Forterra (FRTA) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-37921
Entity Registrant Name	FORTERRA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1830464
Entity Address, Address Line One	511 East John Carpenter Freeway
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	469
Local Phone Number	458-7973
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FRTA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,920,808
Entity Central Index Key	0001678463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 492,800	$ 426,186	$ 860,914	$ 757,062
Cost of goods sold	373,228	320,607	659,078	592,741
Gross profit	119,572	105,579	201,836	164,321
Selling, general & administrative expenses	(56,257)	(53,283)	(111,301)	(107,523)
Impairment and exit charges	(65)	(265)	(474)	(1,089)
Other operating income (expense), net	384	(1,001)	12,503	(671)
Operating expenses	(55,938)	(54,549)	(99,272)	(109,283)
Income from operations	63,634	51,030	102,564	55,038
Other income (expense)
Interest expense	(19,074)	(19,702)	(37,420)	(40,447)
Gain on extinguishment of debt	0	116	0	66
Earnings from equity method investee	3,570	3,126	6,161	5,925
Income before income taxes	48,130	34,570	71,305	20,582
Income tax expense	(12,065)	(7,455)	(16,564)	(7,533)
Net income	$ 36,065	$ 27,115	$ 54,741	$ 13,049
Earnings per share:
Basic (in dollars per share)	$ 0.54	$ 0.42	$ 0.82	$ 0.20
Diluted (in dollars per share)	$ 0.52	$ 0.40	$ 0.79	$ 0.19
Weighted average common shares outstanding:
Basic (in shares)	66,687	65,093	66,463	64,948
Diluted (in shares)	69,511	67,191	69,475	67,458

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 36,065	$ 27,115	$ 54,741	$ 13,049
Change in other postretirement benefit plans, net of tax	0	0	0	(681)
Foreign currency translation adjustment	944	2,437	1,603	(3,262)
Comprehensive income	$ 37,009	$ 29,552	$ 56,344	$ 9,106

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 34,171	$ 25,678
Receivables, net	309,055	227,948
Inventories	266,308	222,928
Prepaid expenses	9,937	7,967
Other current assets	3,152	2,022
Total current assets	622,623	486,543
Non-current assets
Property, plant and equipment, net	444,051	451,082
Operating lease right-of-use assets	54,003	54,379
Goodwill	509,528	509,127
Intangible assets, net	84,818	101,409
Investment in equity method investee	49,946	48,285
Other long-term assets	1,844	4,987
Total assets	1,766,813	1,655,812
Current liabilities
Trade payables	174,955	134,144
Accrued liabilities	115,647	115,693
Deferred revenue	7,581	8,220
Current portion of long-term debt	12,510	12,510
Current portion of tax receivable agreement	8,333	8,333
Total current liabilities	319,026	278,900
Non-current liabilities
Long-term debt	900,699	887,511
Long-term finance lease liabilities	142,303	142,195
Long-term operating lease liabilities	51,017	50,943
Deferred tax liabilities	10,688	9,671
Other long-term liabilities	31,788	36,918
Long-term tax receivable agreement	55,907	55,907
Total liabilities	1,511,428	1,462,045
Commitments and Contingencies (Note 14)
Equity
Common stock, $0.001 par value, 190,000 shares authorized; 66,921 and 65,981 shares issued and outstanding	19	19
Additional paid-in-capital	257,853	252,579
Accumulated other comprehensive loss	(5,353)	(6,956)
Retained earnings (deficit)	2,866	(51,875)
Total shareholder's equity	255,385	193,767
Total liabilities and shareholders' equity	$ 1,766,813	$ 1,655,812

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	190,000,000	190,000,000
Common shares, issued (in shares)	66,921,000	65,981,000
Common shares, outstanding (in shares)	66,921,000	65,981,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)
Beginning Balance (in shares) at Dec. 31, 2019		64,740,667
Beginning Balance at Dec. 31, 2019	$ 120,967	$ 19	$ 244,372	$ (7,063)	$ (116,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,864		2,864
Share-based plan activity (in shares)		336,752
Stock-based plan activity	(194)		(194)
Comprehensive loss:
Net income	(14,066)				(14,066)
Change in other postretirement benefit plans, net of tax	(681)			(681)
Foreign currency translation adjustment	(5,699)			(5,699)
Ending Balance (in shares) at Mar. 31, 2020		65,077,419
Ending Balance at Mar. 31, 2020	103,191	$ 19	247,042	(13,443)	(130,427)
Beginning Balance (in shares) at Dec. 31, 2019		64,740,667
Beginning Balance at Dec. 31, 2019	120,967	$ 19	244,372	(7,063)	(116,361)
Comprehensive loss:
Net income	13,049
Change in other postretirement benefit plans, net of tax	(681)
Foreign currency translation adjustment	(3,262)
Ending Balance (in shares) at Jun. 30, 2020		65,210,907
Ending Balance at Jun. 30, 2020	135,396	$ 19	249,695	(11,006)	(103,312)
Beginning Balance (in shares) at Mar. 31, 2020		65,077,419
Beginning Balance at Mar. 31, 2020	103,191	$ 19	247,042	(13,443)	(130,427)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,607		2,607
Share-based plan activity (in shares)		133,488
Stock-based plan activity	46		46
Comprehensive loss:
Net income	27,115				27,115
Change in other postretirement benefit plans, net of tax	0
Foreign currency translation adjustment	2,437			2,437
Ending Balance (in shares) at Jun. 30, 2020		65,210,907
Ending Balance at Jun. 30, 2020	$ 135,396	$ 19	249,695	(11,006)	(103,312)
Beginning Balance (in shares) at Dec. 31, 2020	65,981,000	65,980,787
Beginning Balance at Dec. 31, 2020	$ 193,767	$ 19	252,579	(6,956)	(51,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,784		2,784
Share-based plan activity (in shares)		674,896
Stock-based plan activity	(856)		(856)
Comprehensive loss:
Net income	18,676				18,676
Foreign currency translation adjustment	659			659
Ending Balance (in shares) at Mar. 31, 2021		66,655,683
Ending Balance at Mar. 31, 2021	$ 215,030	$ 19	254,507	(6,297)	(33,199)
Beginning Balance (in shares) at Dec. 31, 2020	65,981,000	65,980,787
Beginning Balance at Dec. 31, 2020	$ 193,767	$ 19	252,579	(6,956)	(51,875)
Comprehensive loss:
Net income	54,741
Change in other postretirement benefit plans, net of tax	0
Foreign currency translation adjustment	$ 1,603
Ending Balance (in shares) at Jun. 30, 2021	66,921,000	66,920,808
Ending Balance at Jun. 30, 2021	$ 255,385	$ 19	257,853	(5,353)	2,866
Beginning Balance (in shares) at Mar. 31, 2021		66,655,683
Beginning Balance at Mar. 31, 2021	215,030	$ 19	254,507	(6,297)	(33,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,054		2,054
Share-based plan activity (in shares)		265,125
Stock-based plan activity	1,292		1,292
Comprehensive loss:
Net income	36,065				36,065
Change in other postretirement benefit plans, net of tax	0
Foreign currency translation adjustment	$ 944			944
Ending Balance (in shares) at Jun. 30, 2021	66,921,000	66,920,808
Ending Balance at Jun. 30, 2021	$ 255,385	$ 19	$ 257,853	$ (5,353)	$ 2,866

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,741	$ 13,049
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation & amortization expense	41,015	44,907
(Gain) loss on disposal of property, plant and equipment	(10,905)	1,353
Gain on extinguishment of debt	0	(66)
Amortization of debt discount and issuance costs	2,462	3,730
Stock-based compensation expense	4,838	5,471
Impairment charges	382	0
Write-off of debt discount and issuance costs	0	376
Earnings from equity method investee	(6,161)	(5,925)
Distributions from equity method investee	4,500	4,500
Unrealized (gain) loss on derivative instruments, net	(204)	921
Unrealized foreign currency (gain) loss, net	(46)	212
Provision for doubtful accounts	770	80
Deferred taxes	1,017	1,816
Other non-cash items	1,135	2,088
Change in assets and liabilities:
Receivables, net	(81,490)	(66,160)
Inventories	(43,080)	(945)
Other current assets	(3,063)	2,435
Accounts payable and accrued liabilities	37,615	27,950
Other assets and liabilities	(5,481)	4,447
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(1,955)	40,239
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets	(24,037)	(9,054)
Proceeds from sale of fixed assets	20,371	10,590
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(3,666)	1,536
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of debt issuance costs	0	(1,734)
Repayments of term loans	(6,254)	(21,368)
Proceeds from revolver	40,000	180,000
Repayments of revolver	(20,000)	(180,000)
Proceeds from issuance of common stock	3,063	0
Other financing activities	(3,087)	(454)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	13,722	(23,556)
Effect of exchange rate changes on cash	392	(513)
Net change in cash and cash equivalents	8,493	17,706
Cash and cash equivalents, beginning of period	25,678	34,800
Cash and cash equivalents, end of period	34,171	52,506
SUPPLEMENTAL DISCLOSURES:
Cash interest paid	33,455	33,134
Income taxes paid (refunds received), net	$ 13,278	$ (241)

Description of the business

Description of the business	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the business	Description of the business    Forterra, Inc. (“Forterra” or the ‘‘Company’’) is involved in the manufacturing, sale and distribution of building products in the United States (“U.S.”) and Eastern Canada. Forterra’s primary products are concrete drainage pipe, precast concrete structures, and water transmission pipe used in drinking and wastewater systems. These products are used in the infrastructure, residential and non-residential sectors of the construction industry.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies General The Company's condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts and results of operations of the Company and its consolidated subsidiaries. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheets and the condensed consolidated statements of operations, comprehensive income, cash flows and equity for the periods presented herein reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of the results of the periods shown. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Seasonal changes and other conditions can affect the sales volumes of the Company's products. The financial results for any interim period do not necessarily indicate the expected results for the year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 as provided in Forterra, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 25, 2021 (the “2020 10-K”). The Company has continued to follow the accounting policies set forth in those financial statements, except as supplemented and documented below. Certain prior year numbers were reclassified to conform with current year presentation. Such reclassification had no impact on the previously reported results of operations. See Note 17, Segment reporting, for further detail. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. The more significant estimates made by management relate to fair value estimates for assets and liabilities acquired in business combinations; estimates for accrued liabilities for environmental cleanup, bodily injury and insurance claims; estimates for commitments and contingencies; and estimates for the realizability of deferred tax assets, the tax receivable agreement obligation, inventory reserves, allowance for doubtful accounts and impairment of goodwill and long-lived assets. Certain accounting matters that generally require consideration of forecasted financial information were assessed in light of the impact from the coronavirus disease ("COVID-19") pandemic. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts, inventory reserves, goodwill impairment, impairment of property and equipment and valuation allowances for tax assets. While the assessments resulted in no material impacts to the Company’s condensed consolidated financial statements as of and for the six months ended June 30, 2021, the Company believes the full impact of the COVID-19 outbreak remains uncertain and will continue to assess if ongoing developments related to the outbreak may cause future material impacts to its consolidated financial statements. Concentration of Credit Risk The Company had an individual customer within its Water Pipe & Products segment that accounted for approximately 20% and 15% of the Company's total net sales for the six months ended June 30, 2021 and 2020, respectively, and receivables at June 30, 2021 and December 31, 2020 representing 20% and 16% of the Company's total receivables, net, respectively. Credit Losses Trade accounts receivable. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The Company's exposure to credit losses may increase if one or more of its customers are adversely affected by changes in laws or other government recommendations or mandates, economic pressures or uncertainty associated with local or global economic recessions, disruption or other impacts associated with the COVID-19 pandemic, or other customer-specific factors. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables as customers are impacted by the COVID-19 pandemic. Recent Accounting Guidance Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied through December 31, 2022 and has not had any material impact to the Company's condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this ASU on January 1, 2021 on a prospective basis, which did not have a material impact on the Company's condensed consolidated financial statements.

Merger and dispositions

Merger and dispositions	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Mergers and dispositions	Mergers and dispositions Quikrete Merger Agreement On February 19, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Quikrete Holdings, Inc., a Delaware corporation (“Parent”), and Jordan Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, subject to the satisfaction or waiver of specified conditions, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent. Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each issued and outstanding share of common stock (the “Common Stock”) of the Company (other than (i) any shares held in the treasury of the Company or owned, directly or indirectly, by Parent, Merger Sub or any wholly-owned subsidiary of the Company immediately prior to the Effective Time, (ii) shares that are subject to any vesting restrictions (“Company Restricted Shares”) granted under the Company’s stock incentive plans (the “Company Stock Plans”) and (iii) any shares owned by stockholders who have properly exercised and perfected appraisal rights under Delaware law) will be automatically canceled and converted into the right to receive $24.00 in cash, without interest (the “Merger Consideration”), subject to deduction for any required withholding tax. At the Effective Time: (1) each restricted stock unit that is solely subject to time-based vesting requirements granted under the Company Stock Plans that is outstanding immediately prior to the Effective Time shall fully vest and be converted into the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to the product of (i) the Merger Consideration multiplied by (ii) the number of shares of Common Stock subject to such vested restricted stock unit; (2) each restricted stock unit that is subject to performance-based vesting requirements granted under the Company Stock Plans that is outstanding immediately prior to the Effective Time shall immediately vest and be converted into the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to the product of (i) the Merger Consideration multiplied by (ii) the number of shares subject to such vested restricted stock unit immediately prior to the Effective Time as determined in accordance with the Merger Agreement; (3) each option to purchase shares of Common Stock granted under the Company Stock Plans that is outstanding immediately prior to the Effective Time shall fully vest, to the extent not vested previously, and be converted into the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to the product of (i) the remainder, if positive, of (A) the Merger Consideration minus (B) the exercise price per share of Common Stock of such option multiplied by (ii) the number of shares of Common Stock subject to such vested option; and (4) each Company Restricted Share that is outstanding immediately prior to the Effective Time shall immediately vest in full and be converted into the right to receive an amount in cash (without interest and subject to applicable tax withholdings) equal to the Merger Consideration. Each party’s obligation to consummate the Merger is subject to certain conditions, including, among others: (i) expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (ii) the absence of any order issued by any court of competent jurisdiction, other legal restraint or prohibition or any law enacted or deemed applicable by a governmental entity that prohibits or makes illegal the consummation of the Merger; (iii) the passing of twenty (20) days from the date on which the Company mails to the Company’s stockholders the definitive information statement regarding the stockholder approval of the Merger by written consent; (iv) subject to certain qualifications, the accuracy of representations and warranties of the other party set forth in the Merger Agreement; and (v) the performance by the other party in all material respects of its obligations under the Merger Agreement. Parent’s obligation to consummate the Merger is also conditioned on, among other things, the absence of any Material Adverse Effect (as defined in the Merger Agreement). Entry into the Merger Agreement has been unanimously approved by the board of directors of the Company. The Merger Agreement includes customary representations, warranties and covenants of the Company, Parent and Merger Sub. Among other things, the Company has agreed to use commercially reasonable efforts to conduct its business in the ordinary course of business consistent with past practice and use commercially reasonable efforts to preserve intact its businesses until the Merger is consummated. The Company and Parent have also agreed to use their respective reasonable best efforts to obtain any approvals from governmental authorities for the Merger, including all required antitrust approvals, on the terms and subject to the conditions set forth in the Merger Agreement, provided that Parent and its affiliates will not be required to take, or agree to take, certain actions with respect to assets, businesses or product lines of Parent or any of its subsidiaries, or the Company or any of its subsidiaries, accounting for more than $80 million of EBITDA (as defined in the Merger Agreement) for the 12 months ended December 31, 2020, measured in accordance with the Merger Agreement. The Merger Agreement contains certain provisions giving each of Parent and the Company rights to terminate the Merger Agreement under certain circumstances, including the right for either Parent or the Company to terminate the Merger Agreement if the Merger has not been consummated on or before November 19, 2021, which date will be automatically extended for up to two additional 60-day periods in specified circumstances as described in the Merger Agreement (such date, as may be so extended pursuant to the Merger Agreement, the “Outside Date”). Upon termination of the Merger Agreement under specified circumstances, the Company will be required to pay Parent a termination fee of $50 million. The Merger Agreement further provides that Parent will be required to pay the Company a reverse termination fee of $85 million under certain circumstances if the Merger Agreement is terminated due to the failure of the parties to obtain required approvals under Antitrust Laws (as defined in the Merger Agreement) prior to the Outside Date or as a result of a Restraint (as defined in the Merger Agreement) arising under applicable Antitrust Laws. If the Merger is consummated, the shares of Common Stock will be delisted from the Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Transaction costs For the three and six months ended June 30, 2021, the Company recognized aggregate transaction costs, including legal, accounting, valuation, and advisory fees, specific to the Merger of $1.9 million and $4.9 million, respectively. These costs are recorded in the condensed consolidated statements of operations within selling, general & administrative expenses.

Receivables, net

Receivables, net	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Receivables, net	Receivables, net Receivables consist of the following (in thousands) : June 30, December 31, 2021 2020 Trade receivables $ 292,685 $ 195,997 Amounts billed but not yet paid under retainage provisions 2,690 4,022 Other receivables 15,418 29,026 Total receivables 310,793 229,045 Less: Allowance for doubtful accounts (1,738) (1,097) Receivables, net $ 309,055 $ 227,948

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following (in thousands) : June 30, December 31, 2021 2020 Finished goods $ 170,243 $ 145,872 Raw materials 95,293 76,322 Work in process 772 734 Total inventories $ 266,308 $ 222,928

Investment in equity method inv

Investment in equity method investee	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in equity method investee	Investment in equity method investee The Company owns 50% of the Common Unit voting shares of Concrete Pipe & Precast LLC ("CP&P") and consequently, has recorded its investment in the Common Unit voting shares in accordance with ASC 323, Investments – Equity Method and Joint Ventures , under the equity method of accounting. The Company's investment in the joint venture was $49.9 million at June 30, 2021, which is included within the Drainage Pipe & Products segment. At June 30, 2021, the difference between the amount at which the Company's investment is carried and the amount of the Company's share of the underlying equity in net assets of CP&P was approximately $12.9 million. The basis difference is primarily attributed to the value of land and equity method goodwill associated with the investment. The following reflects the Company's distribution and earnings in the equity investment (in thousands) : Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Distribution received from CP&P $ (3,000) $ (2,900) $ (4,500) $ (4,500) Share of earnings in CP&P 3,589 3,146 6,197 5,961 Amortization of excess fair value of investment (18) (18) (36) (36) Selected financial data for CP&P on a 100% basis is as follows ( in thousands ): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net sales $ 46,701 $ 40,427 $ 83,956 $ 79,519 Gross profit 12,130 10,933 21,780 21,470 Income from operations 7,181 6,259 12,154 11,879 Net income 7,117 6,209 12,025 11,767

Property, plant and equipment,

Property, plant and equipment, net	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment, net, consist of the following (in thousands) : June 30, December 31, 2021 2020 Machinery and equipment $ 428,145 $ 410,436 Land, buildings and improvements 234,476 234,251 Other equipment 13,291 12,633 Construction-in-progress 21,503 26,073 Total property, plant and equipment 697,415 683,393 Less: accumulated depreciation (253,364) (232,311) Property, plant and equipment, net $ 444,051 $ 451,082 Depreciation expense totaled $12.2 million and $24.4 million for the three and six months ended June 30, 2021, respectively, and $12.1 million and $24.3 million for the three and six months ended June 30, 2020, respectively, which is included in cost of goods sold and selling, general and administrative expenses in the condensed consolidated statements of operations.

Goodwill and other intangible a

Goodwill and other intangible assets, net	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets, net	Goodwill and other intangible assets, net The Company has recorded goodwill in connection with its acquisition of businesses. The following table summarizes the changes in goodwill by operating segment for the six months ended June 30, 2021 ( in thousands ): Drainage Pipe & Products Water Pipe & Products Total Balance at December 31, 2020 $ 190,767 $ 318,360 $ 509,127 Foreign currency and other adjustments 401 — 401 Balance at June 30, 2021 $ 191,168 $ 318,360 $ 509,528 Intangible assets other than goodwill at June 30, 2021 and December 31, 2020 included the following ( in thousands ): Net carrying value as of June 30, 2021 Net carrying value as of December 31, 2020 Customer relationships $ 58,566 $ 70,503 Trade names 12,754 14,935 Patents 4,009 5,029 Non-compete agreements 3,736 4,962 Developed technology 5,420 5,606 Other 333 374 Total intangible assets $ 84,818 $ 101,409 Amortization expense totaled $8.3 million and $16.6 million for the three and six months ended June 30, 2021, respectively, and $10.3 million and $20.6 million for the three and six months ended June 30, 2020, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statements of operations. All of the Company's intangible assets are amortizable.

Fair value measurement

Fair value measurement	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement The Company's financial instruments consist primarily of cash and cash equivalents, trade and other receivables, derivative instruments, accounts payable, long-term debt, operating and finance lease liabilities, accrued liabilities and the tax receivable agreement obligation. The carrying value of the Company's trade receivables, other receivables, trade payables, the asset-based revolver and accrued liabilities approximates fair value due to their short-term maturity or other terms related to these financial instruments. The Company may adjust the carrying amount of certain non-financial assets to fair value on a non-recurring basis when they are impaired. The estimated carrying amount and fair value of the Company’s financial instruments measured and recorded at fair value on a recurring basis are as follows for the dates indicated (in thousands) : Fair value measurements at June 30, 2021 using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value June 30, 2021 Liabilities: Derivative liability $ — $ 367 $ — $ 367 Fair value measurements at December 31, 2020 using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value December 31, 2020 Liabilities: Derivative liability $ — $ 572 $ — $ 572 Liabilities and assets classified as level 2 which are recorded at fair value are valued using observable market inputs. The fair values of derivative assets and liabilities are determined using quantitative models that utilize multiple market inputs including interest rates and exchange rates to generate continuous yield or pricing curves and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The fair values of derivative assets and liabilities include adjustments for market liquidity, counter-party credit quality, and other instrument-specific factors, where appropriate. In addition, the Company incorporates within its fair value measurements a valuation adjustment to reflect the credit risk associated with the net position. Positions are netted by counterparties, and fair value for net long exposures is adjusted for counter-party credit risk while the fair value for net short exposures is adjusted for the Company’s own credit risk. The estimated carrying amount and fair value of the Company’s financial instruments and liabilities for which fair value is only disclosed is as follows (in thousands) : Fair value measurements at June 30, 2021 using Carrying Amount June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value June 30, 2021 Liabilities: Term Loan $ 402,982 $ — $ 409,123 $ — $ 409,123 Senior Secured Notes 492,912 — 539,680 — 539,680 Tax receivable agreement payable 64,240 — — 42,237 42,237 Fair value measurements at December 31, 2020 using Carrying Amount December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value December 31, 2020 Liabilities: Term Loan $ 407,978 $ — $ 415,386 $ — $ 415,386 Senior Secured Notes 492,043 — 539,760 — 539,760 Tax receivable agreement payable 64,240 — — 40,586 40,586 The fair value of debt is valued using a market approach based on indicative quoted prices for the Company's debt instruments traded in over-the-counter markets and, therefore, is classified as Level 2 within the fair value hierarchy. See Note 11, Debt and deferred financing costs , for a further discussion of Company debt. The determination of the fair value of the Company's tax receivable agreement payable was made using a discounted cash flow methodology with level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures . The determination of fair value required significant judgment, including estimates of the timing and amounts of various tax attributes. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. Actual results could differ from these estimates. See Note 14, Commitments and contingencies , for a further discussion of the Company's tax receivable agreement.

Accrued liabilities

Accrued liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued liabilities	Accrued liabilities Accrued liabilities consist of the following (in thousands) : June 30, December 31, 2021 2020 Accrued payroll and employee benefits $ 48,882 $ 49,434 Short-term finance leases 17,817 17,009 Short-term operating leases 7,885 7,448 Accrued taxes 16,134 13,642 Warranty 3,877 7,069 Accrued rebates 12,810 11,649 Other miscellaneous accrued liabilities 8,242 9,442 Total accrued liabilities $ 115,647 $ 115,693

Debt and deferred financing cos

Debt and deferred financing costs	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and deferred financing costs	Debt and deferred financing costs The Company’s debt consisted of the following (in thousands) : June 30, December 31, 2021 2020 Term Loan, net of debt issuance costs and original issuance discount of $5,630 and $6,889, respectively $ 402,982 $ 407,978 Senior Secured Notes, net of debt issuance costs and original issuance discount of $7,088 and $7,957, respectively 492,912 492,043 Revolver, net of debt issuance costs of $2,685 17,315 — Total debt $ 913,209 $ 900,021 Less: current portion debt (12,510) (12,510) Total long-term debt $ 900,699 $ 887,511 As of June 30, 2021, Forterra had $20 million borrowings under its $350 million asset based revolving credit facility under its ABL Credit Agreement dated October 25, 2016 (the “ABL Credit Agreement”) for working capital and general corporate purposes (“Revolver”), $408.6 million outstanding under its senior term loan facility (“Term Loan”) and $500 million senior secured notes due 2025 (the “Notes”). Senior Secured Notes On July 16, 2020, Forterra Finance, LLC and FRTA Finance Corp., both wholly-owned subsidiaries of the Company, completed the issuance of $500 million aggregate principal amount of senior secured notes due in 2025. The Notes have a fixed annual interest rate of 6.50% which will be paid semi-annually on January 15 and July 15 of each year. The Notes will mature on July 15, 2025. The Company used the net proceeds from the offering to repay $492.5 million of the principal amount of the Term Loan at par, plus accrued interest. The Company incurred debt issuance costs of $8.8 million and will amortize them over the term of the Notes under the effective interest method. Obligations under the Notes are guaranteed by the Company and the Company’s existing and future subsidiaries (other than the issuing companies) that guarantee the Term Loan and the obligations of the U.S. borrowers under the Revolver. The Notes and the related guarantees are secured by first-priority liens on the collateral that secures the Term Loan on a first-priority basis (which is generally all assets other than those that secure the Revolver on a first-priority basis as set forth below) and second-priority liens on the collateral that secures the Revolver on a first-priority basis (which is generally inventory, accounts receivable, deposit accounts, securities accounts, certain intercompany loans and related assets), which second-priority liens will be ratable with the liens on such assets securing the obligations under the Term Loan and junior to the liens on such assets securing the Revolver. At any time prior to July 15, 2022, the Company may on any one or more occasions redeem all or part of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus a “make whole premium” as of, and accrued and unpaid interest to the date of redemption, subject to the right of holders of Notes on the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date. In addition, at any time prior to July 15, 2022, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Notes (calculated after giving effect to the issuance of any additional notes) issued under the Indenture at a redemption price equal to 106.500% of the principal amount of Notes redeemed, plus accrued and unpaid interest to the date of redemption (subject to the right of holders of Notes on the relevant record date to receive interest due on an interest payment date occurring on or prior to the redemption date), with the net cash proceeds of an equity offering. Furthermore, at any time on or after July 15, 2022, the Company may on any one or more occasions redeem all or part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption, if redeemed during the 12-month period beginning on July 15 of the years indicated below, subject to the rights of holders of Notes on a relevant record date to receive interest on an interest payment date occurring on or prior to the redemption date: Percentage 2022 103.250 % 2023 101.625 % 2024 and thereafter 100.000 % The Notes contain customary negative covenants, including, among other things, limitations or prohibitions on restricted payments, incurrence of additional indebtedness, liens, mergers, asset sales and transactions with affiliates. In addition, the Indenture contains customary events of default. Term Loan The Term Loan provides for a $1.25 billion senior secured term loan. Subject to the conditions set forth in the term loan agreement, the Term Loan may be increased by (i) up to the greater of $285.0 million and 1.0x consolidated EBITDA (defined below) of Forterra and its restricted subsidiaries for the four quarters most recently ended prior to such incurrence plus (ii) the aggregate amount of any voluntary prepayments, plus (iii) an additional unlimited amount, provided (x) in the case of any incremental debt that is secured by a lien that is pari passu with the liens securing the Term Loan, the first lien leverage ratio does not exceed 4.10 to 1.00, (y) in the case of incremental debt that is secured by a lien that is junior to the liens securing the Term Loan, the total leverage ratio does not exceed 5.50 to 1.00 and (z) in the case of incremental debt that is unsecured, the total leverage ratio does not exceed 5.75 to 1.00, in each case, determined on a pro forma basis. The Term Loan matures on October 25, 2023 and is subject to quarterly amortization equal to 0.25% of the initial principal amount. Interest accrues on outstanding borrowings thereunder at a rate equal to adjusted LIBOR (with a floor of 1.0%) or an alternate base rate (the base rate, which is the highest of the then current federal funds rate plus 0.50%, the prime rate most recently announced by the administrative agent under the Term Loan, and the one-month adjusted LIBOR plus 1.00%), in each case plus a margin of 3.00% or 2.00%, respectively. The weighted average interest rates for the Term Loan were 4.0%, 4.0%, 4.0% and 4.3% for the three and six months ended June 30, 2021 and June 30, 2020, respectively. During the six months ended June 30, 2020, the Company repurchased $15.5 million of the Term Loan before its maturity at a market value of $15.1 million. Consequently, the Company wrote off a proportionate share of debt issuance costs of $0.3 million and recognized a net gain of $0.1 million on the early extinguishment of debt which was included in the condensed consolidated statements of operation. Outstanding borrowings under the Term Loan are guaranteed by Forterra and each of its direct and indirect material wholly-owned domestic subsidiaries except certain excluded subsidiaries (the "Guarantors"). The Term Loan is secured by substantially all of the assets of Forterra, the borrower and the Guarantors; provided that the obligations under the Term Loan are not secured by any liens on more than 65% of the voting stock of foreign subsidiaries or assets of foreign subsidiaries. The Term Loan contains customary representations and warranties, and affirmative and negative covenants, that, among other things, restrict the ability of Forterra and its restricted subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and pay dividends and make distributions. The Term Loan does not contain any financial covenants. Obligations under the Term Loan may be accelerated upon certain customary events of default (subject to grace periods, as appropriate). Asset Based Revolving Facility On June 17, 2020, the Company entered into a First Amendment (the “Amendment”) to the ABL Credit Agreement. The Amendment, among other things, (i) increased the size of the Revolver from $300.0 million to $350.0 million of aggregate commitments, with up to $330.0 million to be made available to the U.S. Borrowers and up to $20.0 million to be made available to the Canadian Borrowers (the allocation may be modified periodically at the Company's request), (ii) extended the maturity date of the Revolver to June 17, 2025, subject to earlier maturity if greater than $75.0 million of the Company’s Term Loan remains outstanding 91 days prior to the scheduled maturity of the term loan credit facility or any refinancing thereof, and (iii) modified the interest rates on outstanding borrowings under the Revolver to a rate equal to LIBOR or CDOR plus a margin ranging from 1.75% to 2.25% per annum, or an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.75% to 1.25% per annum, in each case, based upon the average excess availability under the Revolver for the most recently completed calendar quarter and the Company’s total leverage ratio as of the end of the most recent fiscal quarter for which financial statements have been delivered. The Company incurred $2.6 million of fees and expenses in connection with this Amendment and recorded it to “Other Long-term Assets” in its condensed consolidated balance sheet. In addition, the Company wrote off $0.4 million of previously deferred issuance cost related to the banks that are no longer part of the ABL Credit Facility. Subject to the conditions set forth in the ABL Credit Agreement, as amended, the Revolver may be increased by up to the greater of (i) $100.0 million and (ii) such amount as would not cause the aggregate borrowing base to be exceeded by more than $50.0 million. Borrowings under the Revolver may not exceed a borrowing base equal to the sum of (i) 100% of eligible cash, (ii) 85% of eligible accounts receivable and (iii) the lesser of (a) 75% of eligible inventory and (b) 85% of the orderly liquidation value of eligible inventory, with the U.S. and Canadian borrowings being subject to separate borrowing base limitations. The advance rates for accounts receivable and inventory are subject to increase by 2.5% during certain periods. As of June 30, 2021 and December 31, 2020 the Company had $20.0 million and no outstanding borrowings, respectively, under the Revolver. The weighted average interest rates for the borrowings under the Revolver were 2.75%, 2.75%, 1.98% and 2.00% for the three and six months ended June 30, 2021 and June 30, 2020, respectively. The Revolver also provides for the issuance of letters of credit of up to an agreed sublimit. The obligations of the borrowers under the Revolver are guaranteed by Forterra and its direct and indirect wholly-owned restricted subsidiaries other than certain excluded subsidiaries; provided that the obligations of the U.S. borrowers are not guaranteed by the Canadian subsidiaries. The Revolver is secured by substantially all of the assets of the borrowers; provided that the obligations of the U.S. borrowers are not secured by any liens on more than 65% of the voting stock of foreign subsidiaries or assets of foreign subsidiaries. In addition, Forterra pays a facility fee of between 20.0 and 32.5 basis points per annum based upon the utilization of the total Revolver. Availability under the Revolver, based on draws, outstanding letters of credit of $18.8 million, as well as allowable borrowing base as of June 30, 2021, was $301.4 million. The Revolver contains customary representations and warranties, and affirmative and negative covenants, including representations, warranties, and covenants that, among other things, restrict the ability of Forterra and its restricted subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and pay dividends and make distributions. The Revolver contains a financial covenant restricting Forterra from allowing its fixed charge coverage ratio to drop below 1.00:1.00 during a compliance period, which is triggered when the availability under the Revolver falls below a threshold set forth in the ABL Credit Agreement, as amended. Obligations under the Revolver may be accelerated upon certain customary events of default (subject to grace periods, as appropriate). The fixed charge coverage ratio is the ratio of consolidated earnings before interest, depreciation, and amortization (“EBITDA’’) less cash payments for capital expenditures and income taxes to consolidated fixed charges (interest expense plus scheduled payments of principal on indebtedness). As of June 30, 2021, the Company was in compliance with all applicable covenants under the Revolver, the Term Loan, and the Notes. As of June 30, 2021, scheduled maturities of long-term debt were as follows (in thousands). Total Term Loan Notes Revolver 2021 $ 6,255 $ 6,255 $ — $ — 2022 12,510 12,510 — — 2023 389,847 389,847 — — 2024 — — — — 2025 520,000 — 500,000 20,000 $ 928,612 $ 408,612 $ 500,000 $ 20,000

Derivatives and hedging

Derivatives and hedging	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and hedging	Derivatives and hedging The Company uses derivatives to manage selected foreign exchange and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes, and cash flows from derivative instruments are included in net cash provided by operating activities in the condensed consolidated statements of cash flows. On March 30, 2020, Forterra entered into an interest rate swap transaction with a notional value of $400 million to reduce exposure to interest rate fluctuations associated with a portion of the Term Loan. Under the terms of the swap transaction, Forterra agreed to pay a fixed rate of interest of 1.08% and receive floating rate of interest indexed to one-month LIBOR, subject to a minimum of 1.00%, with monthly settlement terms with the swap counterparty. The swap has a 30-month term and expires on September 30, 2022. The interest rate swap is not designated as a cash flow hedge, therefore all changes in the fair value of the instrument are captured as a component of interest expense in the condensed consolidated statements of operations. Accordingly, cash flows from the monthly interest rate swap settlements are included in net cash provided by (used in) operating activities in the condensed consolidated statements of cash flows. On February 9, 2017, Forterra entered into interest rate swap transactions with a combined notional value of $525 million. Under the terms of the swap transactions, Forterra agreed to pay a fixed rate of interest of 1.52% and receive floating rate interest indexed to one-month LIBOR with monthly settlement terms with the swap counterparties. The swaps were not designated as cash flow hedges, had a three-year term, and expired on March 31, 2020. The Company elects to present all derivative assets and derivative liabilities on a net basis on its condensed consolidated balance sheets when a legally enforceable International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement exists. An ISDA Master Agreement is an agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions. At June 30, 2021 and December 31, 2020, the Company’s derivative instruments fall under an ISDA master netting agreement. The following table presents the fair values of derivative assets and liabilities in the condensed consolidated balance sheets (in thousands) : June 30, 2021 Derivative Assets Derivative Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps $ — $ — $ 400,000 $ 367 Total derivatives, gross — 367 Less: Legally enforceable master netting agreements — — Total derivatives, net $ — $ 367 December 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps $ — $ — $ 400,000 $ 572 Total derivatives, gross — 572 Less: Legally enforceable master netting agreements — — Total derivatives, net $ — $ 572 The following table presents the effect of derivative instruments on the condensed consolidated statements of operations (in thousands) : Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Derivatives not designated as hedges Interest rate swaps Gain (loss) on derivatives not designated as hedges included in interest expense 61 (174) 204 (921)

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases The Company leases land and buildings, office spaces, vehicles, machinery and equipment under various lease agreements. A large portion of the Company’s leases were the result of the 2016 sale and leaseback of land and buildings related to certain production facilities. These leases have an initial term of 25 years, followed by one optional renewal term of approximately ten years that may be exercised at the Company’s discretion. These leases, with the exception of certain land leases, are classified as finance leases. The Company’s operating leases are mainly comprised of land and buildings, office spaces, vehicles, machinery and equipment leases, and have remaining terms of one The Company determines if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating leases are included in operating lease right-of-use, or ROU, assets, accrued liabilities, and long-term operating lease liabilities in the condensed consolidated
Leases	Leases The Company leases land and buildings, office spaces, vehicles, machinery and equipment under various lease agreements. A large portion of the Company’s leases were the result of the 2016 sale and leaseback of land and buildings related to certain production facilities. These leases have an initial term of 25 years, followed by one optional renewal term of approximately ten years that may be exercised at the Company’s discretion. These leases, with the exception of certain land leases, are classified as finance leases. The Company’s operating leases are mainly comprised of land and buildings, office spaces, vehicles, machinery and equipment leases, and have remaining terms of one The Company determines if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating leases are included in operating lease right-of-use, or ROU, assets, accrued liabilities, and long-term operating lease liabilities in the condensed consolidated

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Legal matters The Company is involved in legal proceedings and litigation in the ordinary course of business. In the opinion of management, the outcome of such matters will not have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or liquidity. Other than routine litigation incidental to the Company's business and those matters described below, there are no material legal proceedings to which the Company is a party or to which any of the Company’s properties are subject. Derivative Action On January 15, 2019, a putative shareholder derivative complaint captioned Lee v. Bradley, et al. , was filed in the United States District Court for the District of Delaware, naming as defendants certain of the Company’s current and former directors and officers (the "Lee Action"). The complaint alleges the defendants violated Section 14A of the Securities and Exchange Act of 1934, as amended, and related rules by failing to make certain disclosures in the Company's proxy solicitation in advance of the 2017 Annual Meeting of Stockholders, and that defendants breached their fiduciary duties, wasted corporate assets, and committed constructive fraud. The complaint also asserts unjust enrichment claims against certain defendants. The complaint seeks, on behalf of the Company, unspecified damages, an order directing the return of certain payments to the defendants, certain injunctive relief, and reasonable costs and attorneys' fees. After initially staying the case until the court in a prior, unrelated securities class action suit that has now been settled ruled on the motion to dismiss in that case, on December 11, 2019, the court in the Lee Action entered a Stipulation and Order consolidating the Lee Action and another derivative action filed in the same court into a single case (the "Consolidated Lee Action"), and providing a schedule for filing of an amended complaint and motions to dismiss, which has been further extended by agreement of the parties. A mediation of the dispute was held on June 12, 2020 but was not successful in resolving the dispute. Plaintiffs filed an amended complaint in August 2020 and Defendants filed a motion to dismiss the complaint in September 2020, which is now fully briefed and before the court. In light of the Company’s entry into the Merger Agreement, the parties agreed that the action should be stayed pending the completion of the Merger, and the Court entered an order on March 19, 2021 staying the Lee Action until after the completion of the Merger. The Company and other defendants are vigorously defending the Consolidated Lee Action. Given the stage of the proceedings, the Company cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the Consolidated Lee Action. Merger-Related Litigation On March 24, 2021, Anand Choudhuri, a purported owner of Forterra common stock brought a lawsuit against the Company and each of the members of its Board of Directors in the U.S. District Court for the Southern District of New York (the "Choudhuri Action"). The plaintiff alleges, among other things, that the directors breached their fiduciary duties by entering into the Merger Agreement through an unfair process and for inadequate compensation, and that the Information Statement filed by the Company to explain the Merger to its stockholders (the "Merger Information Statement") omits material information related to the sales process, the Company’s financial projections, and Citigroup Global Markets Inc.’s (“Citi”) analysis of the proposed transaction reflected in the Merger Agreement, in violation of the federal securities laws and seeks to enjoin the Merger and/or damages in an unspecified amount. On March 31, 2021, Christopher Jones, a purported owner of Forterra common stock brought a lawsuit against the Company and each of the members of its Board of Directors in the U.S. District Court for the District of Colorado (the "Jones Action"). The plaintiff alleges, among other things, that defendants violated federal securities laws by failing to disclose certain information in the Merger Information Statement, the Company’s financial projections, and Citi's analysis of the proposed transaction reflected in the Merger Agreement and seeks to enjoin the Merger and/or damages in an unspecified amount. On April 1, 2021, Adam Franchi, a purported owner of Forterra common stock brought a lawsuit against Forterra and individual members of the Board of Directors in the U.S. District Court for the District of Delaware (the "Franchi Action") (collectively, the Choudhuri Action, the Jones Action and the Franchi Action are the “Merger-Related Litigation”). The plaintiff in the Franchi Action alleges, among other things, that defendants violated federal securities laws by failing to disclose certain information in the Merger Information Statement, the Company’s financial projections, and Citi's analysis of the proposed transaction reflected in the Merger Agreement and seeks to enjoin the Merger and/or damages in an unspecified amount. The Company filed supplemental disclosures relating to the Merger Information Statement which further explained the proposed transaction that is contemplated by the Merger Agreement. Following the supplemental disclosure filings, in late April 2021 each of the three cases was voluntarily dismissed by the applicable plaintiff, and it is expected that the plaintiffs in these actions may seek compensation for their expenses and attorneys' fees. Given the stage of the proceedings, the Company cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the Merger-Related Litigation. In addition, certain stockholders have informed the Company that they will seek to exercise their appraisal rights under Delaware law with respect to their shares. No further action has been taken by these stockholders to date. Long-term Incentive Plan Following the original acquisition of the Company's business by affiliates of Lone Star, Lone Star implemented a cash-based long term incentive plan (the “LTIP”) which entitles the participants in the LTIP to a potential cash payout upon a monetization event as defined by the LTIP. Potential monetization events include the sale, transfer or otherwise disposition of all or a portion of the Company or successor entities of LSF9, an initial public offering where Lone Star reduces its ownership interest in the Company or successor entities of LSF9, or through certain cash distribution as defined in the LTIP. Before the payout of any cash the LTIP requires Lone Star realize in cash the full return of their investment plus a specified internal rate of return, which is calculated by comparing the return to Lone Star over the timeline of its investment in the Company and certain successor entities of LSF9. As of June 30, 2021, no such monetization events that meet the required return for an LTIP payment have occurred, and therefore no amounts were accrued in the accompanying condensed consolidated balance sheets. While no payments have occurred thus far, payments under the LTIP could be significant depending upon future monetization events. The timing and amount of such payments are unknown and are dependent upon future monetization events and market conditions that are outside of the control of the Company or the participants of the plan. Subsequent to the IPO, Forterra became directly liable for any payment obligations triggered under the LTIP, but LSF9 or one of its affiliates will remain obligated to make payments to the Company in amounts equal to any payment obligations triggered under the LTIP as and when such payment obligations are triggered. It is expected that if the Merger is completed under the terms of the Merger Agreement, the Merger will constitute a Liquidity Event that will trigger certain payments under the terms of the LTIP. Leases The Company leases certain property and equipment for various periods under non-cancelable operating and finance leases. Tax receivable agreement The Company has a tax receivable agreement (the "TRA") with Lone Star that provides for, among other things, the payment by the Company to Lone Star of 85% of the amount of certain covered tax benefits, which may reduce the actual liability for certain taxes that the Company might otherwise be required to pay. The tax benefits subject to the TRA include: (i) all depreciation and amortization deductions, and any offset to taxable income and gain or increase to taxable loss, resulting from the tax basis that the Company had in its assets as of the time of the consummation of the IPO, (ii) the utilization of the Company's and its subsidiaries’ net operating losses and tax credits, if any, attributable to periods prior to the IPO, (iii) deductions in respect of payments made, funded or reimbursed by an initial party to the tax receivable agreement (other than the Company or one of its subsidiaries) or an affiliate thereof to participants under the LTIP, (iv) deductions in respect of transaction expenses attributable to the acquisition of USP Holdings, Inc. and (v) certain other tax benefits attributable to payments made under the tax receivable agreement. For purposes of the TRA, the aggregate reduction in income tax payable by the Company will be computed by comparing the Company's actual income tax liability with its hypothetical liability had it not been able to utilize the related tax benefits. The agreement will remain in effect for the period of time in which any such related tax benefits remain. The Company accounts for potential payments under the TRA as a contingent liability, with amounts accrued when considered probable and reasonably estimable. The liability recorded by the Company for the TRA at June 30, 2021 and December 31, 2020 was $64.2 million and $64.2 million, respectively. The timing and amount of future tax benefits associated with the TRA are subject to change, and additional payments may be required which could be materially different from the current accrued liability. The Company anticipates that it will have sufficient taxable income in future periods to realize the full value of the obligation recorded. Future tax receivable agreement payments related to the tax basis of assets at the time of the IPO will be recorded as a reduction to the liability and will be recorded as a financing activity in the consolidated statement of cash flows. During the six months ended June 30, 2021, the Company made no payments on the TRA to Lone Star. It is expected that if the Merger is completed under the terms of the Merger Agreement, payments to Lone Star will continue to be made by the surviving entity under the Merger Agreement according to the terms of the TRA.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share (“EPS”) is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Potentially dilutive securities include employee stock options and shares of restricted stock. Diluted EPS reflects the assumed exercise, vesting or conversion of all dilutive securities. The calculations of the basic and diluted EPS for the three and six months ended June 30, 2021 and 2020 are presented below (in thousands, except per share amounts) : For the three months ended June 31, For the six months ended June 30, 2021 2020 2021 2020 Net income $ 36,065 $ 27,115 $ 54,741 $ 13,049 Less: Earnings allocated to unvested restricted stock awards — 22 — 12 Earnings available to common shareholders $ 36,065 $ 27,093 $ 54,741 $ 13,037 Common stock: Weighted average basic shares outstanding 66,687 65,093 66,463 64,948 Effect of dilutive securities 2,824 2,098 3,012 2,510 Weighted average diluted shares outstanding 69,511 67,191 69,475 67,458 Basic earnings per share: Net income $ 0.54 $ 0.42 $ 0.82 $ 0.20 Diluted earnings per share: Net income $ 0.52 $ 0.40 $ 0.79 $ 0.19

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company recorded income tax expense of $12.1 million and $16.6 million for the three and six months ended June 30, 2021, and $7.5 million and $7.5 million for the three and six months ended June 30, 2020. The income tax expense for the three months ended June 30, 2021 was calculated in accordance with FASB ASC 740 " Income Taxes" principles. The income tax expense for the three months ended June 30, 2021 differs from the expense computed at the federal statutory rate primarily due to the current period state income tax expense recorded in the period. The income tax expense for the six months ended June 30, 2021 differs from the expense computed at the federal statutory rate primarily due to the current period state income tax expense on the current earnings, partially offset by the current period benefit related to equity compensation recorded during the period. The income tax expense for the three months ended June 30, 2020 differs from the expense computed at the federal statutory rate primarily due to the movement of the valuation allowance recorded in the quarter and state income tax expense. The income tax expense for the six months ended June 30, 2020 differs from the expense computed at the federal statutory rate primarily due to the movement of the valuation allowance recorded in the period and state income tax expense. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), as well as issued other final regulations during 2020. The Company has considered the favorable impact of the released final regulations in the preparation of the condensed consolidated financial statements. On March 11, 2021, the U.S. government enacted the COVID-19 Stimulus Package called the American Rescue Plan Act of 2021 (“ARPA”). There are no material provisions that impacted the Company’s condensed consolidated financial statements.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment reporting	Segment reporting Segment information is presented in accordance with FASB ASC 280, Segment Reporting , which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about products and geographic areas. Operating segments are defined as components of an enterprise that engage in business activities that earn revenues, incur expenses and prepare separate financial information that is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in order to allocate resources and assess performance. The Company's Chief Executive Officer is its CODM. The Corporate and Other segment includes expenses related to certain executive salaries, interest costs related to the Company's credit agreements, acquisition-related costs, and other corporate costs that are not directly attributable to the Company's operating segments. The Company's segments follow the same accounting policies as the Company. During the year ended December 31, 2020, the Company moved its concrete and steel pressure pipe business from the Water Pipe & Products segment to the Drainage Pipe & Products segment to better align with how the CODM manages the businesses. The prior year period has been updated to conform with the re-segmentation, which resulted in an immaterial impact to the prior periods' segment information. Net sales from the major products sold to external customers include drainage pipe and precast products and concrete and steel water transmission pipe. The Company’s three geographic areas consist of the United States, Canada, and Mexico for which it reports net sales, fixed assets and total assets. For purposes of evaluating segment profit, the CODM reviews EBITDA as a basis for making the decisions to allocate resources and assess performance. The following tables set forth the disaggregation of revenue earned from contracts with customers based on the Company's reportable segments as well as other financial information attributable to the Company's reportable segments for the three and six months ended June 30, 2021 and 2020 (in thousands) : For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Net sales: Drainage Pipe & Products $ 258,532 $ 238,906 $ 450,351 $ 415,332 Water Pipe & Products 234,268 187,280 410,563 341,730 Corporate and Other — — — — Total $ 492,800 $ 426,186 $ 860,914 $ 757,062 Depreciation and amortization: Drainage Pipe & Products $ 7,748 $ 8,456 $ 15,262 $ 16,902 Water Pipe & Products 12,138 13,337 24,467 27,015 Corporate and Other 667 613 1,286 990 Total $ 20,553 $ 22,406 $ 41,015 $ 44,907 Segment EBITDA and reconciliation to income (loss) before income taxes: Drainage Pipe & Products $ 58,692 $ 54,618 $ 110,457 $ 81,062 Water Pipe & Products 49,305 42,513 80,394 64,995 Corporate and Other (20,240) (20,453) (41,111) (40,121) Less: Interest expense (19,074) (19,702) (37,420) (40,447) Depreciation and amortization (20,553) (22,406) (41,015) (44,907) Income before income taxes $ 48,130 $ 34,570 $ 71,305 $ 20,582 Capital expenditures: Drainage Pipe & Products $ 9,495 $ 2,366 $ 17,805 $ 5,396 Water Pipe & Products 3,281 1,942 5,195 3,123 Corporate and Other 756 223 2,922 362 Total $ 13,532 $ 4,531 $ 25,922 $ 8,881 June 30, December 31, 2021 2020 Total assets: Drainage Pipe & Products $ 886,468 $ 819,046 Water Pipe & Products 837,839 795,292 Corporate and Other 42,506 41,474 Total $ 1,766,813 $ 1,655,812 The Company has an investment in an equity method investee included in the Drainage Pipe & Products segment for which earnings from equity method investee were $3.6 million, $6.2 million, $3.1 million and $5.9 million for the three and six months ended June 30, 2021 and June 30, 2020, respectively, and with the following balances (in thousands) : June 30, December 31, 2021 2020 Investment in equity method investee $ 49,946 $ 48,285 Disaggregated revenue by geographic location is provided in the tables below. The Company has operations in the United States, Canada and Mexico. The economic characteristics of the Company's customers do not significantly vary across geographic locations or product lines. The Company has both revenues and long-lived assets in each country; and those assets and revenues are recorded within geographic location as follows (in thousands) : Property, plant, and equipment, net: June 30, December 31, 2021 2020 United States $ 399,530 $ 409,338 Canada 36,441 33,250 Mexico 8,080 8,494 $ 444,051 $ 451,082 Net sales: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 United States $ 465,018 $ 407,764 $ 811,921 $ 723,144 Canada 24,617 16,322 42,890 29,808 Mexico 3,165 2,100 6,103 4,110 $ 492,800 $ 426,186 $ 860,914 $ 757,062

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	Related party transactions Tax receivable agreement The Company has a TRA with Lone Star that provides for, among other things, the payment by the Company to Lone Star of 85% of the amount of certain covered tax benefits, which may reduce the actual liability for certain taxes that the Company might otherwise be required to pay. See Note 14, Commitments and contingencies , for additional information on the tax receivable agreement. CP&P The Company sold certain goods and services to its joint venture, CP&P, including spare parts for repairs, and property rentals. For the six months ended June 30, 2021, Forterra sold $0.4 million of product to CP&P and purchased goods and services from CP&P for an amount of $0.1 million. For the six months ended June 30, 2020, Forterra sold $0.9 million of product to CP&P and purchased $0.6 million of goods and services from CP&P. Master Builders Solutions US, LLC For the six months ended June 30, 2021, Forterra purchased goods from Master Builders Solutions US, LLC, an affiliate of Lone Star, for an amount of $0.4 million.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
General	General    The Company's condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts and results of operations of the Company and its consolidated subsidiaries.The condensed consolidated balance sheets and the condensed consolidated statements of operations, comprehensive income, cash flows and equity for the periods presented herein reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of the results of the periods shown. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).     The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Seasonal changes and other conditions can affect the sales volumes of the Company's products. The financial results for any interim period do not necessarily indicate the expected results for the year.
Consolidation	All intercompany transactions have been eliminated in consolidation.
Reclassifications	Certain prior year numbers were reclassified to conform with current year presentation. Such reclassification had no impact on the previously reported results of operations. See Note 17, Segment reporting, for further detail.
Use of Estimates	Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. The more significant estimates made by management relate to fair value estimates for assets and liabilities acquired in business combinations; estimates for accrued liabilities for environmental cleanup, bodily injury and insurance claims; estimates for commitments and contingencies; and estimates for the realizability of deferred tax assets, the tax receivable agreement obligation, inventory reserves, allowance for doubtful accounts and impairment of goodwill and long-lived assets. Certain accounting matters that generally require consideration of forecasted financial information were assessed in light of the impact from the coronavirus disease ("COVID-19") pandemic. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts, inventory reserves, goodwill impairment, impairment of property and equipment and valuation allowances for tax assets. While the
Credit Losses	Credit Losses Trade accounts receivable. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay.
Recent Accounting Guidance Adopted	Recent Accounting Guidance Adopted In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. The guidance was effective upon issuance and generally can be applied through December 31, 2022 and has not had any material impact to the Company's condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this ASU on January 1, 2021 on a prospective basis, which did not have a material impact on the Company's condensed consolidated financial statements.

Receivables, net (Tables)

Receivables, net (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of receivables, net and allowance for doubtful accounts	Receivables consist of the following (in thousands) : June 30, December 31, 2021 2020 Trade receivables $ 292,685 $ 195,997 Amounts billed but not yet paid under retainage provisions 2,690 4,022 Other receivables 15,418 29,026 Total receivables 310,793 229,045 Less: Allowance for doubtful accounts (1,738) (1,097) Receivables, net $ 309,055 $ 227,948

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following (in thousands) : June 30, December 31, 2021 2020 Finished goods $ 170,243 $ 145,872 Raw materials 95,293 76,322 Work in process 772 734 Total inventories $ 266,308 $ 222,928

Investment in equity method i_2

Investment in equity method investee (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Company's distribution and earnings and selected financial data from equity investment	The following reflects the Company's distribution and earnings in the equity investment (in thousands) : Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Distribution received from CP&P $ (3,000) $ (2,900) $ (4,500) $ (4,500) Share of earnings in CP&P 3,589 3,146 6,197 5,961 Amortization of excess fair value of investment (18) (18) (36) (36) Selected financial data for CP&P on a 100% basis is as follows ( in thousands ): Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Net sales $ 46,701 $ 40,427 $ 83,956 $ 79,519 Gross profit 12,130 10,933 21,780 21,470 Income from operations 7,181 6,259 12,154 11,879 Net income 7,117 6,209 12,025 11,767

Property, plant and equipment_2

Property, plant and equipment, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment, net	Property, plant and equipment, net, consist of the following (in thousands) : June 30, December 31, 2021 2020 Machinery and equipment $ 428,145 $ 410,436 Land, buildings and improvements 234,476 234,251 Other equipment 13,291 12,633 Construction-in-progress 21,503 26,073 Total property, plant and equipment 697,415 683,393 Less: accumulated depreciation (253,364) (232,311) Property, plant and equipment, net $ 444,051 $ 451,082

Goodwill and other intangible_2

Goodwill and other intangible assets, net (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill by operating segment	The following table summarizes the changes in goodwill by operating segment for the six months ended June 30, 2021 ( in thousands ): Drainage Pipe & Products Water Pipe & Products Total Balance at December 31, 2020 $ 190,767 $ 318,360 $ 509,127 Foreign currency and other adjustments 401 — 401 Balance at June 30, 2021 $ 191,168 $ 318,360 $ 509,528
Schedule of intangible assets	Intangible assets other than goodwill at June 30, 2021 and December 31, 2020 included the following ( in thousands ): Net carrying value as of June 30, 2021 Net carrying value as of December 31, 2020 Customer relationships $ 58,566 $ 70,503 Trade names 12,754 14,935 Patents 4,009 5,029 Non-compete agreements 3,736 4,962 Developed technology 5,420 5,606 Other 333 374 Total intangible assets $ 84,818 $ 101,409

Fair value measurement (Tables)

Fair value measurement (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of estimated carrying amount and fair value of financial instruments measured and recorded at fair value on recurring basis	The estimated carrying amount and fair value of the Company’s financial instruments measured and recorded at fair value on a recurring basis are as follows for the dates indicated (in thousands) : Fair value measurements at June 30, 2021 using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Total Fair Value June 30, 2021 Liabilities: Derivative liability $ — $ 367 $ — $ 367 Fair value measurements at December 31, 2020 using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value December 31, 2020 Liabilities: Derivative liability $ — $ 572 $ — $ 572
Schedule of carrying and fair value amounts for financial instruments	The estimated carrying amount and fair value of the Company’s financial instruments and liabilities for which fair value is only disclosed is as follows (in thousands) : Fair value measurements at June 30, 2021 using Carrying Amount June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value June 30, 2021 Liabilities: Term Loan $ 402,982 $ — $ 409,123 $ — $ 409,123 Senior Secured Notes 492,912 — 539,680 — 539,680 Tax receivable agreement payable 64,240 — — 42,237 42,237 Fair value measurements at December 31, 2020 using Carrying Amount December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value December 31, 2020 Liabilities: Term Loan $ 407,978 $ — $ 415,386 $ — $ 415,386 Senior Secured Notes 492,043 — 539,760 — 539,760 Tax receivable agreement payable 64,240 — — 40,586 40,586

Accrued liabilities (Tables)

Accrued liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands) : June 30, December 31, 2021 2020 Accrued payroll and employee benefits $ 48,882 $ 49,434 Short-term finance leases 17,817 17,009 Short-term operating leases 7,885 7,448 Accrued taxes 16,134 13,642 Warranty 3,877 7,069 Accrued rebates 12,810 11,649 Other miscellaneous accrued liabilities 8,242 9,442 Total accrued liabilities $ 115,647 $ 115,693

Debt and deferred financing c_2

Debt and deferred financing costs (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s debt consisted of the following (in thousands) : June 30, December 31, 2021 2020 Term Loan, net of debt issuance costs and original issuance discount of $5,630 and $6,889, respectively $ 402,982 $ 407,978 Senior Secured Notes, net of debt issuance costs and original issuance discount of $7,088 and $7,957, respectively 492,912 492,043 Revolver, net of debt issuance costs of $2,685 17,315 — Total debt $ 913,209 $ 900,021 Less: current portion debt (12,510) (12,510) Total long-term debt $ 900,699 $ 887,511
Schedule of debt redemption price percentage	Furthermore, at any time on or after July 15, 2022, the Company may on any one or more occasions redeem all or part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption, if redeemed during the 12-month period beginning on July 15 of the years indicated below, subject to the rights of holders of Notes on a relevant record date to receive interest on an interest payment date occurring on or prior to the redemption date: Percentage 2022 103.250 % 2023 101.625 % 2024 and thereafter 100.000 %
Schedule of maturities of long-term debt	As of June 30, 2021, scheduled maturities of long-term debt were as follows (in thousands). Total Term Loan Notes Revolver 2021 $ 6,255 $ 6,255 $ — $ — 2022 12,510 12,510 — — 2023 389,847 389,847 — — 2024 — — — — 2025 520,000 — 500,000 20,000 $ 928,612 $ 408,612 $ 500,000 $ 20,000

Derivatives and hedging (Tables

Derivatives and hedging (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative assets and liabilities in condensed consolidated balance sheets	The following table presents the fair values of derivative assets and liabilities in the condensed consolidated balance sheets (in thousands) : June 30, 2021 Derivative Assets Derivative Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps $ — $ — $ 400,000 $ 367 Total derivatives, gross — 367 Less: Legally enforceable master netting agreements — — Total derivatives, net $ — $ 367 December 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate swaps $ — $ — $ 400,000 $ 572 Total derivatives, gross — 572 Less: Legally enforceable master netting agreements — — Total derivatives, net $ — $ 572
Schedule of effect of derivative instruments on the condensed consolidated statements of operations	The following table presents the effect of derivative instruments on the condensed consolidated statements of operations (in thousands) : Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Derivatives not designated as hedges Interest rate swaps Gain (loss) on derivatives not designated as hedges included in interest expense 61 (174) 204 (921)

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings per share	The calculations of the basic and diluted EPS for the three and six months ended June 30, 2021 and 2020 are presented below (in thousands, except per share amounts) : For the three months ended June 31, For the six months ended June 30, 2021 2020 2021 2020 Net income $ 36,065 $ 27,115 $ 54,741 $ 13,049 Less: Earnings allocated to unvested restricted stock awards — 22 — 12 Earnings available to common shareholders $ 36,065 $ 27,093 $ 54,741 $ 13,037 Common stock: Weighted average basic shares outstanding 66,687 65,093 66,463 64,948 Effect of dilutive securities 2,824 2,098 3,012 2,510 Weighted average diluted shares outstanding 69,511 67,191 69,475 67,458 Basic earnings per share: Net income $ 0.54 $ 0.42 $ 0.82 $ 0.20 Diluted earnings per share: Net income $ 0.52 $ 0.40 $ 0.79 $ 0.19

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of disaggregation of revenue earned from contracts with customers based on reportable segments as well as other financial information attributable to reportable segments	The following tables set forth the disaggregation of revenue earned from contracts with customers based on the Company's reportable segments as well as other financial information attributable to the Company's reportable segments for the three and six months ended June 30, 2021 and 2020 (in thousands) : For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Net sales: Drainage Pipe & Products $ 258,532 $ 238,906 $ 450,351 $ 415,332 Water Pipe & Products 234,268 187,280 410,563 341,730 Corporate and Other — — — — Total $ 492,800 $ 426,186 $ 860,914 $ 757,062 Depreciation and amortization: Drainage Pipe & Products $ 7,748 $ 8,456 $ 15,262 $ 16,902 Water Pipe & Products 12,138 13,337 24,467 27,015 Corporate and Other 667 613 1,286 990 Total $ 20,553 $ 22,406 $ 41,015 $ 44,907 Segment EBITDA and reconciliation to income (loss) before income taxes: Drainage Pipe & Products $ 58,692 $ 54,618 $ 110,457 $ 81,062 Water Pipe & Products 49,305 42,513 80,394 64,995 Corporate and Other (20,240) (20,453) (41,111) (40,121) Less: Interest expense (19,074) (19,702) (37,420) (40,447) Depreciation and amortization (20,553) (22,406) (41,015) (44,907) Income before income taxes $ 48,130 $ 34,570 $ 71,305 $ 20,582 Capital expenditures: Drainage Pipe & Products $ 9,495 $ 2,366 $ 17,805 $ 5,396 Water Pipe & Products 3,281 1,942 5,195 3,123 Corporate and Other 756 223 2,922 362 Total $ 13,532 $ 4,531 $ 25,922 $ 8,881 June 30, December 31, 2021 2020 Total assets: Drainage Pipe & Products $ 886,468 $ 819,046 Water Pipe & Products 837,839 795,292 Corporate and Other 42,506 41,474 Total $ 1,766,813 $ 1,655,812 The Company has an investment in an equity method investee included in the Drainage Pipe & Products segment for which earnings from equity method investee were $3.6 million, $6.2 million, $3.1 million and $5.9 million for the three and six months ended June 30, 2021 and June 30, 2020, respectively, and with the following balances (in thousands) : June 30, December 31, 2021 2020 Investment in equity method investee $ 49,946 $ 48,285
Schedule of long-lived assets by geographic areas	Disaggregated revenue by geographic location is provided in the tables below. The Company has operations in the United States, Canada and Mexico. The economic characteristics of the Company's customers do not significantly vary across geographic locations or product lines. The Company has both revenues and long-lived assets in each country; and those assets and revenues are recorded within geographic location as follows (in thousands) : Property, plant, and equipment, net: June 30, December 31, 2021 2020 United States $ 399,530 $ 409,338 Canada 36,441 33,250 Mexico 8,080 8,494 $ 444,051 $ 451,082
Schedule of disaggregation of revenue by geographic areas	Net sales: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 United States $ 465,018 $ 407,764 $ 811,921 $ 723,144 Canada 24,617 16,322 42,890 29,808 Mexico 3,165 2,100 6,103 4,110 $ 492,800 $ 426,186 $ 860,914 $ 757,062

Summary of significant accoun_3

Summary of significant accounting policies (Details) - Customer Concentration Risk - Individual Customer - Water Pipe & Products	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	15.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%		16.00%

Mergers and dispositions (Detai

Mergers and dispositions (Details) - Quikrete Merger Agreement $ / shares in Units, $ in Millions	Feb. 19, 2021USD ($)extension$ / shares	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Cash price per share (in dollars per share) | $ / shares	$ 24
Period to on which date the Company will mail the Information Statement to stockholders	20 days
EBITDA amount (more than)	$ 80
Number of extension periods | extension	2
Extension periods	60 days
Termination fee payable to Parent	$ 50
Reverse termination fee payable from the Parent to the Company	$ 85
Transaction costs		$ 1.9	$ 4.9

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 310,793	$ 229,045
Less: Allowance for doubtful accounts	(1,738)	(1,097)
Receivables, net	309,055	227,948
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	292,685	195,997
Amounts billed but not yet paid under retainage provisions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	2,690	4,022
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 15,418	$ 29,026

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 170,243	$ 145,872
Raw materials	95,293	76,322
Work in process	772	734
Total inventories	$ 266,308	$ 222,928

Investment in equity method i_3

Investment in equity method investee - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in equity method investee	$ 49,946	$ 48,285
Drainage Pipe & Products
Schedule of Equity Method Investments [Line Items]
Investment in equity method investee	$ 49,946	$ 48,285
CP&P | Drainage Pipe & Products
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Investment in equity method investee	$ 49,900
Company's share of the underlying equity net assets of the investee	$ 12,900

Investment in equity method i_4

Investment in equity method investee - Company's Distribution and Earnings in Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Distribution received from CP&P			$ (4,500)	$ (4,500)
Share of earnings in CP&P	$ 3,570	$ 3,126	6,161	5,925
CP&P
Schedule of Equity Method Investments [Line Items]
Distribution received from CP&P	(3,000)	(2,900)	(4,500)	(4,500)
Share of earnings in CP&P	3,589	3,146	6,197	5,961
Amortization of excess fair value of investment	$ (18)	$ (18)	$ (36)	$ (36)

Investment in equity method i_5

Investment in equity method investee - Selected Financial Data from the Investee (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Net sales	$ 492,800		$ 426,186		$ 860,914	$ 757,062
Gross profit	119,572		105,579		201,836	164,321
Income from operations	63,634		51,030		102,564	55,038
Net income	36,065	$ 18,676	27,115	$ (14,066)	54,741	13,049
CP&P
Schedule of Equity Method Investments [Line Items]
Net sales	46,701		40,427		83,956	79,519
Gross profit	12,130		10,933		21,780	21,470
Income from operations	7,181		6,259		12,154	11,879
Net income	$ 7,117		$ 6,209		$ 12,025	$ 11,767

Property, plant and equipment_3

Property, plant and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 697,415		$ 697,415		$ 683,393
Less: accumulated depreciation	(253,364)		(253,364)		(232,311)
Property, plant and equipment, net	444,051		444,051		451,082
Depreciation expense	12,200	$ 12,100	24,400	$ 24,300
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	428,145		428,145		410,436
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	234,476		234,476		234,251
Other equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	13,291		13,291		12,633
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 21,503		$ 21,503		$ 26,073

Goodwill and other intangible_3

Goodwill and other intangible assets, net - Goodwill by Operating Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2020	$ 509,127
Foreign currency and other adjustments	401
Balance at June 30, 2021	509,528
Drainage Pipe & Products
Goodwill [Roll Forward]
Balance at December 31, 2020	190,767
Foreign currency and other adjustments	401
Balance at June 30, 2021	191,168
Water Pipe & Products
Goodwill [Roll Forward]
Balance at December 31, 2020	318,360
Foreign currency and other adjustments	0
Balance at June 30, 2021	$ 318,360

Goodwill and other intangible_4

Goodwill and other intangible assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 84,818	$ 101,409
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	58,566	70,503
Trade names
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	12,754	14,935
Patents
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	4,009	5,029
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	3,736	4,962
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	5,420	5,606
Other
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 333	$ 374

Goodwill and other intangible_5

Goodwill and other intangible assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Selling, general and administrative expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 8.3	$ 10.3	$ 16.6	$ 20.6

Fair value measurement - Estima

Fair value measurement - Estimated Carrying Amount and Fair Value of Financial Instruments Measured and Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Derivative liability	$ 367	$ 572
Fair Value, Measurements, Recurring
Liabilities:
Derivative liability	367	572
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Derivative liability	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative liability	367	572
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liability	$ 0	$ 0

Fair value measurement - Carryi

Fair value measurement - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax receivable agreement payable	$ 64,240	$ 64,240
Carrying Amount | Senior Notes | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	402,982	407,978
Carrying Amount | Senior Notes | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	492,912	492,043
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax receivable agreement payable	42,237	40,586
Fair Value | Senior Notes | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	409,123	415,386
Fair Value | Senior Notes | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	539,680	539,760
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax receivable agreement payable	0	0
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	0
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	0
Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax receivable agreement payable	0	0
Fair Value | Significant Other Observable Inputs (Level 2) | Senior Notes | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	409,123	415,386
Fair Value | Significant Other Observable Inputs (Level 2) | Senior Notes | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	539,680	539,760
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax receivable agreement payable	42,237	40,586
Fair Value | Significant Unobservable Inputs (Level 3) | Senior Notes | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	0
Fair Value | Significant Unobservable Inputs (Level 3) | Senior Notes | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 0	$ 0

Accrued liabilities (Details)

Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued payroll and employee benefits	$ 48,882	$ 49,434
Short-term finance leases	17,817	17,009
Short-term operating leases	7,885	7,448
Accrued taxes	16,134	13,642
Warranty	3,877	7,069
Accrued rebates	12,810	11,649
Other miscellaneous accrued liabilities	8,242	9,442
Total accrued liabilities	$ 115,647	$ 115,693

Debt and deferred financing c_3

Debt and deferred financing costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 913,209	$ 900,021
Less: current portion debt	(12,510)	(12,510)
Total long-term debt	900,699	887,511
ABL Credit Agreement | Revolver
Debt Instrument [Line Items]
Debt issuance costs and original issuance discount	2,685
Total debt	17,315	0
Senior Notes | Term Loan
Debt Instrument [Line Items]
Debt issuance costs and original issuance discount	5,630	6,889
Total debt	402,982	407,978
Senior Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt issuance costs and original issuance discount	7,088	7,957
Total debt	$ 492,912	$ 492,043

Debt and deferred financing c_4

Debt and deferred financing costs - Narrative (Details)	Jul. 16, 2020USD ($)	Jun. 17, 2020USD ($)	Oct. 25, 2016USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt outstanding				$ 928,612,000		$ 928,612,000
Repayments of term loan						6,254,000	$ 21,368,000
Write-off of debt discount and issuance costs						0	$ 376,000
Revolver
Debt Instrument [Line Items]
Debt outstanding				20,000,000		20,000,000
Senior Secured Notes
Debt Instrument [Line Items]
Debt outstanding				500,000,000		500,000,000
Term Loan
Debt Instrument [Line Items]
Debt outstanding				408,612,000		408,612,000
Revolving Line of Credit | ABL Credit Agreement | Revolver
Debt Instrument [Line Items]
Borrowings outstanding under revolver				$ 20,000,000		$ 20,000,000		$ 0
Line of credit facility, maximum borrowing capacity		$ 350,000,000	$ 300,000,000
Credit facility increase limit		$ 50,000,000
Weighted average interest rate				2.75%	1.98%	2.75%	2.00%
Debt instrument, collateral covenant, percentage of voting stock, maximum		65.00%
Amount of debt outstanding subject to earlier maturity		$ 75,000,000
Period of debt outstanding subject to earlier maturity		91 days
Debt fees and expenses		$ 2,600,000
Write-off of debt discount and issuance costs		400,000
Aggregate maximum borrowing base		$ 100,000,000
Borrowing base limitation, percentage of eligible cash		100.00%
Borrowing base limitation, percentage of eligible accounts receivable		85.00%
Borrowing base limitation, percentage of eligible inventory		75.00%
Borrowing base limitation, percentage of orderly liquidation value of eligible inventory		85.00%
Borrowing base limitation, percentage of eligible accounts receivable and inventory		2.50%
Stand-by letters of credit outstanding				$ 18,800,000		$ 18,800,000
Allowable borrowing base				301,400,000		$ 301,400,000
Fixed charge coverage ratio		1
Revolving Line of Credit | ABL Credit Agreement | Revolver | Minimum
Debt Instrument [Line Items]
Line of credit, facility fee percentage						0.20%
Revolving Line of Credit | ABL Credit Agreement | Revolver | Maximum
Debt Instrument [Line Items]
Line of credit, facility fee percentage						0.325%
Revolving Line of Credit | ABL Credit Agreement | Revolver | United States
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 330,000,000
Revolving Line of Credit | ABL Credit Agreement | Revolver | Canada
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 20,000,000
Revolving Line of Credit | ABL Credit Agreement | Revolver | LIBOR or CDOR | Minimum
Debt Instrument [Line Items]
Margin rate		1.75%
Revolving Line of Credit | ABL Credit Agreement | Revolver | LIBOR or CDOR | Maximum
Debt Instrument [Line Items]
Margin rate		2.25%
Revolving Line of Credit | ABL Credit Agreement | Revolver | CDOR | Minimum
Debt Instrument [Line Items]
Margin rate		0.75%
Revolving Line of Credit | ABL Credit Agreement | Revolver | CDOR | Maximum
Debt Instrument [Line Items]
Margin rate		1.25%
Senior Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt redemption period	12 months
Senior Notes | Senior Secured Notes | Make whole premium
Debt Instrument [Line Items]
Debt redemption price percentage	100.00%
Senior Notes | Senior Secured Notes | After giving effect to the issuance of any additional Notes
Debt Instrument [Line Items]
Debt redemption price percentage	40.00%
Senior Notes | Senior Secured Notes | Subject to the right of holders of the Notes
Debt Instrument [Line Items]
Debt redemption price percentage	106.50%
Senior Notes | Senior Secured Notes | 2022
Debt Instrument [Line Items]
Debt redemption price percentage	103.25%
Senior Notes | Senior Secured Notes | 2023
Debt Instrument [Line Items]
Debt redemption price percentage	101.625%
Senior Notes | Senior Secured Notes | 2024 and thereafter
Debt Instrument [Line Items]
Debt redemption price percentage	100.00%
Senior Notes | Senior Secured Notes | Wholly-owned Subsidiaries | Forterra Finance, LLC and FRTA Finance Corp.
Debt Instrument [Line Items]
Debt aggregate principal amount	$ 500,000,000								$ 500,000,000
Debt interest rate	6.50%
Senior Notes | Term Loan
Debt Instrument [Line Items]
Debt outstanding				$ 408,600,000		$ 408,600,000
Repayments of term loan	$ 492,500,000
Debt issuance costs	$ 8,800,000
Debt instrument, amortization percentage			0.25%
Weighted average interest rate				4.00%	4.00%	4.00%	4.30%
Debt repurchased					$ 15,500,000		$ 15,500,000
Market value of debt repurchased					$ 15,100,000		15,100,000
Debt instrument, collateral covenant, percentage of voting stock, maximum			65.00%
Write-off of debt discount and issuance costs							300,000
Net gain on early extinguishment of debt							$ 100,000
Senior Notes | Term Loan | LIBOR
Debt Instrument [Line Items]
Interest rate, floor percentage			1.00%
Margin rate			3.00%
Senior Notes | Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Interest rate, floor percentage			0.50%
Senior Notes | Term Loan | Adjusted LIBOR
Debt Instrument [Line Items]
Interest rate, floor percentage			1.00%
Senior Notes | Term Loan | Base Rate
Debt Instrument [Line Items]
Margin rate			2.00%
Senior Notes | Senior Secured Term Loan
Debt Instrument [Line Items]
Debt aggregate principal amount			$ 1,250,000,000
Credit facility increase limit			$ 285,000,000
Consolidated EBITDA ratio			1
First lien leverage ratio			4.10
Total leverage ratio			5.50
Total leverage ration for unsecured debt			5.75

Debt and deferred financing c_5

Debt and deferred financing costs - Scheduled Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 6,255
2022	12,510
2023	389,847
2024	0
2025	520,000
Total	928,612
Term Loan
Debt Instrument [Line Items]
2021	6,255
2022	12,510
2023	389,847
2024	0
2025	0
Total	408,612
Notes
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	500,000
Total	500,000
Revolver
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	20,000
Total	$ 20,000

Derivatives and hedging - Narra

Derivatives and hedging - Narrative (Details) - Interest Rate Swap - USD ($)	Mar. 30, 2020	Feb. 09, 2017	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liability, notional amount			$ 400,000,000	$ 400,000,000
Derivative asset, notional amount			$ 0	$ 0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative liability, notional amount	$ 400,000,000
Derivative, term of contract	30 months	3 years
Derivative asset, notional amount		$ 525,000,000
Not Designated as Hedging Instrument | LIBOR
Derivative [Line Items]
Derivative, fixed interest rate to pay interest	1.08%	1.52%
Derivative, floating interest rate received (minimum)	1.00%

Derivatives and hedging - Sched

Derivatives and hedging - Schedule of Fair Values of Derivative Assets and Liabilities in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative Assets
Fair Value	$ 0	$ 0
Less: Legally enforceable master netting agreements	0	0
Total derivatives, net	0	0
Derivative Liabilities
Fair Value	367	572
Less: Legally enforceable master netting agreements	0	0
Total derivatives, net	367	572
Interest rate swaps
Derivative Assets
Notional Amount	0	0
Fair Value	0	0
Derivative Liabilities
Notional Amount	400,000	400,000
Fair Value	$ 367	$ 572

Derivatives and hedging - Sch_2

Derivatives and hedging - Schedule of Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivatives not designated as hedges | Interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives not designated as hedges included in interest expense	$ 61	$ (174)	$ 204	$ (921)

Leases (Details)

Leases (Details)	Jun. 30, 2021renewal_option
Lessee, Lease, Description [Line Items]
Initial term of finance leases	25 years
Number of renewal options of finance leases	1
Renewal term of finance leases	10 years
Renewal term of operating leases (up to)	10 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining term of operating leases	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining term of operating leases	25 years

Commitments and contingencies (

Commitments and contingencies (Details)	Apr. 30, 2021claim	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Threatened Litigation | Merger-Related Litigation
Loss Contingencies [Line Items]
Number of cases voluntarily dismissed by the plaintiff | claim	3
LTIP
Loss Contingencies [Line Items]
Amount accrued for long-term incentive plan		$ 0
Payments for long-term incentive plan		$ 0
Lone Star | Affiliated Entities
Loss Contingencies [Line Items]
Certain covered tax benefits paid by related party, percentage		85.00%
Accrued liabilities related to tax receivable agreement		$ 64,200,000	$ 64,200,000
Payments of TRA agreement		$ 0

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 36,065	$ 18,676	$ 27,115	$ (14,066)	$ 54,741	$ 13,049
Less: Earnings allocated to unvested restricted stock awards	0		22		0	12
Earnings available to common shareholders	$ 36,065		$ 27,093		$ 54,741	$ 13,037
Common stock:
Weighted average basic shares outstanding (in shares)	66,687		65,093		66,463	64,948
Effect of dilutive securities (in shares)	2,824		2,098		3,012	2,510
Weighted average diluted shares outstanding (in shares)	69,511		67,191		69,475	67,458
Basic earnings per share:
Net income (in dollars per share)	$ 0.54		$ 0.42		$ 0.82	$ 0.20
Diluted earnings per share:
Net income (in dollars per share)	$ 0.52		$ 0.40		$ 0.79	$ 0.19

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Options and Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,031,685	154	758,409

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 12,065	$ 7,455	$ 16,564	$ 7,533

Segment reporting (Details)

Segment reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)geographic_area	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of geographic areas | geographic_area			3
Net sales	$ 492,800	$ 426,186	$ 860,914	$ 757,062
Depreciation and amortization	20,553	22,406	41,015	44,907
Less: Interest expense	(19,074)	(19,702)	(37,420)	(40,447)
Income before income taxes	48,130	34,570	71,305	20,582
Capital expenditures	13,532	4,531	25,922	8,881
Assets	1,766,813		1,766,813		$ 1,655,812
Earnings from equity method investee	3,570	3,126	6,161	5,925
Investment in equity method investee	49,946		49,946		48,285
Property, plant and equipment, net	444,051		444,051		451,082
United States
Segment Reporting Information [Line Items]
Net sales	465,018	407,764	811,921	723,144
Property, plant and equipment, net	399,530		399,530		409,338
Canada
Segment Reporting Information [Line Items]
Net sales	24,617	16,322	42,890	29,808
Property, plant and equipment, net	36,441		36,441		33,250
Mexico
Segment Reporting Information [Line Items]
Net sales	3,165	2,100	6,103	4,110
Property, plant and equipment, net	8,080		8,080		8,494
Drainage Pipe & Products
Segment Reporting Information [Line Items]
Earnings from equity method investee	3,600	3,100	6,200	5,900
Investment in equity method investee	49,946		49,946		48,285
Operating Segments | Drainage Pipe & Products
Segment Reporting Information [Line Items]
Net sales	258,532	238,906	450,351	415,332
Depreciation and amortization	7,748	8,456	15,262	16,902
Segment EBITDA and reconciliation to income (loss) before income taxes	58,692	54,618	110,457	81,062
Capital expenditures	9,495	2,366	17,805	5,396
Assets	886,468		886,468		819,046
Operating Segments | Water Pipe & Products
Segment Reporting Information [Line Items]
Net sales	234,268	187,280	410,563	341,730
Depreciation and amortization	12,138	13,337	24,467	27,015
Segment EBITDA and reconciliation to income (loss) before income taxes	49,305	42,513	80,394	64,995
Capital expenditures	3,281	1,942	5,195	3,123
Assets	837,839		837,839		795,292
Corporate and Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Depreciation and amortization	667	613	1,286	990
Segment EBITDA and reconciliation to income (loss) before income taxes	(20,240)	(20,453)	(41,111)	(40,121)
Capital expenditures	756	$ 223	2,922	$ 362
Assets	$ 42,506		$ 42,506		$ 41,474

Related party transactions (Det

Related party transactions (Details) - Affiliated Entities - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CP&P
Related Party Transaction [Line Items]
Sales of products to related party	$ 0.4	$ 0.9
Purchased goods and services from related party	$ 0.1	$ 0.6
Lone Star
Related Party Transaction [Line Items]
Payment of certain covered tax benefits buy the Company, percentage	85.00%
Master Builders Solutions US, LLC
Related Party Transaction [Line Items]
Purchased goods and services from related party	$ 0.4