TopBuild (BLD) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover page.
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36870
Entity Registrant Name	TopBuild Corp
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,166,212
Amendment Flag	false
Entity Central Index Key	0001633931
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Quarterly Report	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 463,221	$ 848,565
Receivables, net of an allowance for credit losses of $22,718 at June 30, 2024, and $23,948 at December 31, 2023	859,725	799,009
Inventories	393,810	364,731
Prepaid expenses and other current assets	43,550	36,939
Total current assets	1,760,306	2,049,244
Right of use assets	191,048	204,629
Property and equipment, net	267,523	264,487
Goodwill	2,090,788	2,042,568
Other intangible assets, net	583,141	591,058
Other assets	10,187	10,865
Total assets	4,902,993	5,162,851
Current liabilities:
Accounts payable	461,139	469,585
Current portion of long-term debt	45,665	47,039
Accrued liabilities	176,753	187,217
Short-term operating lease liabilities	66,953	65,780
Short-term finance lease liabilities	1,739	1,917
Total current liabilities	752,249	771,538
Long-term debt	1,351,969	1,373,028
Deferred tax liabilities, net	243,790	243,930
Long-term portion of insurance reserves	60,402	58,783
Long-term operating lease liabilities	132,529	146,213
Long-term finance lease liabilities	3,318	4,150
Other liabilities	1,422	1,554
Total liabilities	2,545,679	2,599,196
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $0.01 par value: 250,000,000 shares authorized; 39,561,321 shares issued and 30,584,176 outstanding at June 30, 2024, and 39,492,037 shares issued and 31,776,039 outstanding at December 31, 2023	396	394
Treasury stock, 8,977,145 shares at June 30, 2024, and 7,715,998 shares at December 31, 2023, at cost	(1,215,829)	(699,327)
Additional paid-in capital	919,317	906,334
Retained earnings	2,674,023	2,370,919
Accumulated other comprehensive loss	(20,593)	(14,665)
Total equity	2,357,314	2,563,655
Total liabilities and equity	$ 4,902,993	$ 5,162,851

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 22,718	$ 23,948
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	39,561,321	39,492,037
Common stock, shares outstanding	30,584,176	31,776,039
Treasury stock, shares at cost	8,977,145	7,715,998

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 1,365,612	$ 1,317,262	$ 2,644,329	$ 2,582,500
Cost of sales	941,690	895,462	1,833,257	1,790,485
Gross profit	423,922	421,800	811,072	792,015
Selling, general, and administrative expense	213,530	184,697	386,172	355,481
Operating profit	210,392	237,103	424,900	436,534
Other income (expense), net:
Interest expense	(18,568)	(18,558)	(37,363)	(36,597)
Other, net	11,350	4,605	22,632	6,528
Other expense, net	(7,218)	(13,953)	(14,731)	(30,069)
Income before income taxes	203,174	223,150	410,169	406,465
Income tax expense	(52,451)	(58,750)	(107,065)	(106,195)
Net income	$ 150,723	$ 164,400	$ 303,104	$ 300,270
Net income per common share:
Basic	$ 4.81	$ 5.20	$ 9.63	$ 9.51
Diluted	$ 4.78	$ 5.18	$ 9.56	$ 9.47
Weighted average shares outstanding:
Basic	31,324,833	31,599,744	31,483,144	31,575,337
Diluted	31,524,063	31,731,807	31,693,524	31,722,660

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 150,723	$ 164,400	$ 303,104	$ 300,270
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,836)	4,283	(5,928)	6,037
Comprehensive income	$ 148,887	$ 168,683	$ 297,176	$ 306,307

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows Provided by (Used in) Operating Activities:
Net income	$ 303,104	$ 300,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,291	64,652
Share-based compensation	9,759	6,886
(Gain)/loss on sale of assets	(131)	621
Amortization of debt issuance costs	1,440	1,440
Provision for bad debt expense	9,874	4,031
Provision for inventory obsolescence	4,892	3,290
Change in certain assets and liabilities:
Receivables, net	(58,411)	(37,247)
Inventories	(30,758)	54,623
Prepaid expenses and other current assets	(6,595)	8,897
Accounts payable	(17,480)	(8,806)
Accrued liabilities	(13,348)	(13,872)
Other, net	(2,509)	1,012
Net cash provided by operating activities	269,128	385,797
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment	(35,974)	(30,672)
Acquisition of businesses, net of cash acquired	(88,123)	(45,948)
Proceeds from sale of assets	2,150	782
Net cash used in investing activities	(121,947)	(75,838)
Cash Flows Provided by (Used in) Financing Activities:
Repayment of long-term debt	(23,873)	(18,829)
Taxes withheld and paid on employees' equity awards	(6,059)	(6,350)
Exercise of stock options	3,224	1,497
Repurchase of shares of common stock	(505,241)
Payment of contingent consideration		(300)
Net cash used in financing activities	(531,949)	(23,982)
Cash and Cash Equivalents
Impact of exchange rate changes on cash	(576)	281
Net (decrease) increase in cash and cash equivalents	(385,344)	286,258
Cash and cash equivalents- Beginning of period	848,565	240,069
Cash and cash equivalents- End of period	463,221	526,327
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	20,180	26,310
Accruals for property and equipment	277	$ 1,449
Excise taxes capitalized to treasury stock	$ 5,202

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock at Cost	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2022	$ 393	$ (692,799)	$ 887,367	$ 1,756,665	$ (21,920)	$ 1,929,706
Increase (Decrease) in Stockholders' Equity
Net income				135,870		135,870
Share-based compensation			3,135			3,135
Issuance of restricted share awards under long-term equity incentive plan	2					2
Shares withheld to pay taxes on employees' equity awards		(6,350)				(6,350)
Shares issued upon exercise of stock options			1,028			1,028
Other comprehensive income (loss), net of tax					1,753	1,753
Balance at Mar. 31, 2023	395	(699,149)	891,530	1,892,535	(20,167)	2,065,144
Balance at Dec. 31, 2022	393	(692,799)	887,367	1,756,665	(21,920)	1,929,706
Increase (Decrease) in Stockholders' Equity
Net income						300,270
Balance at Jun. 30, 2023	395	(699,149)	895,749	2,056,935	(15,884)	2,238,046
Balance at Mar. 31, 2023	395	(699,149)	891,530	1,892,535	(20,167)	2,065,144
Increase (Decrease) in Stockholders' Equity
Net income				164,400		164,400
Share-based compensation			3,751			3,751
Shares issued upon exercise of stock options			468			468
Other comprehensive income (loss), net of tax					4,283	4,283
Balance at Jun. 30, 2023	395	(699,149)	895,749	2,056,935	(15,884)	2,238,046
Balance at Dec. 31, 2023	394	(699,327)	906,334	2,370,919	(14,665)	2,563,655
Increase (Decrease) in Stockholders' Equity
Net income				152,381		152,381
Share-based compensation			5,127			5,127
Issuance of restricted share awards under long-term equity incentive plan, net of forfeitures	1					1
Shares withheld to pay taxes on employees' equity awards		(6,059)				(6,059)
Shares issued upon exercise of stock options			1,020			1,020
Other comprehensive income (loss), net of tax					(4,092)	(4,092)
Balance at Mar. 31, 2024	395	(705,386)	912,481	2,523,300	(18,757)	2,712,033
Balance at Dec. 31, 2023	394	(699,327)	906,334	2,370,919	(14,665)	2,563,655
Increase (Decrease) in Stockholders' Equity
Net income						303,104
Balance at Jun. 30, 2024	396	(1,215,829)	919,317	2,674,023	(20,593)	2,357,314
Balance at Mar. 31, 2024	395	(705,386)	912,481	2,523,300	(18,757)	2,712,033
Increase (Decrease) in Stockholders' Equity
Net income				150,723		150,723
Share-based compensation			4,632			4,632
Issuance of restricted share awards under long-term equity incentive plan	1					1
Repurchase of shares		(510,443)				(510,443)
Shares issued upon exercise of stock options			2,204			2,204
Other comprehensive income (loss), net of tax					(1,836)	(1,836)
Balance at Jun. 30, 2024	$ 396	$ (1,215,829)	$ 919,317	$ 2,674,023	$ (20,593)	$ 2,357,314

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Issuance of restricted share awards under long-term equity incentive plan, net of forfeitures (in shares)	2,022	51,236	18,768	95,012
Repurchase of shares (in shares)	1,246,182
Number of shares withheld to pay taxes on employees' equity awards (in shares)		14,965		32,594
Shares issued upon exercise of stock options (in shares)	10,269	5,757	4,762	28,840

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	1. BASIS OF PRESENTATION ​ TopBuild is listed on the NYSE under the ticker symbol “BLD.” We report our business in two segments: Installation and Specialty Distribution. Our Installation segment primarily installs insulation and other building products. Our Specialty 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. ​ We believe the accompanying unaudited condensed consolidated financial statements contain all adjustments, of a normal recurring nature, necessary to state fairly our financial position as of June 30, 2024, our results of operations and comprehensive income for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 2024 and 2023. The condensed consolidated balance sheet at December 31, 2023 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, 2023 ​

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies
Accounting Policies	2. ACCOUNTING POLICIES ​ Financial Statement Presentation. ​ Recently Issued Accounting Pronouncements Not Yet Adopted ​ In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures”. This standard amends Topic 280 to require all entities to disclose, on an annual and interim basis, significant segment expenses and an amount for other segment items by reportable segment. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of adoption in our disclosures to the consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures”. This standard amends Topic 740 to require all entities to disclose specific categories in the rate reconciliation, income taxes paid and other income tax information. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied on a prospective basis. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of its adoption in our disclosures to our consolidated financial statements . ​

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue Recognition
Revenue Recognition	​ 3. REVENUE RECOGNITION ​ Revenue is disaggregated between our Installation and Specialty Distribution segments and further based on market and product, as we believe this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. ​ The following tables present our revenues disaggregated by market (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 712,827 ​ $ 237,604 ​ $ (66,331) ​ $ 884,100 ​ $ 668,172 ​ $ 227,254 ​ $ (56,667) ​ $ 838,759 Commercial/Industrial ​ ​ 138,156 ​ ​ 355,222 ​ ​ (11,866) ​ ​ 481,512 ​ ​ 140,883 ​ ​ 347,234 ​ ​ (9,614) ​ ​ 478,503 Net sales ​ $ 850,983 ​ $ 592,826 ​ $ (78,197) ​ $ 1,365,612 ​ $ 809,055 ​ $ 574,488 ​ $ (66,281) ​ $ 1,317,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 1,387,263 ​ $ 454,001 ​ $ (122,321) ​ $ 1,718,943 ​ $ 1,313,875 ​ $ 451,579 ​ $ (108,056) ​ $ 1,657,398 Commercial/Industrial ​ ​ 262,463 ​ ​ 684,619 ​ ​ (21,696) ​ ​ 925,386 ​ ​ 262,270 ​ ​ 681,283 ​ ​ (18,451) ​ ​ 925,102 Net sales ​ $ 1,649,726 ​ $ 1,138,620 ​ $ (144,017) ​ $ 2,644,329 ​ $ 1,576,145 ​ $ 1,132,862 ​ $ (126,507) ​ $ 2,582,500 ​ ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 685,728 ​ $ 525,242 ​ $ (68,758) ​ $ 1,142,212 ​ $ 633,924 ​ $ 513,162 ​ $ (57,599) ​ $ 1,089,487 Glass and windows ​ ​ 62,322 ​ ​ - ​ ​ - ​ ​ 62,322 ​ ​ 68,841 ​ ​ - ​ ​ - ​ ​ 68,841 Gutters ​ ​ 30,371 ​ ​ 49,052 ​ ​ (7,924) ​ ​ 71,499 ​ ​ 29,401 ​ ​ 44,088 ​ ​ (7,571) ​ ​ 65,918 All other ​ ​ 72,562 ​ ​ 18,532 ​ ​ (1,515) ​ ​ 89,579 ​ ​ 76,889 ​ ​ 17,238 ​ ​ (1,111) ​ ​ 93,016 Net sales ​ $ 850,983 ​ $ 592,826 ​ $ (78,197) ​ $ 1,365,612 ​ $ 809,055 ​ $ 574,488 ​ $ (66,281) ​ $ 1,317,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 1,329,378 ​ ​ 1,015,910 ​ ​ (126,267) ​ $ 2,219,021 ​ $ 1,234,691 ​ $ 1,015,964 ​ $ (109,572) ​ $ 2,141,083 Glass and windows ​ ​ 120,438 ​ ​ - ​ ​ - ​ ​ 120,438 ​ ​ 132,283 ​ ​ - ​ ​ - ​ ​ 132,283 Gutters ​ ​ 58,339 ​ ​ 89,368 ​ ​ (15,232) ​ ​ 132,475 ​ ​ 57,679 ​ ​ 83,931 ​ ​ (14,736) ​ ​ 126,874 All other ​ ​ 141,571 ​ ​ 33,342 ​ ​ (2,518) ​ ​ 172,395 ​ ​ 151,492 ​ ​ 32,967 ​ ​ (2,199) ​ ​ 182,260 Net sales ​ $ 1,649,726 ​ $ 1,138,620 ​ $ (144,017) ​ $ 2,644,329 ​ $ 1,576,145 ​ $ 1,132,862 ​ $ (126,507) ​ $ 2,582,500 ​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ ​ ​ June 30, ​ December 31, ​ Condensed Consolidated Balance Sheets ​ 2024 ​ 2023 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 76,198 ​ $ 64,882 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 15,981 ​ $ 18,365 ​ The aggregate amount remaining on uncompleted performance obligations was $385.8 million as of June 30, 2024. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months. ​ On certain of our long-term contracts, a percentage of the total project cost is withheld and not invoiced to the customer and collected until satisfactory completion of the customer’s project, typically within a year. This amount is referred to as retainage and is common practice in the construction industry. Retainage receivables are classified as a component of Receivables, net on our condensed consolidated balance sheets and were $77.0 million and $81.9 million as of June 30, 2024 and December 31, 2023, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 2024
Goodwill and Other Intangibles
Goodwill and Other Intangibles	4. GOODWILL AND OTHER INTANGIBLES ​ We have two reporting units which are also our operating and reportable segments: Installation and Specialty 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 such unit and determination of its fair value. 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 2023, we performed an annual assessment on our goodwill resulting in no impairment and there were no indicators of impairment for the six months ended June 30, 2024. ​ Changes in the carrying amount of goodwill for the six months ended June 30, 2024, by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Goodwill ​ ​ ​ FX Translation ​ Gross Goodwill ​ Impairment ​ Net Goodwill ​ ​ December 31, 2023 ​ Additions ​ Adjustment ​ June 30, 2024 ​ Losses ​ June 30, 2024 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,901,160 ​ $ 44,573 ​ $ - ​ $ 1,945,733 ​ $ (762,021) ​ $ 1,183,712 Specialty Distribution ​ 903,429 ​ 5,721 ​ ​ (2,074) ​ 907,076 ​ - ​ 907,076 Total goodwill ​ $ 2,804,589 ​ $ 50,294 ​ $ (2,074) ​ $ 2,852,809 ​ $ (762,021) ​ $ 2,090,788 ​ See Note 11 – 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 ​ ​ June 30, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 854,873 ​ $ 827,793 Accumulated amortization ​ (271,732) ​ ​ (236,735) Other intangible assets, net ​ $ 583,141 ​ $ 591,058 ​ The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2024 2023 2024 2023 Amortization expense ​ $ 17,947 ​ $ 17,211 ​ $ 35,633 ​ $ 34,107 ​

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
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 ​ ​ June 30, 2024 December 31, 2023 3.625% Senior Notes due 2029 ​ $ 400,000 ​ $ 400,000 4.125% Senior Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 Term loan due 2026 ​ ​ 510,000 ​ ​ 532,500 Equipment notes ​ ​ 665 ​ ​ 2,039 Unamortized debt issuance costs ​ ​ (13,031) ​ ​ (14,472) Total debt, net of unamortized debt issuance costs ​ ​ 1,397,634 ​ ​ 1,420,067 Less: current portion of long-term debt ​ ​ 45,665 ​ ​ 47,039 Total long-term debt ​ $ 1,351,969 ​ $ 1,373,028 ​ The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2024, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ Thereafter ​ Total 3.625% Senior Notes ​ $ - ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 400,000 ​ $ 400,000 4.125% Senior Notes ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 500,000 ​ ​ 500,000 Term loan ​ ​ 22,500 ​ ​ 48,750 ​ ​ 438,750 ​ ​ - ​ ​ - ​ ​ - ​ ​ 510,000 Equipment notes ​ ​ 665 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 665 Total ​ $ 23,165 ​ $ 48,750 ​ $ 438,750 ​ $ - ​ $ - ​ $ 900,000 ​ $ 1,410,665 ​ Credit Agreement On July 26, 2023, we entered into Amendment No. 4 to our Credit Agreement, which provided for a new $550.0 million Term Facility Two, the proceeds of which were intended to be used, in part, to finance the acquisition of SPI, including the payment of related fees and expenses. On April 22, 2024, we agreed to a mutual termination of our previous agreement to acquire SPI. In connection with the termination of the SPI acquisition, the Company terminated the commitments with respect to its undrawn Term Facility Two which was provided pursuant to Amendment No. 4. All other terms of the Company’s Credit Agreement, as amended, remain in full force and effect. ​ The following table outlines the key terms of the Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility $ 600,000 ​ ​ ​ ​ ​ Revolving facility (a) $ 500,000 ​ Sublimit for issuance of letters of credit under revolving facility $ 100,000 ​ Sublimit for swingline loans under revolving facility $ 35,000 ​ ​ ​ ​ ​ Interest rate as of June 30, 2024 ​ 6.44 % Scheduled maturity date ​ 10/7/2026 ​ (a) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the revolving facility. ​ Interest expense on borrowings under the 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 SOFR rate for U.S. dollar deposits with a term of one month , plus 1.00 percent (Term Facility One); or ● A SOFR 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% . ​ 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 for Term Facility One and in the case of SOFR rate borrowings, the applicable margin ranges from 1.00 percent to 2.50 percent for Term Facility One. Borrowings under the 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 ​ ​ June 30, 2024 December 31, 2023 Revolving facility ​ $ 500,000 ​ $ 500,000 Less: standby letters of credit ​ ​ (63,770) ​ ​ (63,770) Availability under revolving facility ​ $ 436,230 ​ $ 436,230 ​ 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. ​ 3.625% Senior Notes The 3.625% Senior Notes are $400.0 million senior unsecured obligations and bear interest at 3.625% per year, payable semiannually in arrears on March 15 and September 15, beginning on September 15, 2021. The 3.625% Senior Notes mature on March 15, 2029, unless redeemed early or repurchased. If we undergo a change in control, we must make an offer to repurchase all of the 3.625% 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. The Company may redeem the 3.625% Senior Notes, in whole or in part, at any time on or after March 15, 2024 at the redemption prices specified in the notes. ​ 4.125% Senior Notes ​ The 4.125% Senior Notes are $500.0 million senior unsecured obligations and bear interest at 4.125% per year, payable semiannually in arrears on February 15 and August 15, beginning on August 15, 2022. The 4.125% Senior Notes mature on February 15, 2032, unless redeemed early or repurchased. If we undergo a change in control, we must make an offer to repurchase all of the 4.125% 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. ​ The Company may redeem the 4.125% Senior Notes, in whole or in part, at any time on or after October 15, 2026 at the redemption prices specified in the notes plus accrued and unpaid interest if redeemed during the 12 month period commencing on October 15 of the years set for: 2026 – 102.063%, 2027 – 101.375%, 2028 – 100.688%, 2029 and thereafter – 100.000%. The Company may also redeem a make-whole redemption of the 4.125% Senior Notes at any time prior to October 15, 2026 at the treasury rate plus 50 basis points. Additionally, the Company may redeem up to 40% of the aggregate principal amount of the 4.125% Senior Notes prior to October 15, 2024 with the net cash proceeds of certain sales of its capital stock at 104.125% of the principal amount of the notes, plus accrued and unpaid interest, if any, to the date of redemption only if, after the redemption, at least 60% of the aggregate principal amount of the notes originally issued remains outstanding. ​ Equipment Notes ​ We did not issue equipment notes during the six months ended June 30, 2024. The balance of equipment notes, which were issued for the purpose of financing vehicles and equipment, was $0.7 million as of June 30, 2024. The Company’s equipment notes each have a five-year term maturing in 2024 and bear interest at fixed rates between 2.8% and 4.4% . ​ Covenant Compliance The indentures governing our 3.625% Senior Notes and our 4.125% Senior Notes (together, our “Senior Notes”) contain restrictive covenants that, among other things, generally limit the ability of the Company and certain of its subsidiaries (subject to certain exceptions) to (i) create liens, (ii) pay dividends, acquire shares of capital stock and make payments on subordinated debt, (iii) place limitations on distributions from certain subsidiaries, (iv) issue or sell the capital stock of certain subsidiaries, (v) sell assets, (vi) enter into transactions with affiliates, and (vii) effect mergers. The indentures provide for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the indenture, the trustee or the holders of at least 30% in aggregate principal amount of each of our Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on the Senior Notes subject to such declaration 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 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 Credit Agreement contains customary affirmative covenants and events of default. ​ The 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 June 30, 2024 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	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	6 FAIR VALUE MEASUREMENTS 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. ​ Fair value measurements were applied to our long-term debt portfolio. ​ Based on market trades of our 3.625% Senior Notes and our 4.125% Senior Notes close to June 30, 2024 (Level 1 fair value measurement), we estimate the fair value of each in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ Fair Value ​ ​ Gross Carrying Value 3.625% Senior Notes ​ $ 361,440 ​ $ 400,000 4.125% Senior Notes ​ $ 441,450 ​ $ 500,000 ​ ​ ​ ​ ​

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
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 June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 850,983 ​ $ 809,055 ​ $ 170,718 ​ $ 172,278 Specialty Distribution ​ ​ 592,826 ​ ​ 574,488 ​ ​ 89,373 ​ ​ 85,980 Intercompany eliminations (b) ​ ​ (78,197) ​ ​ (66,281) ​ ​ (12,840) ​ ​ (11,198) Total ​ $ 1,365,612 ​ $ 1,317,262 ​ ​ 247,251 ​ ​ 247,060 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (36,859) ​ ​ (9,957) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 210,392 ​ ​ 237,103 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (7,218) ​ ​ (13,953) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 203,174 ​ $ 223,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,649,726 ​ $ 1,576,145 ​ $ 327,475 ​ $ 319,176 Specialty Distribution ​ ​ 1,138,620 ​ ​ 1,132,862 ​ ​ 166,951 ​ ​ 159,313 Intercompany eliminations (b) ​ ​ (144,017) ​ ​ (126,507) ​ ​ (23,600) ​ ​ (21,169) Total ​ $ 2,644,329 ​ $ 2,582,500 ​ ​ 470,826 ​ ​ 457,320 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (45,926) ​ ​ (20,786) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 424,900 ​ ​ 436,534 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (14,731) ​ ​ (30,069) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 410,169 ​ $ 406,465 ​ (a) All of our operations are located primarily in the U.S. and to a lesser extent Canada. (b) Intercompany net sales and operating profit resulted from sales made by Specialty Distribution to Installation which are eliminated in consolidation. (c) 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). (d) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. In our second quarter of 2024, we incurred an acquisition termination fee of $23.0 million (see Note 12. Business Combinations). ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	​ 8. INCOME TAXES ​ Our effective tax rates were 25.8 percent and 26.1 percent for the three and six months ended June 30, 2024, respectively. The effective tax rates for the three and six months ended June 30, 2023, were 26.3 percent and 26.1 percent, respectively. The lower 2024 tax rate for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, was primarily related to state tax adjustments. ​ A tax expense of $2.1 million and $0.2 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 six months ended June 30, 2024 and 2023, respectively. ​

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2024
Net Income Per Share
Net Income Per Share	9. NET 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 June 30, Six Months Ended June 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Net income (in thousands) ​ $ 150,723 ​ $ 164,400 ​ $ 303,104 ​ $ 300,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 31,324,833 ​ ​ 31,599,744 ​ ​ 31,483,144 ​ ​ 31,575,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 34,973 ​ ​ 25,052 ​ ​ 38,083 ​ ​ 23,848 RSAs with market-based conditions ​ ​ 61,856 ​ ​ 20,039 ​ ​ 61,491 ​ ​ 22,450 RSAs with performance-based conditions ​ ​ 10,885 ​ ​ 1,974 ​ ​ 17,474 ​ ​ 15,503 Stock options ​ ​ 91,516 ​ ​ 84,998 ​ ​ 93,332 ​ ​ 85,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 31,524,063 ​ ​ 31,731,807 ​ ​ 31,693,524 ​ ​ 31,722,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 4.81 ​ $ 5.20 ​ $ 9.63 ​ $ 9.51 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 4.78 ​ $ 5.18 ​ $ 9.56 ​ $ 9.47 ​ 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 June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 5,582 ​ RSAs with market-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 4,467 ​ RSAs with performance-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ Stock options ​ ​ - ​ ​ 14,801 ​ ​ - ​ ​ 18,541 ​ Total anti-dilutive common stock equivalents ​ ​ - ​ ​ 14,801 ​ ​ - ​ ​ 28,590 ​ ​

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation.
Share-Based Compensation	10. SHARE-BASED COMPENSATION ​ Eligible employees participate in the 2015 LTIP, which 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 June 30, 2024, we had 1.7 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 June 30, ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation expense ​ $ 4,632 ​ $ 3,751 ​ $ 9,759 ​ $ 6,886 Income tax expense ​ $ (98) ​ $ (180) ​ $ (2,107) ​ $ (225) ​ The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2024, 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 Intrinsic Value Balance December 31, 2023 ​ 195.5 ​ $ 223.49 ​ 128.7 ​ $ 36.65 ​ $ 98.58 ​ $ 35,462.8 Granted ​ 45.0 ​ $ 419.27 ​ — ​ $ — ​ $ — ​ ​ — Converted/Exercised ​ (52.6) ​ $ 229.41 ​ (16.0) ​ $ 82.64 ​ $ 201.27 ​ $ 3,312.8 Forfeited/Expired ​ (2.7) ​ $ 281.40 ​ — ​ $ — ​ $ — ​ ​ — Balance June 30, 2024 ​ 185.2 ​ $ 268.77 ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 33,930.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable June 30, 2024 (a) ​ ​ ​ ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 33,930.3 (a) The weighted average remaining contractual term for vested stock options is approximately 4.7 years. ​ We have unrecognized share-based compensation expense related to unvested awards as shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ Unrecognized Compensation Expense on Unvested Awards ​ Weighted Average Remaining Compensation Expense Period RSAs ​ $ 27,675 ​ ​ 1.1 Stock options ​ ​ — ​ ​ — Total unrecognized compensation expense related to unvested awards ​ $ 27,675 ​ ​ ​ ​ 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 15, 2022 ​ $ 2,978 ​ $ - ​ $ 745 ​ $ 2,978 ​ $ 5,956 February 21, 2023 ​ $ 4,037 ​ $ - ​ $ 1,009 ​ $ 4,037 ​ $ 8,074 February 21, 2024 ​ $ 4,824 ​ $ - ​ $ 1,206 ​ $ 4,824 ​ $ 9,648 ​ During the first quarter of 2024, RSAs with performance-based conditions that were granted on February 16, 2021 vested based on cumulative three-year achievement of 200%. Total compensation expense recognized over the three-year performance period, net of forfeitures, was $4.4 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 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Measurement period (years) ​ ​ 2.86 ​ ​ ​ 2.86 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 4.36 % ​ ​ 4.42 % ​ ​ 1.76 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 503.68 ​ ​ $ 270.64 ​ ​ $ 298.20 ​ ​

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Jun. 30, 2024
Share Repurchase Program
Share Repurchase Program	11. SHARE REPURCHASE PROGRAM On July 25, 2022, our Board authorized the 2022 Repurchase Program, pursuant to which the Company may purchase up to $200 million of our common stock. During the second quarter of 2024, the Company utilized the remaining amount authorized under the program of $154.4 million. We repurchased a total of 677,657 shares of our common stock under the 2022 Repurchase Program at an average price of $295.13. ​ On May 3, 2024, our Board authorized the 2024 Repurchase Program, pursuant to which the Company may purchase up to $1.0 billion 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 2024 Repurchase Program does not obligate the Company to purchase any shares and has no expiration date. Authorization for the 2024 Repurchase Program may be terminated, increased, or decreased by the Board at its discretion at any time. During the second quarter, the Company began repurchasing shares and, as of June 30, 2024, the Company has $649.2 million remaining under the 2024 Share Repurchase Program. ​ Effective January 1, 2023, the Inflation Reduction Act of 2022 mandated a 1% excise tax on all share repurchases. Excise tax obligations that result from our share repurchases are included in the cost of treasury stock. As of June 30, 2024, the Company had an estimated excise tax liability of $5.2 million for stock repurchases during the three months ended June 30, 2024, which is included in “Accrued liabilities” in our Condensed Consolidated Balance Sheet. ​ The following table sets forth our share repurchases under the share repurchases programs in 2024. No shares were repurchased during 2023. ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended ​ ​ June 30, 2024 ​ Number of shares repurchased ​ ​ 1,246,182 ​ Share repurchase cost (in thousands) (a) ​ $ 510,443 ​ (a) Includes $5.2 million of excise taxes ​

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2024
Business Combinations
Business Combinations	​ 12. BUSINESS COMBINATIONS ​ Acquiring businesses is a key part of our ongoing strategy to grow our company and expand our offerings. Each acquisition has been accounted for as a business combination under ASC 805, “Business Combinations.” Acquisition related costs were $26.3 million and $26.8 million in the three and six months ended June 30, 2024, respectively, which includes $23.0 million paid in the second quarter in connection with the mutual termination of our previous agreement to acquire SPI. Acquisition related costs were $1.1 million and $2.8 million for the three and six months ended June 30, 2023, respectively. Acquisition related costs are included in selling, general, and administrative expense in our condensed consolidated statements of operations. ​ On February 15, 2024, we acquired the assets of the residential and light commercial insulation business Brabble. This installation acquisition enhanced our presence in North Carolina. The purchase price of $5.4 million was funded by cash on hand and we recognized $3.0 million of goodwill in connection with this acquisition. ​ On March 1, 2024, we acquired the assets of the residential insulation business Morris Black. This installation acquisition enhanced our presence in Pennsylvania. The purchase price of $3.6 million was funded by cash on hand and we recognized $2.1 million of goodwill in connection with this acquisition. ​ On March 1, 2024, we acquired the assets of the customized insulation products and accessories business PCI. This specialty distribution acquisition has a national customer base focused on the domestic pest control industry. The purchase price of $13.8 million was funded by cash on hand and we recognized $5.7 million of goodwill in connection with this acquisition. ​ On April 18, 2024, we acquired the assets of the residential and light commercial insulation business Green Space. This installation acquisition enhanced our presence in Missouri and neighboring states. The purchase price of approximately $4.3 million was funded by cash on hand and we recognized $2.6 million of goodwill in connection with this acquisition. ​ On May 16, 2024, we acquired the assets of the residential and light commercial insulation business Insulation Works. This installation acquisition enhanced our presence in Arkansas and extended our expertise to the agricultural business. The purchase price of approximately $25.2 million was funded by cash on hand and we recognized $14.3 million of goodwill in connection with this acquisition. ​ On May 31, 2024, we acquired the assets of the residential and light commercial insulation business Texas Insulation. This installation acquisition enhanced our presence in Texas. The purchase price of approximately $35.9 million was funded by cash on hand and we recognized $22.7 million of goodwill in connection with this acquisition. ​ The estimate of acquired customer relationships related to our 2024 acquisitions was $29.2 million and the weighted average useful life is 12 years. ​ As third-party or internal valuations are finalized, certain tax aspects of the foregoing transactions are completed, and customer post-closing reviews are concluded, adjustments may be made to the fair value of assets acquired, and in some cases total purchase price, through the end of each measurement period, generally one year following the applicable acquisition date. ​ During the six months ended June 30, 2023, we acquired SRI. The purchase price of $45.3 was funded by cash on hand and we recognized goodwill of $23.1 million in connection with this acquisition. ​ Goodwill to be recognized in connection with acquisitions is attributable to the synergies expected to be realized and improvements in the businesses after the acquisitions. Primarily all of the $50.3 million and $23.1 million of goodwill recorded from acquisitions completed in the six months ended June 30, 2024 and 2023, respectively, is expected to be deductible for income tax purposes.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities.
Accrued Liabilities	13. ACCRUED LIABILITIES ​ The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2024 December 31, 2023 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and bonus/commissions ​ $ 62,862 ​ $ 67,471 Insurance liabilities ​ ​ 31,417 ​ ​ 29,920 Sales, property, and excise taxes ​ ​ 21,206 ​ ​ 17,002 Deferred revenue ​ ​ 15,981 ​ ​ 18,365 Customer rebates ​ ​ 12,306 ​ ​ 17,326 Interest payable on long-term debt ​ ​ 12,138 ​ ​ 12,139 Other ​ ​ 20,843 ​ ​ 24,994 Total accrued liabilities ​ $ 176,753 ​ $ 187,217 ​ See Note 3 – Revenue Recognition

Other Commitments and Contingen

Other Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Other Commitments and Contingencies
Other Commitments and Contingencies	14. 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. ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 150,723	$ 152,381	$ 164,400	$ 135,870	$ 303,104	$ 300,270

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies
Financial Statement Presentation	Financial Statement Presentation.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted ​ In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures”. This standard amends Topic 280 to require all entities to disclose, on an annual and interim basis, significant segment expenses and an amount for other segment items by reportable segment. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of adoption in our disclosures to the consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures”. This standard amends Topic 740 to require all entities to disclose specific categories in the rate reconciliation, income taxes paid and other income tax information. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and should be applied on a prospective basis. We do not anticipate that this standard will affect our consolidated results of operations, financial position or cash flows and we are assessing the impact of its adoption in our disclosures to our consolidated financial statements . ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition
Schedule of revenues disaggregated by market and product	The following tables present our revenues disaggregated by market (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 712,827 ​ $ 237,604 ​ $ (66,331) ​ $ 884,100 ​ $ 668,172 ​ $ 227,254 ​ $ (56,667) ​ $ 838,759 Commercial/Industrial ​ ​ 138,156 ​ ​ 355,222 ​ ​ (11,866) ​ ​ 481,512 ​ ​ 140,883 ​ ​ 347,234 ​ ​ (9,614) ​ ​ 478,503 Net sales ​ $ 850,983 ​ $ 592,826 ​ $ (78,197) ​ $ 1,365,612 ​ $ 809,055 ​ $ 574,488 ​ $ (66,281) ​ $ 1,317,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 1,387,263 ​ $ 454,001 ​ $ (122,321) ​ $ 1,718,943 ​ $ 1,313,875 ​ $ 451,579 ​ $ (108,056) ​ $ 1,657,398 Commercial/Industrial ​ ​ 262,463 ​ ​ 684,619 ​ ​ (21,696) ​ ​ 925,386 ​ ​ 262,270 ​ ​ 681,283 ​ ​ (18,451) ​ ​ 925,102 Net sales ​ $ 1,649,726 ​ $ 1,138,620 ​ $ (144,017) ​ $ 2,644,329 ​ $ 1,576,145 ​ $ 1,132,862 ​ $ (126,507) ​ $ 2,582,500 ​ ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 685,728 ​ $ 525,242 ​ $ (68,758) ​ $ 1,142,212 ​ $ 633,924 ​ $ 513,162 ​ $ (57,599) ​ $ 1,089,487 Glass and windows ​ ​ 62,322 ​ ​ - ​ ​ - ​ ​ 62,322 ​ ​ 68,841 ​ ​ - ​ ​ - ​ ​ 68,841 Gutters ​ ​ 30,371 ​ ​ 49,052 ​ ​ (7,924) ​ ​ 71,499 ​ ​ 29,401 ​ ​ 44,088 ​ ​ (7,571) ​ ​ 65,918 All other ​ ​ 72,562 ​ ​ 18,532 ​ ​ (1,515) ​ ​ 89,579 ​ ​ 76,889 ​ ​ 17,238 ​ ​ (1,111) ​ ​ 93,016 Net sales ​ $ 850,983 ​ $ 592,826 ​ $ (78,197) ​ $ 1,365,612 ​ $ 809,055 ​ $ 574,488 ​ $ (66,281) ​ $ 1,317,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 1,329,378 ​ ​ 1,015,910 ​ ​ (126,267) ​ $ 2,219,021 ​ $ 1,234,691 ​ $ 1,015,964 ​ $ (109,572) ​ $ 2,141,083 Glass and windows ​ ​ 120,438 ​ ​ - ​ ​ - ​ ​ 120,438 ​ ​ 132,283 ​ ​ - ​ ​ - ​ ​ 132,283 Gutters ​ ​ 58,339 ​ ​ 89,368 ​ ​ (15,232) ​ ​ 132,475 ​ ​ 57,679 ​ ​ 83,931 ​ ​ (14,736) ​ ​ 126,874 All other ​ ​ 141,571 ​ ​ 33,342 ​ ​ (2,518) ​ ​ 172,395 ​ ​ 151,492 ​ ​ 32,967 ​ ​ (2,199) ​ ​ 182,260 Net sales ​ $ 1,649,726 ​ $ 1,138,620 ​ $ (144,017) ​ $ 2,644,329 ​ $ 1,576,145 ​ $ 1,132,862 ​ $ (126,507) ​ $ 2,582,500
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 ​ ​ ​ June 30, ​ December 31, ​ Condensed Consolidated Balance Sheets ​ 2024 ​ 2023 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 76,198 ​ $ 64,882 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 15,981 ​ $ 18,365

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Other Intangibles
Changes in the carrying amount of goodwill by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Goodwill ​ ​ ​ FX Translation ​ Gross Goodwill ​ Impairment ​ Net Goodwill ​ ​ December 31, 2023 ​ Additions ​ Adjustment ​ June 30, 2024 ​ Losses ​ June 30, 2024 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,901,160 ​ $ 44,573 ​ $ - ​ $ 1,945,733 ​ $ (762,021) ​ $ 1,183,712 Specialty Distribution ​ 903,429 ​ 5,721 ​ ​ (2,074) ​ 907,076 ​ - ​ 907,076 Total goodwill ​ $ 2,804,589 ​ $ 50,294 ​ $ (2,074) ​ $ 2,852,809 ​ $ (762,021) ​ $ 2,090,788
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 ​ ​ June 30, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 854,873 ​ $ 827,793 Accumulated amortization ​ (271,732) ​ ​ (236,735) Other intangible assets, net ​ $ 583,141 ​ $ 591,058
Schedule of amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 854,873 ​ $ 827,793 Accumulated amortization ​ (271,732) ​ ​ (236,735) Other intangible assets, net ​ $ 583,141 ​ $ 591,058

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
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 ​ ​ June 30, 2024 December 31, 2023 3.625% Senior Notes due 2029 ​ $ 400,000 ​ $ 400,000 4.125% Senior Notes due 2032 ​ ​ 500,000 ​ ​ 500,000 Term loan due 2026 ​ ​ 510,000 ​ ​ 532,500 Equipment notes ​ ​ 665 ​ ​ 2,039 Unamortized debt issuance costs ​ ​ (13,031) ​ ​ (14,472) Total debt, net of unamortized debt issuance costs ​ ​ 1,397,634 ​ ​ 1,420,067 Less: current portion of long-term debt ​ ​ 45,665 ​ ​ 47,039 Total long-term debt ​ $ 1,351,969 ​ $ 1,373,028
Schedule of remaining principal payments of debt	The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2024, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ Thereafter ​ Total 3.625% Senior Notes ​ $ - ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 400,000 ​ $ 400,000 4.125% Senior Notes ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 500,000 ​ ​ 500,000 Term loan ​ ​ 22,500 ​ ​ 48,750 ​ ​ 438,750 ​ ​ - ​ ​ - ​ ​ - ​ ​ 510,000 Equipment notes ​ ​ 665 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 665 Total ​ $ 23,165 ​ $ 48,750 ​ $ 438,750 ​ $ - ​ $ - ​ $ 900,000 ​ $ 1,410,665
Summary of key terms of the Credit Agreement	The following table outlines the key terms of the Credit Agreement (dollars in thousands): ​ ​ ​ ​ ​ Senior secured term loan facility $ 600,000 ​ ​ ​ ​ ​ Revolving facility (a) $ 500,000 ​ Sublimit for issuance of letters of credit under revolving facility $ 100,000 ​ Sublimit for swingline loans under revolving facility $ 35,000 ​ ​ ​ ​ ​ Interest rate as of June 30, 2024 ​ 6.44 % Scheduled maturity date ​ 10/7/2026 ​ (a) 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 ​ ​ June 30, 2024 December 31, 2023 Revolving facility ​ $ 500,000 ​ $ 500,000 Less: standby letters of credit ​ ​ (63,770) ​ ​ (63,770) Availability under revolving facility ​ $ 436,230 ​ $ 436,230
Schedule of the key financial covenants	​ ​ ​ ​ ​ ​ As of June 30, 2024 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 (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Schedule of fair value of liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ Fair Value ​ ​ Gross Carrying Value 3.625% Senior Notes ​ $ 361,440 ​ $ 400,000 4.125% Senior Notes ​ $ 441,450 ​ $ 500,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 850,983 ​ $ 809,055 ​ $ 170,718 ​ $ 172,278 Specialty Distribution ​ ​ 592,826 ​ ​ 574,488 ​ ​ 89,373 ​ ​ 85,980 Intercompany eliminations (b) ​ ​ (78,197) ​ ​ (66,281) ​ ​ (12,840) ​ ​ (11,198) Total ​ $ 1,365,612 ​ $ 1,317,262 ​ ​ 247,251 ​ ​ 247,060 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (36,859) ​ ​ (9,957) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 210,392 ​ ​ 237,103 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (7,218) ​ ​ (13,953) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 203,174 ​ $ 223,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,649,726 ​ $ 1,576,145 ​ $ 327,475 ​ $ 319,176 Specialty Distribution ​ ​ 1,138,620 ​ ​ 1,132,862 ​ ​ 166,951 ​ ​ 159,313 Intercompany eliminations (b) ​ ​ (144,017) ​ ​ (126,507) ​ ​ (23,600) ​ ​ (21,169) Total ​ $ 2,644,329 ​ $ 2,582,500 ​ ​ 470,826 ​ ​ 457,320 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (45,926) ​ ​ (20,786) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 424,900 ​ ​ 436,534 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (14,731) ​ ​ (30,069) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 410,169 ​ $ 406,465 ​ (a) All of our operations are located primarily in the U.S. and to a lesser extent Canada. (b) Intercompany net sales and operating profit resulted from sales made by Specialty Distribution to Installation which are eliminated in consolidation. (c) 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). (d) General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. In our second quarter of 2024, we incurred an acquisition termination fee of $23.0 million (see Note 12. Business Combinations). ​ ​

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Net Income Per Share
Schedule of basic and diluted income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Net income (in thousands) ​ $ 150,723 ​ $ 164,400 ​ $ 303,104 ​ $ 300,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 31,324,833 ​ ​ 31,599,744 ​ ​ 31,483,144 ​ ​ 31,575,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 34,973 ​ ​ 25,052 ​ ​ 38,083 ​ ​ 23,848 RSAs with market-based conditions ​ ​ 61,856 ​ ​ 20,039 ​ ​ 61,491 ​ ​ 22,450 RSAs with performance-based conditions ​ ​ 10,885 ​ ​ 1,974 ​ ​ 17,474 ​ ​ 15,503 Stock options ​ ​ 91,516 ​ ​ 84,998 ​ ​ 93,332 ​ ​ 85,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 31,524,063 ​ ​ 31,731,807 ​ ​ 31,693,524 ​ ​ 31,722,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 4.81 ​ $ 5.20 ​ $ 9.63 ​ $ 9.51 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 4.78 ​ $ 5.18 ​ $ 9.56 ​ $ 9.47
Summary of shares excluded from the calculation of diluted income per share because their effect would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 5,582 ​ RSAs with market-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 4,467 ​ RSAs with performance-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ Stock options ​ ​ - ​ ​ 14,801 ​ ​ - ​ ​ 18,541 ​ Total anti-dilutive common stock equivalents ​ ​ - ​ ​ 14,801 ​ ​ - ​ ​ 28,590 ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation expense ​ $ 4,632 ​ $ 3,751 ​ $ 9,759 ​ $ 6,886 Income tax expense ​ $ (98) ​ $ (180) ​ $ (2,107) ​ $ (225)
Schedule of share-based compensation activity	The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2024, 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 Intrinsic Value Balance December 31, 2023 ​ 195.5 ​ $ 223.49 ​ 128.7 ​ $ 36.65 ​ $ 98.58 ​ $ 35,462.8 Granted ​ 45.0 ​ $ 419.27 ​ — ​ $ — ​ $ — ​ ​ — Converted/Exercised ​ (52.6) ​ $ 229.41 ​ (16.0) ​ $ 82.64 ​ $ 201.27 ​ $ 3,312.8 Forfeited/Expired ​ (2.7) ​ $ 281.40 ​ — ​ $ — ​ $ — ​ ​ — Balance June 30, 2024 ​ 185.2 ​ $ 268.77 ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 33,930.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable June 30, 2024 (a) ​ ​ ​ ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 33,930.3 (a) The weighted average remaining contractual term for vested stock options is approximately 4.7 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards	We have unrecognized share-based compensation expense related to unvested awards as shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ Unrecognized Compensation Expense on Unvested Awards ​ Weighted Average Remaining Compensation Expense Period RSAs ​ $ 27,675 ​ ​ 1.1 Stock options ​ ​ — ​ ​ — Total unrecognized compensation expense related to unvested awards ​ $ 27,675 ​ ​ ​
Schedule of key inputs used to estimate the fair value of awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Measurement period (years) ​ ​ 2.86 ​ ​ ​ 2.86 ​ ​ ​ 2.87 ​ Risk free interest rate ​ ​ 4.36 % ​ ​ 4.42 % ​ ​ 1.76 % Dividend yield ​ ​ 0.00 % ​ ​ 0.00 % ​ ​ 0.00 % Estimated fair value of market-based RSAs at grant date ​ $ 503.68 ​ ​ $ 270.64 ​ ​ $ 298.20 ​ ​
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 15, 2022 ​ $ 2,978 ​ $ - ​ $ 745 ​ $ 2,978 ​ $ 5,956 February 21, 2023 ​ $ 4,037 ​ $ - ​ $ 1,009 ​ $ 4,037 ​ $ 8,074 February 21, 2024 ​ $ 4,824 ​ $ - ​ $ 1,206 ​ $ 4,824 ​ $ 9,648

Share Repurchase Program (Table

Share Repurchase Program (Tables)	6 Months Ended
	Jun. 30, 2024
Share Repurchase Program
Schedule of share repurchase program	The following table sets forth our share repurchases under the share repurchases programs in 2024. No shares were repurchased during 2023. ​ ​ ​ ​ ​ ​ ​ Three and Six Months Ended ​ ​ June 30, 2024 ​ Number of shares repurchased ​ ​ 1,246,182 ​ Share repurchase cost (in thousands) (a) ​ $ 510,443 ​ (a) Includes $5.2 million of excise taxes ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities.
Schedule of components of accrued liabilities	The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2024 December 31, 2023 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and bonus/commissions ​ $ 62,862 ​ $ 67,471 Insurance liabilities ​ ​ 31,417 ​ ​ 29,920 Sales, property, and excise taxes ​ ​ 21,206 ​ ​ 17,002 Deferred revenue ​ ​ 15,981 ​ ​ 18,365 Customer rebates ​ ​ 12,306 ​ ​ 17,326 Interest payable on long-term debt ​ ​ 12,138 ​ ​ 12,139 Other ​ ​ 20,843 ​ ​ 24,994 Total accrued liabilities ​ $ 176,753 ​ $ 187,217

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2024 segment
Basis of Presentation
Number of reportable segments	2

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Net sales	$ 1,365,612	$ 1,317,262	$ 2,644,329	$ 2,582,500
Insulation and accessories
Revenue Recognition
Net sales	1,142,212	1,089,487	2,219,021	2,141,083
Glass and windows
Revenue Recognition
Net sales	62,322	68,841	120,438	132,283
Gutters
Revenue Recognition
Net sales	71,499	65,918	132,475	126,874
All other
Revenue Recognition
Net sales	89,579	93,016	172,395	182,260
Residential
Revenue Recognition
Net sales	884,100	838,759	1,718,943	1,657,398
Commercial and Industrial
Revenue Recognition
Net sales	481,512	478,503	925,386	925,102
Operating Segment
Revenue Recognition
Net sales			2,644,329	2,582,500
Operating Segment | Installation
Revenue Recognition
Net sales	850,983	809,055	1,649,726	1,576,145
Operating Segment | Installation | Insulation and accessories
Revenue Recognition
Net sales	685,728	633,924	1,329,378	1,234,691
Operating Segment | Installation | Glass and windows
Revenue Recognition
Net sales	62,322	68,841	120,438	132,283
Operating Segment | Installation | Gutters
Revenue Recognition
Net sales	30,371	29,401	58,339	57,679
Operating Segment | Installation | All other
Revenue Recognition
Net sales	72,562	76,889	141,571	151,492
Operating Segment | Installation | Residential
Revenue Recognition
Net sales	712,827	668,172	1,387,263	1,313,875
Operating Segment | Installation | Commercial and Industrial
Revenue Recognition
Net sales	138,156	140,883	262,463	262,270
Operating Segment | Specialty Distribution
Revenue Recognition
Net sales	592,826	574,488	1,138,620	1,132,862
Operating Segment | Specialty Distribution | Insulation and accessories
Revenue Recognition
Net sales	525,242	513,162	1,015,910	1,015,964
Operating Segment | Specialty Distribution | Gutters
Revenue Recognition
Net sales	49,052	44,088	89,368	83,931
Operating Segment | Specialty Distribution | All other
Revenue Recognition
Net sales	18,532	17,238	33,342	32,967
Operating Segment | Specialty Distribution | Residential
Revenue Recognition
Net sales	237,604	227,254	454,001	451,579
Operating Segment | Specialty Distribution | Commercial and Industrial
Revenue Recognition
Net sales	355,222	347,234	684,619	681,283
Eliminations
Revenue Recognition
Net sales	(78,197)	(66,281)	(144,017)	(126,507)
Eliminations | Insulation and accessories
Revenue Recognition
Net sales	(68,758)	(57,599)	(126,267)	(109,572)
Eliminations | Gutters
Revenue Recognition
Net sales	(7,924)	(7,571)	(15,232)	(14,736)
Eliminations | All other
Revenue Recognition
Net sales	(1,515)	(1,111)	(2,518)	(2,199)
Eliminations | Residential
Revenue Recognition
Net sales	(66,331)	(56,667)	(122,321)	(108,056)
Eliminations | Commercial and Industrial
Revenue Recognition
Net sales	$ (11,866)	$ (9,614)	$ (21,696)	$ (18,451)

Revenue Recognition - Other (De

Revenue Recognition - Other (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Contract Liabilities
Deferred revenue	$ 15,981	$ 18,365
Uncompleted Performance Obligations
Amount remaining on uncompleted performance obligations	$ 385,800
Expected timing of satisfaction of performance obligations	over the next 18 months
Receivables, net
Contract Assets
Receivables, unbilled	$ 76,198	64,882
Uncompleted Performance Obligations
Retainage receivables	77,000	81,900
Accrued liabilities
Contract Liabilities
Deferred revenue	$ 15,981	$ 18,365

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) item
Changes in the carrying amount of goodwill
Number of reporting units | item		2
Impairment of goodwill	$ 0
Gross Goodwill, at beginning of period		$ 2,804,589
Additions		50,294
Fx Translation Adjustment		(2,074)
Gross Goodwill, at end of period	2,804,589	2,852,809
Accumulated Impairment Losses		(762,021)
Net Goodwill	2,042,568	2,090,788
Installation
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		1,901,160
Additions		44,573
Gross Goodwill, at end of period	1,901,160	1,945,733
Accumulated Impairment Losses		(762,021)
Net Goodwill		1,183,712
Specialty Distribution
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		903,429
Additions		5,721
Fx Translation Adjustment		(2,074)
Gross Goodwill, at end of period	$ 903,429	907,076
Net Goodwill		$ 907,076

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other intangible assets
Gross Definite-lived intangible assets	$ 854,873		$ 854,873		$ 827,793
Accumulated Amortization	(271,732)		(271,732)		(236,735)
Other intangible asset, net	583,141		583,141		$ 591,058
Amortization expense	$ 17,947	$ 17,211	$ 35,633	$ 34,107

Long-Term Debt - Reconciliation

Long-Term Debt - Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt
Long-term debt	$ 1,410,665
Unamortized debt issuance costs	(13,031)	$ (14,472)
Total debt, net of unamortized debt issuance costs	1,397,634	1,420,067
Less: current portion of long-term debt	45,665	47,039
Total long-term debt	$ 1,351,969	$ 1,373,028
3.625% Senior Notes
Long-Term Debt
Interest rate (as a percent)	3.625%	3.625%
Long-term debt	$ 400,000	$ 400,000
4.125% Senior Notes
Long-Term Debt
Interest rate (as a percent)	4.125%	4.125%
Long-term debt	$ 500,000	$ 500,000
Term Loan Facility
Long-Term Debt
Long-term debt	510,000	532,500
Equipment Notes
Long-Term Debt
Long-term debt	665	$ 2,039
Total debt, net of unamortized debt issuance costs	$ 700

Long-Term Debt - Schedule of de

Long-Term Debt - Schedule of debt maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Debt Maturity by Years:
2024	$ 23,165
2025	48,750
2026	438,750
Thereafter	900,000
Total	1,410,665
3.625% Senior Notes
Schedule of Debt Maturity by Years:
Thereafter	400,000
Total	400,000	$ 400,000
4.125% Senior Notes
Schedule of Debt Maturity by Years:
Thereafter	500,000
Total	500,000	500,000
Term Loan Facility
Schedule of Debt Maturity by Years:
2024	22,500
2025	48,750
2026	438,750
Total	510,000	532,500
Equipment Notes
Schedule of Debt Maturity by Years:
2024	665
Total	$ 665	$ 2,039

Long-Term Debt - Key Terms of C

Long-Term Debt - Key Terms of Credit Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jul. 26, 2023
Revolving Facility
Long-Term Debt
Availability	$ 500,000	$ 500,000
Credit Agreement
Long-Term Debt
Interest rate	6.44%
Scheduled maturity date	Oct. 07, 2026
Credit Agreement | Base Rate Borrowings | Federal Funds Rate
Long-Term Debt
Basis spread	0.50%
Credit Agreement | Base Rate Borrowings | SOFR
Long-Term Debt
Maturity of the reference rate	1 month
Credit Agreement | SOFR Rate Borrowings
Long-Term Debt
Interest rate floor (as a percent)	0%
Credit Agreement | Term Loan Facility
Long-Term Debt
Availability	$ 600,000
Credit Agreement | Term Facility One | Base Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio	0%
Credit Agreement | Term Facility One | Base Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio	1.50%
Credit Agreement | Term Facility One | Base Rate Borrowings | SOFR
Long-Term Debt
Basis spread	1%
Credit Agreement | Term Facility One | SOFR Rate Borrowings | Minimum
Long-Term Debt
Applicable margin based on total leverage ratio	1%
Credit Agreement | Term Facility One | SOFR Rate Borrowings | Maximum
Long-Term Debt
Applicable margin based on total leverage ratio	2.50%
Credit Agreement | Term Facility Two
Long-Term Debt
Availability			$ 550,000
Credit Agreement | Revolving Facility
Long-Term Debt
Availability	$ 500,000
Sublimit for issuance of letters of credit under Revolving Facility*	100,000
Sublimit for swingline loans under Revolving Facility*	$ 35,000

Long-Term Debt - Revolving Faci

Long-Term Debt - Revolving Facility (Details) - Revolving Facility - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt
Revolving Facility	$ 500,000	$ 500,000
Less: standby letters of credit	(63,770)	(63,770)
Availability under revolving facility	$ 436,230	$ 436,230
Minimum
Long-Term Debt
Commitment fee (as a percent)	0.15%
Maximum
Long-Term Debt
Commitment fee (as a percent)	0.275%

Long-Term Debt - Senior Notes a

Long-Term Debt - Senior Notes and Equipment Notes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt
Amount outstanding	$ 1,397,634	$ 1,420,067
Equipment Notes
Long-Term Debt
Amount outstanding	$ 700
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%
3.625% Senior Notes
Long-Term Debt
Interest rate (as a percent)	3.625%
Principal amount of debt	$ 400,000
3.625% Senior Notes | Change in Control Scenario
Long-Term Debt
Redemption price as a percentage of principal	101%
4.125% Senior Notes
Long-Term Debt
Interest rate (as a percent)	4.125%
Principal amount of debt	$ 500,000
4.125% Senior Notes | On or after October 15, 2026
Long-Term Debt
Redemption price as a percentage of principal	102.063%
4.125% Senior Notes | On or after October 15, 2027
Long-Term Debt
Redemption price as a percentage of principal	101.375%
4.125% Senior Notes | On or after October 15, 2028
Long-Term Debt
Redemption price as a percentage of principal	100.688%
4.125% Senior Notes | On October 15, 2029 and thereafter
Long-Term Debt
Redemption price as a percentage of principal	100%
4.125% Senior Notes | Prior to October 15, 2026
Long-Term Debt
Basis spread on treasury rate	0.50%
4.125% Senior Notes | Prior to October 15, 2024
Long-Term Debt
Redemption price as a percentage of principal	104.125%
Redemption price, percentage of principal amount redeemed	40%
Debt instrument, conditional redemption, threshold percentage of aggregate principal amount originally issued remains outstanding	60%
4.125% Senior Notes | Change in Control Scenario
Long-Term Debt
Redemption price as a percentage of principal	101%

Long-Term Debt - Other (Details

Long-Term Debt - Other (Details)	6 Months Ended
	Jun. 30, 2024
Debt covenants
Maximum Net Leverage Ratio	3.50
Minimum Interest Coverage Ratio	3
Senior Notes | Event of Default Scenario
Debt covenants
Minimum percentage of principal of debt holders to declare debt immediately due and payable	30%
3.625% Senior Notes
Debt covenants
Interest rate (as a percent)	3.625%
4.125% Senior Notes
Debt covenants
Interest rate (as a percent)	4.125%

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value on Non-Recurring Basis
Amount outstanding	$ 1,410,665
3.625% Senior Notes
Fair Value on Non-Recurring Basis
Interest rate (as a percent)	3.625%
Amount outstanding	$ 400,000
3.625% Senior Notes | Fair Value on Non-Recurring Basis | Level 1 fair value measurement
Fair Value on Non-Recurring Basis
Interest rate (as a percent)	3.625%
Fair value	$ 361,440
4.125% Senior Notes
Fair Value on Non-Recurring Basis
Interest rate (as a percent)	4.125%
Amount outstanding	$ 500,000
4.125% Senior Notes | Fair Value on Non-Recurring Basis | Level 1 fair value measurement
Fair Value on Non-Recurring Basis
Interest rate (as a percent)	4.125%
Fair value	$ 441,450

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment information
Net sales	$ 1,365,612	$ 1,317,262	$ 2,644,329	$ 2,582,500
Operating profit as, reported	210,392	237,103	424,900	436,534
Other expense, net	(7,218)	(13,953)	(14,731)	(30,069)
Income before income taxes	203,174	223,150	410,169	406,465
Total Assets	4,902,993		4,902,993		$ 5,162,851
Acquisition termination fee			23,000
Operating Segment
Segment information
Net sales			2,644,329	2,582,500
Operating profit as, reported	247,251	247,060	470,826	457,320
Operating Segment | Installation
Segment information
Net sales	850,983	809,055	1,649,726	1,576,145
Operating profit as, reported	170,718	172,278	327,475	319,176
Operating Segment | Specialty Distribution
Segment information
Net sales	592,826	574,488	1,138,620	1,132,862
Operating profit as, reported	89,373	85,980	166,951	159,313
Eliminations
Segment information
Net sales	(78,197)	(66,281)	(144,017)	(126,507)
Intercompany Eliminations
Segment information
Net sales	(78,197)	(66,281)	(144,017)	(126,507)
Operating profit as, reported	(12,840)	(11,198)	(23,600)	(21,169)
Corporate
Segment information
General corporate expense, net	$ (36,859)	$ (9,957)	$ (45,926)	$ (20,786)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Effective tax rate (as a percent)	25.80%	26.30%	26.10%	26.10%
Tax expense related to share-based compensation	$ 98	$ 180	$ 2,107	$ 225

Net Income Per Share - Calculat

Net Income Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 150,723	$ 152,381	$ 164,400	$ 135,870	$ 303,104	$ 300,270
Weighted average number of common shares outstanding - basic	31,324,833		31,599,744		31,483,144	31,575,337
Dilutive effect of common stock equivalents:
Stock options	91,516		84,998		93,332	85,522
Weighted average number of common shares outstanding - diluted	31,524,063		31,731,807		31,693,524	31,722,660
Basic net income per common share	$ 4.81		$ 5.20		$ 9.63	$ 9.51
Diluted net income per common share	$ 4.78		$ 5.18		$ 9.56	$ 9.47
Service-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	34,973		25,052		38,083	23,848
Market-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	61,856		20,039		61,491	22,450
Performance-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	10,885		1,974		17,474	15,503

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive common stock equivalents (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	14,801	28,590
Restricted Stock Awards | Service-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents		5,582
Restricted Stock Awards | Market-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents		4,467
Employee Stock Option
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	14,801	18,541

Share-Based Compensation - Expe

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation
Share-based compensation expense	$ 4,632	$ 3,751	$ 9,759	$ 6,886
Income tax expense	$ (98)	$ (180)	$ (2,107)	$ (225)
2015 Plan
Share-Based Compensation
Number of shares available	1.7		1.7
2015 Plan | Maximum
Share-Based Compensation
Number of shares authorized	4		4

Share-Based Compensation - Acti

Share-Based Compensation - Activity (Details) - USD ($)				3 Months Ended				6 Months Ended
	Feb. 21, 2024	Feb. 21, 2023	Feb. 15, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023
Stock Options, Number of Shares
Converted/Exercised (in shares)				(10,269)	(5,757)	(4,762)	(28,840)
Stock options, additional disclosures
Weighted average remaining contractual term for vested stock options								4 years 8 months 12 days
Unrecognized share-based compensation expense
Total unrecognized compensation expense related to unvested awards				$ 27,675,000				$ 27,675,000
Restricted Stock Awards
Restricted Stock Awards, Number of Shares
Balance at beginning of period (in shares)					195,500			195,500
Granted (in shares)								45,000
Converted/Exercised (in shares)								(52,600)
Forfeited/Expired (in shares)								(2,700)
Balance at end of period (in shares)				185,200				185,200
Restricted Stock Awards, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)					$ 223.49			$ 223.49
Granted (in dollars per share)								419.27
Converted/Exercised (in dollars per share)								229.41
Forfeited/Expired (in dollars per share)								281.40
Balance at end of period (in dollars per share)				$ 268.77				$ 268.77
Unrecognized share-based compensation expense
RSAs, Unrecognized Compensation Expense on Unvested Awards				$ 27,675,000				$ 27,675,000
Weighted Average Remaining Compensation Expense Period								1 year 1 month 6 days
Assumptions used to estimate the fair values of the awards granted:
Measurement period (years)								2 years 10 months 9 days	2 years 10 months 9 days	2 years 10 months 13 days
Risk free interest rate (as a percent)								4.36%	4.42%	1.76%
Dividend yield (as a percent)								0%	0%	0%
Estimated fair value of market-based RSAs at grant date (in dollars per share)								$ 503.68	$ 270.64	$ 298.20
Restricted Stock Awards | Performance-based conditions
Restricted stock awards, additional disclosures
Grant date fair value	$ 4,824,000	$ 4,037,000	$ 2,978,000
Restricted Stock Awards | Performance-based conditions | Payout Range-0%
Restricted stock awards, additional disclosures
Payout range (as a percent)	0%	0%	0%
Restricted Stock Awards | Performance-based conditions | Payout Range-25%
Restricted stock awards, additional disclosures
Payout range (as a percent)	25%	25%	25%
Related expenses	$ 1,206,000	$ 1,009,000	$ 745,000
Restricted Stock Awards | Performance-based conditions | Payout Range-100%
Restricted stock awards, additional disclosures
Payout range (as a percent)	100%	100%	100%
Related expenses	$ 4,824,000	$ 4,037,000	$ 2,978,000
Restricted Stock Awards | Performance-based conditions | Payout Range-200%
Restricted stock awards, additional disclosures
Payout range (as a percent)	200%	200%	200%
Related expenses	$ 9,648,000	$ 8,074,000	$ 5,956,000
RSAs granted February 16, 2021 | Performance-based conditions
Restricted stock awards, additional disclosures
Cumulative period of achievement					3 years
Cumulative achievement percentage					200%
Total compensation expense recognized over the performance period, net of forfeitures					$ 4,400,000
Employee Stock Option
Stock Options, Number of Shares
Balance at beginning of period (in shares)					128,700			128,700
Converted/Exercised (in shares)								(16,000)
Balance at end of period (in shares)				112,700				112,700
Stock Options, Weighted Average Grant Date Fair Value Per Share
Balance at beginning of period (in dollars per share)					$ 36.65			$ 36.65
Converted/Exercised (in dollars per share)								82.64
Balance at end of period (in dollars per share)				$ 30.10				30.10
Stock Options, Weighted Average Exercise Price Per Share
Balance at beginning of period (in dollars per share)					$ 98.58			98.58
Converted/Exercised (in dollars per share)								201.27
Balance at end of period (in dollars per share)				$ 83.97				$ 83.97
Stock options, additional disclosures
Aggregate intrinsic value				$ 33,930,300				$ 33,930,300			$ 35,462,800
Converted/Exercised aggregate intrinsic value								$ 3,312,800
Exercisable, Number of shares				112,700				112,700
Exercisable, Weighted Average Grant Date Fair Value Per Share								$ 30.10
Exercisable Weighted Average Exercise Price Per Share				$ 83.97				$ 83.97
Exercisable, Aggregate Intrinsic Value				$ 33,930,300				$ 33,930,300

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended	23 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	May 03, 2024	Jul. 25, 2022
Share Repurchase Program
Excise tax liability	$ 5,200	$ 5,200		$ 5,200
Number of shares repurchased (in shares)		1,246,182	0
Share repurchase cost		$ 510,443
Share repurchase cost, excise taxes		5,202
2024 Share Repurchase Program
Share Repurchase Program
Share repurchase program, authorized amount					$ 1,000,000
Amount remaining under repurchase program	649,200	$ 649,200		$ 649,200
2022 Share Repurchase Program
Share Repurchase Program
Share repurchase program, authorized amount						$ 200,000
Remaining amount authorized under the program, utilized during the period	$ 154,400
Average price per share (in dollars per share)				$ 295.13
Number of shares repurchased (in shares)				677,657

Business Combinations - Summary

Business Combinations - Summary (Details) - USD ($) $ in Millions						3 Months Ended		6 Months Ended
	May 31, 2024	May 16, 2024	Apr. 18, 2024	Mar. 01, 2024	Feb. 15, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combinations
Acquisition related costs						$ 26.3	$ 1.1	$ 26.8	$ 2.8
Summary of businesses acquired:
Goodwill expected to be deducted for income tax purposes						50.3	$ 23.1	$ 50.3	23.1
Brabble
Business Combinations
Purchase price					$ 5.4
Goodwill recognized					$ 3
Morris Black
Business Combinations
Purchase price				$ 3.6
Goodwill recognized				2.1
PCI
Business Combinations
Purchase price				13.8
Goodwill recognized				$ 5.7
Green Space
Business Combinations
Purchase price			$ 4.3
Goodwill recognized			$ 2.6
Insulation Works Inc.
Business Combinations
Purchase price		$ 25.2
Goodwill recognized		$ 14.3
Texas Insulation
Business Combinations
Purchase price	$ 35.9
Goodwill recognized	$ 22.7
SRI Holdings
Business Combinations
Purchase price									45.3
Goodwill recognized									$ 23.1
SPI
Business Combinations
Acquisition related costs						$ 23

Business Combinations - Intangi

Business Combinations - Intangibles (Details) - 2024 Acquisitions - Customer relationships $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Estimates of acquired intangible assets
Estimated Fair Value	$ 29.2
Weighted Average Estimated Useful Life (Years)	12 years

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities.
Salaries, wages, and bonus/commissions	$ 62,862	$ 67,471
Insurance liabilities	31,417	29,920
Sales, property, and excise taxes	21,206	17,002
Deferred revenue	15,981	18,365
Customer rebates	12,306	17,326
Interest payable on long-term debt	12,138	12,139
Other	20,843	24,994
Total accrued liabilities	$ 176,753	$ 187,217