
Retained Earnings [Member] | Successor [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ 2,105,000 |