TopBuild (BLD) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover page.
Document Type	10-Q
Document Period End Date	Sep. 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		29,502,560
Amendment Flag	false
Entity Central Index Key	0001633931
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Quarterly Report	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 257,342	$ 848,565
Receivables, net of an allowance for credit losses of $21,829 at September 30, 2024, and $23,948 at December 31, 2023	827,776	799,009
Inventories	392,208	364,731
Prepaid expenses and other current assets	43,813	36,939
Total current assets	1,521,139	2,049,244
Right of use assets	189,141	204,629
Property and equipment, net	270,022	264,487
Goodwill	2,092,315	2,042,568
Other intangible assets, net	565,440	591,058
Other assets	12,460	10,865
Total assets	4,650,517	5,162,851
Current liabilities:
Accounts payable	461,478	469,585
Current portion of long-term debt	45,137	47,039
Accrued liabilities	180,382	187,217
Short-term operating lease liabilities	67,509	65,780
Short-term finance lease liabilities	1,634	1,917
Total current liabilities	756,140	771,538
Long-term debt	1,341,439	1,373,028
Deferred tax liabilities, net	243,176	243,930
Long-term portion of insurance reserves	60,799	58,783
Long-term operating lease liabilities	130,299	146,213
Long-term finance lease liabilities	2,961	4,150
Other liabilities	1,434	1,554
Total liabilities	2,536,248	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; 39,557,215 shares issued and 29,505,185 outstanding at September 30, 2024, and 39,492,037 shares issued and 31,776,039 outstanding at December 31, 2023	396	394
Treasury stock, 10,052,030 shares at September 30, 2024, and 7,715,998 shares at December 31, 2023, at cost	(1,633,943)	(699,327)
Additional paid-in capital	922,963	906,334
Retained earnings	2,842,983	2,370,919
Accumulated other comprehensive loss	(18,130)	(14,665)
Total equity	2,114,269	2,563,655
Total liabilities and equity	$ 4,650,517	$ 5,162,851

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 21,829	$ 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	39,557,215	39,492,037
Common stock, shares outstanding	29,505,185	31,776,039
Treasury stock, shares at cost	10,052,030	7,715,998

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 1,373,268	$ 1,326,120	$ 4,017,597	$ 3,908,620
Cost of sales	951,455	905,430	2,784,712	2,695,916
Gross profit	421,813	420,690	1,232,885	1,212,704
Selling, general, and administrative expense	177,820	183,198	563,992	538,679
Operating profit	243,993	237,492	668,893	674,025
Other income (expense), net:
Interest expense	(18,449)	(18,830)	(55,811)	(55,427)
Other, net	2,355	6,015	24,987	12,542
Other expense, net	(16,094)	(12,815)	(30,824)	(42,885)
Income before income taxes	227,899	224,677	638,069	631,140
Income tax expense	(58,939)	(57,075)	(166,005)	(163,270)
Net income	$ 168,960	$ 167,602	$ 472,064	$ 467,870
Net income per common share:
Basic	$ 5.68	$ 5.30	$ 15.28	$ 14.81
Diluted	$ 5.65	$ 5.27	$ 15.19	$ 14.74
Weighted average shares outstanding:
Basic	29,751,713	31,615,110	30,901,788	31,588,740
Diluted	29,925,400	31,788,812	31,083,857	31,744,856

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 168,960	$ 167,602	$ 472,064	$ 467,870
Other comprehensive income (loss):
Foreign currency translation adjustment	2,463	(3,008)	(3,464)	3,029
Comprehensive income	$ 171,423	$ 164,594	$ 468,600	$ 470,899

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows Provided by (Used in) Operating Activities:
Net income	$ 472,064	$ 467,870
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	104,777	98,216
Share-based compensation	13,405	11,080
Loss on sale of assets	672	2,733
Amortization of debt issuance costs	2,161	2,161
Provision for bad debt expense	13,730	7,380
Provision for inventory obsolescence	6,713	3,617
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net	(30,294)	(52,482)
Inventories	(30,916)	82,960
Prepaid expenses and other current assets	(6,849)	(3,267)
Accounts payable	(17,441)	(21,361)
Accrued liabilities	(15,695)	(9,027)
Other, net	(2,529)	(1,402)
Net cash provided by operating activities	509,798	588,478
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment	(56,794)	(48,076)
Acquisition of businesses, net of cash acquired	(88,460)	(147,614)
Proceeds from sale of assets	2,336	14,674
Net cash used in investing activities	(142,918)	(181,016)
Cash Flows Provided by (Used in) Financing Activities:
Repayment of long-term debt	(35,651)	(27,711)
Taxes withheld and paid on employees' equity awards	(6,088)	(6,350)
Exercise of stock options	3,224	2,489
Repurchase of shares of common stock	(919,186)
Payment of contingent consideration		(300)
Net cash used in financing activities	(957,701)	(31,872)
Cash and Cash Equivalents
Impact of exchange rate changes on cash	(402)	(47)
Net (decrease) increase in cash and cash equivalents	(591,223)	375,543
Cash and cash equivalents- Beginning of period	848,565	240,069
Cash and cash equivalents- End of period	257,342	615,612
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities	35,718	45,525
Accruals for property and equipment	227	$ 305
Excise taxes capitalized to treasury stock	$ 9,342

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						467,870
Balance at Sep. 30, 2023	395	(699,149)	900,936	2,224,537	(18,892)	2,407,827
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
Increase (Decrease) in Stockholders' Equity
Net income				167,602		167,602
Share-based compensation			4,194			4,194
Shares issued upon exercise of stock options			993			993
Other comprehensive income (loss), net of tax					(3,008)	(3,008)
Balance at Sep. 30, 2023	395	(699,149)	900,936	2,224,537	(18,892)	2,407,827
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						472,064
Balance at Sep. 30, 2024	396	(1,633,943)	922,963	2,842,983	(18,130)	2,114,269
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, net of forfeitures	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
Increase (Decrease) in Stockholders' Equity
Net income				168,960		168,960
Share-based compensation			3,646			3,646
Forfeiture of restricted share awards under long-term equity incentive plan
Repurchase of shares		(418,085)				(418,085)
Shares withheld to pay taxes on employees' equity awards		(29)				(29)
Other comprehensive income (loss), net of tax					2,463	2,463
Balance at Sep. 30, 2024	$ 396	$ (1,633,943)	$ 922,963	$ 2,842,983	$ (18,130)	$ 2,114,269

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	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
Issuance of restricted share awards under long-term equity incentive plan (in shares)				18,768	95,012
Forfeiture of restricted share awards under long-term equity incentive plan (in shares)	4,106
Issuance of restricted share awards under long-term equity incentive plan, net of forfeitures (in shares)		2,022	51,236
Repurchase of shares (in shares)	1,074,818	1,246,182
Number of shares withheld to pay taxes on employees' equity awards (in shares)	67		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	9 Months Ended
	Sep. 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 CODM. ​ 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 September 30, 2024, our results of operations and comprehensive income for the three and nine months ended September 30, 2024 and 2023, and our cash flows for the nine months ended September 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	9 Months Ended
	Sep. 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. This standard will not affect our consolidated results of operations, financial position or cash flows. We will update our disclosures in future filings to comply with the disclosure requirements. ​ 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	9 Months Ended
	Sep. 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 September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 714,911 ​ $ 246,519 ​ $ (71,074) ​ $ 890,356 ​ $ 689,232 ​ $ 227,245 ​ $ (54,788) ​ $ 861,689 Commercial/Industrial ​ ​ 141,439 ​ ​ 353,868 ​ ​ (12,395) ​ ​ 482,912 ​ ​ 132,441 ​ ​ 343,764 ​ ​ (11,774) ​ ​ 464,431 Net sales ​ $ 856,350 ​ $ 600,387 ​ $ (83,469) ​ $ 1,373,268 ​ $ 821,673 ​ $ 571,009 ​ $ (66,562) ​ $ 1,326,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 2,102,174 ​ $ 700,520 ​ $ (193,395) ​ $ 2,609,299 ​ $ 2,003,107 ​ $ 678,824 ​ $ (162,844) ​ $ 2,519,087 Commercial/Industrial ​ ​ 403,902 ​ ​ 1,038,487 ​ ​ (34,091) ​ ​ 1,408,298 ​ ​ 394,711 ​ ​ 1,025,047 ​ ​ (30,225) ​ ​ 1,389,533 Net sales ​ $ 2,506,076 ​ $ 1,739,007 ​ $ (227,486) ​ $ 4,017,597 ​ $ 2,397,818 ​ $ 1,703,871 ​ $ (193,069) ​ $ 3,908,620 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 688,002 ​ $ 532,341 ​ $ (74,070) ​ $ 1,146,273 ​ $ 658,765 ​ $ 506,420 ​ $ (58,300) ​ $ 1,106,885 Glass and windows ​ ​ 64,558 ​ ​ - ​ ​ - ​ ​ 64,558 ​ ​ 62,763 ​ ​ - ​ ​ - ​ ​ 62,763 Gutters ​ ​ 30,562 ​ ​ 52,086 ​ ​ (8,209) ​ ​ 74,439 ​ ​ 28,215 ​ ​ 46,131 ​ ​ (7,422) ​ ​ 66,924 All other ​ ​ 73,228 ​ ​ 15,960 ​ ​ (1,190) ​ ​ 87,998 ​ ​ 71,930 ​ ​ 18,458 ​ ​ (840) ​ ​ 89,548 Net sales ​ $ 856,350 ​ $ 600,387 ​ $ (83,469) ​ $ 1,373,268 ​ $ 821,673 ​ $ 571,009 ​ $ (66,562) ​ $ 1,326,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 2,017,380 ​ ​ 1,548,251 ​ ​ (200,337) ​ $ 3,365,294 ​ $ 1,893,456 ​ $ 1,522,384 ​ $ (167,872) ​ $ 3,247,968 Glass and windows ​ ​ 184,996 ​ ​ - ​ ​ - ​ ​ 184,996 ​ ​ 195,046 ​ ​ - ​ ​ - ​ ​ 195,046 Gutters ​ ​ 88,901 ​ ​ 141,455 ​ ​ (23,441) ​ ​ 206,915 ​ ​ 85,895 ​ ​ 130,062 ​ ​ (22,158) ​ ​ 193,799 All other ​ ​ 214,799 ​ ​ 49,301 ​ ​ (3,708) ​ ​ 260,392 ​ ​ 223,421 ​ ​ 51,425 ​ ​ (3,039) ​ ​ 271,807 Net sales ​ $ 2,506,076 ​ $ 1,739,007 ​ $ (227,486) ​ $ 4,017,597 ​ $ 2,397,818 ​ $ 1,703,871 ​ $ (193,069) ​ $ 3,908,620 ​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Line Item on ​ As of ​ ​ ​ September 30, ​ December 31, ​ Condensed Consolidated Balance Sheets ​ 2024 ​ 2023 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 76,610 ​ $ 64,882 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 17,951 ​ $ 18,365 ​ The aggregate amount remaining on uncompleted performance obligations was $378.0 million as of September 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 $77.9 million and $81.9 million as of September 30, 2024 and December 31, 2023, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 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 nine months ended September 30, 2024. ​ Changes in the carrying amount of goodwill for the nine months ended September 30, 2024, by segment, were as follows, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Gross Goodwill ​ ​ ​ FX Translation ​ Gross Goodwill ​ Impairment ​ Net Goodwill ​ ​ December 31, 2023 ​ Additions ​ Adjustment ​ September 30, 2024 ​ Losses ​ September 30, 2024 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,901,160 ​ $ 45,334 ​ $ - ​ $ 1,946,494 ​ $ (762,021) ​ $ 1,184,473 Specialty Distribution ​ 903,429 ​ 5,720 ​ ​ (1,307) ​ 907,842 ​ - ​ 907,842 Total goodwill ​ $ 2,804,589 ​ $ 51,054 ​ $ (1,307) ​ $ 2,854,336 ​ $ (762,021) ​ $ 2,092,315 ​ See Note 12 – 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, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 855,693 ​ $ 827,793 Accumulated amortization ​ (290,253) ​ ​ (236,735) Other intangible assets, net ​ $ 565,440 ​ $ 591,058 ​ The following table sets forth our amortization expense, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2024 2023 2024 2023 Amortization expense ​ $ 18,243 ​ $ 17,389 ​ $ 53,876 ​ $ 51,496 ​

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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 ​ ​ September 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 ​ ​ 498,750 ​ ​ 532,500 Equipment notes ​ ​ 137 ​ ​ 2,039 Unamortized debt issuance costs ​ ​ (12,311) ​ ​ (14,472) Total debt, net of unamortized debt issuance costs ​ ​ 1,386,576 ​ ​ 1,420,067 Less: current portion of long-term debt ​ ​ 45,137 ​ ​ 47,039 Total long-term debt ​ $ 1,341,439 ​ $ 1,373,028 ​ The following table sets forth our remaining principal payments for our outstanding debt balances as of September 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 ​ ​ 11,250 ​ ​ 48,750 ​ ​ 438,750 ​ ​ - ​ ​ - ​ ​ - ​ ​ 498,750 Equipment notes ​ ​ 137 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 137 Total ​ $ 11,387 ​ $ 48,750 ​ $ 438,750 ​ $ - ​ $ - ​ $ 900,000 ​ $ 1,398,887 ​ 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 September 30, 2024 ​ 5.95 % 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 ​ ​ September 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 nine months ended September 30, 2024. The balance of equipment notes, which were issued for the purpose of financing vehicles and equipment, was $0.1 million as of September 30, 2024 and matures in the fourth quarter of 2024. ​ 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 September 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	9 Months Ended
	Sep. 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 September 30, 2024 (Level 1 fair value measurement), we estimate the fair value of each in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ ​ Fair Value ​ ​ Gross Carrying Value 3.625% Senior Notes ​ $ 375,520 ​ $ 400,000 4.125% Senior Notes ​ $ 461,900 ​ $ 500,000 ​

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 856,350 ​ $ 821,673 ​ $ 172,243 ​ $ 175,218 Specialty Distribution ​ ​ 600,387 ​ ​ 571,009 ​ ​ 94,911 ​ ​ 88,269 Intercompany eliminations (b) ​ ​ (83,469) ​ ​ (66,562) ​ ​ (13,476) ​ ​ (11,501) Total ​ $ 1,373,268 ​ $ 1,326,120 ​ ​ 253,678 ​ ​ 251,986 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (9,685) ​ ​ (14,494) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 243,993 ​ ​ 237,492 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (16,094) ​ ​ (12,815) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 227,899 ​ $ 224,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 2,506,076 ​ $ 2,397,818 ​ $ 499,717 ​ $ 494,394 Specialty Distribution ​ ​ 1,739,007 ​ ​ 1,703,871 ​ ​ 261,862 ​ ​ 247,583 Intercompany eliminations (b) ​ ​ (227,486) ​ ​ (193,069) ​ ​ (37,076) ​ ​ (32,672) Total ​ $ 4,017,597 ​ $ 3,908,620 ​ ​ 724,503 ​ ​ 709,305 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (55,610) ​ ​ (35,280) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 668,893 ​ ​ 674,025 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (30,824) ​ ​ (42,885) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 638,069 ​ $ 631,140 ​ (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	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	​ 8. INCOME TAXES ​ Our effective tax rates were 25.9 percent and 26.0 percent for the three and nine months ended September 30, 2024, respectively. The effective tax rates for the three and nine months ended September 30, 2023, were 25.4 percent and 25.9 percent, respectively. The higher 2024 tax rate for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily related to share-based compensation. ​ A tax expense of $2.0 million and a tax benefit of $0.5 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 nine months ended September 30, 2024 and 2023, respectively. ​

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Net income (in thousands) ​ $ 168,960 ​ $ 167,602 ​ $ 472,064 ​ $ 467,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 29,751,713 ​ ​ 31,615,110 ​ ​ 30,901,788 ​ ​ 31,588,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 35,034 ​ ​ 36,425 ​ ​ 35,566 ​ ​ 28,040 RSAs with market-based conditions ​ ​ 38,187 ​ ​ 31,918 ​ ​ 38,840 ​ ​ 25,606 RSAs with performance-based conditions ​ ​ 11,297 ​ ​ 17,663 ​ ​ 15,735 ​ ​ 16,223 Stock options ​ ​ 89,169 ​ ​ 87,696 ​ ​ 91,928 ​ ​ 86,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 29,925,400 ​ ​ 31,788,812 ​ ​ 31,083,857 ​ ​ 31,744,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 5.68 ​ $ 5.30 ​ $ 15.28 ​ $ 14.81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 5.65 ​ $ 5.27 ​ $ 15.19 ​ $ 14.74 ​ 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, ​ ​ ​ 2024 2023 2024 2023 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,721 ​ RSAs with market-based conditions ​ ​ 9,006 ​ ​ - ​ ​ 7,341 ​ ​ 2,978 ​ RSAs with performance-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ Stock options ​ ​ - ​ ​ - ​ ​ - ​ ​ 12,360 ​ Total anti-dilutive common stock equivalents ​ ​ 9,006 ​ ​ - ​ ​ 7,341 ​ ​ 19,059 ​ ​

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation expense ​ $ 3,646 ​ $ 4,194 ​ $ 13,405 ​ $ 11,080 Income tax benefit/(expense) ​ $ 127 ​ $ 679 ​ $ (1,980) ​ $ 455 ​ The following table presents a summary of our share-based compensation activity for the nine months ended September 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 ​ (52.9) ​ $ 229.40 ​ (16.0) ​ $ 82.64 ​ $ 201.27 ​ $ 3,312.8 Forfeited/Expired ​ (6.2) ​ $ 299.42 ​ — ​ $ — ​ $ — ​ ​ — Balance September 30, 2024 ​ 181.4 ​ $ 269.25 ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 36,356.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2024 (a) ​ ​ ​ ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 36,356.0 (a) The weighted average remaining contractual term for vested stock options is approximately 4.4 years. ​ We have unrecognized share-based compensation expense related to unvested awards as shown in the following table, dollars in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ Unrecognized Compensation Expense on Unvested Awards ​ Weighted Average Remaining Compensation Expense Period RSAs ​ $ 22,584 ​ ​ 1.0 Stock options ​ ​ — ​ ​ — Total unrecognized compensation expense related to unvested awards ​ $ 22,584 ​ ​ ​ ​ 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 ​ $ 2,907 ​ $ - ​ $ 727 ​ $ 2,907 ​ $ 5,814 February 21, 2023 ​ $ 3,845 ​ $ - ​ $ 961 ​ $ 3,845 ​ $ 7,690 February 21, 2024 ​ $ 4,496 ​ $ - ​ $ 1,124 ​ $ 4,496 ​ $ 8,992 ​ 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	9 Months Ended
	Sep. 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. As of September 30, 2024, the Company has utilized all amounts authorized under the 2022 Program. 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. As of September 30, 2024, the Company has $235.2 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 September 30, 2024, the Company had an estimated excise tax liability of $9.3 million for stock repurchases during the nine months ended September 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 Months Ended ​ Nine Months Ended ​ September 30, 2024 ​ September 30, 2024 Number of shares repurchased ​ ​ 1,074,818 ​ ​ 2,321,000 Share repurchase cost (in thousands) (a) ​ $ 418,085 $ 928,528 ​ (a) The three and nine months ended September 30, 2024 include $4.1 million and $9.3 million of excise taxes, respectively

Business Combinations

Business Combinations	9 Months Ended
	Sep. 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 $0.5 million and $27.2 million in the three and nine months ended September 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 $6.2 million and $9.0 million for the three and nine months ended September 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 $2.0 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 $25.5 million was funded by cash on hand and we recognized $15.1 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 $22.9 million of goodwill in connection with this acquisition. ​ The estimated fair values of the assets acquired and liabilities assumed for our 2024 acquisitions are as follows as of September 30, 2024, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Purchase price fair values: ​ ​ ​ Accounts receivable ​ $ 11,082 Inventories ​ ​ 3,355 Prepaid and other assets ​ ​ 40 Property and equipment ​ ​ 3,474 ROU asset (operating) ​ ​ 2,138 Intangible assets ​ ​ 29,287 Goodwill ​ ​ 51,198 Accounts payable ​ ​ (9,963) Lease liabilities (operating) ​ ​ (2,138) Net assets acquired ​ $ 88,473 ​ ​ The estimate of acquired customer relationships related to our 2024 acquisitions was $29.3 million and the weighted average useful life is 12 years. ​ During the nine months ended September 30, 2023, we made the following acquisitions: ​ On January 26, 2023, we acquired the assets of the residential insulation business of SRI. The purchase price of $45.3 was funded by cash on hand. ​ On July 10, 2023, we acquired the assets of the residential insulation installer business Rocky Mountain. The purchase price of $7.2 million was funded by cash on hand. ​ On July 17, 2023, we acquired the assets of the residential insulation business Best. The purchase price of $94.6 million was funded by cash on hand. ​ 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. ​ The table below represents the finalized fair values of assets acquired and liabilities assumed for the acquisitions made during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Acquisitions ​ SRI Rocky Mountain Best ​ Totals Finalized purchase price fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ $ 5,531 ​ $ 586 ​ $ 7,537 ​ $ 13,654 Inventories ​ ​ 4,383 ​ ​ 267 ​ ​ 2,132 ​ ​ 6,782 Prepaid and other assets ​ ​ 158 ​ ​ — ​ ​ 43 ​ ​ 201 Property and equipment ​ ​ 4,623 ​ ​ 338 ​ ​ 5,518 ​ ​ 10,479 ROU asset (operating) ​ ​ 4,695 ​ ​ 165 ​ ​ 3,441 ​ ​ 8,301 Intangible assets ​ ​ 13,740 ​ ​ 2,399 ​ ​ 30,470 ​ ​ 46,609 Deferred taxes ​ ​ 67 ​ ​ 19 ​ ​ 45 ​ ​ 131 Goodwill ​ ​ 23,065 ​ ​ 3,609 ​ ​ 51,418 ​ ​ 78,092 Accounts payable ​ ​ (6,078) ​ ​ (18) ​ ​ (2,623) ​ ​ (8,719) Lease Liabilities (operating) ​ ​ (4,775) ​ ​ (165) ​ ​ (3,241) ​ ​ (8,181) All other liabilities ​ ​ (95) ​ ​ — ​ ​ (150) ​ ​ (245) Net assets acquired ​ $ 45,314 ​ $ 7,200 ​ $ 94,590 ​ $ 147,104 ​ 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 $51.2 million and $78.1 million of goodwill recorded from acquisitions completed in the nine months ended September 30, 2024 and 2023, respectively, is expected to be deductible for income tax purposes.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities.
Accrued Liabilities	13. ACCRUED LIABILITIES ​ The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2024 December 31, 2023 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and bonus/commissions ​ $ 68,195 ​ $ 67,471 Insurance liabilities ​ ​ 29,951 ​ ​ 29,920 Deferred revenue ​ ​ 17,951 ​ ​ 18,365 Sales and property taxes ​ ​ 16,877 ​ ​ 17,002 Customer rebates ​ ​ 14,607 ​ ​ 17,326 Excise taxes ​ ​ 9,342 ​ ​ - Interest payable on long-term debt ​ ​ 3,358 ​ ​ 12,139 Other ​ ​ 20,101 ​ ​ 24,994 Total accrued liabilities ​ $ 180,382 ​ $ 187,217 ​ See Note 3 – Revenue Recognition

Other Commitments and Contingen

Other Commitments and Contingencies	9 Months Ended
	Sep. 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 168,960	$ 150,723	$ 152,381	$ 167,602	$ 164,400	$ 135,870	$ 472,064	$ 467,870

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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. This standard will not affect our consolidated results of operations, financial position or cash flows. We will update our disclosures in future filings to comply with the disclosure requirements. ​ 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)	9 Months Ended
	Sep. 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 September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 714,911 ​ $ 246,519 ​ $ (71,074) ​ $ 890,356 ​ $ 689,232 ​ $ 227,245 ​ $ (54,788) ​ $ 861,689 Commercial/Industrial ​ ​ 141,439 ​ ​ 353,868 ​ ​ (12,395) ​ ​ 482,912 ​ ​ 132,441 ​ ​ 343,764 ​ ​ (11,774) ​ ​ 464,431 Net sales ​ $ 856,350 ​ $ 600,387 ​ $ (83,469) ​ $ 1,373,268 ​ $ 821,673 ​ $ 571,009 ​ $ (66,562) ​ $ 1,326,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Residential ​ $ 2,102,174 ​ $ 700,520 ​ $ (193,395) ​ $ 2,609,299 ​ $ 2,003,107 ​ $ 678,824 ​ $ (162,844) ​ $ 2,519,087 Commercial/Industrial ​ ​ 403,902 ​ ​ 1,038,487 ​ ​ (34,091) ​ ​ 1,408,298 ​ ​ 394,711 ​ ​ 1,025,047 ​ ​ (30,225) ​ ​ 1,389,533 Net sales ​ $ 2,506,076 ​ $ 1,739,007 ​ $ (227,486) ​ $ 4,017,597 ​ $ 2,397,818 ​ $ 1,703,871 ​ $ (193,069) ​ $ 3,908,620 ​ The following tables present our revenues disaggregated by product (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 688,002 ​ $ 532,341 ​ $ (74,070) ​ $ 1,146,273 ​ $ 658,765 ​ $ 506,420 ​ $ (58,300) ​ $ 1,106,885 Glass and windows ​ ​ 64,558 ​ ​ - ​ ​ - ​ ​ 64,558 ​ ​ 62,763 ​ ​ - ​ ​ - ​ ​ 62,763 Gutters ​ ​ 30,562 ​ ​ 52,086 ​ ​ (8,209) ​ ​ 74,439 ​ ​ 28,215 ​ ​ 46,131 ​ ​ (7,422) ​ ​ 66,924 All other ​ ​ 73,228 ​ ​ 15,960 ​ ​ (1,190) ​ ​ 87,998 ​ ​ 71,930 ​ ​ 18,458 ​ ​ (840) ​ ​ 89,548 Net sales ​ $ 856,350 ​ $ 600,387 ​ $ (83,469) ​ $ 1,373,268 ​ $ 821,673 ​ $ 571,009 ​ $ (66,562) ​ $ 1,326,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total ​ Installation ​ Specialty Distribution ​ Eliminations ​ Total Insulation and accessories ​ $ 2,017,380 ​ ​ 1,548,251 ​ ​ (200,337) ​ $ 3,365,294 ​ $ 1,893,456 ​ $ 1,522,384 ​ $ (167,872) ​ $ 3,247,968 Glass and windows ​ ​ 184,996 ​ ​ - ​ ​ - ​ ​ 184,996 ​ ​ 195,046 ​ ​ - ​ ​ - ​ ​ 195,046 Gutters ​ ​ 88,901 ​ ​ 141,455 ​ ​ (23,441) ​ ​ 206,915 ​ ​ 85,895 ​ ​ 130,062 ​ ​ (22,158) ​ ​ 193,799 All other ​ ​ 214,799 ​ ​ 49,301 ​ ​ (3,708) ​ ​ 260,392 ​ ​ 223,421 ​ ​ 51,425 ​ ​ (3,039) ​ ​ 271,807 Net sales ​ $ 2,506,076 ​ $ 1,739,007 ​ $ (227,486) ​ $ 4,017,597 ​ $ 2,397,818 ​ $ 1,703,871 ​ $ (193,069) ​ $ 3,908,620
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 ​ ​ ​ September 30, ​ December 31, ​ Condensed Consolidated Balance Sheets ​ 2024 ​ 2023 Contract Assets: ​ ​ ​ ​ ​ ​ ​ Receivables, unbilled Receivables, net ​ $ 76,610 ​ $ 64,882 ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred revenue Accrued liabilities ​ $ 17,951 ​ $ 18,365

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 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 ​ September 30, 2024 ​ Losses ​ September 30, 2024 Goodwill, by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 1,901,160 ​ $ 45,334 ​ $ - ​ $ 1,946,494 ​ $ (762,021) ​ $ 1,184,473 Specialty Distribution ​ 903,429 ​ 5,720 ​ ​ (1,307) ​ 907,842 ​ - ​ 907,842 Total goodwill ​ $ 2,804,589 ​ $ 51,054 ​ $ (1,307) ​ $ 2,854,336 ​ $ (762,021) ​ $ 2,092,315
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, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 855,693 ​ $ 827,793 Accumulated amortization ​ (290,253) ​ ​ (236,735) Other intangible assets, net ​ $ 565,440 ​ $ 591,058
Schedule of amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2024 ​ December 31, 2023 Gross definite-lived intangible assets $ 855,693 ​ $ 827,793 Accumulated amortization ​ (290,253) ​ ​ (236,735) Other intangible assets, net ​ $ 565,440 ​ $ 591,058

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 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 ​ ​ September 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 ​ ​ 498,750 ​ ​ 532,500 Equipment notes ​ ​ 137 ​ ​ 2,039 Unamortized debt issuance costs ​ ​ (12,311) ​ ​ (14,472) Total debt, net of unamortized debt issuance costs ​ ​ 1,386,576 ​ ​ 1,420,067 Less: current portion of long-term debt ​ ​ 45,137 ​ ​ 47,039 Total long-term debt ​ $ 1,341,439 ​ $ 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 September 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 ​ ​ 11,250 ​ ​ 48,750 ​ ​ 438,750 ​ ​ - ​ ​ - ​ ​ - ​ ​ 498,750 Equipment notes ​ ​ 137 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 137 Total ​ $ 11,387 ​ $ 48,750 ​ $ 438,750 ​ $ - ​ $ - ​ $ 900,000 ​ $ 1,398,887
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 September 30, 2024 ​ 5.95 % 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 ​ ​ September 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 September 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)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Schedule of fair value of liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ ​ Fair Value ​ ​ Gross Carrying Value 3.625% Senior Notes ​ $ 375,520 ​ $ 400,000 4.125% Senior Notes ​ $ 461,900 ​ $ 500,000 ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 856,350 ​ $ 821,673 ​ $ 172,243 ​ $ 175,218 Specialty Distribution ​ ​ 600,387 ​ ​ 571,009 ​ ​ 94,911 ​ ​ 88,269 Intercompany eliminations (b) ​ ​ (83,469) ​ ​ (66,562) ​ ​ (13,476) ​ ​ (11,501) Total ​ $ 1,373,268 ​ $ 1,326,120 ​ ​ 253,678 ​ ​ 251,986 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (9,685) ​ ​ (14,494) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 243,993 ​ ​ 237,492 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (16,094) ​ ​ (12,815) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 227,899 ​ $ 224,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ Net Sales ​ Operating Profit (c) Operations by segment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Installation ​ $ 2,506,076 ​ $ 2,397,818 ​ $ 499,717 ​ $ 494,394 Specialty Distribution ​ ​ 1,739,007 ​ ​ 1,703,871 ​ ​ 261,862 ​ ​ 247,583 Intercompany eliminations (b) ​ ​ (227,486) ​ ​ (193,069) ​ ​ (37,076) ​ ​ (32,672) Total ​ $ 4,017,597 ​ $ 3,908,620 ​ ​ 724,503 ​ ​ 709,305 General corporate expense, net (d) ​ ​ ​ ​ ​ ​ ​ ​ (55,610) ​ ​ (35,280) Operating profit, as reported ​ ​ ​ ​ ​ ​ ​ ​ 668,893 ​ ​ 674,025 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ (30,824) ​ ​ (42,885) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 638,069 ​ $ 631,140 ​ (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)	9 Months Ended
	Sep. 30, 2024
Net Income Per Share
Schedule of basic and diluted income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Net income (in thousands) ​ $ 168,960 ​ $ 167,602 ​ $ 472,064 ​ $ 467,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - basic ​ ​ 29,751,713 ​ ​ 31,615,110 ​ ​ 30,901,788 ​ ​ 31,588,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive effect of common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ 35,034 ​ ​ 36,425 ​ ​ 35,566 ​ ​ 28,040 RSAs with market-based conditions ​ ​ 38,187 ​ ​ 31,918 ​ ​ 38,840 ​ ​ 25,606 RSAs with performance-based conditions ​ ​ 11,297 ​ ​ 17,663 ​ ​ 15,735 ​ ​ 16,223 Stock options ​ ​ 89,169 ​ ​ 87,696 ​ ​ 91,928 ​ ​ 86,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding - diluted ​ ​ 29,925,400 ​ ​ 31,788,812 ​ ​ 31,083,857 ​ ​ 31,744,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per common share ​ $ 5.68 ​ $ 5.30 ​ $ 15.28 ​ $ 14.81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per common share ​ $ 5.65 ​ $ 5.27 ​ $ 15.19 ​ $ 14.74
Summary of shares excluded from the calculation of diluted income per share because their effect would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ ​ 2024 2023 2024 2023 ​ Anti-dilutive common stock equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSAs with service-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,721 ​ RSAs with market-based conditions ​ ​ 9,006 ​ ​ - ​ ​ 7,341 ​ ​ 2,978 ​ RSAs with performance-based conditions ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ Stock options ​ ​ - ​ ​ - ​ ​ - ​ ​ 12,360 ​ Total anti-dilutive common stock equivalents ​ ​ 9,006 ​ ​ - ​ ​ 7,341 ​ ​ 19,059 ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Share-based compensation expense ​ $ 3,646 ​ $ 4,194 ​ $ 13,405 ​ $ 11,080 Income tax benefit/(expense) ​ $ 127 ​ $ 679 ​ $ (1,980) ​ $ 455
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, 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 ​ (52.9) ​ $ 229.40 ​ (16.0) ​ $ 82.64 ​ $ 201.27 ​ $ 3,312.8 Forfeited/Expired ​ (6.2) ​ $ 299.42 ​ — ​ $ — ​ $ — ​ ​ — Balance September 30, 2024 ​ 181.4 ​ $ 269.25 ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 36,356.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable September 30, 2024 (a) ​ ​ ​ ​ 112.7 ​ $ 30.10 ​ $ 83.97 ​ $ 36,356.0 (a) The weighted average remaining contractual term for vested stock options is approximately 4.4 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 September 30, 2024 ​ ​ Unrecognized Compensation Expense on Unvested Awards ​ Weighted Average Remaining Compensation Expense Period RSAs ​ $ 22,584 ​ ​ 1.0 Stock options ​ ​ — ​ ​ — Total unrecognized compensation expense related to unvested awards ​ $ 22,584 ​ ​ ​
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 ​ $ 2,907 ​ $ - ​ $ 727 ​ $ 2,907 ​ $ 5,814 February 21, 2023 ​ $ 3,845 ​ $ - ​ $ 961 ​ $ 3,845 ​ $ 7,690 February 21, 2024 ​ $ 4,496 ​ $ - ​ $ 1,124 ​ $ 4,496 ​ $ 8,992

Share Repurchase Program (Table

Share Repurchase Program (Tables)	9 Months Ended
	Sep. 30, 2024
Share Repurchase Program
Schedule of share repurchase program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2024 ​ September 30, 2024 Number of shares repurchased ​ ​ 1,074,818 ​ ​ 2,321,000 Share repurchase cost (in thousands) (a) ​ $ 418,085 $ 928,528 (a) The three and nine months ended September 30, 2024 include $4.1 million and $9.3 million of excise taxes, respectively

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2024
2024 Acquisitions
Business Combinations
Schedule of fair value of assets and liabilities assumed	The estimated fair values of the assets acquired and liabilities assumed for our 2024 acquisitions are as follows as of September 30, 2024, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ Purchase price fair values: ​ ​ ​ Accounts receivable ​ $ 11,082 Inventories ​ ​ 3,355 Prepaid and other assets ​ ​ 40 Property and equipment ​ ​ 3,474 ROU asset (operating) ​ ​ 2,138 Intangible assets ​ ​ 29,287 Goodwill ​ ​ 51,198 Accounts payable ​ ​ (9,963) Lease liabilities (operating) ​ ​ (2,138) Net assets acquired ​ $ 88,473
2023 Acquisitions
Business Combinations
Schedule of fair value of assets and liabilities assumed	The table below represents the finalized fair values of assets acquired and liabilities assumed for the acquisitions made during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 Acquisitions ​ SRI Rocky Mountain Best ​ Totals Finalized purchase price fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ $ 5,531 ​ $ 586 ​ $ 7,537 ​ $ 13,654 Inventories ​ ​ 4,383 ​ ​ 267 ​ ​ 2,132 ​ ​ 6,782 Prepaid and other assets ​ ​ 158 ​ ​ — ​ ​ 43 ​ ​ 201 Property and equipment ​ ​ 4,623 ​ ​ 338 ​ ​ 5,518 ​ ​ 10,479 ROU asset (operating) ​ ​ 4,695 ​ ​ 165 ​ ​ 3,441 ​ ​ 8,301 Intangible assets ​ ​ 13,740 ​ ​ 2,399 ​ ​ 30,470 ​ ​ 46,609 Deferred taxes ​ ​ 67 ​ ​ 19 ​ ​ 45 ​ ​ 131 Goodwill ​ ​ 23,065 ​ ​ 3,609 ​ ​ 51,418 ​ ​ 78,092 Accounts payable ​ ​ (6,078) ​ ​ (18) ​ ​ (2,623) ​ ​ (8,719) Lease Liabilities (operating) ​ ​ (4,775) ​ ​ (165) ​ ​ (3,241) ​ ​ (8,181) All other liabilities ​ ​ (95) ​ ​ — ​ ​ (150) ​ ​ (245) Net assets acquired ​ $ 45,314 ​ $ 7,200 ​ $ 94,590 ​ $ 147,104

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities.
Schedule of components of accrued liabilities	The following table sets forth the components of accrued liabilities, in thousands: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2024 December 31, 2023 Accrued liabilities: ​ ​ ​ ​ ​ ​ Salaries, wages, and bonus/commissions ​ $ 68,195 ​ $ 67,471 Insurance liabilities ​ ​ 29,951 ​ ​ 29,920 Deferred revenue ​ ​ 17,951 ​ ​ 18,365 Sales and property taxes ​ ​ 16,877 ​ ​ 17,002 Customer rebates ​ ​ 14,607 ​ ​ 17,326 Excise taxes ​ ​ 9,342 ​ ​ - Interest payable on long-term debt ​ ​ 3,358 ​ ​ 12,139 Other ​ ​ 20,101 ​ ​ 24,994 Total accrued liabilities ​ $ 180,382 ​ $ 187,217

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2024 segment
Basis of Presentation
Number of reportable segments	2

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Net sales	$ 1,373,268	$ 1,326,120	$ 4,017,597	$ 3,908,620
Insulation and accessories
Revenue Recognition
Net sales	1,146,273	1,106,885	3,365,294	3,247,968
Glass and windows
Revenue Recognition
Net sales	64,558	62,763	184,996	195,046
Gutters
Revenue Recognition
Net sales	74,439	66,924	206,915	193,799
All other
Revenue Recognition
Net sales	87,998	89,548	260,392	271,807
Residential
Revenue Recognition
Net sales	890,356	861,689	2,609,299	2,519,087
Commercial and Industrial
Revenue Recognition
Net sales	482,912	464,431	1,408,298	1,389,533
Operating Segment
Revenue Recognition
Net sales			4,017,597	3,908,620
Operating Segment | Installation
Revenue Recognition
Net sales	856,350	821,673	2,506,076	2,397,818
Operating Segment | Installation | Insulation and accessories
Revenue Recognition
Net sales	688,002	658,765	2,017,380	1,893,456
Operating Segment | Installation | Glass and windows
Revenue Recognition
Net sales	64,558	62,763	184,996	195,046
Operating Segment | Installation | Gutters
Revenue Recognition
Net sales	30,562	28,215	88,901	85,895
Operating Segment | Installation | All other
Revenue Recognition
Net sales	73,228	71,930	214,799	223,421
Operating Segment | Installation | Residential
Revenue Recognition
Net sales	714,911	689,232	2,102,174	2,003,107
Operating Segment | Installation | Commercial and Industrial
Revenue Recognition
Net sales	141,439	132,441	403,902	394,711
Operating Segment | Specialty Distribution [Member]
Revenue Recognition
Net sales	600,387	571,009	1,739,007	1,703,871
Operating Segment | Specialty Distribution [Member] | Insulation and accessories
Revenue Recognition
Net sales	532,341	506,420	1,548,251	1,522,384
Operating Segment | Specialty Distribution [Member] | Gutters
Revenue Recognition
Net sales	52,086	46,131	141,455	130,062
Operating Segment | Specialty Distribution [Member] | All other
Revenue Recognition
Net sales	15,960	18,458	49,301	51,425
Operating Segment | Specialty Distribution [Member] | Residential
Revenue Recognition
Net sales	246,519	227,245	700,520	678,824
Operating Segment | Specialty Distribution [Member] | Commercial and Industrial
Revenue Recognition
Net sales	353,868	343,764	1,038,487	1,025,047
Eliminations
Revenue Recognition
Net sales	(83,469)	(66,562)	(227,486)	(193,069)
Eliminations | Insulation and accessories
Revenue Recognition
Net sales	(74,070)	(58,300)	(200,337)	(167,872)
Eliminations | Gutters
Revenue Recognition
Net sales	(8,209)	(7,422)	(23,441)	(22,158)
Eliminations | All other
Revenue Recognition
Net sales	(1,190)	(840)	(3,708)	(3,039)
Eliminations | Residential
Revenue Recognition
Net sales	(71,074)	(54,788)	(193,395)	(162,844)
Eliminations | Commercial and Industrial
Revenue Recognition
Net sales	$ (12,395)	$ (11,774)	$ (34,091)	$ (30,225)

Revenue Recognition - Other (De

Revenue Recognition - Other (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract Liabilities
Deferred revenue	$ 17,951	$ 18,365
Uncompleted Performance Obligations
Amount remaining on uncompleted performance obligations	$ 378,000
Expected timing of satisfaction of performance obligations	over the next 18 months
Receivables, net
Contract Assets
Receivables, unbilled	$ 76,610	64,882
Uncompleted Performance Obligations
Retainage receivables	77,900	81,900
Accrued liabilities
Contract Liabilities
Deferred revenue	$ 17,951	$ 18,365

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Goodwill (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) 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		51,054
Fx Translation Adjustment		(1,307)
Gross Goodwill, at end of period	2,804,589	2,854,336
Accumulated Impairment Losses		(762,021)
Net Goodwill	2,042,568	2,092,315
Installation
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		1,901,160
Additions		45,334
Gross Goodwill, at end of period	1,901,160	1,946,494
Accumulated Impairment Losses		(762,021)
Net Goodwill		1,184,473
Specialty Distribution
Changes in the carrying amount of goodwill
Gross Goodwill, at beginning of period		903,429
Additions		5,720
Fx Translation Adjustment		(1,307)
Gross Goodwill, at end of period	$ 903,429	907,842
Net Goodwill		$ 907,842

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other intangible assets
Gross Definite-lived intangible assets	$ 855,693		$ 855,693		$ 827,793
Accumulated Amortization	(290,253)		(290,253)		(236,735)
Other intangible asset, net	565,440		565,440		$ 591,058
Amortization expense	$ 18,243	$ 17,389	$ 53,876	$ 51,496

Long-Term Debt - Reconciliation

Long-Term Debt - Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt
Long-term debt	$ 1,398,887
Unamortized debt issuance costs	(12,311)	$ (14,472)
Total debt, net of unamortized debt issuance costs	1,386,576	1,420,067
Less: current portion of long-term debt	45,137	47,039
Total long-term debt	$ 1,341,439	$ 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	498,750	532,500
Equipment Notes
Long-Term Debt
Long-term debt	137	$ 2,039
Total debt, net of unamortized debt issuance costs	$ 100

Long-Term Debt - Schedule of de

Long-Term Debt - Schedule of debt maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Debt Maturity by Years:
2024	$ 11,387
2025	48,750
2026	438,750
Thereafter	900,000
Total	1,398,887
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	11,250
2025	48,750
2026	438,750
Total	498,750	532,500
Equipment Notes
Schedule of Debt Maturity by Years:
2024	137
Total	$ 137	$ 2,039

Long-Term Debt - Key Terms of C

Long-Term Debt - Key Terms of Credit Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	5.95%
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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt
Amount outstanding	$ 1,386,576	$ 1,420,067
Equipment Notes
Long-Term Debt
Amount outstanding	$ 100
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)	9 Months Ended
	Sep. 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	Sep. 30, 2024 USD ($)
Fair Value on Non-Recurring Basis
Amount outstanding	$ 1,398,887
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	$ 375,520
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	$ 461,900

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment information
Net sales	$ 1,373,268		$ 1,326,120	$ 4,017,597	$ 3,908,620
Operating profit as, reported	243,993		237,492	668,893	674,025
Other expense, net	(16,094)		(12,815)	(30,824)	(42,885)
Income before income taxes	227,899		224,677	638,069	631,140
Total Assets	4,650,517			4,650,517		$ 5,162,851
Acquisition termination fee		$ 23,000
Operating Segment
Segment information
Net sales				4,017,597	3,908,620
Operating profit as, reported	253,678		251,986	724,503	709,305
Operating Segment | Installation
Segment information
Net sales	856,350		821,673	2,506,076	2,397,818
Operating profit as, reported	172,243		175,218	499,717	494,394
Operating Segment | Specialty Distribution
Segment information
Net sales	600,387		571,009	1,739,007	1,703,871
Operating profit as, reported	94,911		88,269	261,862	247,583
Intercompany Eliminations and Other Adjustments
Segment information
Net sales	(83,469)		(66,562)	(227,486)	(193,069)
Intercompany Eliminations
Segment information
Net sales	(83,469)		(66,562)	(227,486)	(193,069)
Operating profit as, reported	(13,476)		(11,501)	(37,076)	(32,672)
Corporate
Segment information
General corporate expense, net	$ (9,685)		$ (14,494)	$ (55,610)	$ (35,280)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Effective tax rate (as a percent)	25.90%	25.40%	26%	25.90%
Tax benefit related to share-based compensation	$ 127	$ 679		$ 455
Tax expense related to share-based compensation			$ 1,980

Net Income Per Share - Calculat

Net Income Per Share - Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 168,960	$ 150,723	$ 152,381	$ 167,602	$ 164,400	$ 135,870	$ 472,064	$ 467,870
Weighted average number of common shares outstanding - basic	29,751,713			31,615,110			30,901,788	31,588,740
Dilutive effect of common stock equivalents:
Stock options	89,169			87,696			91,928	86,247
Weighted average number of common shares outstanding - diluted	29,925,400			31,788,812			31,083,857	31,744,856
Basic net income per common share	$ 5.68			$ 5.30			$ 15.28	$ 14.81
Diluted net income per common share	$ 5.65			$ 5.27			$ 15.19	$ 14.74
Service-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	35,034			36,425			35,566	28,040
Market-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	38,187			31,918			38,840	25,606
Performance-based conditions
Dilutive effect of common stock equivalents:
Restricted stock awards	11,297			17,663			15,735	16,223

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive common stock equivalents (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	9,006	7,341	19,059
Restricted Stock Awards | Service-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents			3,721
Restricted Stock Awards | Market-based conditions
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents	9,006	7,341	2,978
Employee Stock Option
Anti-dilutive common stock equivalents
Total anti-dilutive common stock equivalents			12,360

Share-Based Compensation - Expe

Share-Based Compensation - Expense (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Share-based compensation expense	$ 3,646	$ 4,194	$ 13,405	$ 11,080
Income tax benefit	$ 127	$ 679		$ 455
Income tax expense			$ (1,980)
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					9 Months Ended
	Feb. 21, 2024	Feb. 21, 2023	Feb. 15, 2022	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023
Stock Options, Number of Shares
Converted/Exercised (in shares)				(10,269)	(5,757)	(17,409)	(4,762)	(28,840)
Stock options, additional disclosures
Weighted average remaining contractual term for vested stock options									4 years 4 months 24 days
Unrecognized share-based compensation expense
Total unrecognized compensation expense related to unvested awards									$ 22,584,000
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)									(52,900)
Forfeited/Expired (in shares)									(6,200)
Balance at end of period (in shares)									181,400
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)									229.40
Forfeited/Expired (in dollars per share)									299.42
Balance at end of period (in dollars per share)									$ 269.25
Unrecognized share-based compensation expense
RSAs, Unrecognized Compensation Expense on Unvested Awards									$ 22,584,000
Weighted Average Remaining Compensation Expense Period									1 year
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	$ 4,496,000	$ 3,845,000	$ 2,907,000
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	$ 1,124,000	$ 961,000	$ 727,000
Restricted Stock Awards | Performance-based conditions | Payout Range-100%
Restricted stock awards, additional disclosures
Payout range (as a percent)	100%	100%	100%
Related expenses	$ 4,496,000	$ 3,845,000	$ 2,907,000
Restricted Stock Awards | Performance-based conditions | Payout Range-200%
Restricted stock awards, additional disclosures
Payout range (as a percent)	200%	200%	200%
Related expenses	$ 8,992,000	$ 7,690,000	$ 5,814,000
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
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
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
Stock options, additional disclosures
Aggregate intrinsic value									$ 36,356,000			$ 35,462,800
Converted/Exercised aggregate intrinsic value									$ 3,312,800
Exercisable, Number of shares									112,700
Exercisable, Weighted Average Grant Date Fair Value Per Share									$ 30.10
Exercisable Weighted Average Exercise Price Per Share									$ 83.97
Exercisable, Aggregate Intrinsic Value									$ 36,356,000

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended	26 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2024	May 03, 2024	Jul. 25, 2022
Share Repurchase Program
Excise tax liability	$ 9,342	$ 9,342		$ 9,342
Number of shares repurchased (in shares)	1,074,818	2,321,000	0
Share repurchase cost	$ 418,085	$ 928,528
Share repurchase cost, excise taxes	4,100	9,342
2024 Share Repurchase Program
Share Repurchase Program
Share repurchase program, authorized amount					$ 1,000,000
Amount remaining under repurchase program	$ 235,200	$ 235,200		$ 235,200
2022 Share Repurchase Program
Share Repurchase Program
Share repurchase program, authorized amount						$ 200,000
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 Thousands								3 Months Ended			6 Months Ended
	May 31, 2024	May 16, 2024	Apr. 18, 2024	Mar. 01, 2024	Feb. 15, 2024	Jul. 17, 2023	Jul. 10, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Combinations
Acquisition related costs								$ 500		$ 6,200	$ 27,200	$ 9,000
Summary of businesses acquired:
Goodwill expected to be deducted for income tax purposes									$ 51,200		$ 51,200	78,100
Estimated fair values
Goodwill								2,092,315					$ 2,042,568
2024 Acquisitions
Estimated fair values
Accounts receivable								11,082
Inventories								3,355
Prepaid and other assets								40
Property and equipment								3,474
ROU asset (operating)								2,138
Intangible assets								29,287
Goodwill								51,198
Accounts payable								(9,963)
Lease Liabilities (operating)								(2,138)
Net assets acquired								$ 88,473
Brabble
Business Combinations
Purchase price					$ 5,400
Goodwill recognized					$ 3,000
Morris Black
Business Combinations
Purchase price				$ 3,600
Goodwill recognized				2,000
PCI
Business Combinations
Purchase price				13,800
Goodwill recognized				$ 5,700
Green Space
Business Combinations
Purchase price			$ 4,300
Goodwill recognized			$ 2,600
Insulation Works Inc.
Business Combinations
Purchase price		$ 25,500
Goodwill recognized		$ 15,100
Texas Insulation
Business Combinations
Purchase price	$ 35,900
Goodwill recognized	$ 22,900
2023 Acquisitions
Estimated fair values
Accounts receivable										13,654
Inventories										6,782
Prepaid and other assets										201
Property and equipment										10,479
ROU asset (operating)										8,301
Intangible assets										46,609
Deferred taxes										131
Goodwill										78,092
Accounts payable										(8,719)
Lease Liabilities (operating)										(8,181)
All other liabilities										(245)
Net assets acquired										147,104
SRI
Business Combinations
Purchase price												$ 45,300
Estimated fair values
Accounts receivable										5,531
Inventories										4,383
Prepaid and other assets										158
Property and equipment										4,623
ROU asset (operating)										4,695
Intangible assets										13,740
Deferred taxes										67
Goodwill										23,065
Accounts payable										(6,078)
Lease Liabilities (operating)										(4,775)
All other liabilities										(95)
Net assets acquired										45,314
Rocky Mountain
Business Combinations
Purchase price							$ 7,200
Estimated fair values
Accounts receivable										586
Inventories										267
Property and equipment										338
ROU asset (operating)										165
Intangible assets										2,399
Deferred taxes										19
Goodwill										3,609
Accounts payable										(18)
Lease Liabilities (operating)										(165)
Net assets acquired										7,200
Best
Business Combinations
Purchase price						$ 94,600
Estimated fair values
Accounts receivable										7,537
Inventories										2,132
Prepaid and other assets										43
Property and equipment										5,518
ROU asset (operating)										3,441
Intangible assets										30,470
Deferred taxes										45
Goodwill										51,418
Accounts payable										(2,623)
Lease Liabilities (operating)										(3,241)
All other liabilities										(150)
Net assets acquired										$ 94,590
SPI
Business Combinations
Acquisition related costs									$ 23,000

Business Combinations - Intangi

Business Combinations - Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
2024 Acquisitions
Estimates of acquired intangible assets
Estimated Fair Value	$ 29,287
2024 Acquisitions | Customer relationships
Estimates of acquired intangible assets
Estimated Fair Value	$ 29,300
Weighted Average Estimated Useful Life (Years)	12 years
2023 Acquisitions
Estimates of acquired intangible assets
Estimated Fair Value		$ 46,609

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities.
Salaries, wages, and bonus/commissions	$ 68,195	$ 67,471
Insurance liabilities	29,951	29,920
Deferred revenue	17,951	18,365
Sales and property taxes	16,877	17,002
Customer rebates	14,607	17,326
Excise taxes	9,342
Interest payable on long-term debt	3,358	12,139
Other	20,101	24,994
Total accrued liabilities	$ 180,382	$ 187,217