Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (shares) | 39,857,115 | ||
Entity Public Float | $ 900.6 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 118,217 | $ 114,558 | $ 117,115 | $ 111,485 | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 461,375 | $ 421,682 | $ 424,502 |
Costs, expenses and other income: | |||||||||||
Cost of goods sold | 85,862 | 86,756 | 83,744 | 79,955 | 81,498 | 78,151 | 81,516 | 71,675 | 336,317 | 312,840 | 330,173 |
Selling and administrative | 9,554 | 9,241 | 10,163 | 8,960 | 8,092 | 9,008 | 9,363 | 8,428 | 37,918 | 34,891 | 33,568 |
Long Term Incentive Plan funded by Lone Star | 0 | 9,933 | 15,842 | 4,171 | 0 | 29,946 | 0 | ||||
Total costs and operating expenses | 95,416 | 95,997 | 93,907 | 88,915 | 89,590 | 97,092 | 106,721 | 84,274 | 374,235 | 377,677 | 363,741 |
Operating income | 22,801 | 18,561 | 23,208 | 22,570 | 20,770 | 11,058 | 4,275 | 7,902 | 87,140 | 44,005 | 60,761 |
Other expense, net | (223) | (5,900) | 6 | 154 | (51) | (283) | 31 | (448) | (5,963) | (751) | (5,644) |
Interest expense, net | (3,098) | (3,146) | (3,648) | (3,698) | (3,873) | (4,154) | (4,184) | (4,221) | (13,590) | (16,432) | (29,069) |
Income before losses from equity method investment and provision for income tax | 19,480 | 9,515 | 19,566 | 19,026 | 16,846 | 6,621 | 122 | 3,233 | 67,587 | 26,822 | 26,048 |
Losses from equity method investment | (10) | (291) | (240) | (195) | (220) | (278) | (311) | 59 | (736) | (750) | (113) |
Income before provision for income taxes | 19,470 | 9,224 | 19,326 | 18,831 | 16,626 | 6,343 | (189) | 3,292 | 66,851 | 26,072 | 25,935 |
Provision for income taxes | (6,879) | (3,014) | (6,604) | (6,330) | (6,023) | (2,104) | 63 | (1,272) | (22,827) | (9,336) | (10,044) |
Net income | $ 12,591 | $ 6,210 | $ 12,722 | $ 12,501 | $ 10,603 | $ 4,239 | $ (126) | $ 2,020 | $ 44,024 | $ 16,736 | $ 15,891 |
Net income per share: | |||||||||||
Basic (usd per share) | $ 0.32 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Diluted (usd per share) | $ 0.31 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Weighted average shares outstanding: | |||||||||||
Basic (shares) | 40,605,464 | 43,172,528 | 42,940,849 | ||||||||
Diluted (shares) | 40,662,304 | 43,218,324 | 42,952,022 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 44,024 | $ 16,736 | $ 15,891 |
Foreign currency translation adjustment | 514 | (3,099) | (1,939) |
Net unrealized gains/(losses) on derivatives, net of tax | 1,418 | 811 | (867) |
Other Comprehensive Income Loss Other Adjustment Net Of Tax | 0 | 7 | 0 |
Other comprehensive income/(loss) | 1,932 | (2,281) | (2,806) |
Comprehensive income | $ 45,956 | $ 14,455 | $ 13,085 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 51,536 | $ 14,729 |
Receivables, net | 32,473 | 35,812 |
Inventories, net | 25,239 | 27,080 |
Prepaid and other current assets | 7,485 | 6,448 |
Total current assets | 116,733 | 84,069 |
Property, plant and equipment, net | 307,838 | 326,407 |
Customer relationships and other intangibles, net | 81,555 | 94,835 |
Goodwill | 119,945 | 119,945 |
Equity method investment | 8,020 | 9,262 |
Debt issuance costs | 658 | 450 |
Total Assets | 634,749 | 634,968 |
Liabilities: | ||
Accounts payable | 27,411 | 22,788 |
Accrued and other liabilities | 12,321 | 12,334 |
Notes payable, current portion | 1,742 | 0 |
Total current liabilities | 41,474 | 35,122 |
Deferred taxes and other long-term liabilities | 19,643 | 12,537 |
Notes payable, non-current portion | 264,620 | 286,543 |
Total Liabilities | 325,737 | 334,202 |
Equity: | ||
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 44,191,370 and 44,145,080 shares issued, respectively; 39,691,715 and 41,750,031 shares outstanding, respectively | 44 | 44 |
Additional paid-in capital | 322,384 | 319,817 |
Less: Treasury stock | (88,756) | (48,479) |
Accumulated other comprehensive loss | (3,409) | (5,341) |
Accumulated earnings | 78,749 | 34,725 |
Total Equity | 309,012 | 300,766 |
Total Liabilities and Equity | $ 634,749 | $ 634,968 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Undesignated preferred stock, par value (usd per share) | $ 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 (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 44,191,370 | 44,145,080 |
Common stock, shares outstanding | 39,691,715 | 41,750,031 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 44,024 | $ 16,736 | $ 15,891 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 46,646 | 51,308 | 54,317 |
Bad debt (recovery)/expense | (104) | (166) | 413 |
Amortization of debt issuance costs and debt discount | 1,947 | 2,315 | 9,210 |
Loss on disposal of property, plant and equipment | 128 | 95 | 0 |
Losses from equity method investment | 736 | 750 | 113 |
Loss on debt extinguishment | 5,802 | 0 | 0 |
Stock-based compensation | 2,288 | 801 | 797 |
Deferred taxes | 6,504 | 3,407 | 11,105 |
Change in assets and liabilities: | |||
Receivables | 3,446 | 4,299 | (8,268) |
Inventories | 1,921 | 2,116 | (1,645) |
Prepaid expenses and other current assets | 767 | 749 | (783) |
Accounts payable | 2,058 | (1,323) | (3,805) |
Accrued and other current liabilities | 360 | 1,682 | (665) |
Other long term liabilities | (256) | (191) | 1,311 |
Net cash provided by operating activities | 116,267 | 82,578 | 77,991 |
Cash flows from investing activities: | |||
Capital expenditures | (11,733) | (8,812) | (5,698) |
Software purchased or developed | (414) | (1,217) | (3,940) |
Capital contributions to equity method investment | (349) | (103) | 0 |
Distributions from equity method investment | 855 | 1,010 | 1,968 |
Net cash used in investing activities | (11,641) | (9,122) | (7,670) |
Cash flows from financing activities: | |||
Capital contribution from Lone Star Funds | 0 | 29,750 | 0 |
Proceeds from debt refinancing | 275,000 | 0 | 0 |
Disbursements for debt refinancing | (271,988) | 0 | 0 |
Payments of financing costs | (4,424) | 0 | 0 |
Proceeds from exercise of stock options | 20 | 873 | 0 |
Proceeds from Issuance of Common Stock | 0 | 0 | 151,354 |
Principal payments for First Lien Credit Agreement | (26,375) | (55,000) | (61,975) |
Repayment of Second Lien Credit Agreement | 0 | 0 | (155,000) |
Payments to repurchase common stock | (40,277) | (48,479) | 0 |
Net cash used in financing activities | (68,044) | (72,856) | (65,621) |
Effect of foreign exchange rates on cash and cash equivalents | 225 | (1,498) | (895) |
Net change in cash and cash equivalents | 36,807 | (898) | 3,805 |
Cash, beginning of period | 14,729 | 15,627 | 11,822 |
Cash, end of period | $ 51,536 | $ 14,729 | $ 15,627 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Earnings [Member] |
Beginning Balance at Dec. 31, 2013 | $ 136,851 | $ 32 | $ 134,968 | $ (254) | $ 2,105 | |
Beginning Balance, Shares at Dec. 31, 2013 | 32,304,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 15,891 | 15,891 | ||||
Other comprehensive income (loss), net of tax | (2,806) | (2,806) | ||||
Proceeds from the Initial Public Offering | 151,354 | $ 12 | 151,342 | |||
Proceeds from the Initial Public Offering, Shares | 11,765,000 | |||||
Tax impact of the Initial Public Offering | 1,286 | 1,286 | ||||
Share-based compensation | 797 | 797 | ||||
Ending Balance at Dec. 31, 2014 | 303,373 | $ 44 | 288,393 | $ 0 | (3,060) | 17,996 |
Ending Balance, Shares at Dec. 31, 2014 | 44,069,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16,736 | 16,736 | ||||
Other comprehensive income (loss), net of tax | (2,281) | (2,281) | ||||
Share-based compensation | 801 | 801 | ||||
Share-based compensation, shares | 13,749 | |||||
Capital contribution from Lone Star Funds | 29,750 | 29,750 | ||||
Purchase of treasury shares | (48,479) | (48,479) | ||||
Purchase of treasury shares ( in shares) | (2,395,049) | |||||
Stock option exercise | 873 | 873 | ||||
Stock option exercise, shares | 62,331 | |||||
Other | 0 | (7) | ||||
Ending Balance at Dec. 31, 2015 | 300,766 | $ 44 | 319,817 | (48,479) | (5,341) | 34,725 |
Ending Balance, Shares at Dec. 31, 2015 | 41,750,031 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,024 | 44,024 | ||||
Other comprehensive income (loss), net of tax | 1,932 | 1,932 | ||||
Share-based compensation | 2,288 | 2,288 | ||||
Share-based compensation, shares | 33,954 | |||||
Purchase of treasury shares | (40,277) | (40,277) | ||||
Purchase of treasury shares ( in shares) | (2,104,606) | |||||
Stock option exercise | 20 | 20 | ||||
Stock option exercise, shares | 1,463 | |||||
Employee stock purchase program, shares | 10,873 | |||||
Employee stock purchase program | 259 | 259 | ||||
Ending Balance at Dec. 31, 2016 | $ 309,012 | $ 44 | $ 322,384 | $ (88,756) | $ (3,409) | $ 78,749 |
Ending Balance, Shares at Dec. 31, 2016 | 39,691,715 |
Background and Nature of Operat
Background and Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Nature of Operations | BACKGROUND AND NATURE OF OPERATIONS Description of Business Continental Building Products, Inc. ("CBP", the "Company") is a Delaware corporation. 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 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. 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 10, 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 18, Related Party Transactions). On March 18, 2016, LSF8 sold its remaining 5,106,803 shares of the Company’s common stock at a price per share of $16.10 . Following the March 18, 2016 transaction and the concurrent repurchase by the Company of 900,000 shares of Company’s common stock from LSF8, to the best of the Company's knowledge, neither LSF8 nor any other affiliate of Lone Star held any shares of Company common stock. (See Note 12, Treasury Stock). |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables, Net | RECEIVABLES, NET Table 3.1: Detail of Receivables, Net As of December 31, 2016 2015 (in thousands) Trade receivables, gross $ 33,199 $ 37,800 Allowance for cash discounts and doubtful accounts (726 ) (1,988 ) Receivables, net $ 32,473 $ 35,812 Trade receivables are recorded net of credit memos issued during the normal course of business. Table 3.2: Changes in Allowance for Cash Discounts and Doubtful Accounts For the Year Ended December 31, 2016 2015 2014 (in thousands) Balance at beginning of period $ 1,988 $ 2,308 $ 1,737 Provision for losses (104 ) (166 ) 413 Write-offs, net of recoveries (1,209 ) (71 ) 85 Cash discount additions 4,334 3,719 4,072 Cash discount deductions (4,283 ) (3,802 ) (3,999 ) Balance at end of period $ 726 $ 1,988 $ 2,308 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying consolidated financial statements for the Company 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. (b) 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. Table 2.1: Certain Cash and Non-Cash Transactions For the Year Ended December 31, 2016 2015 2014 (in thousands) Cash paid during the period for: Interest paid on term loan $ 10,996 $ 13,525 $ 19,488 Income taxes paid, net 19,105 1,870 4,199 For the year ended December 31, 2016 , non-cash amounts in accounts payable for capital expenditures totaled $2.5 million . (c) Use of 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. (d) Earnings Per Share Basic earnings per share is computed by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income applicable to shares of common stock by the weighted average number of shares of common stock outstanding inclusive of any dilutive potential shares of common stock and dilutive stock options. It is assumed that all dilutive stock options were exercised at the beginning of each period and that the proceeds were used to purchase shares of common stock at the average market price during the period. (e) 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. (f) 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. (g) 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. Table 2.2: Significant Customer Net Sales as a Percentage of Total Net Sales For the Year Ended December 31, 2016 2015 2014 Lowe's 15 % 16 % 15 % Table 2.3: Significant Customer Accounts Receivable as a Percentage of Total Accounts Receivable As of December 31, 2016 2015 Lowe's 32 % 26 % (h) 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. (i) 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. (j) 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 7 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 the year ended December 31, 2016 was $0.1 million compared to a nominal amount for the year ended December 31, 2015 and zero for the year ended December 31, 2014. (k) 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. AS of December 31, 2016, 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. (l) Goodwill and Intangible Assets The goodwill and intangibles reflected in the 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. (m) 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. (n) 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 did not have any environmental liabilities recorded as of December 31, 2016 and 2015. (o) Income Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed annually. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, the Company gives appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and the Company's experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in the assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. The Company recognizes the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, the Company establishes a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. (p) Share-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, the Company recognizes expense on a straight-line basis over the service period. (q) Collective Bargaining Agreement Some of the Company’s employees at its Buchanan wallboard plant, representing approximately 13% of its workforce, are represented by two unions. The collective bargaining agreements with these unions expire on November 30, 2017 . The Company's remaining employees are non-union. The Company believes its relationships with both its union and non-union employees are good. (r) Defined Contribution Pension Plans and Other Post-Retirement Benefits 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 years ended December 31, 2016 , 2015 and 2014 , the Company recorded an expense of $1.9 million , $1.4 million and $1.9 million , respectively, for these contributions. (s) 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 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. (t) 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 to manage commodity price increase exposure and interest rate swap contracts to lock a portion of the variability of the interest payments on long-term debt. 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 for gas hedges and in interest expense for interest rate swaps. 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. (u) Recent Accounting Pronouncements Adopted In August 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern : Presentation of Financial Statements— Going Concern (Subtopic 205-40). This ASU defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. Specifically, it requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). If substantial doubt exists, certain disclosures are required; the extent of those disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern uncertainty. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements and its disclosures. Based on the evaluation performed, no substantial doubt about Company's ability to continue as a going concern exists as of December 31, 2016. In April 2015, the FASB issued ASU 2015-3, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability. Amortization of the costs is reported as interest expense. The Company adopted ASU 2015-3 during the first quarter of 2016. Upon adoption, the guidance was applied retroactively to all periods presented in the financial statements, therefore, prior period adjustments were made to the December 31, 2015 balance sheet items and related footnotes. The effect of these adjustments was to reduce prepaid and other current assets by $1.6 million , reduce debt issuance costs by $6.5 million and reduce notes payable by $8.1 million . The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606) , which provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-9 for all entities by one year to annual reporting periods beginning after December 15, 2017. The ASU requires retroactive application on either a full or modified basis. We will adopt the standard on January1, 2018. We are in the process of evaluating the impact of this standard on our sales to customers. While we have not completed our analysis, we do not anticipate that the new guidance will have a material impact on the Company's Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, “ Inventory: Simplifying the Measurement of Inventory. ” This guidance applies to inventory valued at first-in, first-out (FIFO) or average cost and requires inventory to be measured at the lower of cost and net realizable value, rather than at the lower of cost or market. ASU 2015-11 is effective on a prospective basis for annual periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company values its inventory under the average cost method and thus will be required to adopt the standard. The Company is currently evaluating the impact that this guidance may have on its financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which introduces targeted amendments intended to simplify the accounting for stock compensation. Specifically, the ASU requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. That is, off balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. Entities will no longer need to maintain and track an “APIC pool.” The ASU also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016. Early adoption is permitted. Although this change will reduce some of the administrative complexities of tracking share-based awards, it will increase the volatility of our income tax expense and cash flows from operations but is not expected to be significant to the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” . This ASU is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact that this guidance may have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, " Classification of Certain Cash Receipts and Cash Payments". This ASU intends to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. In October 2016, the FASB issued ASU 2016-16, “ Intra-Entity Transfers of Assets Other Than Inventory” . The new standard requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period the sales or transfer occurs. The standard requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. In January 2017, the FASB issued ASU 2017- 04, "Intangibles - Goodwill and Other". This ASU simplifies the goodwill impairment calculation by eliminating the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of today’s goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., Step 1 of today’s goodwill impairment test). The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES, NET Table 4: Composition of Inventories As of December 31, 2016 2015 (in thousands) Finished products $ 7,246 $ 5,454 Raw materials 10,910 14,557 Supplies and other 7,083 7,069 Inventories, net $ 25,239 $ 27,080 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Table 5: Property, Plant and Equipment Details As of December 31, 2016 2015 (in thousands) Land $ 12,925 $ 12,925 Buildings 112,583 112,121 Plant machinery 275,010 272,613 Mobile equipment 6,721 3,837 Construction in progress 15,016 6,812 Property, plant and equipment, at cost 422,255 408,308 Accumulated depreciation (114,417 ) (81,901 ) Property, plant and equipment, net $ 307,838 $ 326,407 Depreciation expense was $33.1 million , $35.4 million and $35.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Customer Relationships and Othe
Customer Relationships and Other Intangibles, Net | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Customer Relationships and Other Intangibles, Net | CUSTOMER RELATIONSHIPS AND OTHER INTANGIBLES, NET Table 6.1: Details of Customer Relationships and Other Intangibles, Net As of December 31, 2016 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net (in thousands) Customer relationships $ 116,267 $ (48,243 ) $ 68,024 $ 116,073 $ (37,228 ) $ 78,845 Purchased and internally developed software 5,322 (3,289 ) 2,033 5,284 (1,757 ) 3,527 Trademarks 14,783 (3,285 ) 11,498 14,759 (2,296 ) 12,463 Total $ 136,372 $ (54,817 ) $ 81,555 $ 136,116 $ (41,281 ) $ 94,835 Amortization expense was $13.5 million , $15.9 million and $19.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Customer relationship assets are amortized over a 15 year period using an accelerated method that reflects the expected future cash flows from the acquired customer-list intangible asset. Trademarks are amortized on a straight-line basis over the estimated useful life of 15 years. Software development costs are amortized over a 3 year life with the expense recorded in selling and administrative expense. Table 6.2: Future Amortization Expense of Customer Relationships and Other Intangibles As of December 31, 2016 (in thousands) 2017 $ 11,732 2018 9,419 2019 8,470 2020 7,733 2021 7,075 Thereafter 37,126 Total $ 81,555 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL As of December 31, 2016 and 2015, the Company had one reporting unit, wallboard, which included goodwill. On an annual basis, the Company measures the fair value of its 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. The Company performs its annual goodwill impairment test on the first day of its 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, 2016 and 2015 and determined that it was not more likely than not that the fair value of its reporting unit was less than its carrying amount. Therefore, the Company did not complete a quantitative analysis and concluded that there was no goodwill impairment as of December 31, 2016 and 2015. To date, no goodwill impairment losses have been recognized. |
Investment in Seven Hills
Investment in Seven Hills | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Seven Hills | INVESTMENT IN SEVEN HILLS The Company is a party with an unaffiliated third-party to a paperboard liner venture named Seven Hills Paperboard, LLC ("Seven Hills") that provides the Company with a continuous supply of high-quality recycled paperboard liner to meet its ongoing production requirements. The Company has evaluated the characteristics of its investment and determined that Seven Hills would be deemed a variable interest entity, but that it does not have the power to direct the principal activities most impacting the economic performance of Seven Hills, and is thus not the primary beneficiary. As such, the Company accounts for this investment in Seven Hills under the equity method of accounting. 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 the Company. As of December 31, 2016 and 2015 , the estimated redemption value would be $8.3 million and $9.4 million , respectively. Paperboard liner purchased from Seven Hills was $47.0 million , $45.5 million and $49.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , the Company had certain purchase commitments for paper totaling $28.9 million through 2019 . |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | ACCRUED AND OTHER LIABILITIES Table 9: Details of Accrued and Other Liabilities As of December 31, 2016 2015 (in thousands) Employee-related costs $ 9,595 $ 7,621 Income taxes — 2,482 Other taxes 2,088 1,390 Other 638 841 Accrued and other liabilities $ 12,321 $ 12,334 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments 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 total expenses under operating leases for the years ended December 31, 2016 , 2015 and 2014 was $4.1 million , $4.4 million and $4.8 million , respectively. The Company also has non-capital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The total amounts purchased under such commitments were $68.1 million , $66.7 million and $72.4 million for the years ended December 31, 2016 , 2015 and 2014 . Table 17: Future Minimum Lease Payments Due Under Noncancellable Operating Leases and Purchase Commitments by Year Future Minimum Lease Payments Purchase Commitments (in thousands) 2017 $ 1,183 $ 34,509 2018 616 29,107 2019 1,494 19,781 2020 — 14,185 2021 — 3,232 Thereafter — 27,173 Total $ 3,293 $ 127,987 Contingent obligations Under certain circumstances, the Company provides letters of credit related to its natural gas and other supply purchases. As of December 31, 2016 and December 31, 2015 , the Company had outstanding letters of credit of approximately $2.1 million and $3.0 million , respectively. Litigations In March 2015, a group of homebuilders commenced a lawsuit against the Company and other U.S. wallboard manufacturers, alleging that such manufacturers had conspired to fix the price of wallboard in violation of antitrust and unfair competition laws. The complaint, as amended in October 2015, December 2015 and March 2016, also alleged 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 case was transferred to the Eastern District of Pennsylvania for coordinated and consolidated pretrial proceedings with existing antitrust litigation in that district. The Company filed a motion to dismiss the case with respect to the Company in April 2016 and denied any wrongdoing of the type alleged in the amended complaint. In June 2016, the Court granted the Company's motion to dismiss the case with respect to the Company, with prejudice. In July 2016, the plaintiffs filed a Motion to Certify Order for Interlocutory Appeal seeking to challenge the Court's decision to grant the Company's motion to dismiss. In September 2016, the Court denied the plaintiffs' motion to Certify Order to Interlocutory appeal, and, based on the Court's order dismissing the case against the Company, the plaintiffs and the Company executed a joint stipulation dismissing the case against the Company, with prejudice. The dismissal of the case against the Company does not limit or restrict the right of the plaintiffs eventually to appeal the Court's order dismissing the case. The Company believes it has meritorious defenses to the allegations and 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 cooperated fully with the Department of Justice in responding to the subpoena. In September of 2016, the Department of Justice advised the Company that the Company has no further obligations under the subpoena and that nothing further is required from the Company with respect 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. 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 material 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, 2016 and 2015 , such liabilities were 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, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS LTIP Payments In connection with the March, May and September 2015 secondary public offerings and concurrent May and September 2015 stock repurchases, certain officers 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 LSF8 Gypsum Holdings, L.P. Long-Term Incentive Plan ("LTIP"). LSF8 was responsible for funding any payments under the LTIP, including those referenced above. As these payments arose out of employment with the Company, the Company recognized the payments made to the officers and the estate as an expense. The funding of the LTIP payments by LSF8 was recorded as additional paid-in capital. The $29.9 million in LTIP payments were recorded as an expense to the Company, that were tax deductible, and capital contributions by LSF8 in the first, second and third quarters of 2015. No further payments will be made under the LTIP. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Table 10.1: Details of Debt As of December 31, 2016 2015 (in thousands) First Lien Credit Agreement (a) $ 273,625 $ 296,988 Less: Original issue discount (net of amortization) (1,946 ) (2,372 ) Less: Debt issuance costs (5,317 ) (8,073 ) Total debt 266,362 286,543 Less: Current portion of long-term debt (1,742 ) — Long-term debt $ 264,620 $ 286,543 (a) As of December 31, 2016, the First Lien Credit Agreement, as amended and restated, had a maturity date of August 18, 2023 and an interest rate of LIBOR (with a 0.75% floor) plus 2.75% , compared to as of December 31, 2015, at which time the First Lien Credit Agreement had a maturity date of August 28, 2020 and an interest rate of LIBOR (with a 1.00% floor) plus 3.00% . The First Lien Credit Agreement was amended and restated in August 2016 as discussed below. In connection with the Acquisition, the Company purchased certain assets from Lafarge N.A. with cash. In order to finance a portion of the consideration payable to Lafarge N.A., the Company and its subsidiary Continental Building Products Operating Company, LLC ("OpCo") entered into a first lien credit agreement with Credit Suisse AG, as administrative agent, Credit Suisse Securities (USA) LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners, and Royal Bank of Canada, as syndication agent (as amended on December 2, 2013, the "First Lien Credit Agreement") and a second lien credit agreement with Credit Suisse AG, as administrative agent, Credit Suisse Securities (USA) LLC and RBC Capital Markets, as joint lead arrangers and joint bookrunners, and Royal Bank of Canada, as syndication agent for borrowings of $320 million and $120 million , respectively, and drew $25 million under a $50 million revolving credit facility as part of the First Lien Credit Agreement. The available amount under the First Lien Credit Agreement was subsequently increased to $415.0 million (the "First Lien Term Loan"). In conjunction with the initial issuance of this debt, the Company incurred $15.3 million of debt issuance costs which were 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 August 18, 2016, the Company, Opco and Continental Building Products Canada Inc. and the lenders party thereto and Credit Suisse, as Administrative Agent, entered into an Amended and Restated Credit Agreement amending and restating the First Lien Credit Agreement (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provides for a $275 million senior secured first lien term loan facility and a $75 million senior secured revolving credit facility (the "Revolver"), which mature on August 18, 2023 and August 18, 2021, respectively. Related to this debt refinancing, the Company incurred $4.7 million of discount and debt issuance costs, of which $2.5 million was recorded in Other Expense, net on the Consolidated Statement of Operations, and $2.2 million will be amortized over the term of the Amended and Restated Credit Agreement. Upon completion of this debt refinancing, the Company recognized an additional expense of $3.3 million related to losses resulting from debt extinguishment which is also reported in Other expense, net on the Consolidated Statement of Operations. Interest under the First Lien Credit Agreement was floating. The interest rate spread over LIBOR, which had a 1% floor, was reduced by 50 basis points in May 2014, from 3.75% to 3.25% , as a result of the Company achieving a total leverage ratio of less than four times net debt to the trailing twelve months adjusted earnings before interest, depreciation and amortization, as of March 31, 2014, as calculated pursuant to the First Lien Credit Agreement. 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. The interest rate under the Amended and Restated Credit Agreement remains floating with a spread over LIBOR of 2.75% and floor of 0.75% . The First Lien Credit Agreement was, and the Amended and Restated Credit Agreement is, secured by the underlying property and equipment of the Company. During the years ended December 31, 2016 , 2015 and 2014 , the Company pre-paid $25.0 million , $55.0 million and $59.9 million , respectively, of principal payments. As of December 31, 2016 , the annual effective interest rate on the Amended and Restated Credit Agreement, including original issue discount and amortization of debt issuance costs, was 4.1% . There were no amounts outstanding under the Company's revolving credit facility as of December 31, 2016 or 2015. During the year ended December 31, 2016 the Company borrowed and repaid in full $22.0 million under the applicable revolving credit facility, compared to $10.0 million which the Company borrowed and repaid in 2015 . Interest under the Revolver is floating, based on LIBOR plus 225 basis points. In addition, the Company pays a facility fee of 50 basis points per annum on the total Revolver. Availability under the Revolver as of December 31, 2016 , based on draws and outstanding letters of credit and absence of violations of covenants, was $72.9 million . Table 10.2: Future Minimum Principal Payments Due Under the Credit Agreements Amount Due (in thousands) 2017 $ 2,750 2018 2,750 2019 2,750 2020 2,750 2021 2,750 Thereafter 259,875 Total Payments $ 273,625 Under the terms of the Amended and Restated Credit Agreement, 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 $22.5 million as of the end of the quarter. The financial covenant is a total leverage ratio calculation, in which total debt less outstanding cash is divided by adjusted earnings before interest, depreciation and amortization. As the sum of outstanding borrowings under the Revolver and outstanding letters of credit were less than $22.5 million at December 31, 2016, the total leverage ratio of no greater than 5.0 per the financial covenant was not applicable at December 31, 2016. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 for commodity derivative instruments. 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, 2016 , the Company had 600 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 May 31, 2017 . The Company elected to designate these derivative instruments as cash flow hedges in accordance with FASB Accounting Standards Codification ("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 changes in the fair value of the derivative is recorded in cost of goods sold. The net unrealized gain that remained in accumulated other comprehensive loss as of December 31, 2016 was $0.2 million which is net of a tax amount of $0.1 million . No ineffectiveness was recorded on these contracts during the years ended December 31, 2016 and 2015. The Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. For the year ended December 31, 2016 , approximately $0.3 million of gains, net of $0.1 million of tax, was recognized in other comprehensive income for the commodity contracts. For the year ended December 31, 2016 , the amount of loss reclassified from accumulated other comprehensive income into income was $0.3 million . As of December 31, 2016 , there was $0.4 million recorded in other current assets. As of December 31, 2015 , $0.3 million was recorded in other current liabilities and $0.2 million was recorded in other current assets. Interest Rate Derivative Instrument The Company had an interest rate cap on three month U.S. Dollar LIBOR of 2% for a portion of the principal amount outstanding under the First Lien Credit Agreement that expired March 31, 2016. The hedge was 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 expense, net” in non-operating income. The Company recorded nominal amounts in the three months ended March 31, 2016 and the nine months ended September 30, 2015. In September 2016, the Company entered into interest rate swap agreements for a combined notional amount of $100.0 million with a term of 4 years , which swapped the floating LIBOR on a portion of the term loan under the Amended and Restated Credit Agreement to an average fixed rate of 1.323% and LIBOR floor of 0.75% . The Company elected to designate these interest rate swaps as cash flow hedges for accounting purposes. The net unrealized gain that remained in accumulated other comprehensive loss as of December 31, 2016 was $1.2 million which is net of a tax amount of $0.6 million . For the year ended December 31, 2016 , the amount of loss reclassified from accumulated other comprehensive income into income was $0.1 million . For the year ended December 31, 2016 , approximately $1.2 million of gains, net of tax expense of $0.6 million was recognized in other comprehensive income for the interest rate swaps. As of December 31, 2016 , there was $1.8 million was recorded in other current assets. No ineffectiveness was recorded on these contracts during the year ended December 31, 2016 . 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, 2016 , the Company’s derivatives were in a $2.2 million net asset 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, 2016 , the Company had no collateral posted with its counterparties related to the derivatives. |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Treasury Stock | TREASURY STOCK 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 March 18, 2016 , the Company repurchased an additional 900,000 shares of its common stock from LSF8 in a private transaction at a price per share of $16.10 , or an aggregate of approximately $14.5 million , pursuant to a stock purchase agreement dated March 14, 2016 . 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, the Company has repurchased shares of its common stock in the open market and in the March 2016 private transaction with LSF8 described above. On August 3, 2016 , the Company announced the Board of Directors had approved an expansion of its stock repurchase program by $50.0 million , increasing the aggregate authorization from up to $50.0 million to up to $100.0 million . The program was also extended from the end of 2016 to the end of 2017 . All repurchased shares are held in treasury, reducing the number of shares of common stock outstanding and used in the Company’s earnings per share calculation. Table 12: Treasury Stock Activity December 31, 2016 December 31, 2015 Shares Amount (a) Average Share Price (a) Shares Amount (a) Average Share Price (a) (in thousands, except share data) Beginning Balance 2,395,049 $ 48,479 $ 20.24 — $ — $ — Repurchases on open market 1,204,606 25,787 21.41 474,349 8,481 17.88 Repurchase from LSF8 in private transaction 900,000 14,490 16.10 1,920,700 39,998 20.82 Ending Balance 4,499,655 $ 88,756 $ 19.73 2,395,049 $ 48,479 $ 20.24 (a) Includes commissions paid for repurchases on open market. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION Stock options, Restricted Stock Awards, Restricted Stock Units and Performance Restricted Stock Units 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. On March 11, 2016 , the Company granted certain employees 104,680 RSUs that vest ratably over 4 years and for certain members of the board directors 10,578 RSUs that vest 1 year from the grant date. All of these grants had a market price on the date of grant of $17.16 . Additionally, on March 14, 2016 , the Company granted certain members of the board directors 7,052 RSUs that vest on March 14, 2017 and had a market price on the date of grant of $17.12 . On March 11, 2016 , the Company also granted certain employees 62,795 PRSUs. The PRSUs vest on December 31, 2018 , with the exact number of PRSUs vesting subject to the achievement of certain performance conditions through December 31, 2017 . 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 2016 and 2017. The market price on date of grant of $17.16 . On May 5, 2016 , the Company granted its Chairman of the board directors 1,164 RSUs that vest 1 year from the grant date, which had a market price on the date of grant of $19.63 . On May 16, 2016 , the Company granted certain employees 2,227 RSUs that vest ratably over 4 years , which had a market price on the date of grant of $21.10 . Table 13.1: Stock Options For the Year Ended December 31, 2016 2015 2014 Stock Options Weighted Stock Options Weighted Stock Options Weighted Outstanding, beginning of year 77,369 14.00 142,000 14.00 — — Granted — — — — 142,000 14.00 Exercised (1,463 ) 14.00 (62,331 ) 14.00 — — Cancelled/Forfeited (450 ) 14.00 (2,300 ) 14.00 — — Outstanding, end of year 75,456 14.00 77,369 14.00 142,000 14.00 Exercisable at end of year 37,108 14.00 19,131 14.00 60,000 14.00 The weighted average exercise price of the 75,456 options vested or expected to vest as of December 31, 2016 was $14.00 . During 2016 the total intrinsic value of options exercised was nominal compared to $0.3 million for the options exercised during 2015 . Table 13.2: Restricted Stock Awards, Restricted Stock Units and Performance Based Restricted Stock Units Restricted Stock Awards Restricted Stock Units Performance Restricted Stock Units Total Weighted Average Grant Date Fair Value Non-vested as of January 1, 2014 — — — — $ — Granted 75,000 — — 75,000 $ 14.00 Cancelled/Forfeited (20,000 ) — — (20,000 ) $ 14.00 Vested and issued — — — — $ 14.00 Non-vested as of December 31, 2014 55,000 — — 55,000 $ 14.00 Granted — 71,275 46,330 117,605 $ 21.19 Cancelled/Forfeited (3,619 ) (1,103 ) — (4,722 ) $ 14.00 Vested and issued (13,749 ) — — (13,749 ) $ 14.00 Non-vested as of December 31, 2015 37,632 70,172 46,330 154,134 $ 19.44 Granted — 125,701 62,795 188,496 $ 17.22 Cancelled/Forfeited (1,068 ) (2,444 ) — (3,512 ) $ 17.47 Vested and issued (12,329 ) (23,849 ) — (36,178 ) $ 18.72 Non-vested as of December 31, 2016 24,235 169,580 109,125 302,940 $ 18.17 As of December 31, 2016 , 2015 and 2014 , the intrinsic value of options, restricted stock awards, RSUs and PRSUs outstanding, exercisable, and vested or expected to vest was $7.7 million , $3.0 million and $1.5 million , respectively. For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized $2.1 million , $0.7 million and $0.8 million in expenses, respectively, related to share-based compensation awards which were recorded in selling and administrative expenses. As of December 31, 2016 , there was $3.9 million of total unrecognized compensation cost related to non-vested stock options, restricted stock awards, RSUs and PRSUs. This cost is expected to be recognized over a weighted-average period of 2.3 years . 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 shares of the Company’s common stock 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 previously 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 the Company's common stock on either the first or last trading day of a given offering period. The first offering period commenced on May 1, 2015 and a second commenced on May 1, 2016. During the years ended December 31, 2016 and 2015 , the company recognized $0.1 million and $0.1 million in expenses, respectively, which was recorded in selling and administrative expenses, related to the ESPP. Additionally, during 2016 the Company's employees purchased 10,873 shares of common stock under the ESPP. Defined Contribution Pension Plan The Company's employees are able to participate in a 401K defined contributed pension plan. The Company contributes funds into this plan depending on each employee's years of service and subject to certain limits. For the years ended December 31, 2016 , 2015 and 2014 , the company recorded an expense of $1.9 million , $1.4 million and $1.9 million , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Table 14: Changes in Accumulated Other Comprehensive (Loss)/Income by Category Foreign currency translation adjustment Net unrealized gain on derivatives, net of tax Total (in thousands) Balance as of January 1, 2014 $ (254 ) $ — $ (254 ) Other comprehensive loss before reclassifications (1,939 ) (967 ) (2,906 ) Amounts reclassified from AOCI — 100 100 Net current-period other comprehensive loss (1,939 ) (867 ) (2,806 ) Balance as of December 31, 2014 (2,193 ) (867 ) (3,060 ) Other comprehensive (loss)/income before reclassifications (3,099 ) 2,718 (381 ) Amounts reclassified from AOCI — (1,900 ) (1,900 ) Net current-period other comprehensive (loss)/income (3,099 ) 818 (2,281 ) Balance as of December 31, 2015 (5,292 ) (49 ) (5,341 ) Other comprehensive income before reclassifications 514 1,834 2,348 Amounts reclassified from AOCI — (416 ) (416 ) Net current-period other comprehensive income 514 1,418 1,932 Balance as of December 31, 2016 $ (4,778 ) $ 1,369 $ (3,409 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company is subject to federal income taxes and various state, provincial and local income taxes. Table 15.1: Components of Income Tax Expense For the Year Ended December 31, 2016 2015 2014 (in thousands) Current income tax expense/(benefit) $ 16,323 $ 5,929 $ (1,061 ) Deferred tax expense 6,504 3,407 11,105 Income tax expense $ 22,827 $ 9,336 $ 10,044 Table 15.2: Components of Income before Provision for Income Taxes by Country For the Year Ended December 31, 2016 2015 2014 (in thousands) United States $ 67,128 $ 27,090 $ 27,270 Canada (277 ) (1,018 ) (1,335 ) Income before provision for income taxes $ 66,851 $ 26,072 $ 25,935 Table 15.3: Reconciliation of Tax Expense at Statutory Tax Rate to Actual Tax Expense For the Year Ended December 31, 2016 2015 2014 (in thousands) Tax expense at statutory rate $ 23,398 $ 9,124 $ 9,077 Increase/(decrease) due to: U.S./Canadian tax rate differential 21 (18 ) 107 U.S. state taxes net of federal benefit 1,045 401 503 Non-deductible expenses 144 166 46 Domestic production activities deduction (1,719 ) (356 ) — Tax credits (12 ) (147 ) — Change in valuation allowance 27 272 361 Other (77 ) (106 ) (50 ) Income tax expense $ 22,827 $ 9,336 $ 10,044 Statutory tax rate 35.00 % 35.00 % 35.00 % Effective tax rate 34.15 % 35.81 % 38.73 % Table 15.4: Components of Deferred Tax Assets and Liabilities As of December 31, 2016 2015 (in thousands) Deferred tax assets: Reserves and other liabilities $ 4,723 $ 3,717 Tax loss carryforwards 661 592 Acquisition costs and intangibles — 1,220 Deferred Compensation 877 284 Inventory 1,432 1,825 AMT Credit — 2,141 Other 178 91 Valuation allowance (693 ) (663 ) Total deferred tax assets $ 7,178 $ 9,207 Deferred tax liabilities: Prepaids $ 543 $ 338 Acquisition costs and intangibles 576 — Depreciation, amortization and other 24,012 20,285 Unrealized gains on hedges 788 — Total deferred tax liabilities 25,919 20,623 Net deferred tax liability $ (18,741 ) $ (11,416 ) The Company is subject to audit examinations at federal, state and local levels by tax authorities in those jurisdictions. In addition, the Canadian operations are subject to audit examinations at federal and provincial levels by tax authorities in those jurisdictions. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of any challenges would be subject to uncertainty. The Company has not identified any issues that did not meet the recognition threshold or would be impacted by the measurement provisions of the uncertain tax position guidance The Company is no longer subject to examination by federal, state, provincial or local taxing authorities for the years before 2013. As of December 31, 2016 and 2015 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, 2016 and 2015, the Company does not have any amounts accrued for interest or penalties. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of potentially dilutive securities. Potential dilutive common stock has no effect on income available to common stockholders. Table 16: Basic and Dilutive Earnings Per Share For the Year Ended December 31, 2016 2015 2014 (dollars in thousands, except for per share amounts) Net income $ 44,024 $ 16,736 15,891 Weighted average number of shares outstanding- basic 40,605,464 43,172,528 42,940,849 Effect of dilutive securities: Restricted stock awards 9,018 12,081 — Restricted stock units 31,200 7,000 11,173 Performance restricted stock units 3,557 3,188 — Stock options 13,065 23,527 — Total effect of dilutive securities 56,840 45,796 11,173 Weighted average number of shares outstanding - diluted 40,662,304 43,218,324 42,952,022 Basic earnings per share $ 1.08 $ 0.39 $ 0.37 Diluted earnings per share $ 1.08 $ 0.39 $ 0.37 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING Segment information is presented in accordance with ASC 280, Segment Reporting, which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about products and geographic areas. The Company’s primary reportable segment is wallboard, which represented approximately 97.0% , 96.8% and 96.4% of the Company's revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively. This segment produces wallboard for the commercial and residential construction sectors. The Company also manufactures 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 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. Table 19.1: Segment Reporting For the Year Ended December 31, 2016 2015 2014 (in thousands) Net Sales: Wallboard $ 447,679 $ 407,982 $ 409,408 Other 13,696 13,700 15,094 Total net sales 461,375 421,682 424,502 Operating income: Wallboard 87,094 44,276 60,080 Other 46 (271 ) 681 Total operating income 87,140 44,005 60,761 Adjustments: Interest expense (13,590 ) (16,432 ) (29,069 ) Loss from equity investment (736 ) (750 ) (113 ) Other expense, net (5,963 ) (751 ) (5,644 ) Income before provision for income taxes 66,851 26,072 25,935 Depreciation and Amortization: Wallboard 45,561 50,150 53,114 Other 1,085 1,158 1,203 Total depreciation and amortization $ 46,646 $ 51,308 $ 54,317 Table 19.2: Net Sales By Geographic Region For the Year Ended December 31, 2016 2015 2014 (in thousands) United States $ 425,611 $ 387,937 $ 389,073 Canada 35,764 33,745 35,429 Net sales $ 461,375 $ 421,682 $ 424,502 Table 19.3: Assets By Geographic Region Fixed Assets Total Assets As of December 31, As of December 31, 2016 2015 2016 2015 (in thousands) United States $ 304,807 $ 323,361 $ 617,050 $ 617,878 Canada 3,031 3,046 17,699 17,090 Total $ 307,838 $ 326,407 $ 634,749 $ 634,968 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | FAIR VALUE DISCLOSURES 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, 2016 and 2015 , 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, 2016 that are recorded at fair value on a recurring basis are the natural gas hedges and interest rate swaps. The natural gas hedges had a positive fair value of $0.2 million as of December 31, 2016 , net of tax amount of $0.1 million , compared to a negative fair value of $0.1 million , net of tax amount of $30,000 as of December 31, 2015 . Interest rate swaps had a positive fair value of $1.2 million as of December 31, 2016 , net of tax amount of $0.6 million . Both the natural gas hedges and interest rate swaps 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. |
Quarterly Data (unaudited)
Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (unaudited) | QUARTERLY FINANCIAL INFORMATION (Unaudited) Table 21.1: Quarterly Income Statement and Other Operating Data - 2016 2016 Quarter Ended December 31 September 30 June 30 March 31 (in thousands, except earnings per share and operating data) Net sales 118,217 114,558 117,115 111,485 Costs, expenses and other income: Cost of goods sold 85,862 86,756 83,744 79,955 Selling and administrative 9,554 9,241 10,163 8,960 Total costs and operating expenses 95,416 95,997 93,907 88,915 Operating income 22,801 18,561 23,208 22,570 Other (expense)/income, net (223 ) (5,900 ) 6 154 Interest expense, net (3,098 ) (3,146 ) (3,648 ) (3,698 ) Income before losses from equity method investment and provision for income tax 19,480 9,515 19,566 19,026 Losses from equity method investment (10 ) (291 ) (240 ) (195 ) Income before provision for income taxes 19,470 9,224 19,326 18,831 Provision for income taxes (6,879 ) (3,014 ) (6,604 ) (6,330 ) Net income $ 12,591 $ 6,210 $ 12,722 $ 12,501 Net income per share (1): Basic $ 0.32 $ 0.15 $ 0.31 $ 0.30 Diluted $ 0.31 $ 0.15 $ 0.31 $ 0.30 Other operating data: Wallboard sales volume (msf) 666 634 643 617 Mill net sales price 141.61 144.34 144.86 144.62 Depreciation and amortization 10,990 11,868 11,842 11,946 (1) 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. Table 21.2: Quarterly Income Statement and Other Operating Data - 2015 2015 Quarter Ended December 31 September 30 June 30 March 31 (in thousands, except earnings per share and operating data) Net sales 110,360 108,150 110,996 92,176 Costs, expenses and other income: Cost of goods sold 81,498 78,151 81,516 71,675 Selling and administrative 8,092 9,008 9,363 8,428 Long Term Incentive Plan funded by Lone Star — 9,933 15,842 4,171 Total costs and operating expenses 89,590 97,092 106,721 84,274 Operating income 20,770 11,058 4,275 7,902 Other (expense)/income, net (51 ) (283 ) 31 (448 ) Interest expense, net (3,873 ) (4,154 ) (4,184 ) (4,221 ) Income before losses from equity method investment and provision for income tax 16,846 6,621 122 3,233 (Losses)/earnings from equity method investment (220 ) (278 ) (311 ) 59 Income/(loss) before provision for/(benefit from) income taxes 16,626 6,343 (189 ) 3,292 Provision for income taxes (6,023 ) (2,104 ) 63 (1,272 ) Net income $ 10,603 $ 4,239 $ (126 ) $ 2,020 Net income per share (1): Basic $ 0.25 $ 0.10 $ — $ 0.05 Diluted $ 0.25 $ 0.10 $ — $ 0.05 Other operating data: Wallboard sales volume (msf) 596 567 567 469 Mill net sales price 148.37 153.05 156.85 157.46 Depreciation and amortization 12,377 12,661 13,141 13,129 (1) 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. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On January 17, 2017, the Company entered into contracts for the supply of synthetic gypsum to the Company's Silver Grove, Kentucky gypsum wallboard plant with each of (i) Dynegy Zimmer, LLC, an affiliate of Dynegy Inc. ("Dynegy") in respect of the supply of synthetic gypsum from Dynegy's Wm. H. Zimmer power generating station in Moscow, Ohio and (ii) Dynegy Miami Fort, LLC, an affiliate of Dynegy, for the supply of synthetic gypsum from Dynegy's Miami Fort power generating station in North Bend, Ohio (together the "Gypsum Contracts"). Each of the Gypsum Contracts provides for the supply of synthetic gypsum at an agreed base price, subject to escalation provisions, for a 20 -year term. The Gypsum Contracts are structured as "take or pay" arrangements, where the suppliers are required to supply a specified annual amount of synthetic gypsum and the Company is required to buy a specified annual amount, or else, in either case, pay contractual penalties. On February 21, 2017 , the Company announced the Board of Directors had approved an expansion of its stock repurchase program by $100.0 million , increasing the aggregate authorization from up to $100.0 million to up to $200.0 million . The program was also extended from December 31, 2017 to December 31, 2018 . On February 21, 2017, the Company successfully repriced its term loan under the Amended and Restated Credit Agreement lowering its interest rate by 25 bps to LIBOR plus 2.50% and further reducing its estimated interest expense by approximately $0.8 million per annum. All other terms and conditions under the term loan remain the same. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements for the Company 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. |
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. |
Use of Estimates | Use of 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. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income applicable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income applicable to shares of common stock by the weighted average number of shares of common stock outstanding inclusive of any dilutive potential shares of common stock and dilutive stock options. It is assumed that all dilutive stock options were exercised at the beginning of each period and that the proceeds were used to purchase shares of common stock at the average market price during the period. |
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. |
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. |
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. |
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 7 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 the year ended December 31, 2016 was $0.1 million compared to a nominal amount for the year ended December 31, 2015 and zero for the year ended December 31, 2014. |
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. AS of December 31, 2016, 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 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. |
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 did not have any environmental liabilities recorded as of December 31, 2016 and 2015. |
Income Taxes | Income Taxes The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed annually. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, the Company gives appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and the Company's experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in the assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. The Company recognizes the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, the Company establishes a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. |
Share-Based Compensation | Share-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, the Company recognizes 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 13% of its workforce, are represented by two unions. The collective bargaining agreements with these unions expire on November 30, 2017 . The Company's remaining employees are non-union. The Company believes its relationships with both its union and non-union employees are good. |
Defined Contribution Pension Plans and Other Post-Retirement Benefits | Defined Contribution Pension Plans and Other Post-Retirement Benefits 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 years ended December 31, 2016 , 2015 and 2014 , the Company recorded an expense of $1.9 million , $1.4 million and $1.9 million , respectively, for these contributions. |
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 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 to manage commodity price increase exposure and interest rate swap contracts to lock a portion of the variability of the interest payments on long-term debt. 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 for gas hedges and in interest expense for interest rate swaps. 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. |
Recent Accounting Pronouncements | Adopted In August 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern : Presentation of Financial Statements— Going Concern (Subtopic 205-40). This ASU defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. Specifically, it requires management to determine whether substantial doubt exists regarding the entity’s going concern presumption. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). If substantial doubt exists, certain disclosures are required; the extent of those disclosures depends on an evaluation of management’s plans (if any) to mitigate the going concern uncertainty. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements and its disclosures. Based on the evaluation performed, no substantial doubt about Company's ability to continue as a going concern exists as of December 31, 2016. In April 2015, the FASB issued ASU 2015-3, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability. Amortization of the costs is reported as interest expense. The Company adopted ASU 2015-3 during the first quarter of 2016. Upon adoption, the guidance was applied retroactively to all periods presented in the financial statements, therefore, prior period adjustments were made to the December 31, 2015 balance sheet items and related footnotes. The effect of these adjustments was to reduce prepaid and other current assets by $1.6 million , reduce debt issuance costs by $6.5 million and reduce notes payable by $8.1 million . The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (Topic 606) , which provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-9 for all entities by one year to annual reporting periods beginning after December 15, 2017. The ASU requires retroactive application on either a full or modified basis. We will adopt the standard on January1, 2018. We are in the process of evaluating the impact of this standard on our sales to customers. While we have not completed our analysis, we do not anticipate that the new guidance will have a material impact on the Company's Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, “ Inventory: Simplifying the Measurement of Inventory. ” This guidance applies to inventory valued at first-in, first-out (FIFO) or average cost and requires inventory to be measured at the lower of cost and net realizable value, rather than at the lower of cost or market. ASU 2015-11 is effective on a prospective basis for annual periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company values its inventory under the average cost method and thus will be required to adopt the standard. The Company is currently evaluating the impact that this guidance may have on its financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which introduces targeted amendments intended to simplify the accounting for stock compensation. Specifically, the ASU requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. That is, off balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. Entities will no longer need to maintain and track an “APIC pool.” The ASU also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016. Early adoption is permitted. Although this change will reduce some of the administrative complexities of tracking share-based awards, it will increase the volatility of our income tax expense and cash flows from operations but is not expected to be significant to the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” . This ASU is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the impact that this guidance may have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, " Classification of Certain Cash Receipts and Cash Payments". This ASU intends to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. In October 2016, the FASB issued ASU 2016-16, “ Intra-Entity Transfers of Assets Other Than Inventory” . The new standard requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period the sales or transfer occurs. The standard requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. In January 2017, the FASB issued ASU 2017- 04, "Intangibles - Goodwill and Other". This ASU simplifies the goodwill impairment calculation by eliminating the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of today’s goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., Step 1 of today’s goodwill impairment test). The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating when it will adopt the ASU and the expected impact to related disclosures. |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Detail of Receivables, Net | Table 3.1: Detail of Receivables, Net As of December 31, 2016 2015 (in thousands) Trade receivables, gross $ 33,199 $ 37,800 Allowance for cash discounts and doubtful accounts (726 ) (1,988 ) Receivables, net $ 32,473 $ 35,812 |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Customers, as Measured by Percentage of Total Revenues/Accounts Receivable | Table 2.2: Significant Customer Net Sales as a Percentage of Total Net Sales For the Year Ended December 31, 2016 2015 2014 Lowe's 15 % 16 % 15 % Table 2.3: Significant Customer Accounts Receivable as a Percentage of Total Accounts Receivable As of December 31, 2016 2015 Lowe's 32 % 26 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Composition of Inventories | Table 4: Composition of Inventories As of December 31, 2016 2015 (in thousands) Finished products $ 7,246 $ 5,454 Raw materials 10,910 14,557 Supplies and other 7,083 7,069 Inventories, net $ 25,239 $ 27,080 |
Property, Plant and Equipment34
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Details | Table 5: Property, Plant and Equipment Details As of December 31, 2016 2015 (in thousands) Land $ 12,925 $ 12,925 Buildings 112,583 112,121 Plant machinery 275,010 272,613 Mobile equipment 6,721 3,837 Construction in progress 15,016 6,812 Property, plant and equipment, at cost 422,255 408,308 Accumulated depreciation (114,417 ) (81,901 ) Property, plant and equipment, net $ 307,838 $ 326,407 |
Customer Relationships and Ot35
Customer Relationships and Other Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Details of Customer Relationships and Other Intangibles, Net | Table 6.1: Details of Customer Relationships and Other Intangibles, Net As of December 31, 2016 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net (in thousands) Customer relationships $ 116,267 $ (48,243 ) $ 68,024 $ 116,073 $ (37,228 ) $ 78,845 Purchased and internally developed software 5,322 (3,289 ) 2,033 5,284 (1,757 ) 3,527 Trademarks 14,783 (3,285 ) 11,498 14,759 (2,296 ) 12,463 Total $ 136,372 $ (54,817 ) $ 81,555 $ 136,116 $ (41,281 ) $ 94,835 |
Future Amortization Expense of Customer Relationships and Other Intangibles | Table 6.2: Future Amortization Expense of Customer Relationships and Other Intangibles As of December 31, 2016 (in thousands) 2017 $ 11,732 2018 9,419 2019 8,470 2020 7,733 2021 7,075 Thereafter 37,126 Total $ 81,555 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Details of Accrued and Other Liabilities | Table 9: Details of Accrued and Other Liabilities As of December 31, 2016 2015 (in thousands) Employee-related costs $ 9,595 $ 7,621 Income taxes — 2,482 Other taxes 2,088 1,390 Other 638 841 Accrued and other liabilities $ 12,321 $ 12,334 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Due Under Non-Cancelable Operating Leases and Purchase Commitments by Year | Table 17: Future Minimum Lease Payments Due Under Noncancellable Operating Leases and Purchase Commitments by Year Future Minimum Lease Payments Purchase Commitments (in thousands) 2017 $ 1,183 $ 34,509 2018 616 29,107 2019 1,494 19,781 2020 — 14,185 2021 — 3,232 Thereafter — 27,173 Total $ 3,293 $ 127,987 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Details of Debt | Table 10.1: Details of Debt As of December 31, 2016 2015 (in thousands) First Lien Credit Agreement (a) $ 273,625 $ 296,988 Less: Original issue discount (net of amortization) (1,946 ) (2,372 ) Less: Debt issuance costs (5,317 ) (8,073 ) Total debt 266,362 286,543 Less: Current portion of long-term debt (1,742 ) — Long-term debt $ 264,620 $ 286,543 |
Future Minimum Principal Payments Due Under the Credit Agreements | Table 10.2: Future Minimum Principal Payments Due Under the Credit Agreements Amount Due (in thousands) 2017 $ 2,750 2018 2,750 2019 2,750 2020 2,750 2021 2,750 Thereafter 259,875 Total Payments $ 273,625 |
Treasury Stock (Tables)
Treasury Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Treasury Stock Activity | Table 12: Treasury Stock Activity December 31, 2016 December 31, 2015 Shares Amount (a) Average Share Price (a) Shares Amount (a) Average Share Price (a) (in thousands, except share data) Beginning Balance 2,395,049 $ 48,479 $ 20.24 — $ — $ — Repurchases on open market 1,204,606 25,787 21.41 474,349 8,481 17.88 Repurchase from LSF8 in private transaction 900,000 14,490 16.10 1,920,700 39,998 20.82 Ending Balance 4,499,655 $ 88,756 $ 19.73 2,395,049 $ 48,479 $ 20.24 (a) Includes commissions paid for repurchases on open market. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Table 13.1: Stock Options For the Year Ended December 31, 2016 2015 2014 Stock Options Weighted Stock Options Weighted Stock Options Weighted Outstanding, beginning of year 77,369 14.00 142,000 14.00 — — Granted — — — — 142,000 14.00 Exercised (1,463 ) 14.00 (62,331 ) 14.00 — — Cancelled/Forfeited (450 ) 14.00 (2,300 ) 14.00 — — Outstanding, end of year 75,456 14.00 77,369 14.00 142,000 14.00 Exercisable at end of year 37,108 14.00 19,131 14.00 60,000 14.00 |
Summary of Restricted Shares activity | Table 13.2: Restricted Stock Awards, Restricted Stock Units and Performance Based Restricted Stock Units Restricted Stock Awards Restricted Stock Units Performance Restricted Stock Units Total Weighted Average Grant Date Fair Value Non-vested as of January 1, 2014 — — — — $ — Granted 75,000 — — 75,000 $ 14.00 Cancelled/Forfeited (20,000 ) — — (20,000 ) $ 14.00 Vested and issued — — — — $ 14.00 Non-vested as of December 31, 2014 55,000 — — 55,000 $ 14.00 Granted — 71,275 46,330 117,605 $ 21.19 Cancelled/Forfeited (3,619 ) (1,103 ) — (4,722 ) $ 14.00 Vested and issued (13,749 ) — — (13,749 ) $ 14.00 Non-vested as of December 31, 2015 37,632 70,172 46,330 154,134 $ 19.44 Granted — 125,701 62,795 188,496 $ 17.22 Cancelled/Forfeited (1,068 ) (2,444 ) — (3,512 ) $ 17.47 Vested and issued (12,329 ) (23,849 ) — (36,178 ) $ 18.72 Non-vested as of December 31, 2016 24,235 169,580 109,125 302,940 $ 18.17 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss)/Income by Category | Table 14: Changes in Accumulated Other Comprehensive (Loss)/Income by Category Foreign currency translation adjustment Net unrealized gain on derivatives, net of tax Total (in thousands) Balance as of January 1, 2014 $ (254 ) $ — $ (254 ) Other comprehensive loss before reclassifications (1,939 ) (967 ) (2,906 ) Amounts reclassified from AOCI — 100 100 Net current-period other comprehensive loss (1,939 ) (867 ) (2,806 ) Balance as of December 31, 2014 (2,193 ) (867 ) (3,060 ) Other comprehensive (loss)/income before reclassifications (3,099 ) 2,718 (381 ) Amounts reclassified from AOCI — (1,900 ) (1,900 ) Net current-period other comprehensive (loss)/income (3,099 ) 818 (2,281 ) Balance as of December 31, 2015 (5,292 ) (49 ) (5,341 ) Other comprehensive income before reclassifications 514 1,834 2,348 Amounts reclassified from AOCI — (416 ) (416 ) Net current-period other comprehensive income 514 1,418 1,932 Balance as of December 31, 2016 $ (4,778 ) $ 1,369 $ (3,409 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Expense) Benefit | The Company is subject to federal income taxes and various state, provincial and local income taxes. Table 15.1: Components of Income Tax Expense For the Year Ended December 31, 2016 2015 2014 (in thousands) Current income tax expense/(benefit) $ 16,323 $ 5,929 $ (1,061 ) Deferred tax expense 6,504 3,407 11,105 Income tax expense $ 22,827 $ 9,336 $ 10,044 |
Components of Income (Loss) before Income Taxes by Country | Table 15.2: Components of Income before Provision for Income Taxes by Country For the Year Ended December 31, 2016 2015 2014 (in thousands) United States $ 67,128 $ 27,090 $ 27,270 Canada (277 ) (1,018 ) (1,335 ) Income before provision for income taxes $ 66,851 $ 26,072 $ 25,935 |
Taxes Computed at U.S. Statutory Federal Income Tax Rate | Table 15.3: Reconciliation of Tax Expense at Statutory Tax Rate to Actual Tax Expense For the Year Ended December 31, 2016 2015 2014 (in thousands) Tax expense at statutory rate $ 23,398 $ 9,124 $ 9,077 Increase/(decrease) due to: U.S./Canadian tax rate differential 21 (18 ) 107 U.S. state taxes net of federal benefit 1,045 401 503 Non-deductible expenses 144 166 46 Domestic production activities deduction (1,719 ) (356 ) — Tax credits (12 ) (147 ) — Change in valuation allowance 27 272 361 Other (77 ) (106 ) (50 ) Income tax expense $ 22,827 $ 9,336 $ 10,044 Statutory tax rate 35.00 % 35.00 % 35.00 % Effective tax rate 34.15 % 35.81 % 38.73 % |
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | Table 15.4: Components of Deferred Tax Assets and Liabilities As of December 31, 2016 2015 (in thousands) Deferred tax assets: Reserves and other liabilities $ 4,723 $ 3,717 Tax loss carryforwards 661 592 Acquisition costs and intangibles — 1,220 Deferred Compensation 877 284 Inventory 1,432 1,825 AMT Credit — 2,141 Other 178 91 Valuation allowance (693 ) (663 ) Total deferred tax assets $ 7,178 $ 9,207 Deferred tax liabilities: Prepaids $ 543 $ 338 Acquisition costs and intangibles 576 — Depreciation, amortization and other 24,012 20,285 Unrealized gains on hedges 788 — Total deferred tax liabilities 25,919 20,623 Net deferred tax liability $ (18,741 ) $ (11,416 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Dilutive Earnings Per Share | The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of potentially dilutive securities. Potential dilutive common stock has no effect on income available to common stockholders. Table 16: Basic and Dilutive Earnings Per Share For the Year Ended December 31, 2016 2015 2014 (dollars in thousands, except for per share amounts) Net income $ 44,024 $ 16,736 15,891 Weighted average number of shares outstanding- basic 40,605,464 43,172,528 42,940,849 Effect of dilutive securities: Restricted stock awards 9,018 12,081 — Restricted stock units 31,200 7,000 11,173 Performance restricted stock units 3,557 3,188 — Stock options 13,065 23,527 — Total effect of dilutive securities 56,840 45,796 11,173 Weighted average number of shares outstanding - diluted 40,662,304 43,218,324 42,952,022 Basic earnings per share $ 1.08 $ 0.39 $ 0.37 Diluted earnings per share $ 1.08 $ 0.39 $ 0.37 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Table 19.1: Segment Reporting For the Year Ended December 31, 2016 2015 2014 (in thousands) Net Sales: Wallboard $ 447,679 $ 407,982 $ 409,408 Other 13,696 13,700 15,094 Total net sales 461,375 421,682 424,502 Operating income: Wallboard 87,094 44,276 60,080 Other 46 (271 ) 681 Total operating income 87,140 44,005 60,761 Adjustments: Interest expense (13,590 ) (16,432 ) (29,069 ) Loss from equity investment (736 ) (750 ) (113 ) Other expense, net (5,963 ) (751 ) (5,644 ) Income before provision for income taxes 66,851 26,072 25,935 Depreciation and Amortization: Wallboard 45,561 50,150 53,114 Other 1,085 1,158 1,203 Total depreciation and amortization $ 46,646 $ 51,308 $ 54,317 |
Net Sales By Geographic Region | Table 19.2: Net Sales By Geographic Region For the Year Ended December 31, 2016 2015 2014 (in thousands) United States $ 425,611 $ 387,937 $ 389,073 Canada 35,764 33,745 35,429 Net sales $ 461,375 $ 421,682 $ 424,502 |
Assets By Geographic Region | Table 19.3: Assets By Geographic Region Fixed Assets Total Assets As of December 31, As of December 31, 2016 2015 2016 2015 (in thousands) United States $ 304,807 $ 323,361 $ 617,050 $ 617,878 Canada 3,031 3,046 17,699 17,090 Total $ 307,838 $ 326,407 $ 634,749 $ 634,968 |
Quarterly Data (unaudited) (Tab
Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data | Table 21.1: Quarterly Income Statement and Other Operating Data - 2016 2016 Quarter Ended December 31 September 30 June 30 March 31 (in thousands, except earnings per share and operating data) Net sales 118,217 114,558 117,115 111,485 Costs, expenses and other income: Cost of goods sold 85,862 86,756 83,744 79,955 Selling and administrative 9,554 9,241 10,163 8,960 Total costs and operating expenses 95,416 95,997 93,907 88,915 Operating income 22,801 18,561 23,208 22,570 Other (expense)/income, net (223 ) (5,900 ) 6 154 Interest expense, net (3,098 ) (3,146 ) (3,648 ) (3,698 ) Income before losses from equity method investment and provision for income tax 19,480 9,515 19,566 19,026 Losses from equity method investment (10 ) (291 ) (240 ) (195 ) Income before provision for income taxes 19,470 9,224 19,326 18,831 Provision for income taxes (6,879 ) (3,014 ) (6,604 ) (6,330 ) Net income $ 12,591 $ 6,210 $ 12,722 $ 12,501 Net income per share (1): Basic $ 0.32 $ 0.15 $ 0.31 $ 0.30 Diluted $ 0.31 $ 0.15 $ 0.31 $ 0.30 Other operating data: Wallboard sales volume (msf) 666 634 643 617 Mill net sales price 141.61 144.34 144.86 144.62 Depreciation and amortization 10,990 11,868 11,842 11,946 (1) 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. Table 21.2: Quarterly Income Statement and Other Operating Data - 2015 2015 Quarter Ended December 31 September 30 June 30 March 31 (in thousands, except earnings per share and operating data) Net sales 110,360 108,150 110,996 92,176 Costs, expenses and other income: Cost of goods sold 81,498 78,151 81,516 71,675 Selling and administrative 8,092 9,008 9,363 8,428 Long Term Incentive Plan funded by Lone Star — 9,933 15,842 4,171 Total costs and operating expenses 89,590 97,092 106,721 84,274 Operating income 20,770 11,058 4,275 7,902 Other (expense)/income, net (51 ) (283 ) 31 (448 ) Interest expense, net (3,873 ) (4,154 ) (4,184 ) (4,221 ) Income before losses from equity method investment and provision for income tax 16,846 6,621 122 3,233 (Losses)/earnings from equity method investment (220 ) (278 ) (311 ) 59 Income/(loss) before provision for/(benefit from) income taxes 16,626 6,343 (189 ) 3,292 Provision for income taxes (6,023 ) (2,104 ) 63 (1,272 ) Net income $ 10,603 $ 4,239 $ (126 ) $ 2,020 Net income per share (1): Basic $ 0.25 $ 0.10 $ — $ 0.05 Diluted $ 0.25 $ 0.10 $ — $ 0.05 Other operating data: Wallboard sales volume (msf) 596 567 567 469 Mill net sales price 148.37 153.05 156.85 157.46 Depreciation and amortization 12,377 12,661 13,141 13,129 (1) 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. |
Background and Nature of Oper46
Background and Nature of Operations - Description of Business and Acquisition (Detail) $ in Millions | Aug. 30, 2013USD ($) | Dec. 31, 2016facility |
Lone Star Fund VIII (U.S.), L.P. | Lafarge N.A. | ||
Business Acquisition [Line Items] | ||
Total purchase price | $ | $ 703 | |
Wallboard | ||
Business Acquisition [Line Items] | ||
Number of operating facilities (facility) | 3 | |
Joint Compound | ||
Business Acquisition [Line Items] | ||
Number of operating facilities (facility) | 1 |
Background and Nature of Oper47
Background and Nature of Operations - Public Offerings (Detail) $ / shares in Units, $ in Millions | Mar. 18, 2016$ / sharesshares | Sep. 16, 2015$ / sharesshares | Jun. 03, 2015$ / sharesshares | May 15, 2015$ / sharesshares | Mar. 18, 2015$ / sharesshares | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 03, 2014 | Dec. 31, 2016shares | Dec. 31, 2015USD ($)shares |
Repurchase from LSF8 in private transaction | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Shares repurchased (shares) | shares | 900,000 | 1,007,500 | 913,200 | 900,000 | 1,920,700 | ||||
Common Stock [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Shares repurchased (shares) | shares | 2,104,606 | 2,395,049 | |||||||
Term Loan Facility | Second Lien Credit Agreement | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Repayments of debt through cash on hand | $ 6.1 | ||||||||
Repurchased face amount | 155 | ||||||||
Prepayment premium | $ 3.1 | ||||||||
Initial Public Offering | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Shares issued at public offering (shares) | shares | 11,765,000 | ||||||||
Offering price per share (usd per share) | $ / shares | $ 14 | ||||||||
Net proceeds after underwriting discounts and commissions | $ 154 | ||||||||
One-time payment to Lone Star for termination of asset advisory agreement | 2 | ||||||||
Initial Public Offering | Common Stock [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Stock split ratio (shares) | 32,304 | ||||||||
Initial Public Offering | Term Loan Facility | Second Lien Credit Agreement | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Repayment of debt through net proceeds from IPO | $ 152 | ||||||||
Secondary Public Offerings | Certain Officers and Former CEO | LSF8 Gypsum Holdings, L.P. Long-Term Incentive Plan, Earned Incentive Payment | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Incentive payments | $ 29.9 | ||||||||
Secondary Public Offerings | LSF8 Gypsum Holdings, L.P. | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Shares issued at public offering (shares) | shares | 5,106,803 | 4,600,000 | 361,747 | 4,600,000 | 5,000,000 | ||||
Offering price per share (usd per share) | $ / shares | $ 16.10 | $ 19.85 | $ 21.90 | $ 21.90 | $ 19.40 | ||||
Secondary Public Offerings | LSF8 Gypsum Holdings, L.P. | Repurchase from LSF8 in private transaction | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Shares repurchased (shares) | shares | 900,000 |
Receivables, Net - Detail of Re
Receivables, Net - Detail of Receivables, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | ||||
Trade receivables, gross | $ 33,199 | $ 37,800 | ||
Allowance for cash discounts and doubtful accounts | (726) | (1,988) | $ (2,308) | $ (1,737) |
Receivables, net | 32,473 | 35,812 | ||
Bad debt (recovery)/expense | (104) | (166) | 413 | |
Allowance for Loan and Lease Losses Write-offs, Net | (1,209) | (71) | 85 | |
Cash discount additions | 4,334 | 3,719 | 4,072 | |
Cash discount deductions | $ (4,283) | $ (3,802) | $ (3,999) |
- Certain Cash and Non-Cash Tra
- Certain Cash and Non-Cash Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Interest paid | $ 10,996 | $ 13,525 | $ 19,488 |
Income Taxes Paid, Net | 19,105 | $ 1,870 | $ 4,199 |
Accounts payable for capital expenditures | $ 2,500 |
Significant Accounting Polici50
Significant Accounting Policies - Concentration Risk (Details) - Lowes [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 32.00% | 26.00% | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | 16.00% | 15.00% |
Significant Accounting Polici51
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Union | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Interest expense | $ 100 | $ 0 | |
Unionized bargaining employees percentage | 13.00% | ||
Number of unions | Union | 2 | ||
Expense on defined contribution plan | $ 1,900 | $ 1,400 | $ 1,900 |
Debt Issuance Costs, Net | $ 5,317 | $ 8,073 | |
Capitalized Software [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets useful life | 3 years | ||
Customer relationships | |||
Business Acquisition [Line Items] | |||
Intangible assets useful life | 15 years | ||
Intangible assets amortization period | 15 years | ||
Purchased and internally developed software | |||
Business Acquisition [Line Items] | |||
Intangible assets useful life | 15 years | ||
Intangible assets amortization period | 15 years | ||
Buildings | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment useful life | 20 years | ||
Buildings | Maximum | |||
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 | 7 years | ||
Plant Machinery [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment useful life | 5 years | ||
Plant Machinery [Member] | Maximum | |||
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 | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment useful life | 8 years | ||
Prepaid Expenses and Other Current Assets [Member] | Accounting Standards Update 2015-03 [Member] | |||
Business Acquisition [Line Items] | |||
Debt Issuance Costs, Net | $ (1,600) | ||
Debt Issuance Costs, Line of Credit Arrangements, Net [Member] | Accounting Standards Update 2015-03 [Member] | |||
Business Acquisition [Line Items] | |||
Debt Issuance Costs, Net | (6,500) | ||
Long-term Debt [Member] | Accounting Standards Update 2015-03 [Member] | |||
Business Acquisition [Line Items] | |||
Debt Issuance Costs, Net | $ 8,100 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 7,246 | $ 5,454 |
Raw materials | 10,910 | 14,557 |
Supplies and other | 7,083 | 7,069 |
Inventories | $ 25,239 | $ 27,080 |
Property, Plant and Equipment53
Property, Plant and Equipment, Net - Property, Plant and Equipment Details (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 422,255 | $ 408,308 |
Accumulated depreciation | (114,417) | (81,901) |
Total property, plant and equipment, net | 307,838 | 326,407 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 12,925 | 12,925 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 112,583 | 112,121 |
Plant machinery | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 275,010 | 272,613 |
Mobile equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 6,721 | 3,837 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 15,016 | $ 6,812 |
Property, Plant and Equipment54
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 33.1 | $ 35.4 | $ 35.3 |
Customer Relationships and Ot55
Customer Relationships and Other Intangibles, Net - Details of Customer Relationships and Other Intangibles, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 136,372 | $ 136,116 |
Accumulated Amortization | (54,817) | (41,281) |
Net | 81,555 | 94,835 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 116,267 | 116,073 |
Accumulated Amortization | (48,243) | (37,228) |
Net | 68,024 | 78,845 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 5,322 | 5,284 |
Accumulated Amortization | (3,289) | (1,757) |
Net | 2,033 | 3,527 |
Purchased and internally developed software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 14,783 | 14,759 |
Accumulated Amortization | (3,285) | (2,296) |
Net | $ 11,498 | $ 12,463 |
Customer Relationships and Ot56
Customer Relationships and Other Intangibles, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 13.5 | $ 15.9 | $ 19 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 15 years | ||
Purchased and internally developed software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 15 years | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 3 years |
Customer Relationships and Ot57
Customer Relationships and Other Intangibles, Net - Future Amortization Expense of Customer Relationships and Other Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 11,732 | |
2,018 | 9,419 | |
2,019 | 8,470 | |
2,020 | 7,733 | |
2,021 | 7,075 | |
Thereafter | 37,126 | |
Net | $ 81,555 | $ 94,835 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)Reporting_Unit | Dec. 31, 2015USD ($)Reporting_Unit | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Number of reporting units | Reporting_Unit | 1 | 1 |
Goodwill impairment | $ | $ 0 | $ 0 |
Investment in Seven Hills - Add
Investment in Seven Hills - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Estimated redemption value | $ 8.3 | $ 9.4 | |
Seven Hills | Variable Interest Entity, Not Primary Beneficiary | Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost of paperboard | 47 | $ 45.5 | $ 49.7 |
Purchase commitments | $ 28.9 |
Accrued and Other Liabilities60
Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Employee-related costs | $ 9,595 | $ 7,621 |
Income taxes | 0 | 2,482 |
Other taxes | 2,088 | 1,390 |
Other | 638 | 841 |
Accrued and other liabilities | $ 12,321 | $ 12,334 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
LSF8 Gypsum Holdings, L.P. Long-Term Incentive Plan, Earned Incentive Payment | Secondary Public Offerings | Certain Officers and Former CEO | |
Related Party Transaction [Line Items] | |
Incentive payments | $ 29.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 4.1 | $ 4.4 | $ 4.8 |
Letter of Credit | |||
Long-term Purchase Commitment [Line Items] | |||
Outstanding amount of letters of credit | 2.1 | 3 | |
Gas, Gypsum, Paper, and Other Raw Materials | |||
Long-term Purchase Commitment [Line Items] | |||
Non capital purchased under commitments | $ 68.1 | $ 66.7 | $ 72.4 |
Commitments and Contingencies63
Commitments and Contingencies - Future Minimum Lease Payments Due Under Non-Cancelable Operating Leases and Purchase Commitments by Year (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Future Minimum Lease Payments | |
2,017 | $ 1,183 |
2,017 | 616 |
2,018 | 1,494 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | 3,293 |
Purchase Commitments | |
2,017 | 34,509 |
2,017 | 29,107 |
2,018 | 19,781 |
2,019 | 14,185 |
2,020 | 3,232 |
Thereafter | 27,173 |
Total | $ 127,987 |
Debt - Details of Debt (Detail)
Debt - Details of Debt (Detail) - USD ($) $ in Thousands | Aug. 18, 2016 | May 31, 2014 | Apr. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
First Lien Credit Agreement (a) | $ 273,625 | ||||
Less: Original issue discount (net of amortization) | (1,946) | $ (2,372) | |||
Less: Debt issuance costs | (5,317) | (8,073) | |||
Total debt | 266,362 | 286,543 | |||
Less: Current portion of long-term debt | (1,742) | 0 | |||
Long-term debt | 264,620 | 286,543 | |||
Term Loan Facility | First Lien Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
First Lien Credit Agreement (a) | $ 273,625 | $ 296,988 | |||
Term Loan Facility | First Lien Credit Agreement | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Floor rate | 0.75% | 1.00% | 0.75% | 1.00% | |
Debt, variable interest rate | 2.75% | 3.25% | 3.75% | 2.75% | 3.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Aug. 18, 2016USD ($) | Aug. 30, 2013USD ($) | May 31, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2016USD ($)covenant | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 02, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||
Loss on debt extinguishment | $ 5,802,000 | $ 0 | $ 0 | ||||||
Pre payment of principal for the first lien credit agreement | 26,375,000 | 55,000,000 | 61,975,000 | ||||||
Long-term debt before unamortized discount | 2,750,000 | ||||||||
Interest paid | $ 10,996,000 | 13,525,000 | 19,488,000 | ||||||
First Lien Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on debt extinguishment | $ 3,300,000 | ||||||||
Number of covenants | covenant | 1 | ||||||||
Debt covenant trigger, line of credit facility amount less letters of credit threshold | $ 22,500,000 | ||||||||
First Lien Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Leverage ratio (no greater than) | 5 | ||||||||
Term Loan Facility | First Lien Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt principal amount | 275,000,000 | $ 320,000,000 | $ 415,000,000 | ||||||
Debt issuance cost | 15,300,000 | ||||||||
Discount and debt issuance costs | 4,700,000 | $ 2,200,000 | |||||||
Discount and debt issuance costs recorded in other expense, net | $ 2,500,000 | ||||||||
Leverage ratio (less than) | 4 | ||||||||
Pre payment of principal for the first lien credit agreement | $ 25,000,000 | $ 55,000,000 | $ 59,900,000 | ||||||
Effective interest rate | 4.10% | ||||||||
Term Loan Facility | First Lien Credit Agreement | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor rate | 0.75% | 1.00% | 0.75% | 1.00% | |||||
Decrease in basis spread, percentage | 0.50% | ||||||||
Debt, variable interest rate | 2.75% | 3.25% | 3.75% | 2.75% | 3.00% | ||||
Term Loan Facility | First Lien Credit Agreement | Moody's, B2 Rating | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Decrease in basis spread, percentage | 0.25% | ||||||||
Debt, variable interest rate | 3.00% | ||||||||
Term Loan Facility | Second Lien Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt principal amount | 120,000,000 | ||||||||
Line of Credit | First Lien Credit Agreement | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from line of credit | 25,000,000 | $ 22,000,000 | $ 10,000,000 | ||||||
Line of credit facility borrowing capacity | $ 75,000,000 | $ 50,000,000 | |||||||
Outstanding amount | 0 | 0 | |||||||
Repayment amount | $ 22,000,000 | $ 10,000,000 | |||||||
Facility fee, basis points | 0.50% | ||||||||
Remaining outstanding | $ 72,900,000 | ||||||||
Line of Credit | First Lien Credit Agreement | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, variable interest rate | 2.25% |
Debt - Future Minimum Principal
Debt - Future Minimum Principal Payments Due Under the Credit Agreements (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,750 |
2,017 | 2,750 |
2,018 | 2,750 |
2,019 | 2,750 |
2,020 | 2,750 |
Thereafter | 259,875 |
Total Payments | $ 273,625 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2016MMBTU | Dec. 31, 2016USD ($)MMBTU | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss | $ 309,012,000 | $ 300,766,000 | $ 303,373,000 | $ 136,851,000 | |
Derivatives, net liability position | 2,200,000 | ||||
Collateral posted with counterparties related to derivatives | 0 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||
Derivative [Line Items] | |||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss | $ 1,369,000 | (49,000) | $ (867,000) | $ 0 | |
Natural Gas Swap | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Aggregate notional amount outstanding (in mmBTUs) | MMBTU | 600,000 | ||||
Gain (loss) on derivatives qualifying as cash flow hedges, net of tax | $ 300,000 | ||||
Income tax expense (benefit) recognized in other comprehensive income | (100,000) | ||||
Loss reclassified from accumulated other comprehensive income, before tax | 300,000 | ||||
Natural Gas Swap | Cash Flow Hedging | Designated as Hedging Instrument | Accrued and Other Liabilities | |||||
Derivative [Line Items] | |||||
Amount recorded in other current liabilities | (300,000) | ||||
Natural Gas Swap | Cash Flow Hedging | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Amount recorded in other current assets | 400,000 | $ 200,000 | |||
Natural Gas Swap | Cash Flow Hedging | Designated as Hedging Instrument | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||
Derivative [Line Items] | |||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss | 200,000 | ||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss, tax | $ 100,000 | ||||
Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Cap rate | 2.00% | ||||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative instrument term (not beyond) | 4 years | ||||
Aggregate notional amount outstanding (in mmBTUs) | MMBTU | 100,000,000 | ||||
Gain (loss) on derivatives qualifying as cash flow hedges, net of tax | $ 1,200,000 | ||||
Income tax expense (benefit) recognized in other comprehensive income | (600,000) | ||||
Loss reclassified from accumulated other comprehensive income, before tax | $ (100,000) | ||||
Average fixed rate | 1.323% | ||||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | |||||
Derivative [Line Items] | |||||
Floor rate | 0.75% | ||||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Amount recorded in other current assets | $ 1,800,000 | ||||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||
Derivative [Line Items] | |||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss | 1,200,000 | ||||
Net unrealized gain (loss) that remained in accumulated other comprehensive loss, tax | $ 600,000 | ||||
Maximum | |||||
Derivative [Line Items] | |||||
Derivative instrument term (not beyond) | 1 year |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | Mar. 18, 2016 | Sep. 16, 2015 | May 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 03, 2016 | Nov. 04, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of common stock shares repurchased, value per share (usd per share) | $ 19.73 | $ 20.24 | $ 0 | |||||
Aggregate value of common stock shares repurchased | $ 40,277,000 | $ 48,479,000 | ||||||
Stock repurchase program authorized amount (up to) | $ 100,000,000 | $ 50,000,000 | ||||||
Stock repurchase program, increase in authorized amount | $ 50,000,000 | |||||||
Repurchase from LSF8 in private transaction | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of common stock shares repurchased (shares) | 900,000 | 1,007,500 | 913,200 | 900,000 | 1,920,700 | |||
Number of common stock shares repurchased, value per share (usd per share) | $ 16.10 | $ 19.85 | $ 21.90 | $ 16.10 | $ 20.82 | |||
Aggregate value of common stock shares repurchased | $ 14,500,000 | $ 20,000,000 | $ 20,000,000 | $ 14,490,000 | $ 39,998,000 |
Treasury Stock - Treasury Stock
Treasury Stock - Treasury Stock Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 18, 2016 | Sep. 16, 2015 | May 15, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Treasury Stock [Roll Forward] | ||||||
Beginning balance (shares) | 2,395,049 | 0 | ||||
Beginning balance | $ 48,479 | $ 0 | ||||
Shares repurchased | $ 40,277 | $ 48,479 | ||||
Ending balance (shares) | 4,499,655 | 2,395,049 | 0 | |||
Ending balance | $ 88,756 | $ 48,479 | $ 0 | |||
Average share price (usd per share) | $ 19.73 | $ 20.24 | $ 0 | |||
Repurchases on open market | ||||||
Treasury Stock [Roll Forward] | ||||||
Shares repurchased (shares) | 1,204,606 | 474,349 | ||||
Shares repurchased | $ 25,787 | $ 8,481 | ||||
Average share price (usd per share) | $ 21.41 | $ 17.88 | ||||
Repurchase from LSF8 in private transaction | ||||||
Treasury Stock [Roll Forward] | ||||||
Shares repurchased (shares) | 900,000 | 1,007,500 | 913,200 | 900,000 | 1,920,700 | |
Shares repurchased | $ 14,500 | $ 20,000 | $ 20,000 | $ 14,490 | $ 39,998 | |
Average share price (usd per share) | $ 16.10 | $ 19.85 | $ 21.90 | $ 16.10 | $ 20.82 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | May 16, 2016 | May 05, 2016 | Mar. 14, 2016 | Mar. 11, 2016 | May 20, 2015 | May 05, 2015 | May 01, 2015 | Mar. 02, 2015 | Feb. 10, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options granted | 0 | 0 | 142,000 | ||||||||||
Restricted shares | 188,496 | 117,605 | 75,000 | ||||||||||
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 | $ 2,100,000 | $ 700,000 | $ 800,000 | ||||||||||
Income tax benefit of share-based awards | $ 200,000 | ||||||||||||
Unrecognized compensation expense related to non-vested restricted stock | $ 3,900,000 | ||||||||||||
Options outstanding | 75,456 | 77,369 | 142,000 | 0 | |||||||||
Weighted average exercise price | $ 14 | $ 14 | $ 14 | $ 0 | |||||||||
Intrinsic value of stock option exercised | $ 300,000 | ||||||||||||
Intrinsic value of awards | $ 7,700,000 | 3,000,000 | $ 1,500,000 | ||||||||||
ESPP offering period | 12 months | ||||||||||||
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% | ||||||||||||
ESPP expense | 100,000 | 100,000 | |||||||||||
Expense on defined contribution plan | $ 1,900,000 | $ 1,400,000 | $ 1,900,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.17 | $ 19.44 | $ 14 | $ 0 | |||||||||
Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Employee stock purchase program, shares | 10,873 | ||||||||||||
Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 7,581 | ||||||||||||
Vesting period | 1 year | ||||||||||||
Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 54,489 | ||||||||||||
Vesting period | 1 year | 4 years | |||||||||||
Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Employee stock purchase program, shares | 600,000 | ||||||||||||
Restricted stock awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 0 | 0 | 75,000 | ||||||||||
Unearned compensation expense, weighted average remaining period | 2 years 3 months | ||||||||||||
Restricted stock units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 2,227 | 1,164 | 7,052 | 62,070 | 125,701 | 71,275 | 0 | ||||||
Vesting period | 4 years | 1 year | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 21.10 | $ 19.63 | $ 17.12 | ||||||||||
Restricted stock units | Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 104,680 | ||||||||||||
Vesting period | 4 years | ||||||||||||
Restricted stock units | Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 10,578 | 9,205 | |||||||||||
Performance restricted stock units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 62,795 | 40,050 | 62,795 | 46,330 | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 17.16 | ||||||||||||
Performance restricted stock units | Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares | 6,280 | ||||||||||||
Performance restricted stock units | Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of PRSUs earned | 0.00% | 0.00% | 0.00% | ||||||||||
Performance restricted stock units | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of PRSUs earned | 200.00% | 200.00% | 200.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Shares, Outstanding, Beginning balance | 77,369 | 142,000 | 0 |
Number of Shares, Granted | 0 | 0 | 142,000 |
Number of Shares, Exercised | (1,463) | (62,331) | 0 |
Number of Shares, Forfeited | (450) | (2,300) | 0 |
Number of Shares, Outstanding, Ending balance | 75,456 | 77,369 | 142,000 |
Number of Shares, Exercisable | 37,108 | 19,131 | 60,000 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 14 | $ 14 | $ 0 |
Weighted Average Exercise Price, Granted | 0 | 0 | 14 |
Weighted Average Exercise Price, Exercised | 14 | 14 | 0 |
Weighted Average Exercise Price, Forfeited | 14 | 14 | 0 |
Weighted Average Exercise Price, Outstanding, Ending Balance | 14 | 14 | 14 |
Weighted Average Exercise Price, Exercisable | $ 14 | $ 14 | $ 14 |
Share-Based Compensation - Su72
Share-Based Compensation - Summary of Restricted Shares Activity (Detail) - $ / shares | May 16, 2016 | May 05, 2016 | Mar. 14, 2016 | Mar. 11, 2016 | Mar. 02, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Non-vested, Beginning balance | 154,134 | 55,000 | 0 | |||||
Number of Shares, Non-vested, Granted | 188,496 | 117,605 | 75,000 | |||||
Number of Shares, Non-vested, Cancelled/Forfeited | (3,512) | (4,722) | (20,000) | |||||
Number of Shares, Non-vested, Vested | (36,178) | (13,749) | 0 | |||||
Number of Shares, Non-vested, Ending balance | 302,940 | 154,134 | 55,000 | |||||
Weighted Average Grant Date Value, Beginning balance | $ 19.44 | $ 14 | $ 0 | |||||
Weighted Average Grant Date Value, Granted | 17.22 | 21.19 | 14 | |||||
Weighted Average Grant Date Value, Cancelled/Forfeited | 17.47 | 14 | 14 | |||||
Weighted Average Grant Date Value, Vested | 18.72 | 14 | 14 | |||||
Weighted Average Grant Date Value, Ending balance | $ 18.17 | $ 19.44 | $ 14 | |||||
Restricted stock awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Non-vested, Beginning balance | 37,632 | 55,000 | 0 | |||||
Number of Shares, Non-vested, Granted | 0 | 0 | 75,000 | |||||
Number of Shares, Non-vested, Cancelled/Forfeited | (1,068) | (3,619) | (20,000) | |||||
Number of Shares, Non-vested, Vested | (12,329) | (13,749) | 0 | |||||
Number of Shares, Non-vested, Ending balance | 24,235 | 37,632 | 55,000 | |||||
Restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Non-vested, Beginning balance | 70,172 | 0 | 0 | |||||
Number of Shares, Non-vested, Granted | 2,227 | 1,164 | 7,052 | 62,070 | 125,701 | 71,275 | 0 | |
Number of Shares, Non-vested, Cancelled/Forfeited | (2,444) | (1,103) | 0 | |||||
Number of Shares, Non-vested, Vested | (23,849) | 0 | 0 | |||||
Number of Shares, Non-vested, Ending balance | 169,580 | 70,172 | 0 | |||||
Weighted Average Grant Date Value, Ending balance | $ 21.10 | $ 19.63 | $ 17.12 | |||||
Performance restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares, Non-vested, Beginning balance | 46,330 | 0 | 0 | |||||
Number of Shares, Non-vested, Granted | 62,795 | 40,050 | 62,795 | 46,330 | 0 | |||
Number of Shares, Non-vested, Cancelled/Forfeited | 0 | 0 | 0 | |||||
Number of Shares, Non-vested, Vested | 0 | 0 | 0 | |||||
Number of Shares, Non-vested, Ending balance | 109,125 | 46,330 | 0 | |||||
Weighted Average Grant Date Value, Ending balance | $ 17.16 |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 300,766 | $ 303,373 | $ 136,851 |
Ending Balance | 309,012 | 300,766 | 303,373 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (5,292) | (2,193) | (254) |
Other comprehensive loss before reclassifications | 514 | (3,099) | (1,939) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Net current-period other comprehensive loss | 514 | (3,099) | (1,939) |
Ending Balance | (4,778) | (5,292) | (2,193) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (49) | (867) | 0 |
Other comprehensive loss before reclassifications | 1,834 | 2,718 | (967) |
Amounts reclassified from AOCI | (416) | (1,900) | 100 |
Net current-period other comprehensive loss | 1,418 | 818 | (867) |
Ending Balance | 1,369 | (49) | (867) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (5,341) | (3,060) | (254) |
Other comprehensive loss before reclassifications | 2,348 | (381) | (2,906) |
Amounts reclassified from AOCI | (416) | (1,900) | 100 |
Net current-period other comprehensive loss | 1,932 | (2,281) | (2,806) |
Ending Balance | $ (3,409) | $ (5,341) | $ (3,060) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current | $ 16,323 | $ 5,929 | $ (1,061) | ||||||||
Deferred | 6,504 | 3,407 | 11,105 | ||||||||
Total income tax (expense) benefit | $ 6,879 | $ 3,014 | $ 6,604 | $ 6,330 | $ 6,023 | $ 2,104 | $ (63) | $ 1,272 | $ 22,827 | $ 9,336 | $ 10,044 |
Income Taxes - Components of 75
Income Taxes - Components of Income (Loss) before Income Taxes by Country (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
USA | $ 67,128 | $ 27,090 | $ 27,270 | ||||||||
Canada | (277) | (1,018) | (1,335) | ||||||||
Income before provision for income taxes | $ 19,470 | $ 9,224 | $ 19,326 | $ 18,831 | $ 16,626 | $ 6,343 | $ (189) | $ 3,292 | $ 66,851 | $ 26,072 | $ 25,935 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits recorded | $ 0 | $ 0 | $ 0 |
Amounts accrued for interest or penalties | $ 0 | $ 0 | $ 0 |
Income Taxes - Taxes Computed a
Income Taxes - Taxes Computed at U.S. Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Taxes at the U.S. federal income tax rate | $ 23,398 | $ 9,124 | $ 9,077 | ||||||||
U.S./Canadian tax rate differential | 21 | (18) | 107 | ||||||||
U.S. state taxes net of federal benefit | 1,045 | 401 | 503 | ||||||||
Non-deductible expenses | 144 | 166 | 46 | ||||||||
Domestic production activities deduction | (1,719) | (356) | 0 | ||||||||
Tax credits | (12) | (147) | 0 | ||||||||
Valuation allowance | 27 | 272 | 361 | ||||||||
Other | (77) | (106) | (50) | ||||||||
Total income tax (expense) benefit | $ 6,879 | $ 3,014 | $ 6,604 | $ 6,330 | $ 6,023 | $ 2,104 | $ (63) | $ 1,272 | $ 22,827 | $ 9,336 | $ 10,044 |
Statutory tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Effective rate | 34.15% | 35.81% | 38.73% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Reserves and other liabilities | $ 4,723 | $ 3,717 |
Tax loss carryforwards | 661 | 592 |
Acquisition costs and intangibles | 0 | 1,220 |
Deferred Compensation | 877 | 284 |
Inventory | 1,432 | 1,825 |
AMT Credit | 0 | 2,141 |
Other | 178 | 91 |
Less valuation allowance | (693) | (663) |
Deferred tax assets, net of valuation allowance | 7,178 | 9,207 |
Deferred tax liabilities: | ||
Prepaids | 543 | 338 |
Acquisition costs and intangibles | 576 | 0 |
Depreciation, amortization and other | 24,012 | 20,285 |
Unrealized gains on hedges | 788 | 0 |
Total deferred tax liabilities | 25,919 | 20,623 |
Net deferred tax liability | $ (18,741) | $ (11,416) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 12,591 | $ 6,210 | $ 12,722 | $ 12,501 | $ 10,603 | $ 4,239 | $ (126) | $ 2,020 | $ 44,024 | $ 16,736 | $ 15,891 |
Weighted average number of shares outstanding- basic (shares) | 40,605,464 | 43,172,528 | 42,940,849 | ||||||||
Effect of dilutive securities: | |||||||||||
Total effect of dilutive securities (shares) | 56,840 | 45,796 | 11,173 | ||||||||
Weighted average number of shares outstanding - diluted (shares) | 40,662,304 | 43,218,324 | 42,952,022 | ||||||||
Basic earnings per share (usd per share) | $ 0.32 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Diluted earnings per share (usd per share) | $ 0.31 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Restricted stock awards | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities (shares) | 9,018 | 12,081 | 0 | ||||||||
Restricted stock units | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities (shares) | 31,200 | 7,000 | 11,173 | ||||||||
Performance restricted stock units | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities (shares) | 3,557 | 3,188 | 0 | ||||||||
Stock options | |||||||||||
Effect of dilutive securities: | |||||||||||
Effect of dilutive securities (shares) | 13,065 | 23,527 | 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - geographic_area | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Number of geographical areas (geographic area) | 2 | ||
Wallboard | Sales Revenue, Net [Member] | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenues | 97.00% | 96.80% | 96.40% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales: | |||||||||||
Net Sales | $ 118,217 | $ 114,558 | $ 117,115 | $ 111,485 | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 461,375 | $ 421,682 | $ 424,502 |
Operating income: | |||||||||||
Operating income | 22,801 | 18,561 | 23,208 | 22,570 | 20,770 | 11,058 | 4,275 | 7,902 | 87,140 | 44,005 | 60,761 |
Adjustments: | |||||||||||
Interest expense | (3,098) | (3,146) | (3,648) | (3,698) | (3,873) | (4,154) | (4,184) | (4,221) | (13,590) | (16,432) | (29,069) |
Loss from equity investment | (10) | (291) | (240) | (195) | (220) | (278) | (311) | 59 | (736) | (750) | (113) |
Other expense, net | (223) | (5,900) | 6 | 154 | (51) | (283) | 31 | (448) | (5,963) | (751) | (5,644) |
Income before provision for income taxes | $ 19,470 | $ 9,224 | $ 19,326 | $ 18,831 | $ 16,626 | $ 6,343 | $ (189) | $ 3,292 | 66,851 | 26,072 | 25,935 |
Depreciation and Amortization | |||||||||||
Total depreciation and amortization | 46,646 | 51,308 | 54,317 | ||||||||
Operating Segments | Wallboard | |||||||||||
Net Sales: | |||||||||||
Net Sales | 447,679 | 407,982 | 409,408 | ||||||||
Operating income: | |||||||||||
Operating income | 87,094 | 44,276 | 60,080 | ||||||||
Depreciation and Amortization | |||||||||||
Total depreciation and amortization | 45,561 | 50,150 | 53,114 | ||||||||
Operating Segments | Other | |||||||||||
Net Sales: | |||||||||||
Net Sales | 13,696 | 13,700 | 15,094 | ||||||||
Operating income: | |||||||||||
Operating income | 46 | (271) | 681 | ||||||||
Depreciation and Amortization | |||||||||||
Total depreciation and amortization | 1,085 | 1,158 | 1,203 | ||||||||
Adjustments | |||||||||||
Adjustments: | |||||||||||
Interest expense | (13,590) | (16,432) | (29,069) | ||||||||
Loss from equity investment | (736) | (750) | (113) | ||||||||
Other expense, net | $ (5,963) | $ (751) | $ (5,644) |
Segment Reporting - Net Sales b
Segment Reporting - Net Sales by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 118,217 | $ 114,558 | $ 117,115 | $ 111,485 | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 461,375 | $ 421,682 | $ 424,502 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 425,611 | 387,937 | 389,073 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 35,764 | $ 33,745 | $ 35,429 |
Segment Reporting - Assets by G
Segment Reporting - Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Fixed Assets | $ 307,838 | $ 326,407 |
Total Assets | 634,749 | 634,968 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Fixed Assets | 304,807 | 323,361 |
Total Assets | 617,050 | 617,878 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Fixed Assets | 3,031 | 3,046 |
Total Assets | $ 17,699 | $ 17,090 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - Recurring - Level 2 - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Natural Gas Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ (200) | $ 100 |
Tax on derivative instruments | 100 | $ 30 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,200 | |
Tax on derivative instruments | $ 600 |
Quarterly Data - Selected Quart
Quarterly Data - Selected Quarterly Data (Detail) $ / shares in Units, $ in Thousands, ft² in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)ft²$ / shares$ / Item | Sep. 30, 2016USD ($)ft²$ / shares$ / Item | Jun. 30, 2016USD ($)ft²$ / shares$ / Item | Mar. 31, 2016USD ($)ft²$ / shares$ / Item | 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, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 118,217 | $ 114,558 | $ 117,115 | $ 111,485 | $ 110,360 | $ 108,150 | $ 110,996 | $ 92,176 | $ 461,375 | $ 421,682 | $ 424,502 |
Cost of goods sold | 85,862 | 86,756 | 83,744 | 79,955 | 81,498 | 78,151 | 81,516 | 71,675 | 336,317 | 312,840 | 330,173 |
Selling and administrative | 9,554 | 9,241 | 10,163 | 8,960 | 8,092 | 9,008 | 9,363 | 8,428 | 37,918 | 34,891 | 33,568 |
Long Term Incentive Plan funded by Lone Star | 0 | 9,933 | 15,842 | 4,171 | 0 | 29,946 | 0 | ||||
Total costs and operating expenses | 95,416 | 95,997 | 93,907 | 88,915 | 89,590 | 97,092 | 106,721 | 84,274 | 374,235 | 377,677 | 363,741 |
Operating income | 22,801 | 18,561 | 23,208 | 22,570 | 20,770 | 11,058 | 4,275 | 7,902 | 87,140 | 44,005 | 60,761 |
Other expense, net | (223) | (5,900) | 6 | 154 | (51) | (283) | 31 | (448) | (5,963) | (751) | (5,644) |
Interest expense | (3,098) | (3,146) | (3,648) | (3,698) | (3,873) | (4,154) | (4,184) | (4,221) | (13,590) | (16,432) | (29,069) |
Income before losses from equity method investment and provision for income tax | 19,480 | 9,515 | 19,566 | 19,026 | 16,846 | 6,621 | 122 | 3,233 | 67,587 | 26,822 | 26,048 |
Losses from equity method investment | (10) | (291) | (240) | (195) | (220) | (278) | (311) | 59 | (736) | (750) | (113) |
Income before provision for income taxes | 19,470 | 9,224 | 19,326 | 18,831 | 16,626 | 6,343 | (189) | 3,292 | 66,851 | 26,072 | 25,935 |
Provision for income taxes | (6,879) | (3,014) | (6,604) | (6,330) | (6,023) | (2,104) | 63 | (1,272) | (22,827) | (9,336) | (10,044) |
Net income | $ 12,591 | $ 6,210 | $ 12,722 | $ 12,501 | $ 10,603 | $ 4,239 | $ (126) | $ 2,020 | $ 44,024 | $ 16,736 | $ 15,891 |
Net income per share: | |||||||||||
Basic (usd per share) | $ / shares | $ 0.32 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Diluted (usd per share) | $ / shares | $ 0.31 | $ 0.15 | $ 0.31 | $ 0.30 | $ 0.25 | $ 0.10 | $ 0 | $ 0.05 | $ 1.08 | $ 0.39 | $ 0.37 |
Net Sales Price | $ / Item | 141.61 | 144.34 | 144.86 | 144.62 | 148.37 | 153.05 | 156.85 | 157.46 | |||
Depreciation, Depletion and Amortization | $ 10,990 | $ 11,868 | $ 11,842 | $ 11,946 | $ 12,377 | $ 12,661 | $ 13,141 | $ 13,129 | |||
Wallboard | |||||||||||
Net income per share: | |||||||||||
Wallboard sales volume (msf) | ft² | 666 | 634 | 643 | 617 | 596 | 567 | 567 | 469 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 21, 2017 | Jan. 17, 2017 | Aug. 18, 2016 | May 31, 2014 | Apr. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 03, 2016 | Nov. 04, 2015 |
Subsequent Event [Line Items] | |||||||||
Stock repurchase program, increase in authorized amount | $ 50,000,000 | ||||||||
Stock repurchase program authorized amount (up to) | $ 100,000,000 | $ 50,000,000 | |||||||
London Interbank Offered Rate (LIBOR) | Term Loan Facility | First Lien Credit Agreement | |||||||||
Subsequent Event [Line Items] | |||||||||
Decrease in basis spread, percentage | 0.50% | ||||||||
Debt, variable interest rate | 2.75% | 3.25% | 3.75% | 2.75% | 3.00% | ||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock repurchase program, increase in authorized amount | $ 100,000,000 | ||||||||
Stock repurchase program authorized amount (up to) | $ 200,000,000 | ||||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) | Term Loan Facility | First Lien Credit Agreement | |||||||||
Subsequent Event [Line Items] | |||||||||
Decrease in basis spread, percentage | 0.25% | ||||||||
Debt, variable interest rate | 2.50% | ||||||||
Estimated reduction in annual interest expense | $ 800,000 | ||||||||
Gypsum Contract [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Supply contract, term | 20 years |