TopBuild (BLD) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover page.
Entity Registrant Name	TopBuild Corp
Entity Central Index Key	0001633931
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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 Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,024,441
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 315,338	$ 184,807
Receivables, net of an allowance for credit losses of $8,122 at September 30, 2020, and allowance for doubtful accounts of $4,854 at December 31, 2019	436,548	428,844
Inventories, net	142,517	149,078
Prepaid expenses and other current assets	32,101	17,098
Total current assets	926,504	779,827
Right of use assets	81,692	87,134
Property and equipment, net	172,099	178,080
Goodwill	1,379,721	1,367,918
Other intangible assets, net	172,390	181,122
Deferred tax assets, net	4,397	4,259
Other assets	10,998	5,623
Total assets	2,747,801	2,603,963
Current liabilities:
Accounts payable	311,696	307,970
Current portion of long-term debt	23,247	34,272
Accrued liabilities	117,456	98,418
Short-term lease liabilities	32,747	36,094
Total current liabilities	485,146	476,754
Long-term debt	688,870	697,955
Deferred tax liabilities, net	173,597	175,263
Long-term portion of insurance reserves	49,927	45,605
Long-term lease liabilities	52,672	54,010
Other liabilities	15,995	1,487
Total liabilities	1,466,207	1,451,074
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2020 and December 31, 2019
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,030,810 shares issued and 33,053,795 outstanding at September 30, 2020, and 38,884,530 shares issued and 33,489,769 outstanding at December 31, 2019	389	388
Treasury stock, 5,977,015 shares at September 30, 2020, and 5,394,761 shares at December 31, 2019, at cost	(380,667)	(330,018)
Additional paid-in capital	855,972	849,657
Retained earnings	805,900	632,862
Total equity	1,281,594	1,152,889
Total liabilities and equity	$ 2,747,801	$ 2,603,963

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 8,122	$ 4,854
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	39,030,810	38,884,530
Common stock, shares outstanding	33,053,795	33,489,769
Treasury stock, shares at cost	5,977,015	5,394,761

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 697,223	$ 682,330	$ 1,996,551	$ 1,961,771
Cost of sales	498,895	502,999	1,448,210	1,451,822
Gross profit	198,328	179,331	548,341	509,949
Selling, general, and administrative expense	96,805	98,886	296,372	296,846
Operating profit	101,523	80,445	251,969	213,103
Other income (expense), net:
Interest expense	(7,692)	(9,507)	(24,711)	(28,740)
Loss on extinguishment of debt			(233)
Other, net	86	653	648	1,512
Other expense, net	(7,606)	(8,854)	(24,296)	(27,228)
Income before income taxes	93,917	71,591	227,673	185,875
Income tax expense	(23,921)	(16,615)	(51,407)	(40,864)
Net income	$ 69,996	$ 54,976	$ 176,266	$ 145,011
Net income per common share:
Basic (in dollars per share)	$ 2.13	$ 1.63	$ 5.35	$ 4.27
Diluted (in dollars per share)	$ 2.11	$ 1.60	$ 5.29	$ 4.20
Weighted average shares outstanding:
Basic (in shares)	32,847,652	33,790,857	32,960,969	33,977,464
Diluted (in shares)	33,210,545	34,367,902	33,337,259	34,541,635

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows Provided by (Used in) Operating Activities:
Net income	$ 176,266	$ 145,011
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,527	39,005
Share-based compensation	12,159	11,411
Loss on extinguishment of debt	233
Loss on sale or abandonment of property and equipment	290	885
Amortization of debt issuance costs	1,103	1,169
Provision for bad debt expense	5,625	5,697
Loss from inventory obsolescence	1,908	1,794
Deferred income taxes, net	(709)	(381)
Change in certain assets and liabilities
Receivables, net	(13,645)	(51,585)
Inventories, net	4,759	20,637
Prepaid expenses and other current assets	(14,989)	10,003
Accounts payable	2,152	(12,529)
Accrued liabilities	33,436	10,758
Payment of contingent consideration	(413)
Other, net	21	904
Net cash provided by operating activities	255,723	182,779
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment	(27,206)	(34,100)
Acquisition of businesses	(21,450)	(6,452)
Proceeds from sale of property and equipment	2,332	2,239
Other, net		25
Net cash used in investing activities	(46,324)	(38,288)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt	300,000	9,998
Repayment of long-term debt	(319,168)	(19,424)
Payment of debt issuance costs	(2,280)
Taxes withheld and paid on employees' equity awards	(14,781)	(11,135)
Exercise of stock options	1,438
Repurchase of shares of common stock	(43,149)	(52,177)
Payment of contingent consideration	(928)	(1,091)
Net cash used in financing activities	(78,868)	(73,829)
Cash and Cash Equivalents
Increase for the period	130,531	70,662
Beginning of period	184,807	100,929
End of period	315,338	171,591
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	27,098	120,726
Accruals for property and equipment	$ 278	$ 102

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock at Cost	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2018			$ 387	$ (216,607)	$ 846,451	$ 441,867	$ 1,072,098
Increase (Decrease) in Stockholders' Equity
Net income						37,983	37,983
Share-based compensation					2,972		2,972
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				(4,622)			(4,622)
Shares withheld to pay taxes on employees' equity awards					(5,578)		(5,578)
Balance at Mar. 31, 2019			388	(231,229)	853,844	479,850	1,102,853
Balance at Dec. 31, 2018			387	(216,607)	846,451	441,867	1,072,098
Increase (Decrease) in Stockholders' Equity
Net income							145,011
Repurchase of shares							(52,177)
Balance at Sep. 30, 2019			388	(278,784)	856,726	586,877	1,165,207
Balance at Mar. 31, 2019			388	(231,229)	853,844	479,850	1,102,853
Increase (Decrease) in Stockholders' Equity
Net income						52,051	52,051
Share-based compensation					4,513		4,513
Repurchase of shares				(14,878)			(14,878)
Shares withheld to pay taxes on employees' equity awards					(2,893)		(2,893)
Balance at Jun. 30, 2019			388	(246,107)	855,464	531,901	1,141,646
Increase (Decrease) in Stockholders' Equity
Net income						54,976	54,976
Share-based compensation					3,926		3,926
Repurchase of shares				(32,677)			(32,677)
Shares withheld to pay taxes on employees' equity awards					(2,664)		(2,664)
Balance at Sep. 30, 2019			388	(278,784)	856,726	586,877	1,165,207
Balance at Dec. 31, 2019			388	(330,018)	849,657	632,862	1,152,889
Increase (Decrease) in Stockholders' Equity
Net income						50,771	50,771
Share-based compensation					3,908		3,908
Issuance of restricted share awards under long-term equity incentive plan			1		(1)
Repurchase of shares pursuant to the settlement of ASR Agreement				(7,500)	7,500
Repurchase of shares				(14,127)			(14,127)
Shares withheld to pay taxes on employees' equity awards					(10,399)		(10,399)
Balance at Mar. 31, 2020	$ (3,225)	$ (3,225)	389	(351,645)	850,665	680,408	1,179,817
Balance at Dec. 31, 2019			388	(330,018)	849,657	632,862	1,152,889
Increase (Decrease) in Stockholders' Equity
Net income							176,266
Repurchase of shares							(43,149)
Balance at Sep. 30, 2020			389	(380,667)	855,972	805,900	1,281,594
Balance at Mar. 31, 2020	$ (3,225)	$ (3,225)	389	(351,645)	850,665	680,408	1,179,817
Increase (Decrease) in Stockholders' Equity
Net income						55,496	55,496
Share-based compensation					5,130		5,130
Repurchase of shares				(20,025)			(20,025)
Shares withheld to pay taxes on employees' equity awards					(2,766)		(2,766)
Balance at Jun. 30, 2020			389	(371,670)	853,029	735,904	1,217,652
Increase (Decrease) in Stockholders' Equity
Net income						69,996	69,996
Share-based compensation					3,121		3,121
Repurchase of shares				(8,997)			(8,997)
Shares withheld to pay taxes on employees' equity awards					(1,616)		(1,616)
Shares issued upon exercise of stock options					1,438		1,438
Balance at Sep. 30, 2020			$ 389	$ (380,667)	$ 855,972	$ 805,900	$ 1,281,594

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Issuance of restricted share awards under long-term equity incentive plan (in shares)			63,780			112,270
Repurchase of shares pursuant to the settlement of ASR Agreement (in shares)			73,455			176,327
Repurchase of shares (in shares)	57,810	262,889	188,100	364,074	196,885	72,791
Number of shares withheld to pay taxes on employees' equity awards (in shares)	6,402	38,379	97,144	43,037	54,811	105,615
Shares issued upon exercise of stock options (in shares)	19,242

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	1. BASIS OF PRESENTATION ​ TopBuild was formed on June 30, 2015, and is listed on the NYSE under the ticker symbol “BLD.” 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. ​ In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to state fairly our financial position as of September 30, 2020, our results of operations for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. The condensed consolidated balance sheet at December 31, 2019, was derived from our audited financial statements, but does not include all disclosures required by GAAP. ​ These condensed consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements included in the Company’s Annual Report for the year ended December 31, 2019, as filed with the SEC on February 25, 2020.

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies
Accounting Policies	​ 2. ACCOUNTING POLICIES ​ Financial Statement Presentation. Our condensed consolidated financial statements have been developed in conformity with GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. All intercompany transactions between TopBuild entities have been eliminated. ​ Recently Adopted Accounting Pronouncements ​ Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ​ We measure the expected credit losses on accounts receivable by segment, using historical loss rate information adjusted for current conditions, with changes in the allowance recorded as a provision for (or reversal of) credit loss expense. Expected losses are charged against the allowance when management believes a receivable is uncollectible. Receivables, net are presented net of certain allowances, including allowance for credit losses. ​ Goodwill Impairment ​ In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ​ Fair Value ​ In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements Not Yet Adopted ​ In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ​

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue Recognition
Revenue Recognition	3. REVENUE RECOGNITION ​ Revenue is disaggregated between our Installation and Distribution segments and further ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 390,101 ​ $ 186,408 ​ $ (30,821) ​ $ 545,688 ​ $ 386,887 ​ $ 165,200 ​ $ (29,581) ​ $ 522,506 Commercial ​ ​ 102,105 ​ ​ 57,705 ​ ​ (8,275) ​ ​ 151,535 ​ ​ 111,503 ​ ​ 55,747 ​ ​ (7,426) ​ ​ 159,824 Net sales ​ $ 492,206 ​ $ 244,113 ​ $ (39,096) ​ $ 697,223 ​ $ 498,390 ​ $ 220,947 ​ $ (37,007) ​ $ 682,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 1,134,350 ​ $ 512,479 ​ $ (88,875) ​ $ 1,557,954 ​ $ 1,110,704 ​ $ 478,753 ​ $ (86,157) ​ $ 1,503,300 Commercial ​ ​ 300,298 ​ ​ 162,193 ​ ​ (23,894) ​ ​ 438,597 ​ ​ 320,096 ​ ​ 160,146 ​ ​ (21,771) ​ ​ 458,471 Net sales ​ $ 1,434,648 ​ $ 674,672 ​ $ (112,769) ​ $ 1,996,551 ​ $ 1,430,800 ​ $ 638,899 ​ $ (107,928) ​ $ 1,961,771 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 379,958 ​ $ 200,210 ​ $ (31,816) ​ $ 548,352 ​ $ 388,796 ​ $ 182,111 ​ $ (27,872) ​ $ 543,035 Glass and windows ​ ​ 41,912 ​ ​ — ​ ​ — ​ ​ 41,912 ​ ​ 37,885 ​ ​ — ​ ​ — ​ ​ 37,885 Gutters ​ ​ 21,336 ​ ​ 28,616 ​ ​ (5,482) ​ ​ 44,470 ​ ​ 23,177 ​ ​ 24,056 ​ ​ (7,270) ​ ​ 39,963 All other ​ ​ 49,000 ​ ​ 15,287 ​ ​ (1,798) ​ ​ 62,489 ​ ​ 48,532 ​ ​ 14,780 ​ ​ (1,865) ​ ​ 61,447 Net sales ​ $ 492,206 ​ $ 244,113 ​ $ (39,096) ​ $ 697,223 ​ $ 498,390 ​ $ 220,947 ​ $ (37,007) ​ $ 682,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 1,110,952 ​ $ 556,018 ​ $ (91,422) ​ $ 1,575,548 ​ $ 1,116,292 ​ $ 525,717 ​ $ (83,888) ​ $ 1,558,121 Glass and windows ​ ​ 122,603 ​ ​ — ​ ​ — ​ ​ 122,603 ​ ​ 114,839 ​ ​ — ​ ​ — ​ ​ 114,839 Gutters ​ ​ 61,843 ​ ​ 74,585 ​ ​ (16,557) ​ ​ 119,871 ​ ​ 63,669 ​ ​ 65,707 ​ ​ (19,151) ​ ​ 110,225 All other ​ ​ 139,250 ​ ​ 44,069 ​ ​ (4,790) ​ ​ 178,529 ​ ​ 136,000 ​ ​ 47,475 ​ ​ (4,889) ​ ​ 178,586 Net sales ​ $ 1,434,648 ​ $ 674,672 ​ $ (112,769) ​ $ 1,996,551 ​ $ 1,430,800 ​ $ 638,899 ​ $ (107,928) ​ $ 1,961,771 ​ 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. ​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed Consolidated ​ September 30, ​ December 31, ​ Balance Sheets ​ 2020 ​ 2019 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 54,375 ​ $ 57,153 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 16,817 ​ $ 16,139 ​

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2020
Goodwill and Other Intangibles
Goodwill and Other Intangibles	4. 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 quarter of 2019, we performed an annual assessment on our goodwill resulting in no impairment. ​ Changes in the carrying amount of goodwill for the nine months ended September 30, 2020 by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2019 ​ Additions ​ September 30, 2020 ​ Losses ​ September 30, 2020 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,683,589 ​ $ 11,803 ​ $ 1,695,392 ​ $ (762,021) ​ $ 933,371 Distribution ​ 446,350 ​ — ​ 446,350 ​ — ​ 446,350 Total goodwill ​ $ 2,129,939 ​ $ 11,803 ​ $ 2,141,742 ​ $ (762,021) ​ $ 1,379,721 ​ See Note 13 – Business Combinations ​ Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The following table sets forth our other intangible assets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Gross definite-lived intangible assets ​ ​ ​ ​ ​ ​ $ 228,662 ​ $ 221,382 Accumulated amortization ​ ​ ​ ​ ​ ​ ​ (56,272) ​ ​ (40,260) Net definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ 172,390 ​ ​ 181,122 Indefinite-lived intangible assets not subject to amortization ​ ​ ​ ​ ​ ​ ​ — ​ ​ — Other intangible assets, net ​ ​ ​ ​ ​ ​ $ 172,390 ​ $ 181,122 ​ The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 2019 2020 2019 Amortization expense ​ $ 5,382 ​ $ 5,197 ​ $ 16,012 ​ $ 15,543 ​

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Long-Term Debt
Long-Term Debt	5. LONG-TERM DEBT The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, December 31, ​ ​ 2020 2019 Senior Notes - 5.625% due May 2026 ​ $ 400,000 ​ $ 400,000 Term loan ​ ​ 292,500 ​ ​ 305,625 Equipment notes ​ ​ 27,484 ​ ​ 33,525 Unamortized debt issuance costs ​ ​ (7,867) ​ ​ (6,923) Total debt, net of unamortized debt issuance costs ​ ​ 712,117 ​ ​ 732,227 Less: current portion of long-term debt ​ ​ 23,247 ​ ​ 34,272 Total long-term debt ​ $ 688,870 ​ $ 697,955 ​ The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2020, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 3,750 ​ 15,000 ​ 20,625 ​ 22,500 ​ 28,125 ​ 202,500 ​ 292,500 Equipment notes ​ ​ 2,040 ​ ​ 8,326 ​ ​ 8,651 ​ ​ 6,337 ​ ​ 2,130 ​ ​ — ​ ​ 27,484 Total ​ $ 5,790 ​ $ 23,326 ​ $ 29,276 ​ $ 28,837 ​ $ 30,255 ​ $ 602,500 ​ $ 719,984 ​ Amended Credit Agreement and Senior Secured Term Loan Facility On March 20, 2020, the Company entered into an Amended Credit Agreement, which renewed, amended and restated the Original Credit Agreement in its entirety. The Amended Credit Agreement provides for a term loan facility in an aggregate principal amount of $300.0 million, all of which was drawn on March 20, 2020 and a Revolving Facility with an aggregate borrowing capacity of $450.0 million, including a $100.0 million letter of credit sublimit and up to a $35.0 million swingline sublimit. The maturity date for the loans under the Amended Credit Agreement was extended from May 2022 to March 2025. ​ The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility $ 300,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (a) $ 300,000 ​ ​ ​ ​ ​ Revolving Facility $ 450,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (b) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (b) $ 35,000 ​ ​ ​ ​ ​ Interest rate as of September 30, 2020 ​ 1.50 % Scheduled maturity date ​ 3/20/2025 ​ (a) 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). (b) 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) BofA’s “prime rate,” and (iii) the LIBOR rate for U.S. dollar deposits with a term of one month , plus 1.00 percent; or ​ ● A LIBOR rate (or a comparable successor rate) determined by reference to the costs of funds for deposits in U.S. dollars for the interest period relevant to such borrowings, subject to a floor of 0.5% . ​ The Amended Credit Agreement contemplates future amendment by the Company and the agent to provide for the replacement of LIBOR with the Secured Overnight Financing Rate or another alternate benchmark rate, giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks, including any related mathematical or other applicable adjustments. ​ 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 ​ ​ September 30, December 31, ​ 2020 2019 Revolving Facility ​ $ 450,000 ​ $ 250,000 Less: standby letters of credit ​ ​ (60,382) ​ ​ (61,382) Availability under Revolving Facility ​ $ 389,618 ​ $ 188,618 ​ 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 As of December 31, 2019, the company has issued $41.6 million of equipment notes for the purpose of financing the purchase of vehicles and equipment. No equipment notes were issued during the nine months ended September 30, 2020. The Company’s equipment notes each have a five year term 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 that we maintain a Net Leverage Ratio and minimum Interest Coverage Ratio throughout the term of the agreement. The following table outlines the key financial covenants effective for the period covered by this Quarterly Report: ​ ​ ​ ​ ​ As of September 30, 2020 Maximum Net Leverage Ratio ​ 3.50:1.00 Minimum Interest Coverage Ratio ​ 3.00:1.00 Compliance as of period end ​ In Compliance ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
Fair Value Measurements	6 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 13 – Business Combinations. ​ Fair Value on Non-Recurring Basis Fair value measurements were applied to our long-term debt portfolio.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Information
Segment Information	7. SEGMENT INFORMATION ​ The following tables set forth our net sales and operating results by segment, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 492,206 ​ $ 498,390 ​ $ 83,142 ​ $ 69,846 Distribution ​ ​ 244,113 ​ ​ 220,947 ​ ​ 32,787 ​ ​ 23,406 Intercompany eliminations ​ ​ (39,096) ​ ​ (37,007) ​ ​ (6,374) ​ ​ (5,935) Total ​ $ 697,223 ​ $ 682,330 ​ ​ 109,555 ​ ​ 87,317 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (8,032) ​ ​ (6,872) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 101,523 ​ ​ 80,445 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (7,606) ​ ​ (8,854) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 93,917 ​ $ 71,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,434,648 ​ $ 1,430,800 ​ $ 213,136 ​ $ 189,568 Distribution ​ ​ 674,672 ​ ​ 638,899 ​ ​ 81,612 ​ ​ 65,154 Intercompany eliminations ​ ​ (112,769) ​ ​ (107,928) ​ ​ (18,169) ​ ​ (18,013) Total ​ $ 1,996,551 ​ $ 1,961,771 ​ ​ 276,579 ​ ​ 236,709 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (24,610) ​ ​ (23,606) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 251,969 ​ ​ 213,103 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (24,296) ​ ​ (27,228) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 227,673 ​ $ 185,875 (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) 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases
Leases	8 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 some cases, current management personnel) of companies acquired. These related party leases are immaterial to our unaudited condensed consolidated statements of operations. ​ We recognize a ROU asset and a lease liability at the lease commencement date. Our leases may include options to extend terminate ​ ​ ​ The components of lease expense were as follows and are primarily included in cost of sales on the accompanying unaudited condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease cost (a) ​ $ 11,475 ​ $ 12,393 ​ $ 35,842 ​ $ 38,597 Short-term lease cost ​ ​ 3,209 ​ ​ 3,381 ​ ​ 9,086 ​ ​ 9,391 Sublease income ​ ​ (42) ​ ​ (153) ​ ​ (153) ​ ​ (461) Net lease cost ​ $ 14,642 ​ $ 15,621 ​ $ 44,775 ​ $ 47,527 (a) Includes variable cost components of $1,316 and $1,434 in the three months ended September 30, 2020 and 2019, respectively, and $4,090 and $4,201 of variable cost components in the nine months ended September 30, 2020 and 2019, respectively. ​ Future minimum lease payments under non-cancellable operating leases as of September 30, 2020 were as follows, in thousands: ​ ​ ​ ​ Payments due by Period ​ 2020 ​ $ 10,234 2021 ​ ​ 32,978 2022 ​ ​ 22,083 2023 ​ ​ 12,429 2024 ​ ​ 7,135 2025 & Thereafter ​ ​ 7,189 Total future minimum lease payments ​ ​ 92,048 ​ ​ ​ ​ Less: imputed interest ​ ​ (6,629) ​ ​ ​ ​ Lease liability at September 30, 2020 ​ $ 85,419 ​ As of September 30, 2020, the weighted average remaining lease term was 3.5 years and the related lease liability was calculated using a weighted average discount rate of 3.9%. 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 existing leases or upon a modification to the lease term and at the time of lease commencement for all future leases. ​ The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying unaudited condensed consolidated statements of cash flows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities ​ $ (31,862) ​ $ (33,914) ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	9. INCOME TAXES ​ Our effective tax rates were 25.5 percent and 22.6 percent for the three and nine months ended September 30, 2020, respectively. The effective tax rates for the three and nine months ended September 30, 2019, were 23.2 percent and 22.0 percent, respectively. The higher 2020 tax rate for the three months ended September 30, 2020 was due to a smaller benefit related to share-based compensation, state filing position changes, and an unfavorable return to accrual adjustment. ​ A tax benefit of $0.8 million and $7.7 million related to share-based compensation was recognized in our condensed consolidated statements of operations as a discrete item in income tax expense for the three and nine months ended September 30, 2020, respectively. ​ At September 30, 2020, the net deferred tax liability of $169.2 million consisted of net long-term deferred tax assets of $4.4 million and net long-term deferred tax liabilities of $173.6 million. The decrease in the net deferred tax liability was primarily related to the adoption of ASU 2016-13 and a return to accrual adjustment related to 2019 returns filed in 2020.

Income Per Share

Income Per Share	9 Months Ended
	Sep. 30, 2020
Income Per Share
Net Income Per Share	​ 10. INCOME PER SHAR E ​ Basic net income per share is calculated by dividing net income by the number of weighted average shares outstanding during the period, without consideration for common stock equivalents. ​ Diluted net income per share is calculated by adjusting the number of 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2020 ​ 2019 2020 ​ 2019 Net income (in thousands) - basic and diluted ​ $ 69,996 ​ $ 54,976 ​ $ 176,266 ​ $ 145,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 32,847,652 ​ ​ 33,790,857 ​ ​ 32,960,969 ​ ​ 33,977,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 42,317 ​ ​ 82,087 ​ ​ 53,719 ​ ​ 86,373 RSAs with market-based conditions ​ ​ 159,985 ​ ​ 195,740 ​ ​ 145,835 ​ ​ 183,537 RSAs with performance-based conditions ​ ​ 49,065 ​ ​ 82,750 ​ ​ 38,719 ​ ​ 63,329 Stock options ​ ​ 111,526 ​ ​ 216,468 ​ ​ 138,017 ​ ​ 230,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 33,210,545 ​ ​ 34,367,902 ​ ​ 33,337,259 ​ ​ 34,541,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 2.13 ​ $ 1.63 ​ $ 5.35 ​ $ 4.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 2.11 ​ $ 1.60 ​ $ 5.29 ​ $ 4.20 ​ The following table summarizes shares excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ — ​ ​ — ​ ​ 4,184 ​ ​ 5,264 RSAs with market-based conditions ​ ​ — ​ ​ — ​ ​ 2,780 ​ ​ 6,567 RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Stock options ​ ​ 26,556 ​ ​ 12,642 ​ ​ 39,998 ​ ​ 72,580 Total anti-dilutive common stock equivalents ​ ​ 26,556 ​ ​ 12,642 ​ ​ 46,962 ​ ​ 84,411 ​

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-Based Compensation.
Share-Based Compensation	11. SHARE-BASED COMPENSATION ​ Effective July 1, 2015, our eligible employees commenced participation in the 2015 LTIP. The 2015 LTIP 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 LTIP. As of September 30, 2020, we had 2.1 million shares remaining available for issuance under the 2015 LTIP. ​ 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 condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Share-based compensation expense ​ $ 3,121 ​ $ 3,926 ​ $ 12,159 ​ $ 11,411 Income tax benefit realized ​ $ 838 ​ $ 1,304 ​ $ 7,734 ​ $ 5,110 ​ The following table presents a summary of our share-based compensation activity for the nine months ended September 30, 2020, 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, 2019 ​ 411.6 ​ $ 57.51 ​ 373.5 ​ $ 17.06 ​ $ 45.90 ​ $ 21,356.4 Granted ​ 192.8 ​ $ 129.11 ​ 71.0 ​ $ 39.49 ​ $ 118.58 ​ ​ ​ Converted/Exercised ​ (251.1) ​ $ 43.44 ​ (184.8) ​ $ 14.84 ​ $ 39.54 ​ $ 13,222.1 Forfeited/Expired ​ (26.1) ​ $ 90.81 ​ (20.0) ​ $ 30.13 ​ $ 87.67 ​ ​ ​ Balance September 30, 2020 ​ 327.2 ​ $ 87.20 ​ 239.7 ​ $ 24.33 ​ $ 68.86 ​ $ 22,925.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2020 (a) ​ ​ ​ ​ 63.8 ​ $ 18.89 ​ $ 51.04 ​ $ 7,638.0 (a) The weighted average remaining contractual term for vested stock options is approximately 6.5 years. ​ Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ Unrecognized Compensation Expense ​ Weighted Average RSAs ​ $ 11,536 ​ ​ 1.2 years Stock options ​ ​ 1,359 ​ ​ 1.0 years Total unrecognized compensation expense related to unvested awards ​ $ 12,895 ​ ​ ​ ​ 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 19, 2018 ​ $ 1,865 ​ $ — ​ $ 466 ​ $ 1,865 ​ $ 3,730 February 18, 2019 ​ $ 2,281 ​ $ — ​ $ 570 ​ $ 2,281 ​ $ 4,562 February 17, 2020 ​ $ 2,716 ​ $ — ​ $ 679 ​ $ 2,716 ​ $ 5,432 ​ 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 LTIP was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for awards granted in 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Measurement period (in years) ​ ​ 2.88 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 1.40 % ​ ​ 2.50 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 158.24 ​ ​ $ 80.74 ​ ​ The fair values of stock options granted under the 2015 LTIP were calculated using the Black-Scholes Options Pricing Model. The following table presents the assumptions used to estimate the fair values of stock options granted in 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Risk free interest rate ​ ​ 1.53 % ​ ​ 2.59 % Expected volatility, using historical return volatility and implied volatility ​ ​ 31.50 % ​ ​ 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 ​ $ 39.49 ​ ​ $ 21.16 ​ ​

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2020
Share Repurchase Program
Share Repurchase Program	12. 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 open market purchases, privately negotiated transactions, accelerated share repurchase transactions, or other available means. 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. As of September 30, 2020, the Company has approximately $46.0 million remaining under the 2019 Repurchase Program. ​ 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. During the quarter ended March 31, 2020, we received an additional 73,455 shares of our common stock from BofA representing the final settlement of the 2019 ASR agreement. We purchased a total of 465,956 shares of our common stock under the 2019 ASR Agreement at an average price per share of $107.31. ​ 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. ​ The following table sets forth our share repurchases under the 2019 and 2017 Repurchase Programs during the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ 2020 2019 Number of shares repurchased ​ ​ 57,810 ​ ​ 364,074 ​ ​ 582,254 (a) ​ ​ 810,077 (b) Share repurchase cost (in thousands) ​ $ 8,997 ​ $ 32,677 $ 43,149 ​ $ 52,177 (a) The nine months ended September 30, 2020 includes 73,455 shares we received as final settlement of our 2019 ASR Agreement. (b) The nine months ended September 30, 2019 includes 176,327 shares we received as final settlement of our 2018 ASR Agreement .

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2020
Business Combinations
Business Combinations	13. BUSINESS COMBINATIONS ​ We continue to acquire businesses as part of our ongoing strategy to grow our company and expand our market share. Each acquisition has been accounted for as a business combination under ASC 805, “Business Combinations.” Acquisition related costs for the three months ended September 30, 2020, was $0.2 million. There were no acquisition related costs for the three months ended September 30, 2019. Acquisition related costs for the nine months ended September 30, 2020 and 2019, were $0.4 million and $0.1 million, respectively. Acquisition costs are included in selling, general, and administrative expense in our condensed consolidated statements of operations. ​ Acquisitions ​ 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. ​ On February 20, 2020, we acquired Cooper, a commercial glass company serving the Memphis market. The purchase price of approximately $11.5 million was funded by cash on hand of $10.5 million and contingent consideration of $1.0 million. We recognized goodwill of $5.7 million in connection with this acquisition during the nine months ended September 30, 2020. ​ On February 24, 2020, we acquired Hunter, a residential insulation company located in Long Island, New York. The purchase price of approximately $9.1 million was funded by cash on hand. We recognized goodwill of $5.3 million in connection with this acquisition during the nine months ended September 30, 2020. ​ 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. We made the final contingent payment of $0.8 million during the three months ended June 30, 2020 and have no remaining obligation under the arrangement. ​ The acquisition of Viking included a contingent consideration arrangement that requires additional consideration to be paid by TopBuild based on the achievement of annual gross revenue targets over a three-year period. The range of undiscounted amounts TopBuild may be required to pay under the contingent consideration agreement is between zero and $1.5 million. The fair value of the contingent consideration recognized on the acquisition date of $1.2 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 of 10.0% . Changes in the fair value measurement each period reflect the passage of time as well as the impact of adjustments, if any, to the likelihood of achieving the specified targets. We made a contingent payment of $0.5 million in the three months ended September 30, 2020. ​ The acquisition of Cooper includes a contingent consideration arrangement that requires additional consideration to be paid by TopBuild based on the achievement of annual gross revenue targets over a two-year period. The range of undiscounted amounts TopBuild may be required to pay under the contingent consideration agreement is between zero and $1.0 million, which also represents the fair value recognized on the acquisition date. ​ The following table presents the fair value of contingent consideration, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EcoFoam Viking ​ Cooper Date of Acquisition ​ February 27, 2017 ​ July 15, 2019 ​ February 20, 2020 Fair value of contingent consideration recognized at acquisition date ​ $ 2,110 ​ $ 1,243 ​ $ 1,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2019 ​ $ 822 ​ $ 1,304 ​ $ — Additions ​ ​ — ​ ​ — ​ ​ 1,000 Change in fair value of contingent consideration during the nine months ended September 30, 2020 ​ ​ 19 ​ ​ 85 ​ ​ — Payment of contingent consideration during the nine months ended September 30, 2020 ​ ​ (841) ​ ​ (500) ​ ​ — Liability balance for contingent consideration at September 30, 2020 ​ $ — ​ $ 889 ​ $ 1,000 ​

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2020
Accrued Liabilities
Accrued Liabilities	14. ACCRUED LIABILITIES ​ The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, ​ December 31, ​ 2020 2019 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 39,908 ​ $ 32,154 Insurance liabilities ​ ​ 23,440 ​ ​ 22,506 Deferred revenue ​ ​ 16,817 ​ ​ 16,139 Interest payable on long-term debt ​ ​ 9,563 ​ ​ 3,966 Other ​ ​ 27,728 ​ ​ 23,653 Total accrued liabilities ​ $ 117,456 ​ $ 98,418 ​ See Note 3 – Revenue Recognition

Other Commitments and Contingen

Other Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Other Commitments and Contingencies
Other Commitments and Contingencies	​ 15. OTHER COMMITMENTS AND CONTINGENCIES ​ Litigation ​ 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 ​ September 30, December 31, ​ ​ 2020 ​ 2019 Outstanding bonds: ​ ​ ​ ​ ​ ​ Performance bonds ​ $ 102,403 ​ $ 87,286 Licensing, insurance, and other bonds ​ ​ 27,603 ​ ​ 25,309 Total bonds ​ $ 130,006 ​ $ 112,595 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	16. SUBSEQUENT EVENTS ​ ​ ​ On October 1, 2020, we acquired Garland, an insulation installation company, based in Texas. The acquisition was accounted for as a business combination under ASC 805, “Business Combinations.” The purchase price of approximately $62 million was funded by cash on hand. During the measurement period, we expect to receive additional detailed information to complete the purchase price allocation.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies
Financial Statement Presentation	Financial Statement Presentation. Our condensed consolidated financial statements have been developed in conformity with GAAP, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. All intercompany transactions between TopBuild entities have been eliminated. ​
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ Credit Losses ​ In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ​ We measure the expected credit losses on accounts receivable by segment, using historical loss rate information adjusted for current conditions, with changes in the allowance recorded as a provision for (or reversal of) credit loss expense. Expected losses are charged against the allowance when management believes a receivable is uncollectible. Receivables, net are presented net of certain allowances, including allowance for credit losses. ​ Goodwill Impairment ​ In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ​ Fair Value ​ In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements Not Yet Adopted ​ In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue Recognition
Schedule of revenues disaggregated by market and product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 390,101 ​ $ 186,408 ​ $ (30,821) ​ $ 545,688 ​ $ 386,887 ​ $ 165,200 ​ $ (29,581) ​ $ 522,506 Commercial ​ ​ 102,105 ​ ​ 57,705 ​ ​ (8,275) ​ ​ 151,535 ​ ​ 111,503 ​ ​ 55,747 ​ ​ (7,426) ​ ​ 159,824 Net sales ​ $ 492,206 ​ $ 244,113 ​ $ (39,096) ​ $ 697,223 ​ $ 498,390 ​ $ 220,947 ​ $ (37,007) ​ $ 682,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Residential ​ $ 1,134,350 ​ $ 512,479 ​ $ (88,875) ​ $ 1,557,954 ​ $ 1,110,704 ​ $ 478,753 ​ $ (86,157) ​ $ 1,503,300 Commercial ​ ​ 300,298 ​ ​ 162,193 ​ ​ (23,894) ​ ​ 438,597 ​ ​ 320,096 ​ ​ 160,146 ​ ​ (21,771) ​ ​ 458,471 Net sales ​ $ 1,434,648 ​ $ 674,672 ​ $ (112,769) ​ $ 1,996,551 ​ $ 1,430,800 ​ $ 638,899 ​ $ (107,928) ​ $ 1,961,771 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 379,958 ​ $ 200,210 ​ $ (31,816) ​ $ 548,352 ​ $ 388,796 ​ $ 182,111 ​ $ (27,872) ​ $ 543,035 Glass and windows ​ ​ 41,912 ​ ​ — ​ ​ — ​ ​ 41,912 ​ ​ 37,885 ​ ​ — ​ ​ — ​ ​ 37,885 Gutters ​ ​ 21,336 ​ ​ 28,616 ​ ​ (5,482) ​ ​ 44,470 ​ ​ 23,177 ​ ​ 24,056 ​ ​ (7,270) ​ ​ 39,963 All other ​ ​ 49,000 ​ ​ 15,287 ​ ​ (1,798) ​ ​ 62,489 ​ ​ 48,532 ​ ​ 14,780 ​ ​ (1,865) ​ ​ 61,447 Net sales ​ $ 492,206 ​ $ 244,113 ​ $ (39,096) ​ $ 697,223 ​ $ 498,390 ​ $ 220,947 ​ $ (37,007) ​ $ 682,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total ​ ​ Installation ​ ​ Distribution ​ ​ Elims ​ ​ Total Insulation and accessories ​ $ 1,110,952 ​ $ 556,018 ​ $ (91,422) ​ $ 1,575,548 ​ $ 1,116,292 ​ $ 525,717 ​ $ (83,888) ​ $ 1,558,121 Glass and windows ​ ​ 122,603 ​ ​ — ​ ​ — ​ ​ 122,603 ​ ​ 114,839 ​ ​ — ​ ​ — ​ ​ 114,839 Gutters ​ ​ 61,843 ​ ​ 74,585 ​ ​ (16,557) ​ ​ 119,871 ​ ​ 63,669 ​ ​ 65,707 ​ ​ (19,151) ​ ​ 110,225 All other ​ ​ 139,250 ​ ​ 44,069 ​ ​ (4,790) ​ ​ 178,529 ​ ​ 136,000 ​ ​ 47,475 ​ ​ (4,889) ​ ​ 178,586 Net sales ​ $ 1,434,648 ​ $ 674,672 ​ $ (112,769) ​ $ 1,996,551 ​ $ 1,430,800 ​ $ 638,899 ​ $ (107,928) ​ $ 1,961,771
Schedule of contract assets and contract liabilities with customers	The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ Condensed Consolidated ​ September 30, ​ December 31, ​ Balance Sheets ​ 2020 ​ 2019 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 54,375 ​ $ 57,153 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 16,817 ​ $ 16,139

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Other Intangibles
Changes in the carrying amount of goodwill by segment	Changes in the carrying amount of goodwill for the nine months ended September 30, 2020 by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Goodwill ​ Gross Goodwill Accumulated Net Goodwill ​ ​ at ​ ​ ​ at ​ Impairment ​ at ​ ​ December 31, 2019 ​ Additions ​ September 30, 2020 ​ Losses ​ September 30, 2020 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,683,589 ​ $ 11,803 ​ $ 1,695,392 ​ $ (762,021) ​ $ 933,371 Distribution ​ 446,350 ​ — ​ 446,350 ​ — ​ 446,350 Total goodwill ​ $ 2,129,939 ​ $ 11,803 ​ $ 2,141,742 ​ $ (762,021) ​ $ 1,379,721
Schedule of other intangible assets	Other intangible assets, net includes customer relationships, non-compete agreements, and trademarks / trade names. The following table sets forth our other intangible assets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Gross definite-lived intangible assets ​ ​ ​ ​ ​ ​ $ 228,662 ​ $ 221,382 Accumulated amortization ​ ​ ​ ​ ​ ​ ​ (56,272) ​ ​ (40,260) Net definite-lived intangible assets ​ ​ ​ ​ ​ ​ ​ 172,390 ​ ​ 181,122 Indefinite-lived intangible assets not subject to amortization ​ ​ ​ ​ ​ ​ ​ — ​ ​ — Other intangible assets, net ​ ​ ​ ​ ​ ​ $ 172,390 ​ $ 181,122
Schedule of amortization expense	The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 2019 2020 2019 Amortization expense ​ $ 5,382 ​ $ 5,197 ​ $ 16,012 ​ $ 15,543

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Long-Term Debt
Reconciliation of principal balance of outstanding debt	The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, December 31, ​ ​ 2020 2019 Senior Notes - 5.625% due May 2026 ​ $ 400,000 ​ $ 400,000 Term loan ​ ​ 292,500 ​ ​ 305,625 Equipment notes ​ ​ 27,484 ​ ​ 33,525 Unamortized debt issuance costs ​ ​ (7,867) ​ ​ (6,923) Total debt, net of unamortized debt issuance costs ​ ​ 712,117 ​ ​ 732,227 Less: current portion of long-term debt ​ ​ 23,247 ​ ​ 34,272 Total long-term debt ​ $ 688,870 ​ $ 697,955
Schedule of remaining principal payments of debt	The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2020, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter ​ Total Senior Notes ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 400,000 ​ $ 400,000 Term loan ​ 3,750 ​ 15,000 ​ 20,625 ​ 22,500 ​ 28,125 ​ 202,500 ​ 292,500 Equipment notes ​ ​ 2,040 ​ ​ 8,326 ​ ​ 8,651 ​ ​ 6,337 ​ ​ 2,130 ​ ​ — ​ ​ 27,484 Total ​ $ 5,790 ​ $ 23,326 ​ $ 29,276 ​ $ 28,837 ​ $ 30,255 ​ $ 602,500 ​ $ 719,984
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 $ 300,000 ​ ​ ​ ​ ​ Additional term loan and/or revolver capacity available under incremental facility (a) $ 300,000 ​ ​ ​ ​ ​ Revolving Facility $ 450,000 ​ Sublimit for issuance of letters of credit under Revolving Facility (b) $ 100,000 ​ Sublimit for swingline loans under Revolving Facility (b) $ 35,000 ​ ​ ​ ​ ​ Interest rate as of September 30, 2020 ​ 1.50 % Scheduled maturity date ​ 3/20/2025 ​ (a) 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). (b) 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 ​ ​ September 30, December 31, ​ 2020 2019 Revolving Facility ​ $ 450,000 ​ $ 250,000 Less: standby letters of credit ​ ​ (60,382) ​ ​ (61,382) Availability under Revolving Facility ​ $ 389,618 ​ $ 188,618
Schedule of the key financial covenants	​ ​ ​ ​ ​ As of September 30, 2020 Maximum Net Leverage Ratio ​ 3.50:1.00 Minimum Interest Coverage Ratio ​ 3.00:1.00 Compliance as of period end ​ In Compliance

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Information
Schedule of net sales and operating results by segment	The following tables set forth our net sales and operating results by segment, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 492,206 ​ $ 498,390 ​ $ 83,142 ​ $ 69,846 Distribution ​ ​ 244,113 ​ ​ 220,947 ​ ​ 32,787 ​ ​ 23,406 Intercompany eliminations ​ ​ (39,096) ​ ​ (37,007) ​ ​ (6,374) ​ ​ (5,935) Total ​ $ 697,223 ​ $ 682,330 ​ ​ 109,555 ​ ​ 87,317 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (8,032) ​ ​ (6,872) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 101,523 ​ ​ 80,445 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (7,606) ​ ​ (8,854) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 93,917 ​ $ 71,591 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ Net Sales ​ Operating Profit (b) Our operations by segment were (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,434,648 ​ $ 1,430,800 ​ $ 213,136 ​ $ 189,568 Distribution ​ ​ 674,672 ​ ​ 638,899 ​ ​ 81,612 ​ ​ 65,154 Intercompany eliminations ​ ​ (112,769) ​ ​ (107,928) ​ ​ (18,169) ​ ​ (18,013) Total ​ $ 1,996,551 ​ $ 1,961,771 ​ ​ 276,579 ​ ​ 236,709 General corporate expense, net (c) ​ ​ ​ ​ ​ ​ ​ ​ (24,610) ​ ​ (23,606) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 251,969 ​ ​ 213,103 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (24,296) ​ ​ (27,228) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 227,673 ​ $ 185,875 (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) 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.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
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 unaudited condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Operating lease cost (a) ​ $ 11,475 ​ $ 12,393 ​ $ 35,842 ​ $ 38,597 Short-term lease cost ​ ​ 3,209 ​ ​ 3,381 ​ ​ 9,086 ​ ​ 9,391 Sublease income ​ ​ (42) ​ ​ (153) ​ ​ (153) ​ ​ (461) Net lease cost ​ $ 14,642 ​ $ 15,621 ​ $ 44,775 ​ $ 47,527 (a) Includes variable cost components of $1,316 and $1,434 in the three months ended September 30, 2020 and 2019, respectively, and $4,090 and $4,201 of variable cost components in the nine months ended September 30, 2020 and 2019, respectively.
Schedule of future minimum lease payments	Future minimum lease payments under non-cancellable operating leases as of September 30, 2020 were as follows, in thousands: ​ ​ ​ ​ Payments due by Period ​ 2020 ​ $ 10,234 2021 ​ ​ 32,978 2022 ​ ​ 22,083 2023 ​ ​ 12,429 2024 ​ ​ 7,135 2025 & Thereafter ​ ​ 7,189 Total future minimum lease payments ​ ​ 92,048 ​ ​ ​ ​ Less: imputed interest ​ ​ (6,629) ​ ​ ​ ​ Lease liability at September 30, 2020 ​ $ 85,419
Schedule of cash flow information	The amount below is included in the cash flows provided by (used in) operating activities section on the accompanying unaudited condensed consolidated statements of cash flows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities ​ $ (31,862) ​ $ (33,914)

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Income Per Share
Schedule of basic and diluted income per share	​ Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2020 ​ 2019 2020 ​ 2019 Net income (in thousands) - basic and diluted ​ $ 69,996 ​ $ 54,976 ​ $ 176,266 ​ $ 145,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 32,847,652 ​ ​ 33,790,857 ​ ​ 32,960,969 ​ ​ 33,977,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 42,317 ​ ​ 82,087 ​ ​ 53,719 ​ ​ 86,373 RSAs with market-based conditions ​ ​ 159,985 ​ ​ 195,740 ​ ​ 145,835 ​ ​ 183,537 RSAs with performance-based conditions ​ ​ 49,065 ​ ​ 82,750 ​ ​ 38,719 ​ ​ 63,329 Stock options ​ ​ 111,526 ​ ​ 216,468 ​ ​ 138,017 ​ ​ 230,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 33,210,545 ​ ​ 34,367,902 ​ ​ 33,337,259 ​ ​ 34,541,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 2.13 ​ $ 1.63 ​ $ 5.35 ​ $ 4.27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 2.11 ​ $ 1.60 ​ $ 5.29 ​ $ 4.20
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2020 2019 2020 2019 Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ — ​ ​ — ​ ​ 4,184 ​ ​ 5,264 RSAs with market-based conditions ​ ​ — ​ ​ — ​ ​ 2,780 ​ ​ 6,567 RSAs with performance-based conditions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Stock options ​ ​ 26,556 ​ ​ 12,642 ​ ​ 39,998 ​ ​ 72,580 Total anti-dilutive common stock equivalents ​ ​ 26,556 ​ ​ 12,642 ​ ​ 46,962 ​ ​ 84,411

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
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 condensed consolidated statements of operations, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Share-based compensation expense ​ $ 3,121 ​ $ 3,926 ​ $ 12,159 ​ $ 11,411 Income tax benefit realized ​ $ 838 ​ $ 1,304 ​ $ 7,734 ​ $ 5,110
Schedule of share-based compensation activity	The following table presents a summary of our share-based compensation activity for the nine months ended September 30, 2020, 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, 2019 ​ 411.6 ​ $ 57.51 ​ 373.5 ​ $ 17.06 ​ $ 45.90 ​ $ 21,356.4 Granted ​ 192.8 ​ $ 129.11 ​ 71.0 ​ $ 39.49 ​ $ 118.58 ​ ​ ​ Converted/Exercised ​ (251.1) ​ $ 43.44 ​ (184.8) ​ $ 14.84 ​ $ 39.54 ​ $ 13,222.1 Forfeited/Expired ​ (26.1) ​ $ 90.81 ​ (20.0) ​ $ 30.13 ​ $ 87.67 ​ ​ ​ Balance September 30, 2020 ​ 327.2 ​ $ 87.20 ​ 239.7 ​ $ 24.33 ​ $ 68.86 ​ $ 22,925.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2020 (a) ​ ​ ​ ​ 63.8 ​ $ 18.89 ​ $ 51.04 ​ $ 7,638.0 (a) The weighted average remaining contractual term for vested stock options is approximately 6.5 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards	Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ Unrecognized Compensation Expense ​ Weighted Average RSAs ​ $ 11,536 ​ ​ 1.2 years Stock options ​ ​ 1,359 ​ ​ 1.0 years Total unrecognized compensation expense related to unvested awards ​ $ 12,895 ​ ​ ​
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 stock options granted in 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Risk free interest rate ​ ​ 1.53 % ​ ​ 2.59 % Expected volatility, using historical return volatility and implied volatility ​ ​ 31.50 % ​ ​ 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 ​ $ 39.49 ​ ​ $ 21.16 ​
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	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 19, 2018 ​ $ 1,865 ​ $ — ​ $ 466 ​ $ 1,865 ​ $ 3,730 February 18, 2019 ​ $ 2,281 ​ $ — ​ $ 570 ​ $ 2,281 ​ $ 4,562 February 17, 2020 ​ $ 2,716 ​ $ — ​ $ 679 ​ $ 2,716 ​ $ 5,432
Market-based conditions | Restricted Stock Awards
Share-Based Compensation
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 2020 and 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Measurement period (in years) ​ ​ 2.88 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 1.40 % ​ ​ 2.50 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 158.24 ​ ​ $ 80.74 ​

Share Repurchase Program (Table

Share Repurchase Program (Tables)	9 Months Ended
	Sep. 30, 2020
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ 2020 2019 Number of shares repurchased ​ ​ 57,810 ​ ​ 364,074 ​ ​ 582,254 (a) ​ ​ 810,077 (b) Share repurchase cost (in thousands) ​ $ 8,997 ​ $ 32,677 $ 43,149 ​ $ 52,177 (a) The nine months ended September 30, 2020 includes 73,455 shares we received as final settlement of our 2019 ASR Agreement. (b) The nine months ended September 30, 2019 includes 176,327 shares we received as final settlement of our 2018 ASR Agreement .

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations
Schedule of fair value of contingent consideration	The following table presents the fair value of contingent consideration, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EcoFoam Viking ​ Cooper Date of Acquisition ​ February 27, 2017 ​ July 15, 2019 ​ February 20, 2020 Fair value of contingent consideration recognized at acquisition date ​ $ 2,110 ​ $ 1,243 ​ $ 1,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration at December 31, 2019 ​ $ 822 ​ $ 1,304 ​ $ — Additions ​ ​ — ​ ​ — ​ ​ 1,000 Change in fair value of contingent consideration during the nine months ended September 30, 2020 ​ ​ 19 ​ ​ 85 ​ ​ — Payment of contingent consideration during the nine months ended September 30, 2020 ​ ​ (841) ​ ​ (500) ​ ​ — Liability balance for contingent consideration at September 30, 2020 ​ $ — ​ $ 889 ​ $ 1,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Accrued Liabilities
Schedule of components of accrued liabilities	The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, ​ December 31, ​ 2020 2019 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and commissions ​ $ 39,908 ​ $ 32,154 Insurance liabilities ​ ​ 23,440 ​ ​ 22,506 Deferred revenue ​ ​ 16,817 ​ ​ 16,139 Interest payable on long-term debt ​ ​ 9,563 ​ ​ 3,966 Other ​ ​ 27,728 ​ ​ 23,653 Total accrued liabilities ​ $ 117,456 ​ $ 98,418

Other Commitments and Conting_2

Other Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Other Commitments and Contingencies
Summary of outstanding bonds	The following table summarizes our outstanding performance, licensing, insurance and other bonds, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, December 31, ​ ​ 2020 ​ 2019 Outstanding bonds: ​ ​ ​ ​ ​ ​ Performance bonds ​ $ 102,403 ​ $ 87,286 Licensing, insurance, and other bonds ​ ​ 27,603 ​ ​ 25,309 Total bonds ​ $ 130,006 ​ $ 112,595

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2020segment
Basis of Presentation
Number of reportable segments	2

Accounting Policies - Recently

Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Recently Adopted Accounting Pronouncements
Retained earnings	$ (805,900)	$ (632,862)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Recently Adopted Accounting Pronouncements
Retained earnings		$ 3,200

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue Recognition
Net sales	$ 697,223	$ 682,330	$ 1,996,551	$ 1,961,771
Insulation and accessories
Revenue Recognition
Net sales	548,352	543,035	1,575,548	1,558,121
Glass and windows
Revenue Recognition
Net sales	41,912	37,885	122,603	114,839
Rain gutters
Revenue Recognition
Net sales	44,470	39,963	119,871	110,225
All other
Revenue Recognition
Net sales	62,489	61,447	178,529	178,586
Residential
Revenue Recognition
Net sales	545,688	522,506	1,557,954	1,503,300
Commercial
Revenue Recognition
Net sales	151,535	159,824	438,597	458,471
Operating Segment
Revenue Recognition
Net sales	697,223	682,330	1,996,551	1,961,771
Operating Segment | Installation
Revenue Recognition
Net sales	492,206	498,390	1,434,648	1,430,800
Operating Segment | Installation | Insulation and accessories
Revenue Recognition
Net sales	379,958	388,796	1,110,952	1,116,292
Operating Segment | Installation | Glass and windows
Revenue Recognition
Net sales	41,912	37,885	122,603	114,839
Operating Segment | Installation | Rain gutters
Revenue Recognition
Net sales	21,336	23,177	61,843	63,669
Operating Segment | Installation | All other
Revenue Recognition
Net sales	49,000	48,532	139,250	136,000
Operating Segment | Installation | Residential
Revenue Recognition
Net sales	390,101	386,887	1,134,350	1,110,704
Operating Segment | Installation | Commercial
Revenue Recognition
Net sales	102,105	111,503	300,298	320,096
Operating Segment | Distribution
Revenue Recognition
Net sales	244,113	220,947	674,672	638,899
Operating Segment | Distribution | Insulation and accessories
Revenue Recognition
Net sales	200,210	182,111	556,018	525,717
Operating Segment | Distribution | Rain gutters
Revenue Recognition
Net sales	28,616	24,056	74,585	65,707
Operating Segment | Distribution | All other
Revenue Recognition
Net sales	15,287	14,780	44,069	47,475
Operating Segment | Distribution | Residential
Revenue Recognition
Net sales	186,408	165,200	512,479	478,753
Operating Segment | Distribution | Commercial
Revenue Recognition
Net sales	57,705	55,747	162,193	160,146
Intercompany Eliminations and Other Adjustments
Revenue Recognition
Net sales	(39,096)	(37,007)	(112,769)	(107,928)
Intercompany Eliminations and Other Adjustments | Insulation and accessories
Revenue Recognition
Net sales	(31,816)	(27,872)	(91,422)	(83,888)
Intercompany Eliminations and Other Adjustments | Rain gutters
Revenue Recognition
Net sales	(5,482)	(7,270)	(16,557)	(19,151)
Intercompany Eliminations and Other Adjustments | All other
Revenue Recognition
Net sales	(1,798)	(1,865)	(4,790)	(4,889)
Intercompany Eliminations and Other Adjustments | Residential
Revenue Recognition
Net sales	(30,821)	(29,581)	(88,875)	(86,157)
Intercompany Eliminations and Other Adjustments | Commercial
Revenue Recognition
Net sales	$ (8,275)	$ (7,426)	$ (23,894)	$ (21,771)

Revenue Recognition - Other (De

Revenue Recognition - Other (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue Recognition
Customer contract period	90 days
Contract Liabilities
Deferred revenue	$ 16,817	$ 16,139
Receivables, net
Contract Assets
Receivables, unbilled	54,375	57,153
Accrued liabilities
Contract Liabilities
Deferred revenue	$ 16,817	$ 16,139

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)item
Changes in the carrying amount of goodwill
Number of reporting units | item		2
Gross Goodwill, at beginning of period		$ 2,129,939
Additions		11,803
Gross Goodwill, at end of period	$ 2,129,939	2,141,742
Accumulated Impairment Losses		(762,021)
Net Goodwill	1,367,918	1,379,721
Impairment of goodwill	0
Installation
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		1,683,589
Additions		11,803
Gross Goodwill, at end of period	1,683,589	1,695,392
Accumulated Impairment Losses		(762,021)
Net Goodwill		933,371
Distribution
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		446,350
Gross Goodwill, at end of period	$ 446,350	446,350
Net Goodwill		$ 446,350

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Other intangible assets
Gross Definite-lived intangible assets	$ 228,662		$ 228,662		$ 221,382
Accumulated Amortization	(56,272)		(56,272)		(40,260)
Net definite-lived intangible assets	172,390		172,390		181,122
Other intangible assets, net	172,390		172,390		$ 181,122
Amortization expense	$ 5,382	$ 5,197	$ 16,012	$ 15,543

Long-Term Debt - Reconciliation

Long-Term Debt - Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-Term Debt
Long-term debt	$ 719,984
Unamortized debt issuance costs	(7,867)	$ (6,923)
Total debt, net of unamortized debt issuance costs	712,117	732,227
Less: current portion of long-term debt	23,247	34,272
Total long-term debt	$ 688,870	$ 697,955
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	292,500	305,625
Equipment Notes
Long-Term Debt
Long-term debt	$ 27,484	$ 33,525

Long-Term Debt - Schedule of de

Long-Term Debt - Schedule of debt maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Debt Maturity by Years:
2020	$ 5,790
2021	23,326
2022	29,276
2023	28,837
2024	30,255
Thereafter	602,500
Total principal maturities	719,984
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	3,750
2021	15,000
2022	20,625
2023	22,500
2024	28,125
Thereafter	202,500
Total principal maturities	292,500	305,625
Equipment Notes
Schedule of Debt Maturity by Years:
2020	2,040
2021	8,326
2022	8,651
2023	6,337
2024	2,130
Total principal maturities	$ 27,484	$ 33,525

Long-Term Debt - Key Terms of C

Long-Term Debt - Key Terms of Credit Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Mar. 20, 2020	Dec. 31, 2019
Long-Term Debt
Amount outstanding	$ 719,984
Term Loan Facility
Long-Term Debt
Amount outstanding	$ 292,500		$ 305,625
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
Principal amount of debt			41,600
Amount outstanding	27,484		33,525
Equipment notes issued	$ 0
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	$ 450,000		$ 250,000
Amended Credit Agreement
Long-Term Debt
Additional term loan and/or revolver capacity available under incremental facility	$ 300,000
Scheduled maturity date	Mar. 20, 2025
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
Availability	$ 300,000	$ 300,000
Interest rate	1.50%
Amended Credit Agreement | Senior Notes
Long-Term Debt
Interest rate	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	$ 450,000	450,000
Sublimit for issuance of letters of credit under Revolving Facility*	100,000	100,000
Sublimit for swingline loans under Revolving Facility*	$ 35,000	$ 35,000
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
Long-Term Debt
Interest rate floor (as a percent)	0.50%
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	9 Months Ended
	Sep. 30, 2020	Mar. 20, 2020	Dec. 31, 2019
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	$ 450,000		$ 250,000
Less: standby letters of credit	(60,382)		(61,382)
Availability under Revolving Facility	389,618		$ 188,618
Revolving Facility | Amended Credit Agreement
Long-Term Debt
Revolving Facility	$ 450,000	$ 450,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value on Non-Recurring Basis
Amount outstanding	$ 719,984
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	$ 417,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment information
Net sales	$ 697,223	$ 682,330	$ 1,996,551	$ 1,961,771
Operating profit	101,523	80,445	251,969	213,103
Other expense, net	(7,606)	(8,854)	(24,296)	(27,228)
Income before income taxes	93,917	71,591	227,673	185,875
Rain gutters
Segment information
Net sales	44,470	39,963	119,871	110,225
Operating Segment
Segment information
Net sales	697,223	682,330	1,996,551	1,961,771
Operating profit	109,555	87,317	276,579	236,709
Operating Segment | Installation
Segment information
Net sales	492,206	498,390	1,434,648	1,430,800
Operating profit	83,142	69,846	213,136	189,568
Operating Segment | Installation | Rain gutters
Segment information
Net sales	21,336	23,177	61,843	63,669
Operating Segment | Distribution
Segment information
Net sales	244,113	220,947	674,672	638,899
Operating profit	32,787	23,406	81,612	65,154
Operating Segment | Distribution | Rain gutters
Segment information
Net sales	28,616	24,056	74,585	65,707
Intercompany Eliminations and Other Adjustments
Segment information
Net sales	(39,096)	(37,007)	(112,769)	(107,928)
Intercompany Eliminations and Other Adjustments | Rain gutters
Segment information
Net sales	(5,482)	(7,270)	(16,557)	(19,151)
Intercompany Eliminations
Segment information
Net sales	(39,096)	(37,007)	(112,769)	(107,928)
Operating profit	(6,374)	(5,935)	(18,169)	(18,013)
Corporate
Segment information
General corporate expense, net	$ (8,032)	$ (6,872)	$ (24,610)	$ (23,606)

Leases - Terms (Details)

Leases - Terms (Details)	9 Months Ended
	Sep. 30, 2020
Leases
Operating lease, option to extend	true
Operating lease, option to terminate	true

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Components of lease expense:
Operating lease cost	$ 11,475	$ 12,393	$ 35,842	$ 38,597
Short-term lease cost	3,209	3,381	9,086	9,391
Sublease income	(42)	(153)	(153)	(461)
Net lease cost	14,642	15,621	44,775	47,527
Variable lease cost	$ 1,316	$ 1,434	$ 4,090	$ 4,201

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Future minimum lease payments under non-cancellable operating leases:
2020	$ 10,234
2021	32,978
2022	22,083
2023	12,429
2024	7,135
2025 & Thereafter	7,189
Total future minimum lease payments	92,048
Less: imputed interest	(6,629)
Lease liability at September 30, 2020	$ 85,419

Leases - Cash flows and other (

Leases - Cash flows and other (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases
Weighted average remaining lease term	3 years 6 months
Weighted average discount rate (as a percent)	3.90%
Cash paid for amounts included in the measurement of lease liabilities	$ (31,862)	$ (33,914)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Taxes
Effective tax rate (as a percent)	25.50%	23.20%	22.60%	22.00%
Tax benefit related to share-based compensation	$ 838	$ 1,304	$ 7,734	$ 5,110
Net deferred tax liability	169,200		169,200
Net long-term deferred tax assets	4,397		4,397		$ 4,259
Net long-term deferred tax liabilities	$ 173,597		$ 173,597		$ 175,263

Income Per Share - Calculation

Income Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income - basic and diluted	$ 69,996	$ 55,496	$ 50,771	$ 54,976	$ 52,051	$ 37,983	$ 176,266	$ 145,011
Weighted average number of common shares outstanding - basic	32,847,652			33,790,857			32,960,969	33,977,464
Dilutive effect of common stock equivalents:
Stock options	111,526			216,468			138,017	230,932
Weighted average number of common shares outstanding - diluted	33,210,545			34,367,902			33,337,259	34,541,635
Basic net income per common share	$ 2.13			$ 1.63			$ 5.35	$ 4.27
Diluted net income per common share	$ 2.11			$ 1.60			$ 5.29	$ 4.20
Service-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	42,317			82,087			53,719	86,373
Market-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	159,985			195,740			145,835	183,537
Performance-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	49,065			82,750			38,719	63,329

Income Per Share - Anti-dilutiv

Income Per Share - Anti-dilutive common stock equivalents (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	26,556	12,642	46,962	84,411
Restricted Stock Awards | Service-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents			4,184	5,264
Restricted Stock Awards | Market-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents			2,780	6,567
Stock Options
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	26,556	12,642	39,998	72,580

Share-Based Compensation - Expe

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-Based Compensation
Share-based compensation expense	$ 3,121	$ 3,926	$ 12,159	$ 11,411
Income tax benefit realized	$ 838	$ 1,304	$ 7,734	$ 5,110
2015 Plan
Share-Based Compensation
Number of shares available	2.1		2.1
2015 Plan | Maximum
Share-Based Compensation
Number of shares authorized	4		4

Share-Based Compensation - Acti

Share-Based Compensation - Activity (Details) - USD ($)	Feb. 17, 2020	Feb. 18, 2019	Feb. 19, 2018	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Stock Options, Number of Shares
Converted/Exercised (in shares)				(19,242)
Unrecognized share-based compensation expense
Restricted stock awards, Unrecognized compensation expense				$ 11,536,000	$ 11,536,000
Restricted stock awards, Weighted average remaining vesting period					1 year 2 months 12 days
Stock options, Unrecognized compensation expense				1,359,000	$ 1,359,000
Stock options, Weighted average remaining vesting period					1 year
Total unrecognized compensation expense related to unvested awards				$ 12,895,000	$ 12,895,000
Restricted Stock Awards
Restricted Stock Awards, Number of Shares
Balance at beginning of period (in shares)					411,600
Granted (in shares)					192,800
Converted/Exercised (in shares)					(251,100)
Forfeited/Expired (in shares)					(26,100)
Balance at end of period (in shares)				327,200	327,200
Restricted Stock Awards, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)					$ 57.51
Granted (in dollars per share)					129.11
Converted/Exercised (in dollars per share)					43.44
Forfeited/Expired (in dollars per share)					90.81
Balance at end of period (in dollars per share)				$ 87.20	$ 87.20
Assumptions used to estimate the fair values of the awards granted:
Measurement period (years)					2 years 10 months 17 days	2 years 10 months 13 days
Risk free interest rate (as a percent)					1.40%	2.50%
Dividend yield (as a percent)					0.00%	0.00%
Estimated fair value of market-based RSAs at grant date (in dollars per share)					$ 158.24	$ 80.74
Stock Options
Stock Options, Number of Shares
Balance at beginning of period (in shares)					373,500
Granted (in shares)					71,000
Converted/Exercised (in shares)					(184,800)
Forfeited/Expired (in shares)					(20,000)
Balance at end of period (in shares)				239,700	239,700
Stock Options, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)					$ 17.06
Granted (in dollars per share)					39.49
Converted/Exercised (in dollars per share)					14.84
Forfeited/Expired (in dollars per share)					30.13
Balance at end of period (in dollars per share)				$ 24.33	24.33
Stock Options, Weighted Average Exercise Price Per Share
Balance at beginning of period (in dollars per share)					45.90
Granted (in dollars per share)					118.58
Converted/Exercised (in dollars per share)					39.54
Forfeited/Expired (in dollars per share)					87.67
Balance at end of period (in dollars per share)				$ 68.86	$ 68.86
Stock options, additional disclosures
Aggregate intrinsic value				$ 22,925,100	$ 22,925,100		$ 21,356,400
Converted/Exercised aggregate intrinsic value					$ 13,222,100
Exercisable, Number of shares				63,800	63,800
Exercisable, Weighted Average Grant Date Fair Value Per Share					$ 18.89
Exercisable Weighted Average Exercise Price Per Share				$ 51.04	$ 51.04
Exercisable, Aggregate Intrinsic Value				$ 7,638,000	$ 7,638,000
Weighted average remaining contractual term for vested stock options					6 years 6 months
Assumptions used to estimate the fair values of the awards granted:
Risk free interest rate (as a percent)					1.53%	2.59%
Expected volatility using historical return volatility and implied volatility (as a percent)					31.50%	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)					$ 39.49	$ 21.16
Performance-based conditions | Restricted Stock Awards
Restricted stock awards, additional disclosures
Grant date fair value	$ 2,716,000	$ 2,281,000	$ 1,865,000
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	$ 679,000	$ 570,000	$ 466,000
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	$ 2,716,000	$ 2,281,000	$ 1,865,000
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	$ 5,432,000	$ 4,562,000	$ 3,730,000
Performance-based conditions | RSAs granted on February 21, 2017
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

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		11 Months Ended	20 Months Ended	23 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Nov. 05, 2019	Feb. 22, 2019	Nov. 07, 2018
Share Repurchase Program
Number of shares repurchased (in shares)	57,810			364,074			582,254	810,077
Share repurchase cost	$ 8,997	$ 20,025	$ 14,127	$ 32,677	$ 14,878	$ 4,622	$ 43,149	$ 52,177
2019 Share Repurchase Program
Share Repurchase Program
Amount remaining under repurchase program	$ 46,000						$ 46,000		$ 46,000		$ 46,000
2019 ASR Agreement
Share Repurchase Program
Number of shares repurchased (in shares)			73,455				73,455		465,956
Average price per share (in dollars per share)									$ 107.31
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
Share Repurchase Program
Number of shares repurchased (in shares)						176,327		176,327		973,252	973,252
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
Share repurchase program, authorized amount													$ 200,000

Business Combinations - Summary

Business Combinations - Summary (Details) - USD ($) $ in Thousands	Feb. 24, 2020	Feb. 20, 2020	Jul. 15, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Combinations
Acquisition related costs				$ 200	$ 0	$ 400	$ 100
Goodwill recognized						11,803
Viking
Business Combinations
Purchase price			$ 7,700
Cash consideration			6,500
Contingent consideration			$ 1,200
Cooper Glass
Business Combinations
Purchase price		$ 11,500
Cash consideration		10,500
Contingent consideration		$ 1,000
Goodwill recognized						5,700
Hunter
Business Combinations
Purchase price	$ 9,100
Goodwill recognized						$ 5,300

Business Combinations - Conting

Business Combinations - Contingent Consideration (Details) - USD ($)	Feb. 20, 2020	Jul. 15, 2019	Feb. 27, 2017	Sep. 30, 2020	Sep. 30, 2020
Contingent Consideration
Payment of contingent consideration					$ 413,000
EcoFoam
Contingent Consideration
Purchase price			$ 22,300,000
Cash consideration			20,200,000
Contingent consideration			2,100,000
EcoFoam | Contingent Consideration | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date			$ 2,110,000
Fair value of contingent consideration
Contingent consideration at beginning of period					822,000
Change in fair value of contingent consideration					19,000
Payment of contingent consideration				$ 800,000	(841,000)
Liability balance for contingent consideration at end of period				0	0
Viking
Contingent Consideration
Purchase price		$ 7,700,000
Cash consideration		6,500,000
Contingent consideration		$ 1,200,000
Contingent consideration, payment period		3 years
Contingent consideration, low end of range				0	0
Contingent consideration, high end of range				1,500,000	$ 1,500,000
Viking | Contingent Consideration
Contingent Consideration
Payment of contingent consideration				$ 500,000
Viking | Contingent Consideration | Level 3
Contingent Consideration
Business Combination, Contingent Consideration, Liability, Measurement Input [Extensible List]				us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Discount rate (as a percent)				10	10
Fair value of contingent consideration recognized at acquisition date		$ 1,243,000
Fair value of contingent consideration
Contingent consideration at beginning of period					$ 1,304,000
Change in fair value of contingent consideration					85,000
Payment of contingent consideration					(500,000)
Liability balance for contingent consideration at end of period				$ 889,000	889,000
Cooper Glass
Contingent Consideration
Purchase price	$ 11,500,000
Cash consideration	10,500,000
Contingent consideration	$ 1,000,000
Contingent consideration, payment period	2 years
Contingent consideration, low end of range				0	0
Contingent consideration, high end of range				1,000,000	1,000,000
Cooper Glass | Contingent Consideration | Level 3
Contingent Consideration
Fair value of contingent consideration recognized at acquisition date	$ 1,000,000
Fair value of contingent consideration
Contingent consideration at beginning of period
Additions					1,000,000
Liability balance for contingent consideration at end of period				$ 1,000,000	$ 1,000,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Liabilities
Salaries, wages, and commissions	$ 39,908	$ 32,154
Insurance liabilities	23,440	22,506
Deferred revenue	16,817	16,139
Interest payable on long-term debt	9,563	3,966
Other	27,728	23,653
Total accrued liabilities	$ 117,456	$ 98,418

Other Commitments and Conting_3

Other Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Outstanding Bonds
Performance bonds	$ 102,403	$ 87,286
Licensing, insurance, and other bonds	27,603	25,309
Total bonds	$ 130,006	$ 112,595

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 01, 2020USD ($)
Subsequent Event | Garland Insulating
Subsequent Events
Purchase price	$ 62