TopBuild (BLD) 10-K 25 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 13, 2020	Jun. 28, 2019
Cover page.
Entity Registrant Name	TopBuild Corp
Entity Central Index Key	0001633931
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-36870
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3096382
Entity Address, Address Line One	475 North Williamson Boulevard
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	304-2200
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	BLD
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,486,521
Entity Public Float			$ 2.8
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 184,807	$ 100,929
Receivables, net of an allowance for doubtful accounts of $4,854 and $3,676 at December 31, 2019, and December 31, 2018, respectively	428,844	407,106
Inventories, net	149,078	168,977
Prepaid expenses and other current assets	17,098	27,685
Total current assets	779,827	704,697
Right of use assets	87,134
Property and equipment, net	178,080	167,961
Goodwill	1,367,918	1,364,016
Other intangible assets, net	181,122	199,387
Deferred tax assets, net	4,259	13,176
Other assets	5,623	5,294
Total assets	2,603,963	2,454,531
Current liabilities:
Accounts payable	307,970	313,172
Current portion of long-term debt	34,272	26,852
Accrued liabilities	98,418	104,236
Short-term lease liabilities	36,094
Total current liabilities	476,754	444,260
Long-term debt	697,955	716,622
Deferred tax liabilities, net	175,263	176,212
Long-term portion of insurance reserves	45,605	43,434
Long-term lease liabilities	54,010
Other liabilities	1,487	1,905
Total liabilities	1,451,074	1,382,433
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2019 and December 31, 2018
Common stock, $0.01 par value: 250,000,000 shares authorized; 38,884,530 shares issued and 33,489,769 outstanding at December 31, 2019, and 38,676,586 shares issued and 34,573,596 outstanding at December 31, 2018	388	387
Treasury stock, 5,394,761 shares at December 31, 2019, and 4,102,990 shares at December 31, 2018, at cost	(330,018)	(216,607)
Additional paid-in capital	849,657	846,451
Retained earnings	632,862	441,867
Total equity	1,152,889	1,072,098
Total liabilities and equity	$ 2,603,963	$ 2,454,531

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 4,854	$ 3,676
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	38,884,530	38,676,586
Common stock, shares outstanding	33,489,769	34,573,596
Treasury stock, shares at cost	5,394,761	4,102,990

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 2,624,121	$ 2,384,249	$ 1,906,266
Cost of sales	1,942,854	1,808,097	1,445,157
Gross profit	681,267	576,152	461,109
Selling, general, and administrative expense (exclusive of significant legal settlement show separately below)	391,744	367,199	294,245
Significant legal settlement			30,000
Operating profit	289,523	208,953	136,864
Other income (expense), net:
Interest expense	(37,823)	(28,687)	(8,019)
Loss on extinguishment of debt			(1,086)
Other, net	2,078	558	281
Other expense, net	(35,745)	(28,129)	(8,824)
Income before income taxes	253,778	180,824	128,040
Income tax (expense) benefit	(62,783)	(46,072)	30,093
Net income	$ 190,995	$ 134,752	$ 158,133
Net income per common share:
Basic (in dollars per share)	$ 5.65	$ 3.86	$ 4.41
Diluted (in dollars per share)	$ 5.56	$ 3.78	$ 4.32
Weighted average shares outstanding:
Basic (in shares)	33,806,104	34,921,318	35,897,641
Diluted (in shares)	34,376,555	35,613,319	36,572,146

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows Provided by (Used in) Operating Activities:
Net income	$ 190,995,000	$ 134,752,000	$ 158,133,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,700,000	39,419,000	16,453,000
Share-based compensation	13,658,000	11,317,000	9,889,000
Loss on extinguishment of debt			1,086,000
Loss on sale or abandonment of property and equipment	1,399,000	1,204,000	998,000
Amortization of debt issuance costs	1,558,000	1,201,000	401,000
Provision for bad debt expense	7,065,000	3,240,000	3,231,000
Loss from inventory obsolescence	2,622,000	2,187,000	1,979,000
Deferred income taxes, net	8,888,000	12,936,000	(59,535,000)
Change in certain assets and liabilities
Receivables, net	(27,146,000)	(35,522,000)	(37,943,000)
Inventories, net	17,433,000	(23,297,000)	(14,901,000)
Prepaid expenses and other current assets	9,361,000	(8,360,000)	8,184,000
Accounts payable	(5,124,000)	29,687,000	17,936,000
Accrued liabilities	(2,690,000)	(660,000)	7,160,000
Other, net	1,058,000	(932,000)	121,000
Net cash provided by operating activities	271,777,000	167,172,000	113,192,000
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment	(45,536,000)	(52,504,000)	(25,308,000)
Acquisition of businesses, net of cash acquired of $15,756 in 2018	(6,952,000)	(500,202,000)	(84,090,000)
Proceeds from sale of property and equipment	2,321,000	849,000	603,000
Other, net	25,000	38,000	199,000
Net cash used in investing activities	(50,142,000)	(551,819,000)	(108,596,000)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt	14,989,000	526,604,000	250,000,000
Repayment of long-term debt	(27,793,000)	(18,399,000)	(186,250,000)
Payment of debt issuance costs		(7,819,000)	(2,150,000)
Proceeds from revolving credit facility		90,000,000	225,000,000
Repayment of revolving credit facility		(90,000,000)	(225,000,000)
Taxes withheld and paid on employees' equity awards	(12,951,000)	(5,465,000)	(4,764,000)
Repurchase of shares of common stock	(110,911,000)	(65,025,000)	(139,286,000)
Payment of contingent consideration	(1,091,000)	(841,000)
Net cash (used in) provided by financing activities	(137,757,000)	429,055,000	(82,450,000)
Cash and Cash Equivalents
Increase (decrease) for the period	83,878,000	44,408,000	(77,854,000)
Beginning of period	100,929,000	56,521,000	134,375,000
End of period	184,807,000	100,929,000	56,521,000
Supplemental disclosure of cash paid for:
Interest on long-term debt	36,244,000	23,733,000	6,423,000
Income taxes	43,310,000	39,010,000	22,580,000
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	128,838,000
Accruals for property and equipment	$ 542,000	$ 860,000	$ 1,123,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Acquisition, cash acquired	$ 15,756

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock at Cost	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2016	$ 385	$ (22,296)	$ 845,476	$ 148,982	$ 972,547
Increase (Decrease) in Stockholders' Equity
Net income				158,133	158,133
Share-based compensation			9,889		9,889
Issuance of restricted share awards under long-term equity incentive plan	1		(1)
Repurchase of shares pursuant to Repurchase Program		(39,286)			(39,286)
Repurchase of shares pursuant to ASR Agreement		(80,000)	(20,000)		(100,000)
Shares withheld to pay taxes on employees' equity awards			(4,764)		(4,764)
Balance at Dec. 31, 2017	386	(141,582)	830,600	307,115	996,519
Increase (Decrease) in Stockholders' Equity
Net income				134,752	134,752
Share-based compensation			11,317		11,317
Issuance of restricted share awards under long-term equity incentive plan	1		(1)
Repurchase of shares pursuant to the settlement of ASR Agreement		(20,000)	20,000
Repurchase of shares pursuant to Repurchase Program		(15,000)			(15,000)
Repurchase of shares pursuant to ASR Agreement		(40,025)	(10,000)		(50,025)
Shares withheld to pay taxes on employees' equity awards			(5,465)		(5,465)
Balance at Dec. 31, 2018	387	(216,607)	846,451	441,867	1,072,098
Increase (Decrease) in Stockholders' Equity
Net income				190,995	190,995
Share-based compensation			13,658		13,658
Issuance of restricted share awards under long-term equity incentive plan	1		(1)
Repurchase of shares pursuant to the settlement of ASR Agreement		(10,000)	10,000
Repurchase of shares pursuant to Repurchase Program		(60,886)			(60,886)
Repurchase of shares pursuant to ASR Agreement		(42,525)	(7,500)		(50,025)
Shares withheld to pay taxes on employees' equity awards			(12,951)		(12,951)
Balance at Dec. 31, 2019	$ 388	$ (330,018)	$ 849,657	$ 632,862	$ 1,152,889

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Issuance of restricted share awards under long-term equity incentive plan (in shares)	129,870	90,760	158,900
Repurchase of shares pursuant to the settlement of ASR Agreement (in shares)	176,327	13,657
Repurchase of shares pursuant to Repurchase Program (in shares)	722,943	252,946	858,393
Repurchase of shares of common stock pursuant to Accelerated Share Repurchase Program (in shares)	392,501	796,925	1,507,443
Number of shares withheld to pay taxes on employees' equity awards (in shares)	228,916	98,056	123,101

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. ​ We report our business in two segments: Installation and Distribution. Our Installation segment primarily installs insulation and other building products. Our Distribution segment primarily sells and distributes insulation and other building products. Our segments are based on our operating units, for which financial information is regularly evaluated by our Chief Operating Decision Maker. ​ Financial Statement Presentation. ​ Use of Estimates and Assumptions in the Preparation of Financial Statements. ​ Revenue Recognition. ​ We recognize revenue for our Installation segment over time as the related performance obligation is satisfied with respect to each particular order within a given customer’s contract. Progress toward complete satisfaction of the performance obligation is measured using a cost-to-cost measure of progress method. The cost input is based on the amount of material installed at that customer’s location and the associated labor costs, as compared to the total expected cost for the particular order. Revenue is recognized as the customer is able to receive and utilize the benefits provided by our services. Each contract contains one or more individual orders, which are based on services delivered. When a contract modification is made, typically the remaining goods or services are considered distinct and we recognize revenue for the modification as a separate performance obligation. When material and installation services are bundled in a contract, we combine these items into one performance obligation as the overall promise is to transfer the combined item. ​ Revenue from our Distribution segment is recognized when title to products and risk of loss transfers to our customers. This represents the point in time when the customer is able to direct the use of and obtain substantially all the benefits from the product. The determination of when control is deemed transferred depends on the shipping terms that are agreed upon in the contract. ​ At time of sale, we record estimated reductions to revenue for customer programs and incentive offerings, including special pricing and other volume-based incentives based on historical experience, which is continuously adjusted. The duration of our contracts with customers is relatively short, generally less than a 90-day period, therefore there is not a significant financing component when considering the determination of the transaction price which gets allocated to the individual performance obligations, generally based on standalone selling prices. Additionally, we consider shipping costs charged to a customer as a fulfillment cost rather than a promised service and expense as incurred. Sales taxes, when incurred, are recorded as a liability and excluded from revenue on a net basis. ​ We record a contract asset when we have satisfied our performance obligation prior to billing and a contract liability when a customer payment is received prior to the satisfaction of our performance obligation. The difference between the beginning and ending balances of our contract assets and liabilities primarily results from the timing of our performance and the customer’s payment. See Note 3 – Revenue Recognition . Income Taxes. ​ Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence. If, based upon all available evidence, both positive and negative, it is more likely than not (more than 50 percent likely) such deferred tax assets will not be realized, a valuation allowance is recorded. Significant weight is given to positive and negative evidence that is objectively verifiable. A company’s three year cumulative loss position is significant negative evidence in considering whether deferred tax assets are realizable and the accounting guidance restricts the amount of reliance we can place on projected taxable income to support the recovery of the deferred tax assets. ​ Only those income tax positions that have a greater than 50 percent likelihood of being sustained upon examination by taxing authorities are recognized. There is an increased potential for volatility in our effective tax rate because of future changes in the income tax environment and the inherent complexities of income tax law in the various jurisdictions. Accordingly, provisions for tax-related matters, including interest and penalties, could be recorded in income tax expense in the period revised assessments are made. ​ Cash and Cash Equivalents. ​ Receivables, net. ​ Inventories, net. ​ Property and Equipment, net. ​ We review our property and equipment as an event occurs or circumstances change that would more likely than not reduce the fair value of the property and equipment below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, we would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, we evaluate the remaining useful lives of property and equipment at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. ​ Depreciation. ​ Asset Class Estimated Useful Life Buildings and land improvements 20 – 40 years Software 3 – 6 years Company vehicles 3 – 8 years Equipment 6 – 10 years ​ Fair Value ​ Level 1: Quoted prices in active markets for identical assets or liabilities. ​ Level 2: Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities or other inputs that are observable or can be corroborated by market data. ​ Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. ​ Goodwill and Other Intangible Assets. ​ Determining market values using a discounted cash flow method requires us to make significant estimates and assumptions, including long term projections of cash flows, market conditions, and appropriate discount rates. Our judgments are based upon historical experience, current market trends, consultations with external valuation specialists and other information. In estimating future cash flows, we rely on internally generated long-range forecasts for sales and operating profits, including capital expenditures, and generally utilize a one to three percent long term assumed annual growth rate of cash flows for periods after the long-range forecast. An impairment loss is recognized to the extent that a reporting unit’s recorded goodwill exceeds the implied fair value of goodwill. ​ Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. We evaluate the remaining useful lives of amortizable intangible assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining periods of amortization. For additional information, see Note 5 – Goodwill and Other Intangibles ​ Insurance Reserves. of risks including, but not limited to, workers’ compensation, general liability, vehicle, and property liabilities. Our workers’ compensation insurance is primarily a high-deductible insurance program and our primary general liability insurance is a matching deductible program. We are insured for covered claims above the deductibles and retentions on an excess basis. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported claims through December 31, 2019 and 2018. The accruals are adjusted as new information develops or circumstances change that would affect the estimated liability. We also record an insurance receivable for claims that exceeded the stop loss limit included in other assets on our Consolidated Balance Sheets which offsets an equal liability included within the reserve amount recorded in other liabilities on our Consolidated Balance Sheets. At December 31, 2019 and 2018, the amount of this receivable liability ​ Advertising ​ Share-based Compensation. ​ ​ ​ ​ ​ ​ Award Type: Fair Value Determination Vesting Expense Expense Restricted Share Awards ​ ​ ​ ​ Service Condition Closing stock price on date of grant Ratably; 3 or 5 years Straight-line Fair value at grant date Performance Condition Closing stock price on date of grant Cliff; 3 years Straight-line; Evaluated quarterly; Market Condition Monte-Carlo Simulation Cliff; 3 years Straight-line; Fair value at grant date Stock Options† Black-Scholes Options Pricing Model Ratably; 3 or 5 years Straight-line Fair value at grant date †Stock options expire no later than 10 years after the grant date. ‡Expense is reversed if award is forfeited prior to vesting. ​ Debt Issuance Costs. ​ Leases ​ We elected certain practical expedients allowed under ASC 842 – Leases. As such, we did not reassess whether any existing contracts are or contain leases, the lease classification of existing leases, or the initial direct costs for any existing leases. In addition, we elected by class of underlying asset to not separate fixed non-lease components from the lease component. Further, for all leases with an initial term of 12 months or less, we elected not to record any right of use asset or lease liability. We declined the option to use hindsight in determining lease term, assessing likelihood that a lease purchase option will be exercised or in assessing impairment of right of use asset for all classes of assets. To initially measure our lease liability, we used our IBR at January 1, 2019 based on the remaining lease term for all existing leases. See Note 2 – Leases ​ Business Combinations ​ Reclassification of Prior Year Presentation. ​ Recently Issued Accounting Pronouncements Not Yet Adopted ​ In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses”. This guidance introduces a current expected credit loss (“CECL”) model for the recognition of impairment losses on financial assets, including trade receivables. The CECL model replaces current GAAP’s incurred loss model. Under CECL, companies will record an allowance through current earnings for the expected credit loss for the life of the financial asset upon initial recognition of the financial asset. This update is effective for us beginning January 1, 2020. We are currently evaluating the effect of adoption of this standard on our financial position and results of operations. The adoption of this standard will not have a material impact on our financial position and results of operations. ​ In January 2017 the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. This update is effective for us beginning January 1, 2020. The adoption of this standard will not have a material impact on our financial position and results of operations. ​ In August 2018 the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including adjustments to Level 3 fair value measurement disclosures as well as the removal of disclosures around Level 1 and Level 2 transfers. This update is effective for us beginning January 1, 2020. The adoption of this standard will not have a material impact on our financial position and results of operations. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. This standard simplifies the accounting for income taxes by removing certain exceptions to the general principles included in current guidance, as well as improving consistent application of and simplifying GAAP for other areas by clarifying and amending existing guidance. This update is effective for us beginning January 1, 2022, with early adoption permitted. We have not yet selected an adoption date, and we are currently evaluating the effect of adoption of this standard on our financial position and results of operations. ​

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases
Leases	2. LEASES ​ We have operating leases for our installation branch locations, distribution centers, our Branch Support Center in Daytona Beach, Florida, vehicles and certain equipment. In addition, we lease certain operating facilities from certain related parties, primarily former owners (and in certain cases, current management personnel) of companies acquired. These related party leases are immaterial to our consolidated statements of operations. As of December 31, 2019, we did not have any finance leases. ​ At the inception of a contract, we determine whether the contract is, or contains, a lease based on the unique facts and circumstances present. Our facilities operating leases have lease and non-lease fixed cost components, which we account for as one single lease component in calculating the present value of minimum lease payments. Variable lease and non-lease cost components are expensed as incurred and are primarily included in cost of sales on the accompanying consolidated statement of operations. ​ Operating lease payments are recognized as an expense in the consolidated statements of operations on a straight-line basis over the lease term, including future option periods the Company reasonably expects to exercise, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in later years. The difference between rent expense recognized and actual rental payments is typically represented as the spread between the ROU asset and lease liability. ​ We recognize a ROU asset and a lease liability at the lease commencement date. Our leases may include options to extend terminate ​ The lease liability is initially measured as the present value of the unpaid lease payments as of the lease commencement date. The lease liability is discounted based on our IBR at the time of initial adoption of ASU 2016-02 for all exiting leases or upon a modification to the lease term and at the time of lease commencement for all future leases. Our IBR includes significant assumptions regarding our secured borrowing rates obtained on equipment note issuances and adjustments for differences in the remaining lease term, underlying assets and market conditions for companies with similar credit qualities as well as interest rate index fluctuations. ​ The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The ROU asset is subsequently measured throughout the lease term as the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain vehicle lease agreements have residual value guarantees at the end of the lease which require us to return the asset with a specified percentage of the original or other calculated value. The components of lease expense were as follows and are primarily included in cost of sales on the accompanying consolidated statement of operations, in thousands: ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 Operating lease cost ​ $ 45,209 Short-term lease cost ​ ​ 12,552 Variable lease cost ​ ​ 6,985 Sublease income ​ ​ (574) Net lease cost ​ $ 64,172 ​ Future minimum lease payments under non-cancellable operating leases as of December 31, 2019 were as follows, in thousands: ​ ​ ​ ​ ​ Payments due by Period ​ 2020 ​ $ 39,500 2021 ​ ​ 26,547 2022 ​ ​ 16,675 2023 ​ ​ 8,650 2024 ​ ​ 4,426 2025 & Thereafter ​ ​ 5,500 Total future minimum lease payments ​ ​ 101,298 ​ ​ ​ ​ Less: imputed interest ​ ​ (11,194) ​ ​ ​ ​ Lease liability at December 31, 2019 ​ $ 90,104 ​ As of December 31, 2019, the weighted average remaining lease term was 3.4 years and the related lease liability was calculated using a weighted average discount rate of 4.2%. ​ The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying consolidated statement of cash flows, in thousands: ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 Cash paid for amounts included in the measurement of lease liabilities ​ $ 44,801 ​

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2019
Revenue Recognition
Revenue Recognition	​ 3. REVENUE RECOGNTION ​ Revenue is disaggregated between our Installation and Distribution segments and further based on market and product, as we believe this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following tables present our revenues disaggregated by market (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,483,218 ​ $ $655,208 ​ $ ($114,540) ​ $ 2,023,886 Commercial ​ ​ $423,512 ​ ​ $206,935 ​ ​ ($30,212) ​ ​ 600,235 Net sales ​ $ 1,906,730 ​ $ 862,143 ​ $ (144,752) ​ $ 2,624,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,352,022 ​ $ $637,399 ​ $ ($89,056) ​ $ 1,900,365 Commercial ​ ​ $328,945 ​ ​ $182,910 ​ ​ ($27,971) ​ ​ 483,884 Net sales ​ $ 1,680,967 ​ $ 820,309 ​ $ (117,027) ​ $ 2,384,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,032,669 ​ $ $569,241 ​ $ ($73,403) ​ $ 1,528,507 Commercial ​ ​ $248,627 ​ ​ $150,518 ​ ​ ($21,386) ​ ​ 377,759 Net sales ​ $ 1,281,296 ​ $ 719,759 ​ $ (94,789) ​ $ 1,906,266 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,485,356 ​ $ 712,959 ​ $ (114,679) ​ $ 2,083,636 Glass and windows ​ ​ 152,071 ​ ​ - ​ ​ - ​ ​ 152,071 Rain gutters ​ ​ 85,056 ​ ​ 88,003 ​ ​ (24,261) ​ ​ 148,798 All other ​ ​ 184,247 ​ ​ 61,181 ​ ​ (5,812) ​ ​ 239,616 Net sales ​ $ 1,906,730 ​ $ 862,143 ​ $ (144,752) ​ $ 2,624,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,297,931 ​ $ 665,387 ​ $ (90,323) ​ $ 1,872,995 Glass and windows ​ ​ 124,115 ​ ​ - ​ ​ - ​ ​ 124,115 Rain gutters ​ ​ 85,950 ​ ​ 82,080 ​ ​ (25,062) ​ ​ 142,968 All other ​ ​ 172,971 ​ ​ 72,842 ​ ​ (1,642) ​ ​ 244,171 Net sales ​ $ 1,680,967 ​ $ 820,309 ​ $ (117,027) ​ $ 2,384,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,005,632 ​ $ 591,721 ​ $ (72,763) ​ $ 1,524,590 Glass and windows ​ ​ 45,450 ​ ​ - ​ ​ - ​ ​ 45,450 Rain gutters ​ ​ 79,868 ​ ​ 64,966 ​ ​ (20,090) ​ ​ 124,744 All other ​ ​ 150,346 ​ ​ 63,072 ​ ​ (1,936) ​ ​ 211,482 Net sales ​ $ 1,281,296 ​ $ 719,759 ​ $ (94,789) ​ $ 1,906,266 ​ We recognize revenue for our Installation segment over time as the related performance obligation is satisfied with respect to each particular order within a given customer’s contract. Progress toward complete satisfaction of the performance obligation is measured using a cost-to-cost measure of progress method. The cost input is based on the amount of material installed at that customer’s location and the associated labor costs, as compared to the total expected cost for the particular order. Revenue is recognized as the customer is able to receive and utilize the benefits provided by our services. Each contract contain s one or more individual orders, which are based on services delivered. When a contract modification is made, typically the remaining goods or services are considered distinct and we recognize revenue for the modification as a separate performance obligation. When material and installation services are bundled in a contract, we combine these items into one performance obligation as the overall promise is to transfer the combined item. ​ Revenue from our Distribution segment is recognized when title to products and risk of loss transfers to our customers. This represents the point in time when the customer is able to direct the use of and obtain substantially all the benefits from the product. The determination of when control is deemed transferred depends on the shipping terms that are agreed upon in the contract. ​ At time of sale, we record estimated reductions to revenue for customer programs and incentive offerings, including special pricing and other volume-based incentives based on historical experience, which is continuously adjusted. The duration of our contracts with customers is relatively short, generally less than a 90 -day period, therefore there is not a significant financing component when considering the determination of the transaction price which gets allocated to the individual performance obligations, generally based on standalone selling prices. Additionally, we consider shipping costs charged to a customer as a fulfillment cost rather than a promised service and expense as incurred. Sales taxes, when incurred, are recorded as a liability and excluded from revenue on a net basis. We record a contract asset when we have satisfied our performance obligation prior to billing and a contract liability when a customer payment is received prior to the satisfaction of our performance obligation. The difference between the beginning and ending balances of our contract assets and liabilities primarily results from the timing of our performance and the customer’s payment. ​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed Consolidated ​ December 31, ​ December 31, ​ Balance Sheets ​ 2019 ​ 2018 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 57,153 ​ $ 61,339 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 16,139 ​ $ 19,963 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Property and Equipment	4. PROPERTY & EQUIPMENT ​ The following table sets forth our property and equipment by class as of December 31, 2019 and 2018, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2019 ​ 2018 Land and improvements ​ $ 7,597 ​ $ 7,649 Buildings ​ ​ 39,715 ​ ​ 38,933 Equipment ​ ​ 121,738 ​ ​ 115,261 Computer hardware and software ​ ​ 135,938 ​ ​ 132,719 Company vehicles ​ ​ 116,069 ​ ​ 94,896 ​ ​ ​ 421,057 ​ ​ 389,458 Less: Accumulated depreciation ​ ​ (242,977) ​ ​ (221,497) Total property and equipment, net ​ $ 178,080 ​ $ 167,961 ​ For additions to property and equipment as a result of 2018 acquisitions, see Note 17 – Business Combinations. ​ Total property and equipment, net as of December 31, 2018 excludes $0.9 million of assets held for sale related to a property acquired in the USI acquisition in which management committed to a plan of sale in the fourth quarter of 2018. These assets held for sale are included in prepaid expenses and other current assets on the Consolidated Balance Sheet as of December 31, 2018. These assets were sold during the second quarter of 2019 and no gain or loss was recognized on the sale. ​ Depreciation expense was $31.9 million, $23.7 million, and $13.5 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Other Intangibles
Goodwill and Other Intangibles	5. GOODWILL AND OTHER INTANGIBLES ​ We have two reporting units which are also our operating and reporting segments: Installation and Distribution. Both reporting units contain goodwill. Assets acquired and liabilities assumed are assigned to the applicable reporting unit based on whether the acquired assets and liabilities relate to the operations of and determination of the fair value of such unit. Goodwill assigned to the reporting unit is the excess of the fair value of the acquired business over the fair value of the individual assets acquired and liabilities assumed for the reporting unit. In the fourth quarters of 2019 and 2018, we performed annual assessments on our goodwill resulting in no impairment. ​ Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2018 ​ Additions ​ December 31, 2019 ​ Losses ​ December 31, 2019 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,679,654 ​ $ 3,935 ​ $ 1,683,589 ​ $ (762,021) ​ $ 921,568 Distribution ​ 446,383 ​ (33) ​ 446,350 ​ — ​ 446,350 Total goodwill ​ $ 2,126,037 ​ $ 3,902 ​ $ 2,129,939 ​ $ (762,021) ​ $ 1,367,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2017 ​ Additions ​ December 31, 2018 ​ Losses ​ December 31, 2018 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,422,920 ​ $ 256,734 ​ $ 1,679,654 ​ $ (762,021) ​ $ 917,633 Distribution ​ 416,287 ​ 30,096 ​ 446,383 ​ — ​ 446,383 Total goodwill ​ $ 1,839,207 ​ $ 286,830 ​ $ 2,126,037 ​ $ (762,021) ​ $ 1,364,016 ​ Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2019 December 31, 2018 ​ December 31, 2017 Gross definite-lived intangible assets $ 221,382 ​ $ 218,882 ​ $ 54,872 Accumulated amortization ​ (40,260) ​ ​ (19,495) ​ ​ (21,629) Net definite-lived intangible assets ​ 181,122 ​ ​ 199,387 ​ ​ 33,243 Indefinite-lived intangible assets not subject to amortization ​ — ​ ​ — ​ ​ — Other intangible assets, net $ 181,122 ​ $ 199,387 ​ $ 33,243 ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense $ 20,765 $ 15,752 ​ $ 2,994 ​ The following table sets forth the amortization expense related to the definite-lived intangible assets during each of the next five years, in thousands: ​ ​ ​ ​ ​ ​ Amortization 2020 ​ $ 20,900 2021 ​ ​ 20,737 2022 ​ ​ 19,913 2023 ​ ​ 19,101 2024 ​ ​ 19,076 ​ See Note 17 – Business Combinations ​ ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2019
Long-Term Debt
Long-Term Debt	6. LONG-TERM DEBT ​ The following table reconciles the principal balances of our outstanding debt to our Consolidated Balance Sheets, in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Principal debt balances: ​ 2019 2018 Senior Notes - 5.625% due May 2026 ​ ​ 400,000 ​ ​ 400,000 Term loan ​ ​ 305,625 ​ ​ 327,500 Equipment notes ​ ​ 33,525 ​ ​ 24,455 Unamortized debt issuance costs ​ ​ (6,923) ​ ​ (8,481) Total debt, net of unamortized debt issuance costs ​ ​ 732,227 ​ ​ 743,474 Less: current portion of long-term debt ​ ​ 34,272 ​ ​ 26,852 Total long-term debt ​ $ 697,955 ​ $ 716,622 ​ The following table sets forth our remaining principal payments for our outstanding debt balances as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 26,250 ​ 30,625 ​ 248,750 ​ — ​ — ​ — ​ 305,625 Equipment notes ​ ​ 8,022 ​ ​ 8,336 ​ ​ 8,661 ​ ​ 6,376 ​ ​ 2,130 ​ ​ — ​ ​ 33,525 Total ​ $ 34,272 ​ $ 38,961 ​ $ 257,411 ​ $ 6,376 ​ $ 2,130 ​ $ 400,000 ​ $ 739,150 ​ Amended Credit Agreement and Senior Secured Term Loan Facility On March 28, 2018, the Company executed an amendment to its credit agreement, which primarily facilitated the acquisition of USI by (i) extending until August 29, 2018, the period during which the Company could access the $100.0 million delayed draw term loan feature and (ii) providing that the Company could issue up to $500.0 million of Senior Notes in connection with its acquisition of USI. On May 1, 2018, the Company closed on its acquisition of USI. The acquisition was funded through net proceeds from the issuance of our Senior Notes on April 25, 2018 together with the net proceeds from the $100.0 million delayed draw term loan commitment accessed on May 1, 2018 under the Company’s Amended Credit Agreement. These funds were also used for the payment of related fees and expenses, as well as for general corporate purposes. ​ The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility (original borrowing) (a) $ 250,000 ​ Additional delayed draw term loan (b) $ 100,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (c) $ 200,000 ​ ​ ​ ​ ​ Revolving Facility $ 250,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (d) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (d) $ 20,000 ​ ​ ​ ​ ​ Interest rate as of December 31, 2019 ​ 2.95 % Scheduled maturity date ​ 5/05/2022 ​ (a) The Amended Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017. (b) On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition. (c) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). (d) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. ​ Interest payable on borrowings under the Amended Credit Agreement is based on an applicable margin rate plus, at our option, either: ● A base rate determined by reference to the highest of either (i) the federal funds rate plus 0.50 percent, (ii) Bank of America’s “prime rate,” or (iii) the LIBOR rate for U.S. dollar deposits with a term of one month , plus 1.00 percent; or ​ ​ ● A LIBOR rate determined by reference to the costs of funds for deposits in U.S. dollars for the interest period relevant to such borrowings. ​ The applicable margin rate is determined based on our Secured Leverage Ratio. In the case of base rate borrowings, the applicable margin rate ranges from 0.00 percent to 1.50 percent and in the case of LIBOR rate borrowings, the applicable margin ranges from 1.00 percent to 2.50 percent. Borrowings under the Amended Credit Agreement are prepayable at the Company’s option without premium or penalty. The Company is required to make prepayments with the net cash proceeds of certain asset sales and certain extraordinary receipts. ​ Revolving Facility The Company has outstanding standby letters of credit that secure our financial obligations related to our workers’ compensation, general insurance, and auto liability programs. These standby letters of credit, as well as any outstanding amount borrowed under our Revolving Facility, reduce the availability under the Revolving Facility. The following table summarizes our availability under the Revolving Facility, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, December 31, ​ 2019 2018 Revolving Facility ​ $ 250,000 ​ $ 250,000 Less: standby letters of credit ​ ​ (61,382) ​ ​ (59,288) Availability under Revolving Facility ​ $ 188,618 ​ $ 190,712 ​ We are required to pay commitment fees to the Lenders in respect of any unutilized commitments. The commitment fees range from 0.15 percent to 0.275 percent per annum, depending on our Secured Leverage Ratio. We must also pay customary fees on outstanding letters of credit. Senior Notes The Senior Notes are our senior unsecured obligations and bear interest at 5.625% per year, payable semiannually in arrears on May 1 and November 1 of each year, which began on November 1, 2018. The Senior Notes mature on May 1, 2026, unless redeemed early or repurchased. We have the right to redeem the Senior Notes under certain circumstances, and, if we undergo a change in control, we must make an offer to repurchase all of the Senior Notes then outstanding at a repurchase price equal to 101% of their aggregate principal amount, plus accrued and unpaid interest (if any) to, but not including, the repurchase date. ​ Equipment Notes During 2018, the Company executed $26.6 million of equipment notes for the purpose of financing the purchase of vehicles and equipment. During 2019, the Company issued additional equipment notes for $15.0 million. The Company’s equipment notes each have a five year tenor maturing from 2023 to 2024 and bear interest at fixed rates between 2.8% and 4.4% . ​ Covenant Compliance The indenture governing our Senior Notes contains customary restrictive covenants that, among other things, generally limit our ability to incur additional debt and issue preferred stock; to create liens; to pay dividends, acquire shares of capital stock, make payments on subordinated debt or make investments; to place limitations on distributions from certain subsidiaries; to issue guarantees; to issue or sell the capital stock of certain subsidiaries; to sell assets; to enter into transactions with affiliates; and to effect mergers. The Senior Notes indenture also contains customary events of default, subject in certain cases to grace and cure periods. Generally, if an event of default occurs and is continuing, the trustee under the indenture or the holders of at least 25% in aggregate principal amount of the Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all the Senior Notes immediately due and payable. The Senior Notes and related guarantees have not been registered under the Securities Act of 1933, and we are not required to register either the Senior Notes or the guarantees in the future. ​ The Amended Credit Agreement contains certain covenants that limit, among other things, the ability of the Company to incur additional indebtedness or liens; to make certain investments or loans; to make certain restricted payments; to enter into consolidations, mergers, sales of material assets, and other fundamental changes; to transact with affiliates; to enter into agreements restricting the ability of subsidiaries to incur liens or pay dividends; or to make certain accounting changes. The Amended Credit Agreement contains customary affirmative covenants and events of default. The Amended Credit Agreement requires us to maintain a Net Leverage Ratio and minimum FCCR throughout the term of the agreement. The following table sets forth the maximum Net Leverage Ratios and minimum FCCR required: ​ ​ ​ ​ ​ ​ Quarter Ending Maximum ​ Minimum June 30, 2018 through September 30, 2018 ​ 3.75:1.00 ​ 1.25:1.00 December 31, 2018 through June 30, 2019 ​ 3.50:1.00 ​ 1.25:1.00 September 30, 2019 and each fiscal quarter end thereafter ​ 3.25:1.00 ​ 1.25:1.00 ​ The following table outlines the key financial covenants effective for the period covered by this report: ​ ​ ​ ​ ​ ​ As of December 31, 2019 Maximum Net Leverage Ratio ​ 3.25:1.00 Minimum FCCR ​ 1.25:1.00 Compliance as of period end ​ In Compliance ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Fair Value Measurements	7. FAIR VALUE MEASUREMENTS ​ Fair Value on Recurring Basis ​ The carrying values of cash and cash equivalents, receivables, net, and accounts payable are considered to be representative of their respective fair values due to the short-term nature of these instruments. We measure our contingent consideration liabilities related to business combinations at fair value. For more information see Note 17 –Business Combinations. ​ Fair Value on Non-Recurring Basis ​ Fair value measurements were applied to our long-term debt portfolio. During all periods presented, there were no transfers between fair value hierarchical levels. ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Information
Segment Information	8. SEGMENT INFORMATION ​ Our reportable segments are Installation (TruTeam) and Distribution (Service Partners). ​ Our Installation segment installs insulation and other building products. We sell primarily to the residential new construction market, with increasing activity in both the commercial construction industry and repair/remodel of residential housing. In addition to insulation, we install other building products including rain gutters, glass and windows, afterpaint products, fireproofing, garage doors, fireplaces, shower enclosures and closet shelving. ​ Our Distribution segment sells and distributes insulation and other building products including rain gutters, fireplaces, closet shelving, and roofing materials. Distributed products are sold primarily to contractors and dealers (including lumber yards) from distribution centers in various parts of the United States. ​ Our segments are based on our operating units, for which financial information is regularly evaluated by our Chief Operating Decision Maker in determining resource allocation and assessing performance. The key performance metric we use to evaluate our businesses is segment operating profit. Operating profit for the individual segments includes corporate costs which are allocated to the segments based on various metrics including sales and headcount. ​ Intercompany sales from the Distribution segment to the Installation segment are recorded by the Distribution segment with a profit margin and by our Installation segment at cost. Key information by segment is as follows, for the years ended December 31, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales ​ Operating Profit (b) ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 Our operations by segment were (a): ​ ​ ​ ​ ​ ​ Installation (exclusive of significant legal settlement, shown separately below) ​ $ 1,906,730 ​ $ 1,680,967 ​ $ 1,281,296 ​ $ 253,230 ​ $ 196,986 ​ $ 139,316 Significant legal settlement (Installation segment) (c) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (30,000) Distribution ​ ​ 862,143 ​ ​ 820,309 ​ ​ 719,759 ​ ​ 90,388 ​ ​ 78,739 ​ ​ 68,733 Intercompany eliminations and other adjustments ​ ​ (144,752) ​ ​ (117,027) ​ ​ (94,789) ​ ​ (23,921) ​ ​ (20,899) ​ ​ (16,463) Total ​ $ 2,624,121 ​ $ 2,384,249 ​ $ 1,906,266 ​ ​ 319,697 ​ ​ 254,826 ​ ​ 161,586 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (30,174) ​ ​ (45,873) ​ ​ (24,722) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 289,523 ​ ​ 208,953 ​ ​ 136,864 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (35,745) ​ ​ (28,129) ​ ​ (8,824) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 253,778 ​ $ 180,824 ​ $ 128,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Additions Depreciation and Total Assets ​ 2019 2018 2017 2019 2018 2017 2019 2018 Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation $ 34,101 ​ $ 69,497 ​ $ 21,956 ​ $ 42,682 ​ $ 31,661 ​ $ 12,208 ​ $ 1,669,396 ​ $ 1,618,032 Distribution ​ 8,404 ​ ​ 11,121 ​ ​ 5,845 ​ ​ 8,245 ​ ​ 6,616 ​ ​ 3,561 ​ ​ 715,526 ​ ​ 698,337 Corporate ​ 2,993 ​ ​ 6,796 ​ ​ 1,620 ​ ​ 1,773 ​ ​ 1,142 ​ ​ 684 ​ ​ 219,041 ​ ​ 138,162 Total, as reported $ 45,498 ​ $ 87,414 ​ $ 29,421 ​ $ 52,700 ​ $ 39,419 ​ $ 16,453 ​ $ 2,603,963 ​ $ 2,454,531 ​ ​ (a) All of our operations are located in the U.S. (b) Segment operating profit includes an allocation of general corporate expenses attributable to the operating segments which is based on direct benefit or usage (such as salaries of corporate employees who directly support the segment). (c) Significant legal settlement expense of $30 million incurred for the year ended December 31, 2017, related to the settlement agreement with Owens Corning. For more information see Note 11 – Other Commitments and Contingencies (d) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. ​

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities
Accrued Liabilities	​ 9. ACCRUED LIABILITIES ​ The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2018 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 32,154 ​ $ 34,085 Insurance liabilities ​ ​ 22,506 ​ ​ 25,212 Deferred revenue ​ ​ 16,139 ​ ​ 19,963 Interest payable on long-term debt ​ ​ 3,966 ​ ​ 3,951 Other ​ ​ 23,653 ​ ​ 21,025 Total accrued liabilities ​ $ 98,418 ​ $ 104,236 ​

Employee Retirement Plans

Employee Retirement Plans	12 Months Ended
	Dec. 31, 2019
Employee Retirement Plans
Employee Retirement Plans	10. EMPLOYEE RETIREMENT PLANS ​ We provide a defined-contribution retirement plan for substantially all employees. In addition, we participate in 43 regional multi-employer pension plans, principally related to building trades; none of the plans are considered material. ​ The expense related to our participation in the retirement plans was as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2019 2018 2017 Defined contribution plans ​ $ 10,015 ​ $ 7,595 ​ $ 4,089 Multi-employer plans ​ ​ 13,241 ​ ​ 11,224 ​ ​ 8,677 ​ ​ $ 23,256 ​ $ 18,819 ​ $ 12,766 ​ The Pension Protection Act (“PPA”) defines a zone status for multi-employer pension plans. Plans in the green zone are at least 80 percent funded, plans in the yellow zone are at least 65 percent funded and plans in the red zone are generally less than 65 percent funded. ​ We participate in the Carpenters Pension Trust Fund for Northern California (“NCT”), which is our largest multi-employer plan expense and is in the red zone. The NCT has implemented a funding or rehabilitation plan in accordance with government requirements. Our contributions to NCT have not exceeded 1 percent of the total contributions to the plan. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identification ​ PPA Zone Status ​ Funding Plan ​ Contributions (in thousands) ​ Surcharge Pension Fund ​ Number/Plan Number ​ 2019 ​ 2018 ​ Pending / Implemented ​ 2019 ​ 2018 ​ 2017 ​ Imposed NCT ​ 94-6050970/001 ​ Red ​ Red ​ Yes ​ $3,810 ​ $3,319 ​ $2,319 ​ No ​

Other Commitments and Contingen

Other Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Other Commitments and Contingencies
Other Commitments and Contingencies	11. OTHER COMMITMENTS AND CONTINGENCIES ​ Litigation. ​ We are subject to certain claims, charges, litigation, and other proceedings in the ordinary course of our business, including those arising from or related to contractual matters, intellectual property, personal injury, environmental matters, product liability, product recalls, construction defects, insurance coverage, personnel and employment disputes, antitrust, and other matters, including class actions. We believe we have adequate defenses in these matters, and we do not believe that the ultimate outcome of these matters will have a material adverse effect on us. However, there is no assurance that we will prevail in any of these pending matters, and we could in the future incur judgments, enter into settlements of claims, or revise our expectations regarding the outcome of these matters, which could materially impact our liquidity and our results of operations. ​ Other Matters We also maintain indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. We occasionally use performance bonds to ensure completion of our work on certain larger customer contracts that can span multiple accounting periods. Performance bonds generally do not have stated expiration dates; rather, we are released from the bonds as the contractual performance is completed. We also have bonds outstanding for license and insurance. ​ The following table summarizes our outstanding performance, licensing, insurance and other bonds, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2018 Performance Bonds ​ $ 87,286 ​ $ 65,517 Licensing, insurance, and other bonds ​ ​ 25,309 ​ ​ 22,287 Total ​ $ 112,595 ​ $ 87,804 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	12. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 2019 ​ 2018 ​ 2017 Income before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 253,778 ​ $ 180,824 ​ $ 128,040 Income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ Currently payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ 46,320 ​ $ 25,980 ​ $ 25,003 State and local ​ ​ 7,575 ​ ​ 7,156 ​ ​ 4,438 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ ​ (543) ​ ​ 9,939 ​ ​ (61,024) State and local ​ ​ 9,431 ​ ​ 2,997 ​ ​ 1,490 ​ ​ $ 62,783 ​ $ 46,072 ​ $ (30,093) Deferred tax assets at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables, net ​ $ 1,720 ​ $ 1,313 ​ ​ ​ Inventories, net ​ ​ 1,388 ​ ​ 1,247 ​ ​ ​ Other assets, principally share-based compensation ​ ​ 2,894 ​ ​ 3,645 ​ ​ ​ Accrued liabilities ​ ​ 5,278 ​ ​ 6,141 ​ ​ ​ Lease Liability ​ ​ 9,167 ​ ​ — ​ ​ ​ Long-term liabilities ​ ​ 9,971 ​ ​ 10,109 ​ ​ ​ Long-term lease liability ​ ​ 13,645 ​ ​ — ​ ​ ​ Net operating loss carryforward ​ ​ 12,803 ​ ​ 17,317 ​ ​ ​ ​ ​ ​ 56,866 ​ ​ 39,772 ​ ​ ​ Deferred tax liabilities at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ ​ 22,062 ​ ​ — ​ ​ ​ Property and equipment, net ​ ​ 32,103 ​ ​ 28,203 ​ ​ ​ Intangibles, net ​ ​ 172,265 ​ ​ 172,996 ​ ​ ​ Other ​ ​ 1,440 ​ ​ 1,609 ​ ​ ​ ​ ​ ​ 227,870 ​ ​ 202,808 ​ ​ ​ Net deferred tax liability at December 31 ​ $ 171,004 ​ $ 163,036 ​ ​ ​ ​ The Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and became effective January 1, 2018. The Tax Act, among other things, reduced the U.S. federal corporate tax rate from 35 percent to 21 percent. In addition, the Tax Act limited certain deductions. Some of the major changes from the Tax Act that have affected the Company’s effective tax rate include the elimination of the Domestic Production Activities Deduction; the elimination of deductions related to entertainment expenses; and increased limitations on the deductibility of officer compensation. ​ ASC 740, “Income Taxes” required us to adjust deferred tax assets and liabilities for the effect of tax rate changes in the period the rate change was enacted. Accordingly, the deferred tax balances were adjusted to reflect the change in the federal statutory rate from 35 percent to 21 percent in the fourth quarter of 2017. The adjustment resulted in a $74.1 million tax benefit in the U.S. Federal deferred tax expense for the year ending December 31, 2017. ​ A valuation allowance must be established for deferred tax assets when it is more-likely-than-not that they will not be realized. After review of all available positive and negative evidence, the Company has determined that no valuation allowance was required for the deferred tax assets as of December 31, 2019 or December 31, 2018. As of December 31, 2019, there are no valuation allowances in place. ​ At December 31, 2019, the net deferred tax liability of $171.0 million consisted of net long-term deferred tax assets of $4.3 million and net long-term deferred tax liabilities of $175.3 million. At December 31, 2018, the net deferred tax liability of $163.0 million consisted of net long-term deferred tax assets of $13.2 million and net long-term deferred tax liabilities of $176.2 million. The deferred assets and deferred liabilities show the State deferreds net of Federal benefit. ​ Of the deferred tax asset related to the net operating loss at December 31, 2019, $12.7 million will expire between 2021 and 2038. Of the deferred tax asset related to the net operating loss at December 31, 2018, $17.2 million will expire between 2021 and 2037. ​ A reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit) on income was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 ​ U.S. Federal statutory tax rate ​ 21.0 % ​ 21.0 % ​ 35.0 % State and local taxes, net of U.S. Federal tax benefit ​ 5.3 ​ ​ 4.5 ​ ​ 3.5 ​ Valuation allowance ​ — ​ ​ — ​ ​ — ​ Domestic Production Activities Deduction ​ — ​ ​ — ​ ​ (1.7) ​ Share based compensation ​ (2.2) ​ ​ (1.4) ​ ​ (2.3) ​ Non-deductible meals & entertainment ​ 0.3 ​ ​ 0.4 ​ ​ — ​ Non-deductible transaction costs ​ — ​ ​ 0.3 ​ ​ — ​ Effect of U.S. Federal tax rate change on deferred balances ​ — ​ ​ — ​ ​ (57.9) ​ Other, net ​ 0.3 ​ ​ 0.7 ​ ​ (0.6) ​ Effective tax rate ​ 24.7 % ​ 25.5 % ​ (24.0) % ​ The negative (beneficial) effective tax rate in 2017 is mostly related to the beneficial adjustment of $74.1 million included in the 2017 Federal deferred tax expense related to the adjustment of the deferred tax balances for the reduction of the Federal tax rate from 35 percent to 21 percent, enacted in December of 2017. ​ Share based compensation became a material factor in the Company’s effective tax rate beginning in 2017. A tax benefit of $6.3 million, $3.2 million and $2.9 million related to share based compensation was recognized in income tax expense for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively. ​ The Domestic Production Activities Deduction, under IRC §199, was eliminated under the Tax Act and had only become a material factor in the Company’s effective tax rate in 2016. ​ We file income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions. With few exceptions, we are no longer subject to income tax examinations on filed returns for years before 2016. ​ As of December 31, 2019, there are no liabilities related to uncertain tax positions. We have not incurred any interest or penalties related to uncertain tax positions not meeting the minimum statutory threshold to avoid payment of penalties in the year ended December 31, 2019.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2019
Net Income Per Share
Net Income Per Share	13. NET INCOME PER SHARE ​ Basic net income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents. ​ Diluted net income per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. ​ Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Net income (in thousands) - basic and diluted ​ $ 190,995 ​ $ 134,752 ​ $ 158,133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 33,806,104 ​ ​ 34,921,318 ​ ​ 35,897,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 87,159 ​ ​ 151,324 ​ ​ 221,497 RSAs with market-based conditions ​ ​ 189,044 ​ ​ 238,313 ​ ​ 185,069 RSAs with performance-based conditions ​ ​ 69,199 ​ ​ 20,432 ​ ​ — Stock options ​ ​ 225,049 ​ ​ 281,932 ​ ​ 267,939 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 34,376,555 ​ ​ 35,613,319 ​ ​ 36,572,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 5.65 ​ $ 3.86 ​ $ 4.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 5.56 ​ $ 3.78 ​ $ 4.32 ​ The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 3,948 ​ ​ 5,192 ​ ​ 458 RSAs with market-based conditions ​ ​ 4,925 ​ ​ 7,498 ​ ​ — RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — Stock options ​ ​ 54,435 ​ ​ 72,515 ​ ​ 45,308 Total anti-dilutive common stock equivalents ​ ​ 63,308 ​ ​ 85,205 ​ ​ 45,766 ​

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation.
Share-Based Compensation	14. SHARE-BASED COMPENSATION ​ Effective July 1, 2015, our eligible employees commenced participation in the 2015 Long-Term Incentive Program. The 2015 Long-Term Incentive Program authorizes the Board to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance awards, and dividend equivalents. All grants are made by issuing new shares and no more than 4.0 million shares of common stock may be issued under the 2015 Long-Term Incentive Program. As of December 31, 2019, we had 2.3 million shares remaining available for issuance under the 2015 Long-Term Incentive Program. ​ Share-based compensation expense is included in selling, general, and administrative expense. The income tax effect associated with share-based compensation awards is included in income tax expense. ​ The following table presents share-based compensation amounts recognized in our consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Share-based compensation expense ​ $ 13,658 ​ $ 11,317 ​ $ 9,889 Income tax benefit realized ​ $ 6,285 ​ $ 3,154 ​ $ 2,882 ​ The following table presents a summary of our share-based compensation activity for the year ended December 31, 2019, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs ​ Stock Options ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Aggregate Balance December 31, 2018 ​ 499.2 ​ $ 41.29 ​ 611.4 ​ $ 13.10 ​ $ 34.45 ​ $ 8,685.8 Granted ​ 250.6 ​ $ 67.37 ​ 103.5 ​ $ 21.16 ​ $ 58.08 ​ ​ ​ Converted/Exercised ​ (312.4) ​ $ 30.96 ​ (329.0) ​ $ 10.91 ​ $ 28.26 ​ $ 18,556.9 Forfeited ​ (25.8) ​ $ 58.65 ​ (9.7) ​ $ 20.28 ​ $ 54.62 ​ ​ ​ Expired ​ ​ ​ ​ ​ ​ (2.7) ​ $ 14.44 ​ $ 38.39 ​ ​ ​ Balance December 31, 2019 ​ 411.6 ​ $ 57.51 ​ 373.5 ​ $ 17.06 ​ $ 45.90 ​ $ 21,356.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable December 31, 2019 (a) ​ ​ ​ ​ 73.9 ​ $ 16.10 ​ $ 42.98 ​ $ 4,438.7 (a) The weighted average remaining contractual term for vested stock options is 6.9 years. ​ We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ ​ Unrecognized Compensation Expense ​ Weighted Average Unrecognized compensation expense related to unvested awards: ​ ​ ​ ​ ​ ​ RSAs ​ $ 8,221 ​ ​ 1.0 years Stock options ​ ​ 1,524 ​ ​ 0.7 years Total unrecognized compensation expense related to unvested awards ​ $ 9,745 ​ ​ ​ ​ Our RSAs with performance-based conditions are evaluated on a quarterly basis with adjustments to compensation expense based on the likelihood of the performance target being achieved or exceeded. The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payout Ranges and Related Expense RSAs with Performance-Based Conditions ​ Grant Date Fair Value ​ 0% ​ 25% ​ 100% ​ 200% February 21, 2017 ​ $ 1,816 ​ $ — ​ $ 454 ​ $ 1,816 ​ $ 3,632 February 19, 2018 ​ $ 2,052 ​ $ — ​ $ 513 ​ $ 2,052 ​ $ 4,104 February 18, 2019 ​ $ 2,488 ​ $ — ​ $ 622 ​ $ 2,488 ​ $ 4,976 ​ During the first quarter of 2020, RSAs with performance-based conditions that were granted on February 21, 2017 vested based on cumulative three-year achievement of 200%. Total compensation expense recognized over the three-year performance period, net of forfeitures, was $3.3 million. ​ The fair value of our RSAs with a market-based condition granted under the 2015 Long-Term Incentive Program was determined using a Monte Carlo simulation. ​ The following are key inputs in the Monte Carlo analysis for awards granted in 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ Measurement period (years) ​ ​ 2.87 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 2.50 % ​ ​ 2.36 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 80.74 ​ ​ $ 103.31 ​ ​ The fair value of stock options granted under the 2015 Long-Term Incentive Program was calculated using the Black-Scholes Options Pricing Model. ​ The following table presents the assumptions used to estimate the fair values of the stock options granted in 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ Risk free interest rate ​ ​ 2.59 % ​ ​ 2.78 % Expected volatility, using historical return volatility and implied volatility ​ ​ 32.50 % ​ ​ 32.50 % Expected life (in years) ​ ​ 6.0 ​ ​ ​ 6.0 ​ Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of stock options at grant date ​ $ 21.16 ​ ​ $ 27.44 ​ ​

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data
Quarterly Financial Data	15. QUARTERLY FINANCIAL DATA (UNAUDITED) ​ The following tables set forth our quarterly results for each quarter of the years ending December 31, 2019 and 2018, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Year (a) Net sales ​ $ 619,330 ​ $ 660,112 ​ $ 682,330 ​ $ 662,349 $ 2,624,121 Gross profit ​ ​ 155,695 ​ ​ 174,922 ​ ​ 179,331 ​ ​ 171,319 ​ ​ 681,267 Operating profit ​ ​ 56,618 ​ ​ 76,039 ​ ​ 80,445 ​ ​ 76,421 ​ ​ 289,523 Net income ​ ​ 37,983 ​ ​ 52,051 ​ ​ 54,976 ​ ​ 45,985 ​ ​ 190,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 1.11 ​ $ 1.53 ​ $ 1.63 ​ $ 1.38 ​ $ 5.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 1.09 ​ $ 1.51 ​ $ 1.60 ​ $ 1.36 ​ $ 5.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Year (a) Net sales ​ $ 491,444 $ 605,969 $ 647,289 $ 639,547 $ 2,384,249 Gross profit ​ ​ 111,018 ​ ​ 145,041 ​ ​ 161,865 ​ ​ 158,226 ​ ​ 576,152 Operating profit ​ ​ 33,893 ​ ​ 43,681 ​ ​ 66,217 ​ ​ 65,161 ​ ​ 208,953 Net income ​ ​ 26,388 ​ ​ 27,153 ​ ​ 42,658 ​ ​ 38,553 ​ ​ 134,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 0.75 ​ $ 0.77 ​ $ 1.22 ​ $ 1.12 ​ $ 3.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 0.74 ​ $ 0.76 ​ $ 1.19 ​ $ 1.10 ​ $ 3.78 (a) Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.

Closure Costs

Closure Costs	12 Months Ended
	Dec. 31, 2019
Closure Costs
Closure Costs	16. CLOSURE COSTS We generally recognize expenses related to closures and position eliminations at the time of announcement or notification. Such costs include termination and other severance benefits, lease abandonment costs, and other transition costs. Closure costs are reflected in our Consolidated Statements of Operations as selling, general, and administrative expense. In our Consolidated Balance Sheets, accrued severance closure costs are reflected as accrued liabilities and accrued lease abandonment costs are reflected as short-term and long-term lease liabilities. In connection with the acquisition of USI, management performed an evaluation of the resources necessary to effectively operate the acquired business. During the second quarter of 2018, management committed to a plan to close the USI corporate office in St. Paul, Minnesota, and consolidate certain administrative functions to our Daytona Beach, Florida, Branch Support Center. As a result, the Company incurred approximately $6.9 million of closure costs in connection with The following table details our total estimated closure costs, by cost type, pertaining to the above closure and transition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment / Cost Type Closure Costs Liability at December 31, 2018 Closure Costs Incurred for the Year Ended December 31, 2019 Cash Payments for the Year Ended December 31, 2019 Non-Cash Adjustments for the Year Ended December 31, 2019 Closure Costs Liability at December 31, 2019 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ $ 3,065 ​ ​ 239 ​ ​ (3,232) ​ ​ (72) ​ $ — Lease abandonment ​ ​ 301 ​ ​ — ​ ​ (200) ​ ​ 229 ​ ​ 330 Total Corporate: ​ $ 3,366 ​ $ 239 ​ $ (3,432) ​ $ 157 ​ $ 330 ​ The remaining lease abandonment liability will be paid monthly through lease expiration on September 30, 2021. Non-cash adjustments in the table above relate to true-up of estimates to actual amounts and other subsequent changes.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business Combinations
Business Combinations	17. BUSINESS COMBINATIONS ​ As part of our strategy to supplement our organic growth and expand our access to additional markets and products, we completed three acquisitions during 2018 and one acquisition in 2019. Each acquisition was accounted for as a business combination under ASC 805, “Business Combinations.” Acquisition related costs for the years ended December 31, 2019 and 2018, were $0.1 million and $14.4 million, respectively. Acquisition costs are included in selling, general, and administrative expense in our Consolidated Statements of Operations. ​ Acquisitions ​ On January 10, 2018, we acquired ADO, a distributor of insulation accessories, located in Plymouth, Minnesota. The purchase price of approximately $23.0 million was funded by cash on hand of $22.2 million and contingent consideration of $0.8 million. On January 18, 2018, we acquired substantially all of the assets of Santa Rosa, a residential and commercial insulation company located in Miami, Florida. The purchase price of approximately $5.8 million was funded by cash on hand of $5.6 million and contingent consideration of $0.2 million. On May 1, 2018, we acquired USI, a leading distributor and installer of insulation in both residential and commercial construction markets. Our payment of $486.5 million, which included the purchase price of $475.0 million and adjustments for cash and working capital, was funded through net proceeds from the issuance on April 25, 2018 of $400.0 million of Senior Notes together with the net proceeds from the $100.0 million delayed draw term loan commitment under our Amended Credit Agreement. For additional information see Note 6 – Long-Term Debt ​ On July 15, 2019, we acquired Viking, an insulation company located in Burbank, California. The purchase price of approximately $7.7 million was funded by cash on hand of $6.5 million and contingent consideration of $1.2 million. ​ Revenue and net income since the respective 2018 acquisition dates included in our Consolidated Statements of Operations were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ Net Sales ​ Net Income ADO ​ ​ 27,055 ​ ​ 380 Santa Rosa ​ ​ 9,097 ​ ​ 1,155 USI ​ ​ 378,689 ​ ​ 34,120 ​ ​ $ 414,841 ​ $ 35,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ Net Sales Net Income ADO ​ ​ 24,766 ​ ​ 252 Santa Rosa ​ ​ 6,034 ​ ​ 602 USI ​ ​ 266,280 ​ ​ 15,982 ​ ​ $ 297,080 ​ $ 16,836 ​ Pro Forma Results ​ The following unaudited pro forma information has been prepared as if the 2018 acquisitions described above had taken place on January 1, 2017. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2017. Further, the pro forma information does not purport to be indicative of future financial operating results. The pro forma results for the year ended December 31, 2019 do not include any adjustments from our actual results as all 2018 acquisitions were wholly-owned for the entire period. Our pr ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ ​ Year Ended December 31, ​ 2019 ​ 2018 Net sales ​ $ 2,624,121 ​ $ 2,515,593 Net income ​ $ 190,995 ​ $ 144,755 ​ The following table details the additional expense included in the unaudited pro forma net income as if the 2018 acquisitions described above had taken place on January 1, 2017. Our pro forma results are presented below, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ ​ Year Ended December 31, ​ 2019 2018 Amortization of intangible assets ​ $ — ​ $ 5,025 Income tax expense (using 26.5% and 27.0% effective tax rate in 2019 and 2018, respectively) ​ $ — ​ $ 3,700 ​ Purchase Price Allocations ​ The estimated fair values of the assets acquired and liabilities assumed for the 2018 acquisitions, as well as the fair value of consideration transferred, approximated the following as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ Completed During the Year Ended December 31, 2018 ​ ADO Santa Rosa USI ​ Total Estimated fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 939 ​ $ — ​ $ 14,817 ​ $ 15,756 Accounts receivable ​ ​ 3,434 ​ ​ 1,433 ​ ​ 61,445 ​ ​ 66,312 Inventories ​ ​ 2,337 ​ ​ 104 ​ ​ 14,029 ​ ​ 16,470 Prepaid and other assets ​ ​ 135 ​ ​ 7 ​ ​ 3,439 ​ ​ 3,581 Property and equipment ​ ​ 951 ​ ​ 522 ​ ​ 33,126 ​ ​ 34,599 Intangible assets ​ ​ 14,090 ​ ​ 1,850 ​ ​ 165,400 ​ ​ 181,340 Goodwill ​ ​ 2,631 ​ ​ 3,014 ​ ​ 281,364 ​ ​ 287,009 Accounts payable ​ ​ (908) ​ ​ (1,099) ​ ​ (17,927) ​ ​ (19,934) Accrued liabilities ​ ​ (609) ​ ​ — ​ ​ (34,686) ​ ​ (35,295) Deferred tax liability ​ ​ — ​ ​ — ​ ​ (34,469) ​ ​ (34,469) Net assets acquired ​ $ 23,000 ​ $ 5,831 ​ $ 486,538 ​ $ 515,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ Completed During the Year Ended December 31, 2018 ​ ADO Santa Rosa USI Total Fair value of consideration transferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 22,172 ​ $ 5,831 ​ $ 486,538 ​ $ 514,541 Contingent consideration ​ ​ 828 ​ ​ — ​ ​ — ​ ​ 828 Total consideration transferred ​ $ 23,000 ​ $ 5,831 ​ $ 486,538 ​ $ 515,369 ​ Estimates of acquired intangible assets related to the 2018 acquisitions are as follows, as of December 31, 2019, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value Weighted Average Estimated Useful Life (Years) 2018 Acquisitions ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 168,820 ​ ​ 12 Trademarks and trade names ​ ​ 11,260 ​ ​ 9 Non-competition agreements ​ ​ 1,260 ​ ​ 5 Total intangible assets for 2018 acquisitions ​ $ 181,340 ​ ​ 11 ​ As third-party or internal valuations are finalized, certain tax aspects of the foregoing transactions are completed, and customer post-closing reviews are concluded, adjustments may be made to the fair value of assets acquired, and in some cases total purchase price, through the end of each measurement period, generally one year following the applicable acquisition date. Various insignificant adjustments to the fair value of assets acquired, and in some cases total purchase price, have been made to certain business combinations since the respective dates of acquisition. During the fourth quarter of 2018, we recorded measurement-period adjustments that increased goodwill by approximately $1.0 million, primarily for changes in the fair value of current assets. The impact of these adjustments to the consolidated statement of operations for the year ended December 31, 2018 was immaterial. ​ Goodwill to be recognized in connection with these acquisitions is attributable to the synergies expected to be realized and improvements in the businesses after the acquisitions. Of the $287.0 million of goodwill recorded from the 2018 acquisitions, $32.8 million is expected to be deductible for income tax purposes. ​ Contingent Consideration ​ On February 27, 2017, we acquired substantially all of the assets of EcoFoam, a residential and light commercial insulation installation company with locations in Colorado Springs and Denver, Colorado. The purchase price of approximately $22.3 million was funded by cash on hand of $20.2 million and contingent consideration of $2.1 million. The contingent consideration arrangement requires additional consideration to be paid by TopBuild to the sellers of EcoFoam based on EcoFoam’s attainment of annual revenue targets over a three-year period. The total amount of undiscounted contingent consideration which TopBuild may be required to pay under the arrangement is $2.5 million. The fair value of $2.1 million contingent consideration recognized on the acquisition date was estimated by applying the income approach using discounted cash flows. That measure is based on significant Level 3 inputs not observable in the market. The significant assumption includes a discount rate ​ The acquisition of ADO included a contingent consideration arrangement that requires additional consideration to be paid by TopBuild to the sellers of ADO based on the achievement of certain EBITDA thresholds over a two-year period. The range of the undiscounted amounts TopBuild may be required to pay under the contingent consideration agreement is between zero and $1.0 million. The fair value of the contingent consideration recognized on the acquisition date of $0.8 million was estimated by applying the income approach using discounted cash flows. That measure is based on significant Level 3 inputs not observable in the market. The significant assumption includes a discount rate ​ The acquisition of Santa Rosa included a contingent consideration arrangement that required additional consideration to be paid by TopBuild based on the achievement of a gross revenue target for 2018. The range of undiscounted amounts TopBuild could be required to pay under the contingent consideration was between zero and $0.25 million, which also represents the fair value recognized on the acquisition date. In the first quarter of 2019, we paid $0.25 million in full and had no remaining contingent consideration obligation related to Santa Rosa as of March 31, 2019. ​ Contingent consideration is recorded in the Consolidated Balance Sheets in accrued liabilities and other liabilities. Adjustments to the fair value of contingent consideration are reflected in selling, general, and administrative expense in the Consolidated Statements of Operations and are included in the acquisition related costs above. ​ The following table presents the fair value of contingent consideration as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EcoFoam ADO Santa Rosa Date of Acquisition ​ February 27, 2017 ​ January 10, 2018 ​ January 18, 2018 Fair value of contingent consideration recognized at acquisition date ​ $ 2,110 ​ $ 828 ​ $ 250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2018 ​ $ 1,573 ​ $ 343 ​ $ 250 Additions ​ ​ — ​ ​ — ​ ​ — Change in fair value of contingent consideration during the year ended December 31, 2019 ​ ​ 90 ​ ​ (343) ​ ​ — Payment of contingent consideration during the year ended December 31, 2019 ​ ​ (841) ​ ​ — ​ ​ (250) Liability balance for contingent consideration at December 31, 2019 ​ $ 822 ​ $ — ​ $ — ​

Share Repurchase Program

Share Repurchase Program	12 Months Ended
	Dec. 31, 2019
Share Repurchase Program
Share Repurchase Program	18. SHARE REPURCHASE PROGRAM ​ On February 22, 2019, our Board authorized the 2019 Repurchase Program, pursuant to which the Company may purchase up to $200.0 million of our common stock. Share repurchases may be executed through various means including, without limitation, open market purchases, privately negotiated transactions, accelerated share repurchase transactions or otherwise. The 2019 Share Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2019 Share Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. ​ Effective November 4, 2019, under the 2019 Repurchase program, we entered into the 2019 ASR Agreement. We paid BofA $50.0 million in exchange for an initial delivery of 392,501 shares of our common stock on November 5, 2019, representing an estimated 85% of the total number of shares we expected to receive under the 2019 ASR Agreement, at the time we entered into the agreement. The actual number of shares repurchased under the 2019 ASR Agreement will be based on the average of the daily volume-weighted average prices paid for our common stock during the term of the transaction, less an agreed discount, and subject to potential adjustments pursuant to the terms and conditions of the agreement. The final settlement of the transaction under the agreement is expected to occur no later than February 28, 2020. At final settlement, BofA may be required to deliver additional shares of common stock to us, or, under certain circumstances, we may be required to deliver shares of our common stock or to make a cash payment, at our election, to BofA. ​ Effective November 7, 2018, under the 2017 Repurchase Program, we entered into the 2018 ASR Agreement. We paid JPMorgan Chase Bank, N.A. $50.0 million in exchange for an initial delivery of 796,925 shares of our common stock on November 8, 2018, representing an estimated 85% of the total number of shares we expected to receive under the 2018 ASR Agreement, at the time we entered into the agreement. During the quarter ended March 31, 2019, we received an additional 176,327 shares of our common stock from JPMorgan Chase Bank, N.A., representing the final settlement of the 2018 ASR Agreement. We purchased a total of 973,252 shares of our common stock under the 2018 ASR Agreement at an average price per share of $51.37. ​ On May 5, 2017, under the 2017 Repurchase Program, we entered into the 2017 ASR Agreement. When the agreement became effective on July 5, 2017, we paid BofA $100.0 million in exchange for an initial delivery of 1.5 million shares of our common stock, representing an estimated 80% of the total number of shares we expected to receive under the 2017 ASR Agreement, at the time we entered into the agreement. During the quarter ended March 31, 2018, we received an additional 13,657 shares of our common stock from BofA, representing the final settlement of the 2017 ASR Agreement. We purchased a total of 1,521,100 shares of our common stock under the 2017 ASR Agreement at an average price per share of $65.74. ​ The following table sets forth our share repurchases under the 2019 and 2017 Repurchase Programs during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 Number of shares repurchased ​ ​ 1,291,771 (b) ​ ​ 1,063,528 (a) Share repurchase cost (in thousands) ​ $ 110,911 ​ $ 65,025 (a) (b) The ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events
Subsequent Events	​ 19. SUBSEQUENT EVENTS ​ On February 20, 2020, we acquired Cooper, a commercial glass company located in Marion, Arkansas. The acquisition was accounted for as a business combination under ASC 805, “Business Combinations.” The purchase price of approximately $11.5 million included $10.5 million funded by cash on hand and an additional $1.0 million contingent consideration. During the measurement period, we expect to receive additional detailed information to complete the purchase allocation. ​ On February 24, 2020, we acquired Hunter, an insulation company located in Long Island, New York. The acquisition was accounted for as a business combination under ASC 805, “Business Combinations.” The purchase price of approximately $9.1 million was funded by cash on hand. During the measurement period, we expect to receive additional detailed information to complete the purchase allocation. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Basis of Presentation and Financial Statement Presentation	Basis of Presentation. ​ We report our business in two segments: Installation and Distribution. Our Installation segment primarily installs insulation and other building products. Our Distribution segment primarily sells and distributes insulation and other building products. Our segments are based on our operating units, for which financial information is regularly evaluated by our Chief Operating Decision Maker. ​ Financial Statement Presentation. ​
Use of Estimates and Assumptions in the Preparation of Financial Statements	Use of Estimates and Assumptions in the Preparation of Financial Statements. ​
Revenue Recognition	Revenue Recognition. ​ We recognize revenue for our Installation segment over time as the related performance obligation is satisfied with respect to each particular order within a given customer’s contract. Progress toward complete satisfaction of the performance obligation is measured using a cost-to-cost measure of progress method. The cost input is based on the amount of material installed at that customer’s location and the associated labor costs, as compared to the total expected cost for the particular order. Revenue is recognized as the customer is able to receive and utilize the benefits provided by our services. Each contract contains one or more individual orders, which are based on services delivered. When a contract modification is made, typically the remaining goods or services are considered distinct and we recognize revenue for the modification as a separate performance obligation. When material and installation services are bundled in a contract, we combine these items into one performance obligation as the overall promise is to transfer the combined item. ​ Revenue from our Distribution segment is recognized when title to products and risk of loss transfers to our customers. This represents the point in time when the customer is able to direct the use of and obtain substantially all the benefits from the product. The determination of when control is deemed transferred depends on the shipping terms that are agreed upon in the contract. ​ At time of sale, we record estimated reductions to revenue for customer programs and incentive offerings, including special pricing and other volume-based incentives based on historical experience, which is continuously adjusted. The duration of our contracts with customers is relatively short, generally less than a 90-day period, therefore there is not a significant financing component when considering the determination of the transaction price which gets allocated to the individual performance obligations, generally based on standalone selling prices. Additionally, we consider shipping costs charged to a customer as a fulfillment cost rather than a promised service and expense as incurred. Sales taxes, when incurred, are recorded as a liability and excluded from revenue on a net basis. ​ We record a contract asset when we have satisfied our performance obligation prior to billing and a contract liability when a customer payment is received prior to the satisfaction of our performance obligation. The difference between the beginning and ending balances of our contract assets and liabilities primarily results from the timing of our performance and the customer’s payment. See Note 3 – Revenue Recognition .
Income Taxes	Income Taxes. ​ Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence. If, based upon all available evidence, both positive and negative, it is more likely than not (more than 50 percent likely) such deferred tax assets will not be realized, a valuation allowance is recorded. Significant weight is given to positive and negative evidence that is objectively verifiable. A company’s three year cumulative loss position is significant negative evidence in considering whether deferred tax assets are realizable and the accounting guidance restricts the amount of reliance we can place on projected taxable income to support the recovery of the deferred tax assets. ​ Only those income tax positions that have a greater than 50 percent likelihood of being sustained upon examination by taxing authorities are recognized. There is an increased potential for volatility in our effective tax rate because of future changes in the income tax environment and the inherent complexities of income tax law in the various jurisdictions. Accordingly, provisions for tax-related matters, including interest and penalties, could be recorded in income tax expense in the period revised assessments are made.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Receivables, net	Receivables, net.
Inventories, net	Inventories, net.
Property and Equipment, net	Property and Equipment, net. ​ We review our property and equipment as an event occurs or circumstances change that would more likely than not reduce the fair value of the property and equipment below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, we would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, we evaluate the remaining useful lives of property and equipment at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods.
Depreciation	Depreciation. ​ Asset Class Estimated Useful Life Buildings and land improvements 20 – 40 years Software 3 – 6 years Company vehicles 3 – 8 years Equipment 6 – 10 years
Fair Value	Fair Value ​ Level 1: Quoted prices in active markets for identical assets or liabilities. ​ Level 2: Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities or other inputs that are observable or can be corroborated by market data. ​ Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. ​ Determining market values using a discounted cash flow method requires us to make significant estimates and assumptions, including long term projections of cash flows, market conditions, and appropriate discount rates. Our judgments are based upon historical experience, current market trends, consultations with external valuation specialists and other information. In estimating future cash flows, we rely on internally generated long-range forecasts for sales and operating profits, including capital expenditures, and generally utilize a one to three percent long term assumed annual growth rate of cash flows for periods after the long-range forecast. An impairment loss is recognized to the extent that a reporting unit’s recorded goodwill exceeds the implied fair value of goodwill. ​ Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. We evaluate the remaining useful lives of amortizable intangible assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining periods of amortization. For additional information, see Note 5 – Goodwill and Other Intangibles ​
Insurance reserves	Insurance Reserves. of risks including, but not limited to, workers’ compensation, general liability, vehicle, and property liabilities. Our workers’ compensation insurance is primarily a high-deductible insurance program and our primary general liability insurance is a matching deductible program. We are insured for covered claims above the deductibles and retentions on an excess basis. The liabilities represent our best estimate of our costs, using generally accepted actuarial reserving methods, of the ultimate obligations for reported claims plus those incurred but not reported claims through December 31, 2019 and 2018. The accruals are adjusted as new information develops or circumstances change that would affect the estimated liability. We also record an insurance receivable for claims that exceeded the stop loss limit included in other assets on our Consolidated Balance Sheets which offsets an equal liability included within the reserve amount recorded in other liabilities on our Consolidated Balance Sheets. At December 31, 2019 and 2018, the amount of this receivable liability ​
Advertising	Advertising
Share-based Compensation	Share-based Compensation. ​ ​ ​ ​ ​ ​ Award Type: Fair Value Determination Vesting Expense Expense Restricted Share Awards ​ ​ ​ ​ Service Condition Closing stock price on date of grant Ratably; 3 or 5 years Straight-line Fair value at grant date Performance Condition Closing stock price on date of grant Cliff; 3 years Straight-line; Evaluated quarterly; Market Condition Monte-Carlo Simulation Cliff; 3 years Straight-line; Fair value at grant date Stock Options† Black-Scholes Options Pricing Model Ratably; 3 or 5 years Straight-line Fair value at grant date †Stock options expire no later than 10 years after the grant date. ‡Expense is reversed if award is forfeited prior to vesting.
Debt Issuance Costs	Debt Issuance Costs.
Leases	Leases ​ We elected certain practical expedients allowed under ASC 842 – Leases. As such, we did not reassess whether any existing contracts are or contain leases, the lease classification of existing leases, or the initial direct costs for any existing leases. In addition, we elected by class of underlying asset to not separate fixed non-lease components from the lease component. Further, for all leases with an initial term of 12 months or less, we elected not to record any right of use asset or lease liability. We declined the option to use hindsight in determining lease term, assessing likelihood that a lease purchase option will be exercised or in assessing impairment of right of use asset for all classes of assets. To initially measure our lease liability, we used our IBR at January 1, 2019 based on the remaining lease term for all existing leases. See Note 2 – Leases
Business Combinations	Business Combinations ​
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation. ​
Recently Adopted and Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted ​ In June 2016 the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses”. This guidance introduces a current expected credit loss (“CECL”) model for the recognition of impairment losses on financial assets, including trade receivables. The CECL model replaces current GAAP’s incurred loss model. Under CECL, companies will record an allowance through current earnings for the expected credit loss for the life of the financial asset upon initial recognition of the financial asset. This update is effective for us beginning January 1, 2020. We are currently evaluating the effect of adoption of this standard on our financial position and results of operations. The adoption of this standard will not have a material impact on our financial position and results of operations. ​ In January 2017 the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. This update is effective for us beginning January 1, 2020. The adoption of this standard will not have a material impact on our financial position and results of operations. ​ In August 2018 the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including adjustments to Level 3 fair value measurement disclosures as well as the removal of disclosures around Level 1 and Level 2 transfers. This update is effective for us beginning January 1, 2020. The adoption of this standard will not have a material impact on our financial position and results of operations. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes”. This standard simplifies the accounting for income taxes by removing certain exceptions to the general principles included in current guidance, as well as improving consistent application of and simplifying GAAP for other areas by clarifying and amending existing guidance. This update is effective for us beginning January 1, 2022, with early adoption permitted. We have not yet selected an adoption date, and we are currently evaluating the effect of adoption of this standard on our financial position and results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Estimated useful lives	​ Asset Class Estimated Useful Life Buildings and land improvements 20 – 40 years Software 3 – 6 years Company vehicles 3 – 8 years Equipment 6 – 10 years
Summary of award types and accounting policies	​ ​ ​ ​ ​ ​ Award Type: Fair Value Determination Vesting Expense Expense Restricted Share Awards ​ ​ ​ ​ Service Condition Closing stock price on date of grant Ratably; 3 or 5 years Straight-line Fair value at grant date Performance Condition Closing stock price on date of grant Cliff; 3 years Straight-line; Evaluated quarterly; Market Condition Monte-Carlo Simulation Cliff; 3 years Straight-line; Fair value at grant date Stock Options† Black-Scholes Options Pricing Model Ratably; 3 or 5 years Straight-line Fair value at grant date †Stock options expire no later than 10 years after the grant date. ‡Expense is reversed if award is forfeited prior to vesting.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases
Schedule of components of lease expense	The components of lease expense were as follows and are primarily included in cost of sales on the accompanying consolidated statement of operations, in thousands: ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 Operating lease cost ​ $ 45,209 Short-term lease cost ​ ​ 12,552 Variable lease cost ​ ​ 6,985 Sublease income ​ ​ (574) Net lease cost ​ $ 64,172
Schedule of future minimum lease payments	Future minimum lease payments under non-cancellable operating leases as of December 31, 2019 were as follows, in thousands: ​ ​ ​ ​ ​ Payments due by Period ​ 2020 ​ $ 39,500 2021 ​ ​ 26,547 2022 ​ ​ 16,675 2023 ​ ​ 8,650 2024 ​ ​ 4,426 2025 & Thereafter ​ ​ 5,500 Total future minimum lease payments ​ ​ 101,298 ​ ​ ​ ​ Less: imputed interest ​ ​ (11,194) ​ ​ ​ ​ Lease liability at December 31, 2019 ​ $ 90,104
Schedule of cash flow information	The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying consolidated statement of cash flows, in thousands: ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 Cash paid for amounts included in the measurement of lease liabilities ​ $ 44,801

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue Recognition
Schedule of revenues disaggregated by market and product	The following tables present our revenues disaggregated by market (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,483,218 ​ $ $655,208 ​ $ ($114,540) ​ $ 2,023,886 Commercial ​ ​ $423,512 ​ ​ $206,935 ​ ​ ($30,212) ​ ​ 600,235 Net sales ​ $ 1,906,730 ​ $ 862,143 ​ $ (144,752) ​ $ 2,624,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,352,022 ​ $ $637,399 ​ $ ($89,056) ​ $ 1,900,365 Commercial ​ ​ $328,945 ​ ​ $182,910 ​ ​ ($27,971) ​ ​ 483,884 Net sales ​ $ 1,680,967 ​ $ 820,309 ​ $ (117,027) ​ $ 2,384,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Residential ​ $ $1,032,669 ​ $ $569,241 ​ $ ($73,403) ​ $ 1,528,507 Commercial ​ ​ $248,627 ​ ​ $150,518 ​ ​ ($21,386) ​ ​ 377,759 Net sales ​ $ 1,281,296 ​ $ 719,759 ​ $ (94,789) ​ $ 1,906,266 The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,485,356 ​ $ 712,959 ​ $ (114,679) ​ $ 2,083,636 Glass and windows ​ ​ 152,071 ​ ​ - ​ ​ - ​ ​ 152,071 Rain gutters ​ ​ 85,056 ​ ​ 88,003 ​ ​ (24,261) ​ ​ 148,798 All other ​ ​ 184,247 ​ ​ 61,181 ​ ​ (5,812) ​ ​ 239,616 Net sales ​ $ 1,906,730 ​ $ 862,143 ​ $ (144,752) ​ $ 2,624,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,297,931 ​ $ 665,387 ​ $ (90,323) ​ $ 1,872,995 Glass and windows ​ ​ 124,115 ​ ​ - ​ ​ - ​ ​ 124,115 Rain gutters ​ ​ 85,950 ​ ​ 82,080 ​ ​ (25,062) ​ ​ 142,968 All other ​ ​ 172,971 ​ ​ 72,842 ​ ​ (1,642) ​ ​ 244,171 Net sales ​ $ 1,680,967 ​ $ 820,309 ​ $ (117,027) ​ $ 2,384,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2017 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Eliminations ​ ​ Total Insulation and accessories ​ $ 1,005,632 ​ $ 591,721 ​ $ (72,763) ​ $ 1,524,590 Glass and windows ​ ​ 45,450 ​ ​ - ​ ​ - ​ ​ 45,450 Rain gutters ​ ​ 79,868 ​ ​ 64,966 ​ ​ (20,090) ​ ​ 124,744 All other ​ ​ 150,346 ​ ​ 63,072 ​ ​ (1,936) ​ ​ 211,482 Net sales ​ $ 1,281,296 ​ $ 719,759 ​ $ (94,789) ​ $ 1,906,266
Schedule of contract assets and contract liabilities with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed Consolidated ​ December 31, ​ December 31, ​ Balance Sheets ​ 2019 ​ 2018 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 57,153 ​ $ 61,339 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 16,139 ​ $ 19,963

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Schedule of property, plant and equipment	The following table sets forth our property and equipment by class as of December 31, 2019 and 2018, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2019 ​ 2018 Land and improvements ​ $ 7,597 ​ $ 7,649 Buildings ​ ​ 39,715 ​ ​ 38,933 Equipment ​ ​ 121,738 ​ ​ 115,261 Computer hardware and software ​ ​ 135,938 ​ ​ 132,719 Company vehicles ​ ​ 116,069 ​ ​ 94,896 ​ ​ ​ 421,057 ​ ​ 389,458 Less: Accumulated depreciation ​ ​ (242,977) ​ ​ (221,497) Total property and equipment, net ​ $ 178,080 ​ $ 167,961

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Other Intangibles
Changes in the carrying amount of goodwill by segment	​ Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2018 ​ Additions ​ December 31, 2019 ​ Losses ​ December 31, 2019 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,679,654 ​ $ 3,935 ​ $ 1,683,589 ​ $ (762,021) ​ $ 921,568 Distribution ​ 446,383 ​ (33) ​ 446,350 ​ — ​ 446,350 Total goodwill ​ $ 2,126,037 ​ $ 3,902 ​ $ 2,129,939 ​ $ (762,021) ​ $ 1,367,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2017 ​ Additions ​ December 31, 2018 ​ Losses ​ December 31, 2018 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,422,920 ​ $ 256,734 ​ $ 1,679,654 ​ $ (762,021) ​ $ 917,633 Distribution ​ 416,287 ​ 30,096 ​ 446,383 ​ — ​ 446,383 Total goodwill ​ $ 1,839,207 ​ $ 286,830 ​ $ 2,126,037 ​ $ (762,021) ​ $ 1,364,016
Schedule of other intangible assets	Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ December 31, 2019 December 31, 2018 ​ December 31, 2017 Gross definite-lived intangible assets $ 221,382 ​ $ 218,882 ​ $ 54,872 Accumulated amortization ​ (40,260) ​ ​ (19,495) ​ ​ (21,629) Net definite-lived intangible assets ​ 181,122 ​ ​ 199,387 ​ ​ 33,243 Indefinite-lived intangible assets not subject to amortization ​ — ​ ​ — ​ ​ — Other intangible assets, net $ 181,122 ​ $ 199,387 ​ $ 33,243 ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense $ 20,765 $ 15,752 ​ $ 2,994 ​ The following table sets forth the amortization expense related to the definite-lived intangible assets during each of the next five years, in thousands: ​ ​ ​ ​ ​ ​ Amortization 2020 ​ $ 20,900 2021 ​ ​ 20,737 2022 ​ ​ 19,913 2023 ​ ​ 19,101 2024 ​ ​ 19,076
Future amortization expense related to definite-lived intangible assets	​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Long-Term Debt
Reconciliation of principal balance of outstanding debt	The following table reconciles the principal balances of our outstanding debt to our Consolidated Balance Sheets, in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Principal debt balances: ​ 2019 2018 Senior Notes - 5.625% due May 2026 ​ ​ 400,000 ​ ​ 400,000 Term loan ​ ​ 305,625 ​ ​ 327,500 Equipment notes ​ ​ 33,525 ​ ​ 24,455 Unamortized debt issuance costs ​ ​ (6,923) ​ ​ (8,481) Total debt, net of unamortized debt issuance costs ​ ​ 732,227 ​ ​ 743,474 Less: current portion of long-term debt ​ ​ 34,272 ​ ​ 26,852 Total long-term debt ​ $ 697,955 ​ $ 716,622
Schedule of remaining principal payments of debt	The following table sets forth our remaining principal payments for our outstanding debt balances as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 26,250 ​ 30,625 ​ 248,750 ​ — ​ — ​ — ​ 305,625 Equipment notes ​ ​ 8,022 ​ ​ 8,336 ​ ​ 8,661 ​ ​ 6,376 ​ ​ 2,130 ​ ​ — ​ ​ 33,525 Total ​ $ 34,272 ​ $ 38,961 ​ $ 257,411 ​ $ 6,376 ​ $ 2,130 ​ $ 400,000 ​ $ 739,150
Summary of key terms of Amended Credit Agreement	The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility (original borrowing) (a) $ 250,000 ​ Additional delayed draw term loan (b) $ 100,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (c) $ 200,000 ​ ​ ​ ​ ​ Revolving Facility $ 250,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (d) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (d) $ 20,000 ​ ​ ​ ​ ​ Interest rate as of December 31, 2019 ​ 2.95 % Scheduled maturity date ​ 5/05/2022 ​ (a) The Amended Credit Agreement provides for a term loan limit of $350.0 million; $250.0 million was drawn on May 5, 2017. (b) On May 1, 2018, the net proceeds from the $100.0 million delayed draw term loan were used to partially fund the USI acquisition. (c) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). (d) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
Schedule of availability under the Revolving Facility	The following table summarizes our availability under the Revolving Facility, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, December 31, ​ 2019 2018 Revolving Facility ​ $ 250,000 ​ $ 250,000 Less: standby letters of credit ​ ​ (61,382) ​ ​ (59,288) Availability under Revolving Facility ​ $ 188,618 ​ $ 190,712
Schedule of maximum Net Leverage Ratios and minimum FCCR	The following table sets forth the maximum Net Leverage Ratios and minimum FCCR required: ​ ​ ​ ​ ​ ​ Quarter Ending Maximum ​ Minimum June 30, 2018 through September 30, 2018 ​ 3.75:1.00 ​ 1.25:1.00 December 31, 2018 through June 30, 2019 ​ 3.50:1.00 ​ 1.25:1.00 September 30, 2019 and each fiscal quarter end thereafter ​ 3.25:1.00 ​ 1.25:1.00
Schedule of the key financial covenants	The following table outlines the key financial covenants effective for the period covered by this report: ​ ​ ​ ​ ​ ​ As of December 31, 2019 Maximum Net Leverage Ratio ​ 3.25:1.00 Minimum FCCR ​ 1.25:1.00 Compliance as of period end ​ In Compliance

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Information
Schedule of net sales and operating results by segment	Key information by segment is as follows, for the years ended December 31, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales ​ Operating Profit (b) ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 Our operations by segment were (a): ​ ​ ​ ​ ​ ​ Installation (exclusive of significant legal settlement, shown separately below) ​ $ 1,906,730 ​ $ 1,680,967 ​ $ 1,281,296 ​ $ 253,230 ​ $ 196,986 ​ $ 139,316 Significant legal settlement (Installation segment) (c) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (30,000) Distribution ​ ​ 862,143 ​ ​ 820,309 ​ ​ 719,759 ​ ​ 90,388 ​ ​ 78,739 ​ ​ 68,733 Intercompany eliminations and other adjustments ​ ​ (144,752) ​ ​ (117,027) ​ ​ (94,789) ​ ​ (23,921) ​ ​ (20,899) ​ ​ (16,463) Total ​ $ 2,624,121 ​ $ 2,384,249 ​ $ 1,906,266 ​ ​ 319,697 ​ ​ 254,826 ​ ​ 161,586 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (30,174) ​ ​ (45,873) ​ ​ (24,722) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 289,523 ​ ​ 208,953 ​ ​ 136,864 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (35,745) ​ ​ (28,129) ​ ​ (8,824) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 253,778 ​ $ 180,824 ​ $ 128,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Additions Depreciation and Total Assets ​ 2019 2018 2017 2019 2018 2017 2019 2018 Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation $ 34,101 ​ $ 69,497 ​ $ 21,956 ​ $ 42,682 ​ $ 31,661 ​ $ 12,208 ​ $ 1,669,396 ​ $ 1,618,032 Distribution ​ 8,404 ​ ​ 11,121 ​ ​ 5,845 ​ ​ 8,245 ​ ​ 6,616 ​ ​ 3,561 ​ ​ 715,526 ​ ​ 698,337 Corporate ​ 2,993 ​ ​ 6,796 ​ ​ 1,620 ​ ​ 1,773 ​ ​ 1,142 ​ ​ 684 ​ ​ 219,041 ​ ​ 138,162 Total, as reported $ 45,498 ​ $ 87,414 ​ $ 29,421 ​ $ 52,700 ​ $ 39,419 ​ $ 16,453 ​ $ 2,603,963 ​ $ 2,454,531 ​ ​ (a) All of our operations are located in the U.S. (b) Segment operating profit includes an allocation of general corporate expenses attributable to the operating segments which is based on direct benefit or usage (such as salaries of corporate employees who directly support the segment). (c) Significant legal settlement expense of $30 million incurred for the year ended December 31, 2017, related to the settlement agreement with Owens Corning. For more information see Note 11 – Other Commitments and Contingencies (d) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities
Schedule of components of accrued liabilities	The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2018 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 32,154 ​ $ 34,085 Insurance liabilities ​ ​ 22,506 ​ ​ 25,212 Deferred revenue ​ ​ 16,139 ​ ​ 19,963 Interest payable on long-term debt ​ ​ 3,966 ​ ​ 3,951 Other ​ ​ 23,653 ​ ​ 21,025 Total accrued liabilities ​ $ 98,418 ​ $ 104,236

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Employee Retirement Plans
Schedule of expense related to participation in retirement plans	The expense related to our participation in the retirement plans was as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2019 2018 2017 Defined contribution plans ​ $ 10,015 ​ $ 7,595 ​ $ 4,089 Multi-employer plans ​ ​ 13,241 ​ ​ 11,224 ​ ​ 8,677 ​ ​ $ 23,256 ​ $ 18,819 ​ $ 12,766
Schedule of contributions to the plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identification ​ PPA Zone Status ​ Funding Plan ​ Contributions (in thousands) ​ Surcharge Pension Fund ​ Number/Plan Number ​ 2019 ​ 2018 ​ Pending / Implemented ​ 2019 ​ 2018 ​ 2017 ​ Imposed NCT ​ 94-6050970/001 ​ Red ​ Red ​ Yes ​ $3,810 ​ $3,319 ​ $2,319 ​ No

Other Commitments and Conting_2

Other Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Other Commitments and Contingencies
Summary of outstanding bonds	The following table summarizes our outstanding performance, licensing, insurance and other bonds, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2019 2018 Performance Bonds ​ $ 87,286 ​ $ 65,517 Licensing, insurance, and other bonds ​ ​ 25,309 ​ ​ 22,287 Total ​ $ 112,595 ​ $ 87,804

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Schedule of income tax expense (benefit) and deferred tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ 2019 ​ 2018 ​ 2017 Income before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 253,778 ​ $ 180,824 ​ $ 128,040 Income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ Currently payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ 46,320 ​ $ 25,980 ​ $ 25,003 State and local ​ ​ 7,575 ​ ​ 7,156 ​ ​ 4,438 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ ​ (543) ​ ​ 9,939 ​ ​ (61,024) State and local ​ ​ 9,431 ​ ​ 2,997 ​ ​ 1,490 ​ ​ $ 62,783 ​ $ 46,072 ​ $ (30,093) Deferred tax assets at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables, net ​ $ 1,720 ​ $ 1,313 ​ ​ ​ Inventories, net ​ ​ 1,388 ​ ​ 1,247 ​ ​ ​ Other assets, principally share-based compensation ​ ​ 2,894 ​ ​ 3,645 ​ ​ ​ Accrued liabilities ​ ​ 5,278 ​ ​ 6,141 ​ ​ ​ Lease Liability ​ ​ 9,167 ​ ​ — ​ ​ ​ Long-term liabilities ​ ​ 9,971 ​ ​ 10,109 ​ ​ ​ Long-term lease liability ​ ​ 13,645 ​ ​ — ​ ​ ​ Net operating loss carryforward ​ ​ 12,803 ​ ​ 17,317 ​ ​ ​ ​ ​ ​ 56,866 ​ ​ 39,772 ​ ​ ​ Deferred tax liabilities at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ ​ 22,062 ​ ​ — ​ ​ ​ Property and equipment, net ​ ​ 32,103 ​ ​ 28,203 ​ ​ ​ Intangibles, net ​ ​ 172,265 ​ ​ 172,996 ​ ​ ​ Other ​ ​ 1,440 ​ ​ 1,609 ​ ​ ​ ​ ​ ​ 227,870 ​ ​ 202,808 ​ ​ ​ Net deferred tax liability at December 31 ​ $ 171,004 ​ $ 163,036 ​ ​ ​
Schedule of reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit)	A reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit) on income was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ ​ 2017 ​ U.S. Federal statutory tax rate ​ 21.0 % ​ 21.0 % ​ 35.0 % State and local taxes, net of U.S. Federal tax benefit ​ 5.3 ​ ​ 4.5 ​ ​ 3.5 ​ Valuation allowance ​ — ​ ​ — ​ ​ — ​ Domestic Production Activities Deduction ​ — ​ ​ — ​ ​ (1.7) ​ Share based compensation ​ (2.2) ​ ​ (1.4) ​ ​ (2.3) ​ Non-deductible meals & entertainment ​ 0.3 ​ ​ 0.4 ​ ​ — ​ Non-deductible transaction costs ​ — ​ ​ 0.3 ​ ​ — ​ Effect of U.S. Federal tax rate change on deferred balances ​ — ​ ​ — ​ ​ (57.9) ​ Other, net ​ 0.3 ​ ​ 0.7 ​ ​ (0.6) ​ Effective tax rate ​ 24.7 % ​ 25.5 % ​ (24.0) %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Net Income Per Share
Schedule of basic and diluted income per share	Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Net income (in thousands) - basic and diluted ​ $ 190,995 ​ $ 134,752 ​ $ 158,133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 33,806,104 ​ ​ 34,921,318 ​ ​ 35,897,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 87,159 ​ ​ 151,324 ​ ​ 221,497 RSAs with market-based conditions ​ ​ 189,044 ​ ​ 238,313 ​ ​ 185,069 RSAs with performance-based conditions ​ ​ 69,199 ​ ​ 20,432 ​ ​ — Stock options ​ ​ 225,049 ​ ​ 281,932 ​ ​ 267,939 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 34,376,555 ​ ​ 35,613,319 ​ ​ 36,572,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 5.65 ​ $ 3.86 ​ $ 4.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 5.56 ​ $ 3.78 ​ $ 4.32
Summary of shares excluded from the calculation of diluted income per share because their effect would have been anti-dilutive	The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 3,948 ​ ​ 5,192 ​ ​ 458 RSAs with market-based conditions ​ ​ 4,925 ​ ​ 7,498 ​ ​ — RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — Stock options ​ ​ 54,435 ​ ​ 72,515 ​ ​ 45,308 Total anti-dilutive common stock equivalents ​ ​ 63,308 ​ ​ 85,205 ​ ​ 45,766

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation
Schedule of share-based compensation expense and related income tax benefit	​ The following table presents share-based compensation amounts recognized in our consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Share-based compensation expense ​ $ 13,658 ​ $ 11,317 ​ $ 9,889 Income tax benefit realized ​ $ 6,285 ​ $ 3,154 ​ $ 2,882
Schedule of share-based compensation activity	The following table presents a summary of our share-based compensation activity for the year ended December 31, 2019, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs ​ Stock Options ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Aggregate Balance December 31, 2018 ​ 499.2 ​ $ 41.29 ​ 611.4 ​ $ 13.10 ​ $ 34.45 ​ $ 8,685.8 Granted ​ 250.6 ​ $ 67.37 ​ 103.5 ​ $ 21.16 ​ $ 58.08 ​ ​ ​ Converted/Exercised ​ (312.4) ​ $ 30.96 ​ (329.0) ​ $ 10.91 ​ $ 28.26 ​ $ 18,556.9 Forfeited ​ (25.8) ​ $ 58.65 ​ (9.7) ​ $ 20.28 ​ $ 54.62 ​ ​ ​ Expired ​ ​ ​ ​ ​ ​ (2.7) ​ $ 14.44 ​ $ 38.39 ​ ​ ​ Balance December 31, 2019 ​ 411.6 ​ $ 57.51 ​ 373.5 ​ $ 17.06 ​ $ 45.90 ​ $ 21,356.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable December 31, 2019 (a) ​ ​ ​ ​ 73.9 ​ $ 16.10 ​ $ 42.98 ​ $ 4,438.7 (a) The weighted average remaining contractual term for vested stock options is 6.9 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards	We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ ​ Unrecognized Compensation Expense ​ Weighted Average Unrecognized compensation expense related to unvested awards: ​ ​ ​ ​ ​ ​ RSAs ​ $ 8,221 ​ ​ 1.0 years Stock options ​ ​ 1,524 ​ ​ 0.7 years Total unrecognized compensation expense related to unvested awards ​ $ 9,745 ​ ​ ​
Schedule of key inputs used to estimate the fair value of awards	The following are key inputs in the Monte Carlo analysis for awards granted in 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ Measurement period (years) ​ ​ 2.87 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 2.50 % ​ ​ 2.36 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 80.74 ​ ​ $ 103.31 ​
Schedule of assumptions used to estimate the fair values of options granted	The following table presents the assumptions used to estimate the fair values of the stock options granted in 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2018 ​ Risk free interest rate ​ ​ 2.59 % ​ ​ 2.78 % Expected volatility, using historical return volatility and implied volatility ​ ​ 32.50 % ​ ​ 32.50 % Expected life (in years) ​ ​ 6.0 ​ ​ ​ 6.0 ​ Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of stock options at grant date ​ $ 21.16 ​ ​ $ 27.44 ​
Performance-based conditions | Restricted Stock Awards
Share-Based Compensation
Schedule of the range of payouts and the related expense for RSAs with performance-based conditions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payout Ranges and Related Expense RSAs with Performance-Based Conditions ​ Grant Date Fair Value ​ 0% ​ 25% ​ 100% ​ 200% February 21, 2017 ​ $ 1,816 ​ $ — ​ $ 454 ​ $ 1,816 ​ $ 3,632 February 19, 2018 ​ $ 2,052 ​ $ — ​ $ 513 ​ $ 2,052 ​ $ 4,104 February 18, 2019 ​ $ 2,488 ​ $ — ​ $ 622 ​ $ 2,488 ​ $ 4,976

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data
Schedule of quarterly financial information	The following tables set forth our quarterly results for each quarter of the years ending December 31, 2019 and 2018, in thousands, except per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Year (a) Net sales ​ $ 619,330 ​ $ 660,112 ​ $ 682,330 ​ $ 662,349 $ 2,624,121 Gross profit ​ ​ 155,695 ​ ​ 174,922 ​ ​ 179,331 ​ ​ 171,319 ​ ​ 681,267 Operating profit ​ ​ 56,618 ​ ​ 76,039 ​ ​ 80,445 ​ ​ 76,421 ​ ​ 289,523 Net income ​ ​ 37,983 ​ ​ 52,051 ​ ​ 54,976 ​ ​ 45,985 ​ ​ 190,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 1.11 ​ $ 1.53 ​ $ 1.63 ​ $ 1.38 ​ $ 5.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 1.09 ​ $ 1.51 ​ $ 1.60 ​ $ 1.36 ​ $ 5.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Q1 ​ Q2 ​ Q3 ​ Q4 ​ Total Year (a) Net sales ​ $ 491,444 $ 605,969 $ 647,289 $ 639,547 $ 2,384,249 Gross profit ​ ​ 111,018 ​ ​ 145,041 ​ ​ 161,865 ​ ​ 158,226 ​ ​ 576,152 Operating profit ​ ​ 33,893 ​ ​ 43,681 ​ ​ 66,217 ​ ​ 65,161 ​ ​ 208,953 Net income ​ ​ 26,388 ​ ​ 27,153 ​ ​ 42,658 ​ ​ 38,553 ​ ​ 134,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 0.75 ​ $ 0.77 ​ $ 1.22 ​ $ 1.12 ​ $ 3.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 0.74 ​ $ 0.76 ​ $ 1.19 ​ $ 1.10 ​ $ 3.78 (a) Due to rounding, the sum of quarterly results may not equal the total for the year. Additionally, quarterly and year-to-date computations of per share amounts are made independently.

Closure Costs (Tables)

Closure Costs (Tables)	12 Months Ended
	Dec. 31, 2019
Closure Costs Related to USI Acquisition
Closure Costs
Schedule of estimated closure costs by cost type	The following table details our total estimated closure costs, by cost type, pertaining to the above closure and transition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment / Cost Type Closure Costs Liability at December 31, 2018 Closure Costs Incurred for the Year Ended December 31, 2019 Cash Payments for the Year Ended December 31, 2019 Non-Cash Adjustments for the Year Ended December 31, 2019 Closure Costs Liability at December 31, 2019 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ $ 3,065 ​ ​ 239 ​ ​ (3,232) ​ ​ (72) ​ $ — Lease abandonment ​ ​ 301 ​ ​ — ​ ​ (200) ​ ​ 229 ​ ​ 330 Total Corporate: ​ $ 3,366 ​ $ 239 ​ $ (3,432) ​ $ 157 ​ $ 330

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations
Schedule of revenue and net income since acquisition date included in the Condensed Consolidated Statements of Operations	Revenue and net income since the respective 2018 acquisition dates included in our Consolidated Statements of Operations were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ Net Sales ​ Net Income ADO ​ ​ 27,055 ​ ​ 380 Santa Rosa ​ ​ 9,097 ​ ​ 1,155 USI ​ ​ 378,689 ​ ​ 34,120 ​ ​ $ 414,841 ​ $ 35,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2018 ​ ​ Net Sales Net Income ADO ​ ​ 24,766 ​ ​ 252 Santa Rosa ​ ​ 6,034 ​ ​ 602 USI ​ ​ 266,280 ​ ​ 15,982 ​ ​ $ 297,080 ​ $ 16,836 ​
Schedule of pro forma results	Our pr ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ ​ Year Ended December 31, ​ 2019 ​ 2018 Net sales ​ $ 2,624,121 ​ $ 2,515,593 Net income ​ $ 190,995 ​ $ 144,755
Schedule of additional expense included in the pro forma operating profit and net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited Pro Forma for the ​ ​ Year Ended December 31, ​ 2019 2018 Amortization of intangible assets ​ $ — ​ $ 5,025 Income tax expense (using 26.5% and 27.0% effective tax rate in 2019 and 2018, respectively) ​ $ — ​ $ 3,700
Schedule of estimated fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred	The estimated fair values of the assets acquired and liabilities assumed for the 2018 acquisitions, as well as the fair value of consideration transferred, approximated the following as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ Completed During the Year Ended December 31, 2018 ​ ADO Santa Rosa USI ​ Total Estimated fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 939 ​ $ — ​ $ 14,817 ​ $ 15,756 Accounts receivable ​ ​ 3,434 ​ ​ 1,433 ​ ​ 61,445 ​ ​ 66,312 Inventories ​ ​ 2,337 ​ ​ 104 ​ ​ 14,029 ​ ​ 16,470 Prepaid and other assets ​ ​ 135 ​ ​ 7 ​ ​ 3,439 ​ ​ 3,581 Property and equipment ​ ​ 951 ​ ​ 522 ​ ​ 33,126 ​ ​ 34,599 Intangible assets ​ ​ 14,090 ​ ​ 1,850 ​ ​ 165,400 ​ ​ 181,340 Goodwill ​ ​ 2,631 ​ ​ 3,014 ​ ​ 281,364 ​ ​ 287,009 Accounts payable ​ ​ (908) ​ ​ (1,099) ​ ​ (17,927) ​ ​ (19,934) Accrued liabilities ​ ​ (609) ​ ​ — ​ ​ (34,686) ​ ​ (35,295) Deferred tax liability ​ ​ — ​ ​ — ​ ​ (34,469) ​ ​ (34,469) Net assets acquired ​ $ 23,000 ​ $ 5,831 ​ $ 486,538 ​ $ 515,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Acquisitions ​ ​ Completed During the Year Ended December 31, 2018 ​ ADO Santa Rosa USI Total Fair value of consideration transferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 22,172 ​ $ 5,831 ​ $ 486,538 ​ $ 514,541 Contingent consideration ​ ​ 828 ​ ​ — ​ ​ — ​ ​ 828 Total consideration transferred ​ $ 23,000 ​ $ 5,831 ​ $ 486,538 ​ $ 515,369 ​
Schedule of estimates of acquired intangible assets related to the acquisitions	Estimates of acquired intangible assets related to the 2018 acquisitions are as follows, as of December 31, 2019, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value Weighted Average Estimated Useful Life (Years) 2018 Acquisitions ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 168,820 ​ ​ 12 Trademarks and trade names ​ ​ 11,260 ​ ​ 9 Non-competition agreements ​ ​ 1,260 ​ ​ 5 Total intangible assets for 2018 acquisitions ​ $ 181,340 ​ ​ 11
Schedule of fair value of contingent consideration	The following table presents the fair value of contingent consideration as of December 31, 2019, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EcoFoam ADO Santa Rosa Date of Acquisition ​ February 27, 2017 ​ January 10, 2018 ​ January 18, 2018 Fair value of contingent consideration recognized at acquisition date ​ $ 2,110 ​ $ 828 ​ $ 250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2018 ​ $ 1,573 ​ $ 343 ​ $ 250 Additions ​ ​ — ​ ​ — ​ ​ — Change in fair value of contingent consideration during the year ended December 31, 2019 ​ ​ 90 ​ ​ (343) ​ ​ — Payment of contingent consideration during the year ended December 31, 2019 ​ ​ (841) ​ ​ — ​ ​ (250) Liability balance for contingent consideration at December 31, 2019 ​ $ 822 ​ $ — ​ $ —

Share Repurchase Program (Table

Share Repurchase Program (Tables)	12 Months Ended
	Dec. 31, 2019
Share Repurchase Program
Schedule of share repurchase program	The following table sets forth our share repurchases under the 2019 and 2017 Repurchase Programs during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 Number of shares repurchased ​ ​ 1,291,771 (b) ​ ​ 1,063,528 (a) Share repurchase cost (in thousands) ​ $ 110,911 ​ $ 65,025 (a) (b) The

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2019segment
Summary of Significant Accounting Policies
Percentage Of Capital Distribution	100.00%
Number of reportable segments	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - PPE, Insurance and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance receivables
Insurance receivables	$ 5.3	$ 4.2
Insurance Liabilities
Insurance liability	5.3	4.2
Advertising
Advertising expense	$ 1.7	$ 1.7	$ 1.1
Buildings and land improvements | Minimum
Property and Equipment
Estimated Useful Life (in years)	20 years
Buildings and land improvements | Maximum
Property and Equipment
Estimated Useful Life (in years)	40 years
Software | Minimum
Property and Equipment
Estimated Useful Life (in years)	3 years
Software | Maximum
Property and Equipment
Estimated Useful Life (in years)	6 years
Company vehicles | Minimum
Property and Equipment
Estimated Useful Life (in years)	3 years
Company vehicles | Maximum
Property and Equipment
Estimated Useful Life (in years)	8 years
Equipment | Minimum
Property and Equipment
Estimated Useful Life (in years)	6 years
Equipment | Maximum
Property and Equipment
Estimated Useful Life (in years)	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2019
Stock Options | Minimum
Share-Based Compensation
Vesting period	3 years
Stock Options | Maximum
Share-Based Compensation
Vesting period	5 years
Expiration period	10 years
Service-based conditions | Restricted Stock Awards | Minimum
Share-Based Compensation
Vesting period	3 years
Service-based conditions | Restricted Stock Awards | Maximum
Share-Based Compensation
Vesting period	5 years
Performance-based conditions | Restricted Stock Awards
Share-Based Compensation
Vesting period	3 years
Performance-based conditions | Restricted Stock Awards | Minimum
Share-Based Compensation
Expense measurement, payout range (as percent)	0.00%
Performance-based conditions | Restricted Stock Awards | Maximum
Share-Based Compensation
Expense measurement, payout range (as percent)	200.00%
Market-based conditions | Restricted Stock Awards
Share-Based Compensation
Vesting period	3 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Recently Adopted Accounting Pronouncements
Right of use assets	$ 87,134
Lease liabilities	$ 90,104
Accounting Standards Update 2016-02
Recently Adopted Accounting Pronouncements
Cumulative adjustment to retained earnings on adoption of new accounting principle		$ 0
Restatement Adjustment | Accounting Standards Update 2016-02
Recently Adopted Accounting Pronouncements
Right of use assets		99,100
Lease liabilities		$ 101,600

Leases - Terms (Details)

Leases - Terms (Details)	12 Months Ended
	Dec. 31, 2019
Leases
Operating lease, option to extend	true
Operating lease, option to terminate	true

Leases - Components of lease ex

Leases - Components of lease expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Components of lease expense:
Operating lease cost	$ 45,209
Short-term lease cost	12,552
Variable lease cost	6,985
Sublease income	(574)
Net lease cost	$ 64,172

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Future minimum lease payments under non-cancellable operating leases:
2020	$ 39,500
2021	26,547
2022	16,675
2023	8,650
2024	4,426
2025 & Thereafter	5,500
Total future minimum lease payments	101,298
Less: imputed interest	(11,194)
Lease liability at December 31, 2019	$ 90,104

Leases - Cash flows and other (

Leases - Cash flows and other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases
Weighted average remaining lease term	3 years 4 months 24 days
Weighted average discount rate (as a percent)	4.20%
Cash paid for amounts included in the measurement of lease liabilities	$ 44,801

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition
Net sales	$ 662,349	$ 682,330	$ 660,112	$ 619,330	$ 639,547	$ 647,289	$ 605,969	$ 491,444	$ 2,624,121	$ 2,384,249	$ 1,906,266
Insulation and accessories
Revenue Recognition
Net sales									2,083,636	1,872,995	1,524,590
Glass and windows
Revenue Recognition
Net sales									152,071	124,115	45,450
Rain gutters
Revenue Recognition
Net sales									148,798	142,968	124,744
All other
Revenue Recognition
Net sales									239,616	244,171	211,482
Residential
Revenue Recognition
Net sales									2,023,886	1,900,365	1,528,507
Commercial
Revenue Recognition
Net sales									600,235	483,884	377,759
Operating Segment | Installation
Revenue Recognition
Net sales									1,906,730	1,680,967	1,281,296
Operating Segment | Installation | Insulation and accessories
Revenue Recognition
Net sales									1,485,356	1,297,931	1,005,632
Operating Segment | Installation | Glass and windows
Revenue Recognition
Net sales									152,071	124,115	45,450
Operating Segment | Installation | Rain gutters
Revenue Recognition
Net sales									85,056	85,950	79,868
Operating Segment | Installation | All other
Revenue Recognition
Net sales									184,247	172,971	150,346
Operating Segment | Installation | Residential
Revenue Recognition
Net sales									1,483,218	1,352,022	1,032,669
Operating Segment | Installation | Commercial
Revenue Recognition
Net sales									423,512	328,945	248,627
Operating Segment | Distribution
Revenue Recognition
Net sales									862,143	820,309	719,759
Operating Segment | Distribution | Insulation and accessories
Revenue Recognition
Net sales									712,959	665,387	591,721
Operating Segment | Distribution | Rain gutters
Revenue Recognition
Net sales									88,003	82,080	64,966
Operating Segment | Distribution | All other
Revenue Recognition
Net sales									61,181	72,842	63,072
Operating Segment | Distribution | Residential
Revenue Recognition
Net sales									655,208	637,399	569,241
Operating Segment | Distribution | Commercial
Revenue Recognition
Net sales									206,935	182,910	150,518
Intercompany Eliminations and Other Adjustments
Revenue Recognition
Net sales									(144,752)	(117,027)	(94,789)
Intercompany Eliminations and Other Adjustments | Insulation and accessories
Revenue Recognition
Net sales									(114,679)	(90,323)	(72,763)
Intercompany Eliminations and Other Adjustments | Rain gutters
Revenue Recognition
Net sales									(24,261)	(25,062)	(20,090)
Intercompany Eliminations and Other Adjustments | All other
Revenue Recognition
Net sales									(5,812)	(1,642)	(1,936)
Intercompany Eliminations and Other Adjustments | Residential
Revenue Recognition
Net sales									(114,540)	(89,056)	(73,403)
Intercompany Eliminations and Other Adjustments | Commercial
Revenue Recognition
Net sales									$ (30,212)	$ (27,971)	$ (21,386)

Revenue Recognition - Other (De

Revenue Recognition - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue Recognition
Customer contract period	90 days
Contract Liabilities
Deferred revenue	$ 16,139	$ 19,963
Receivables, net
Contract Assets
Receivables, unbilled	57,153	61,339
Accrued liabilities
Contract Liabilities
Deferred revenue	$ 16,139	$ 19,963

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment
Property, plant and equipment, gross		$ 421,057,000	$ 389,458,000
Less: Accumulated depreciation and property reserves		(242,977,000)	(221,497,000)
Total Property Plant & Equipment, net		178,080,000	167,961,000
Assets held for sale, excluded from property and equipment, net		900,000
Gain (Loss) on Disposition of Property Plant Equipment	$ 0	(1,399,000)	(1,204,000)	$ (998,000)
Depreciation expense		31,900,000	23,700,000	$ 13,500,000
Land and improvements
Property, Plant and Equipment
Property, plant and equipment, gross		7,597,000	7,649,000
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross		39,715,000	38,933,000
Equipment
Property, Plant and Equipment
Property, plant and equipment, gross		121,738,000	115,261,000
Computer hardware and software
Property, Plant and Equipment
Property, plant and equipment, gross		135,938,000	132,719,000
Company vehicles
Property, Plant and Equipment
Property, plant and equipment, gross		$ 116,069,000	$ 94,896,000

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Changes in the carrying amount of goodwill
Number of reporting units | item	2
Gross Goodwill, at beginning of period	$ 2,126,037	$ 1,839,207
Additions	3,902	286,830
Gross Goodwill, at end of period	2,129,939	2,126,037
Accumulated Impairment Losses	(762,021)	(762,021)
Net Goodwill	1,367,918	1,364,016
Impairment of goodwill	0	0
USI
Changes in the carrying amount of goodwill
Net Goodwill	281,364
Installation
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period	1,679,654	1,422,920
Additions	3,935	256,734
Gross Goodwill, at end of period	1,683,589	1,679,654
Accumulated Impairment Losses	(762,021)	(762,021)
Net Goodwill	921,568	917,633
Distribution
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period	446,383	416,287
Additions	(33)	30,096
Gross Goodwill, at end of period	446,350	446,383
Net Goodwill	$ 446,350	$ 446,383

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other intangible assets
Gross Definite-lived intangible assets	$ 221,382	$ 218,882	$ 54,872
Accumulated Amortization	(40,260)	(19,495)	(21,629)
Net definite-lived intangible assets	181,122	199,387	33,243
Other intangible assets, net	181,122	199,387	33,243
Amortization expense	$ 20,765	$ 15,752	$ 2,994

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Amortization expense (Details) $ in Thousands	Dec. 31, 2019USD ($)
Amortization expense related to the definite-lived intangible assets during each of the next five years
2020	$ 20,900
2021	20,737
2022	19,913
2023	19,101
2024	$ 19,076

Long-Term Debt - Reconciliation

Long-Term Debt - Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt
Long-term debt	$ 739,150
Unamortized debt issuance costs	(6,923)	$ (8,481)
Total debt, net of unamortized debt issuance costs	732,227	743,474
Less: current portion of long-term debt	34,272	26,852
Total long-term debt	$ 697,955	$ 716,622
Senior Notes
Long-Term Debt
Interest rate (as a percent)	5.625%	5.625%
Long-term debt	$ 400,000	$ 400,000
Term Loan Facility
Long-Term Debt
Long-term debt	305,625	327,500
Equipment Notes
Long-Term Debt
Long-term debt	$ 33,525	$ 24,455

Long-Term Debt - Schedule of de

Long-Term Debt - Schedule of debt maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Debt Maturity by Years:
2020	$ 34,272
2021	38,961
2022	257,411
2023	6,376
2024	2,130
Thereafter	400,000
Total principal maturities	739,150
Senior Notes
Schedule of Debt Maturity by Years:
Thereafter	400,000
Total principal maturities	400,000	$ 400,000
Term Loan Facility
Schedule of Debt Maturity by Years:
2020	26,250
2021	30,625
2022	248,750
Total principal maturities	305,625	327,500
Equipment Notes
Schedule of Debt Maturity by Years:
2020	8,022
2021	8,336
2022	8,661
2023	6,376
2024	2,130
Total principal maturities	$ 33,525	$ 24,455

Long-Term Debt - Key Terms of C

Long-Term Debt - Key Terms of Credit Agreement (Details) - USD ($) $ in Thousands	May 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 28, 2018	May 05, 2017
Long-Term Debt
Amount outstanding		$ 739,150
Term Loan Facility
Long-Term Debt
Amount outstanding		$ 305,625	$ 327,500
Senior Notes
Long-Term Debt
Interest rate (as a percent)		5.625%	5.625%
Amount outstanding		$ 400,000	$ 400,000
Equipment Notes
Long-Term Debt
Amount outstanding		33,525	24,455
Equipment notes issued		$ 15,000	26,600
Debt term		5 years
Equipment Notes | Minimum
Long-Term Debt
Interest rate (as a percent)		2.80%
Equipment Notes | Maximum
Long-Term Debt
Interest rate (as a percent)		4.40%
Revolving Facility
Long-Term Debt
Availability		$ 250,000	$ 250,000
Amended Credit Agreement
Long-Term Debt
Maximum amount of senior notes that may be issued under the credit agreement				$ 500,000
Additional term loan and/or revolver capacity available under incremental facility		$ 200,000
Scheduled maturity date		May 5, 2022
Amended Credit Agreement | Minimum
Long-Term Debt
Commitment fee (as a percent)		0.15%
Amended Credit Agreement | Maximum
Long-Term Debt
Commitment fee (as a percent)		0.275%
Amended Credit Agreement | Term Loan Facility
Long-Term Debt
Proceeds from delayed-draw term loan	$ 100,000
Availability		$ 250,000
Additional delayed draw term loan		100,000		$ 100,000
Maximum borrowing capacity including delayed draw feature		$ 350,000
Amount outstanding					$ 250,000
Amended Credit Agreement | Senior Notes
Long-Term Debt
Interest rate (as a percent)		5.625%
Amended Credit Agreement | Senior Notes | Change in Control Scenario
Long-Term Debt
Redemption price as a percentage of principal		101.00%
Amended Credit Agreement | Revolving Facility
Long-Term Debt
Availability		$ 250,000
Sublimit for issuance of letters of credit under Revolving Facility*		100,000
Sublimit for swingline loans under Revolving Facility*		$ 20,000
Interest rate		2.95%
Amended Credit Agreement | Base Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio		0.00%
Amended Credit Agreement | Base Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio		1.50%
Amended Credit Agreement | LIBOR Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio		1.00%
Amended Credit Agreement | LIBOR Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio		2.50%
Federal Funds Rate | Amended Credit Agreement | Base Rate Borrowings
Long-Term Debt
Basis spread		0.50%
LIBOR | Amended Credit Agreement | Base Rate Borrowings
Long-Term Debt
Basis spread		1.00%
Maturity of the reference rate		1 month

Long-Term Debt - Other (Details

Long-Term Debt - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Senior Notes | Event of Default Scenario | Amended Credit Agreement
Debt covenants
Minimum percentage of principal of debt holders to declare debt immediately due and payable	25.00%
Revolving Facility
Long-Term Debt
Revolving Facility	$ 250,000	$ 250,000
Less: standby letters of credit	(61,382)	(59,288)
Availability under Revolving Facility	188,618	$ 190,712
Revolving Facility | Amended Credit Agreement
Long-Term Debt
Revolving Facility	$ 250,000
Debt Covenants Term Period One | Amended Credit Agreement
Debt covenants
Maximum Net Leverage Ratio	3.75
Minimum FCCR	1.25
Debt Covenants Term Period Two | Amended Credit Agreement
Debt covenants
Maximum Net Leverage Ratio	3.50
Minimum FCCR	1.25
Debt Covenants Term Period Three | Amended Credit Agreement
Debt covenants
Maximum Net Leverage Ratio	3.25
Minimum FCCR	1.25

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value on Non-Recurring Basis
Amount outstanding	$ 739,150
Amount of transfers of assets and liabilities measured on a recurring and non-recurring basis between Levels 1, 2 and 3 of the fair value hierarchy	0	$ 0	$ 0
Senior Notes
Fair Value on Non-Recurring Basis
Amount outstanding	400,000	$ 400,000
Fair Value on Non-Recurring Basis | Level 1 fair value measurement | Senior Notes
Fair Value on Non-Recurring Basis
Fair value	$ 423,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment information
Net sales	$ 662,349	$ 682,330	$ 660,112	$ 619,330	$ 639,547	$ 647,289	$ 605,969	$ 491,444	$ 2,624,121	$ 2,384,249	$ 1,906,266
Operating profit	76,421	$ 80,445	$ 76,039	$ 56,618	65,161	$ 66,217	$ 43,681	$ 33,893	289,523	208,953	136,864
Significant legal settlement											(30,000)
Other expense, net									(35,745)	(28,129)	(8,824)
Income before income taxes									253,778	180,824	128,040
Property Additions									45,498	87,414	29,421
Depreciation and Amortization									52,700	39,419	16,453
Total Assets	2,603,963				2,454,531				2,603,963	2,454,531
Installation
Segment information
Significant legal settlement											(30,000)
Property Additions									34,101	69,497	21,956
Depreciation and Amortization									42,682	31,661	12,208
Total Assets	1,669,396				1,618,032				1,669,396	1,618,032
Distribution
Segment information
Property Additions									8,404	11,121	5,845
Depreciation and Amortization									8,245	6,616	3,561
Total Assets	715,526				698,337				715,526	698,337
Operating Segment
Segment information
Operating profit									319,697	254,826	161,586
Operating Segment | Installation
Segment information
Net sales									1,906,730	1,680,967	1,281,296
Operating profit									253,230	196,986	139,316
Operating Segment | Distribution
Segment information
Net sales									862,143	820,309	719,759
Operating profit									90,388	78,739	68,733
Intercompany Eliminations and Other Adjustments
Segment information
Net sales									(144,752)	(117,027)	(94,789)
Operating profit									(23,921)	(20,899)	(16,463)
Corporate
Segment information
General corporate expense, net									(30,174)	(45,873)	(24,722)
Property Additions									2,993	6,796	1,620
Depreciation and Amortization									1,773	1,142	$ 684
Total Assets	$ 219,041				$ 138,162				$ 219,041	$ 138,162

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued Liabilities
Salaries, wages, and commissions	$ 32,154	$ 34,085
Insurance liabilities	22,506	25,212
Deferred revenue	16,139	19,963
Interest payable on long-term debt	3,966	3,951
Other	23,653	21,025
Total accrued liabilities	$ 98,418	$ 104,236

Employees Retirement Plans - Pe

Employees Retirement Plans - Pension expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Employee Retirement Plans
Number of regional multi-employer pension plans in which the entity participates | item	43
Defined contribution plans	$ 10,015	$ 7,595	$ 4,089
Multi-employer plans	13,241	11,224	8,677
Total expense related to participation in retirement plans	$ 23,256	$ 18,819	$ 12,766

Employee Retirement Plans - Mul

Employee Retirement Plans - Multiemployer plans (Details) - NCT - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Retirement Plans
Contribution to NCT (as a percent of total plan contribution)	1.00%
Contributions by employer	$ 3,810	$ 3,319	$ 2,319

Other Commitments and Conting_3

Other Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Outstanding Bonds
Performance bonds		$ 87,286	$ 65,517
Licensing, insurance, and other bonds		25,309	22,287
Total bonds		$ 112,595	$ 87,804
Owens
Other Commitments and Contingencies
Settlement paid	$ 30,000

Income Taxes - Expense (benefit

Income Taxes - Expense (benefit) and deferred taxes (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Income from continuing operations before income taxes: US		$ 253,778	$ 180,824	$ 128,040
Currently payable:
U.S. Federal		46,320	25,980	25,003
State and local		7,575	7,156	4,438
Deferred:
U.S. Federal		(543)	9,939	(61,024)
State and local		9,431	2,997	1,490
Income Tax Expense (Benefit), Total		62,783	46,072	$ (30,093)
Deferred tax assets:
Receivables, net		1,720	1,313
Inventories, net		1,388	1,247
Other assets, principally share-based compensation		2,894	3,645
Accrued liabilities		5,278	6,141
Lease liability		9,167
Long-term liabilities		9,971	10,109
Long-term lease liability		13,645
Net operating loss carryforward		12,803	17,317
Total deferred tax assets, gross		56,866	39,772
Deferred tax liabilities:
Right of use assets		22,062
Property and equipment, net		32,103	28,203
Intangibles, net		172,265	172,996
Other		1,440	1,609
Total deferred tax liabilities, gross		227,870	202,808
Net deferred tax liability		$ 171,004	$ 163,036
Tax Act
Corporate tax rate (as a percent)	35.00%	21.00%	21.00%	35.00%
Tax benefit as a result of adjustment to deferred tax balances related to Tax Act				$ 74,100
Other disclosures
Net long-term deferred tax assets		$ 4,259	$ 13,176
Net long-term deferred tax liabilities		175,263	176,212
Deferred tax assets, operating loss carryforward, subject to expiration		$ 12,700	$ 17,200

Income Taxes - Other (Details)

Income Taxes - Other (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Reconciliation
U.S. Federal statutory tax rate (as a percent)	35.00%	21.00%	21.00%	35.00%
State and local taxes, net of U.S. Federal tax benefit (as a percent)		5.30%	4.50%	3.50%
Domestic Production Activities Deduction (as a percent)				(1.70%)
Share based compensation (as a percent)		(2.20%)	(1.40%)	(2.30%)
Non-deductible meals & entertainment (as a percent)		0.30%	0.40%
Non-deductible transaction costs (as a percent)			0.30%
Effect of U.S. Federal tax rate change on deferred balances (as a percent)				(57.90%)
Other, net (as a percent)		0.30%	0.70%	(0.60%)
Effective tax rate (as a percent)		24.70%	25.50%	(24.00%)
Other disclosures
Tax benefit related to share-based compensation		$ 6,285	$ 3,154	$ 2,882
Income taxes paid		43,310	$ 39,010	$ 22,580
Liabilities related to uncertain tax positions		$ 0

Net Income Per Share - Calculat

Net Income Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income - basic and diluted	$ 45,985	$ 54,976	$ 52,051	$ 37,983	$ 38,553	$ 42,658	$ 27,153	$ 26,388	$ 190,995	$ 134,752	$ 158,133
Weighted average number of common shares outstanding - basic									33,806,104	34,921,318	35,897,641
Dilutive effect of common stock equivalents:
Stock options									225,049	281,932	267,939
Weighted average number of common shares outstanding - diluted									34,376,555	35,613,319	36,572,146
Basic net income per common share	$ 1.38	$ 1.63	$ 1.53	$ 1.11	$ 1.12	$ 1.22	$ 0.77	$ 0.75	$ 5.65	$ 3.86	$ 4.41
Diluted net income per common share	$ 1.36	$ 1.60	$ 1.51	$ 1.09	$ 1.10	$ 1.19	$ 0.76	$ 0.74	$ 5.56	$ 3.78	$ 4.32
Service-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards									87,159	151,324	221,497
Market-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards									189,044	238,313	185,069
Performance-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards									69,199	20,432

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive common stock equivalents (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	63,308	85,205	45,766
Restricted Stock Awards | Service-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	3,948	5,192	458
Restricted Stock Awards | Market-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	4,925	7,498
Stock Options
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	54,435	72,515	45,308

Share-Based Compensation - Expe

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-Based Compensation
Share-based compensation expense	$ 13,658	$ 11,317	$ 9,889
Income tax benefit realized	$ 6,285	$ 3,154	$ 2,882
2015 Plan
Share-Based Compensation
Number of shares available	2.3
2015 Plan | Maximum
Share-Based Compensation
Number of shares authorized	4

Share-Based Compensation - Acti

Share-Based Compensation - Activity (Details) - USD ($)	Feb. 19, 2018	Feb. 21, 2017	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 18, 2019
Unrecognized share-based compensation expense
Restricted stock awards, Unrecognized compensation expense				$ 8,221,000
Restricted stock awards, Weighted average remaining vesting period				1 year
Stock options, Unrecognized compensation expense				$ 1,524,000
Stock options, Weighted average remaining vesting period				8 months 12 days
Total unrecognized compensation expense related to unvested awards				$ 9,745,000
Restricted Stock Awards
Restricted Stock Awards, Number of Shares
Balance at beginning of period (in shares)			411,600	499,200
Granted (in shares)				250,600
Converted/Exercised (in shares)				(312,400)
Forfeited (in shares)				(25,800)
Balance at end of period (in shares)				411,600	499,200
Restricted Stock Awards, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)			$ 57.51	$ 41.29
Granted (in dollars per share)				67.37
Converted/Exercised (in dollars per share)				30.96
Forfeited (in dollars per share)				58.65
Balance at end of period (in dollars per share)				$ 57.51	$ 41.29
Assumptions used to estimate the fair values of the awards granted:
Measurement period (years)				2 years 10 months 13 days	2 years 10 months 13 days
Risk free interest rate (as a percent)				2.50%	2.36%
Dividend yield (as a percent)				0.00%	0.00%
Estimated fair value of market-based RSAs at grant date (in dollars per share)				$ 80.74	$ 103.31
Stock Options
Stock Options, Number of Shares
Balance at beginning of period (in shares)			373,500	611,400
Granted (in shares)				103,500
Converted/Exercised (in shares)				(329,000)
Forfeited (in shares)				(9,700)
Expired (in shares)				(2,700)
Balance at end of period (in shares)				373,500	611,400
Stock Options, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)			$ 17.06	$ 13.10
Granted (in dollars per share)				21.16
Converted/Exercised (in dollars per share)				10.91
Forfeited (in dollars per share)				$ 20.28
Expired (in dollars per share)				14.44
Balance at end of period (in dollars per share)				$ 17.06	$ 13.10
Stock Options, Weighted Average Exercise Price Per Share
Balance at beginning of period (in dollars per share)			$ 45.90	34.45
Granted (in dollars per share)				58.08
Converted/Exercised (in dollars per share)				28.26
Forfeited (in dollars per share)				54.62
Expired (in dollars per share)				38.39
Balance at end of period (in dollars per share)				$ 45.90	$ 34.45
Stock options, additional disclosures
Aggregate intrinsic value				$ 21,356,400	$ 8,685,800
Converted/Exercised aggregate intrinsic value				$ 18,556,900
Exercisable, Number of shares				73,900
Exercisable, Weighted Average Grant Date Fair Value Per Share				$ 16.10
Exercisable Weighted Average Exercise Price Per Share				$ 42.98
Exercisable, Aggregate Intrinsic Value				$ 4,438,700
Weighted average remaining contractual term for vested stock options				6 years 10 months 24 days
Assumptions used to estimate the fair values of the awards granted:
Risk free interest rate (as a percent)				2.59%	2.78%
Expected volatility using historical return volatility and implied volatility (as a percent)				32.50%	32.50%
Expected life (in years)				6 years	6 years
Dividend yield (as a percent)				0.00%	0.00%
Estimated fair value of market-based RSAs at grant date (in dollars per share)				$ 21.16	$ 27.44
Performance-based conditions | Restricted Stock Awards
Restricted stock awards, additional disclosures
Grant date fair value	$ 2,052,000	$ 1,816,000
Related expenses						$ 2,488,000
Performance-based conditions | Restricted Stock Awards | Payout Range-0%
Restricted stock awards, additional disclosures
Payout range (as a percent)	0.00%	0.00%				0.00%
Performance-based conditions | Restricted Stock Awards | Payout Range-25%
Restricted stock awards, additional disclosures
Payout range (as a percent)	25.00%	25.00%				25.00%
Related expenses	$ 513,000	$ 454,000				$ 622,000
Performance-based conditions | Restricted Stock Awards | Payout Range-100%
Restricted stock awards, additional disclosures
Payout range (as a percent)	100.00%	100.00%				100.00%
Related expenses	$ 2,052,000	$ 1,816,000				$ 2,488,000
Performance-based conditions | Restricted Stock Awards | Payout Range-200%
Restricted stock awards, additional disclosures
Payout range (as a percent)	200.00%	200.00%				200.00%
Related expenses	$ 4,104,000	$ 3,632,000				$ 4,976,000
Performance-based conditions | RSAs granted on February 21, 2017 | Subsequent Event
Restricted stock awards, additional disclosures
Cumulative period of achievement			3 years
Cumulative achievement percentage			200.00%
Total compensation expense recognized over the performance period, net of forfeitures			$ 3,300,000

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data
Net sales	$ 662,349	$ 682,330	$ 660,112	$ 619,330	$ 639,547	$ 647,289	$ 605,969	$ 491,444	$ 2,624,121	$ 2,384,249	$ 1,906,266
Gross profit	171,319	179,331	174,922	155,695	158,226	161,865	145,041	111,018	681,267	576,152	461,109
Operating profit	76,421	80,445	76,039	56,618	65,161	66,217	43,681	33,893	289,523	208,953	136,864
Net income	$ 45,985	$ 54,976	$ 52,051	$ 37,983	$ 38,553	$ 42,658	$ 27,153	$ 26,388	$ 190,995	$ 134,752	$ 158,133
Basic net income per common share	$ 1.38	$ 1.63	$ 1.53	$ 1.11	$ 1.12	$ 1.22	$ 0.77	$ 0.75	$ 5.65	$ 3.86	$ 4.41
Diluted net income per common share	$ 1.36	$ 1.60	$ 1.51	$ 1.09	$ 1.10	$ 1.19	$ 0.76	$ 0.74	$ 5.56	$ 3.78	$ 4.32

Closure Costs (Details)

Closure Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Closure Costs
Closure costs, expected amount		$ 6,900
Closure costs	$ 200		$ 6,700
USI
Closure Costs
Closure Costs Liability, Beginning of Period	3,366	3,366
Closure Costs Incurred for the Period		239
Cash Payments for the Period		(3,432)
Non-Cash Adjustments for the period		157
Closure Costs Liability, Ending Balance		330	3,366
USI | Severance
Closure Costs
Closure Costs Liability, Beginning of Period	3,065	3,065
Closure Costs Incurred for the Period		239
Cash Payments for the Period		(3,232)
Non-Cash Adjustments for the period		(72)
Closure Costs Liability, Ending Balance			3,065
USI | Lease abandonment
Closure Costs
Closure Costs Liability, Beginning of Period	$ 301	301
Cash Payments for the Period		(200)
Non-Cash Adjustments for the period		229
Closure Costs Liability, Ending Balance		$ 330	$ 301

Business Combinations - Summary

Business Combinations - Summary and Pro Forma (Details) $ in Thousands	Jul. 15, 2019USD ($)	May 01, 2018USD ($)	Jan. 10, 2018USD ($)	Apr. 25, 2018USD ($)	Jan. 18, 2018USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Business Combinations
Number of acquisitions | item						1	3
Acquisition related costs						$ 100	$ 14,400
Pro Forma Results
Net sales						2,624,121	2,515,593
Net income						$ 190,995	144,755
Amortization of intangible assets							5,025
Income tax expense (using 26.5% and 27.0% effective tax rate in 2019 and 2018, respectively)							$ 3,700
ETR (as a percent)						26.50%	27.00%
Amended Credit Agreement | Term Loan Facility
Business Combinations
Proceeds from delayed-draw term loan		$ 100,000
2018 Acquisitions
Business Combinations
Purchase price						$ 515,369
Cash consideration						514,541
Contingent consideration						828
Revenue and Net Income Since Acquisition Date
Net Sales						414,841	$ 297,080
Net Income						35,655	16,836
ADO
Business Combinations
Purchase price			$ 23,000			23,000
Cash consideration			22,200			22,172
Contingent consideration			$ 800			828
Revenue and Net Income Since Acquisition Date
Net Sales						27,055	24,766
Net Income						380	252
Santa Rosa
Business Combinations
Purchase price					$ 5,800	5,831
Cash consideration					5,600	5,831
Contingent consideration					$ 200
Revenue and Net Income Since Acquisition Date
Net Sales						9,097	6,034
Net Income						1,155	602
USI
Business Combinations
Purchase price						486,538
Cash consideration		486,500				486,538
Purchase price prior to measurement period adjustments		$ 475,000
Senior notes				$ 400,000
Revenue and Net Income Since Acquisition Date
Net Sales						378,689	266,280
Net Income						$ 34,120	$ 15,982
USI | Amended Credit Agreement | Term Loan Facility
Business Combinations
Proceeds from delayed-draw term loan				$ 100,000
Viking
Business Combinations
Purchase price	$ 7,700
Cash consideration	6,500
Contingent consideration	$ 1,200

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation and Consideration (Details) - USD ($) $ in Thousands	May 01, 2018	Jan. 10, 2018	Jan. 18, 2018	Feb. 27, 2017	Dec. 31, 2019	Dec. 31, 2018
Purchase Price Allocations
Goodwill					$ 1,367,918	$ 1,364,016
2018 Acquisitions
Purchase Price Allocations
Cash					15,756
Accounts receivable					66,312
Inventories					16,470
Prepaid and other assets					3,581
Property and equipment					34,599
Intangible assets					181,340
Goodwill					287,009
Accounts payable					(19,934)
Accrued liabilities					(35,295)
Deferred tax liability					(34,469)
Net assets acquired					515,369
Fair value of consideration
Cash					514,541
Contingent consideration					828
Total consideration transferred					515,369
ADO
Purchase Price Allocations
Cash					939
Accounts receivable					3,434
Inventories					2,337
Prepaid and other assets					135
Property and equipment					951
Intangible assets					14,090
Goodwill					2,631
Accounts payable					(908)
Accrued liabilities					(609)
Net assets acquired					23,000
Fair value of consideration
Cash		$ 22,200			22,172
Contingent consideration		800			828
Total consideration transferred		$ 23,000			23,000
Santa Rosa
Purchase Price Allocations
Accounts receivable					1,433
Inventories					104
Prepaid and other assets					7
Property and equipment					522
Intangible assets					1,850
Goodwill					3,014
Accounts payable					(1,099)
Net assets acquired					5,831
Fair value of consideration
Cash			$ 5,600		5,831
Contingent consideration			200
Total consideration transferred			$ 5,800		5,831
USI
Purchase Price Allocations
Cash					14,817
Accounts receivable					61,445
Inventories					14,029
Prepaid and other assets					3,439
Property and equipment					33,126
Intangible assets					165,400
Goodwill					281,364
Accounts payable					(17,927)
Accrued liabilities					(34,686)
Deferred tax liability					(34,469)
Net assets acquired					486,538
Fair value of consideration
Cash	$ 486,500				486,538
Total consideration transferred					$ 486,538
EcoFoam
Fair value of consideration
Cash				$ 20,200
Contingent consideration				2,100
Total consideration transferred				$ 22,300

Business Combinations - Intangi

Business Combinations - Intangibles (Details) - 2018 Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Estimates of acquired intangible assets
Estimated Fair Value	$ 181,340
Weighted Average Estimated Useful Life (Years)	11 years
Customer relationships
Estimates of acquired intangible assets
Estimated Fair Value	$ 168,820
Weighted Average Estimated Useful Life (Years)	12 years
Trademarks and trade names
Estimates of acquired intangible assets
Estimated Fair Value	$ 11,260
Weighted Average Estimated Useful Life (Years)	9 years
Non-competition agreements
Estimates of acquired intangible assets
Estimated Fair Value	$ 1,260
Weighted Average Estimated Useful Life (Years)	5 years

Business Combinations - Goodwil

Business Combinations - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Measurement period adjustment to goodwill	$ 1,000
Goodwill	$ 1,364,016	$ 1,367,918
2018 Acquisitions
Goodwill		287,009
Goodwill expected to be deducted for income tax purposes		$ 32,800

Business Combinations - Conting

Business Combinations - Contingent Consideration (Details) $ in Thousands	Jul. 15, 2019USD ($)	Jan. 10, 2018USD ($)	Jan. 18, 2018USD ($)	Feb. 27, 2017USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)item
EcoFoam
Contingent Consideration
Purchase price				$ 22,300
Cash consideration				20,200
Contingent consideration				$ 2,100
Contingent consideration, payment period				3 years
Contingent consideration, high end of range								$ 2,500
EcoFoam | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date				$ 2,110
Fair value of contingent consideration
Contingent consideration at beginning of period						$ 1,573		1,573
Change in fair value of contingent consideration								90
Payment of contingent consideration								(841)
Liability balance for contingent consideration at end of period								$ 822
EcoFoam | Contingent Consideration | Level 3
Contingent Consideration
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]								us-gaap:MeasurementInputDiscountRateMember
Discount rate (as a percent) | item								9.5
Fair value of contingent consideration recognized at acquisition date				$ 2,100
Fair value of contingent consideration
Payment of contingent consideration					$ 800		$ 800
ADO
Contingent Consideration
Purchase price		$ 23,000						$ 23,000
Cash consideration		22,200						22,172
Contingent consideration		800						$ 828
Contingent consideration, payment period								2 years
Contingent consideration, low end of range								$ 0
Contingent consideration, high end of range								1,000
ADO | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date		$ 828
Fair value of contingent consideration
Contingent consideration at beginning of period						343		343
Change in fair value of contingent consideration								$ (343)
ADO | Contingent Consideration | Level 3
Contingent Consideration
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]								us-gaap:MeasurementInputDiscountRateMember
Discount rate (as a percent) | item								9.5
Fair value of contingent consideration recognized at acquisition date								$ 800
Santa Rosa
Contingent Consideration
Purchase price			$ 5,800					5,831
Cash consideration			5,600					5,831
Contingent consideration			200
Contingent consideration, low end of range								0
Contingent consideration, high end of range								250
Santa Rosa | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date			$ 250
Fair value of contingent consideration
Contingent consideration at beginning of period						250		250
Payment of contingent consideration								$ (250)
Santa Rosa | Contingent Consideration | Level 3
Fair value of contingent consideration
Contingent consideration at beginning of period					$ 0
Payment of contingent consideration						250
Liability balance for contingent consideration at end of period						$ 0
Viking
Contingent Consideration
Purchase price	$ 7,700
Cash consideration	6,500
Contingent consideration	$ 1,200

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Nov. 05, 2019	Feb. 22, 2019	Nov. 07, 2018	Jul. 05, 2017
Number of shares repurchased (in shares)				1,291,771	1,063,528
Share repurchase cost				$ 110,911	$ 65,025
2017 ASR Agreement
Number of shares repurchased (in shares)	13,657		1,521,100		13,657
Average price per share (in dollars per share)			$ 65.74
Initial number of shares delivered under ASR agreement (in shares)									1,500,000
Initial percentage of shares delivered under ASR agreement									80.00%
Initial value of shares delivered under ASR agreement									$ 100,000
2019 ASR Agreement
Initial number of shares delivered under ASR agreement (in shares)						392,501
Initial percentage of shares delivered under ASR agreement						85.00%
Initial value of shares delivered under ASR agreement						$ 50,000
2018 ASR Agreement
Number of shares repurchased (in shares)		973,252		176,327
Average price per share (in dollars per share)		$ 51.37
Initial number of shares delivered under ASR agreement (in shares)								796,925
Initial percentage of shares delivered under ASR agreement								85.00%
Initial value of shares delivered under ASR agreement								$ 50,000
Maximum | 2019 Share Repurchase Program
Share repurchase program, authorized amount							$ 200,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Feb. 24, 2020	Feb. 20, 2020	Jul. 15, 2019
Viking
Subsequent Events
Business Combination, Consideration Transferred			$ 7.7
Payments to Acquire Businesses, Gross			6.5
Business Combination, Consideration Transferred, Liabilities Incurred, Contingent Consideration			$ 1.2
Subsequent Event | Cooper
Subsequent Events
Business Combination, Consideration Transferred		$ 11.5
Payments to Acquire Businesses, Gross		10.5
Business Combination, Consideration Transferred, Liabilities Incurred, Contingent Consideration		$ 1
Subsequent Event | Hunter
Subsequent Events
Payments to Acquire Businesses, Gross	$ 9.1