Foundation Building Materials (FBM) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Foundation Building Materials, Inc.
Entity Central Index Key	1,688,941
Trading Symbol	FBM
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding (in shares)		42,893,585
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 8,645	$ 12,101
Accounts receivable—net of allowance for doubtful accounts of $4,870 and $4,651, respectively	312,787	280,023
Other receivables	53,191	59,462
Inventories	192,934	184,436
Prepaid expenses and other current assets	11,327	12,636
Total current assets	578,884	548,658
Property and equipment, net	152,306	151,408
Intangible assets, net	181,856	189,770
Goodwill	466,614	458,737
Other assets	5,352	5,604
Total assets	1,385,012	1,354,177
Current liabilities:
Accounts payable	158,475	156,345
Accrued payroll and employee benefits	20,902	21,158
Accrued taxes	11,081	7,790
Tax receivable agreement	15,892	15,892
Other current liabilities	27,405	41,093
Total current liabilities	233,755	242,278
Asset-based revolving credit facility	89,878	47,486
Long-term portion of notes payable, net	536,748	534,379
Tax receivable agreement	119,912	119,912
Deferred income taxes, net	16,646	17,819
Other liabilities	11,264	13,639
Total liabilities	1,008,203	975,513
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, authorized 10,000,000 shares; 0 shares issued	0	0
Common stock, $0.001 par value, authorized 190,000,000 shares; 42,891,252 and 42,865,407 shares issued, respectively	13	13
Additional paid-in capital	330,339	330,113
Retained earnings	45,311	46,184
Accumulated other comprehensive income	1,146	2,354
Total stockholders' equity	376,809	378,664
Total liabilities and stockholders' equity	$ 1,385,012	$ 1,354,177

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable net of allowance for doubtful accounts	$ 4,870	$ 4,651
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	190,000,000	190,000,000
Common stock shares issued (in shares)	42,891,252	42,865,407
Common stock shares outstanding (in shares)	42,891,252	42,865,407

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales	$ 536,297	$ 479,457
Cost of goods sold	381,857	339,546
Gross profit	154,440	139,911
Operating expenses:
Selling, general and administrative	121,427	113,062
Depreciation and amortization	19,886	18,396
Total operating expenses	141,313	131,458
Income from operations	13,127	8,453
Interest expense	(15,132)	(15,249)
Other income, net	67	13,289
(Loss) income before income taxes	(1,938)	6,493
Income tax (benefit) expense	(885)	2,564
Net (loss) income	$ (1,053)	$ 3,929
(Loss) earnings per share data:
Basic (in dollars per share)	$ (0.02)	$ 0.11
Diluted (in dollars per share)	$ (0.02)	$ 0.11
Weighted average shares outstanding:
Basic (in shares)	42,879,874	37,273,156
Diluted (in shares)	42,879,874	37,273,156
Comprehensive (loss) income:
Foreign currency translation adjustment	$ (2,371)	$ 573
Unrealized gain (loss) on derivative, net of taxes of $0.5 million and $0.3 million, respectively.	1,163	(461)
Total other comprehensive (loss) income	(1,208)	112
Total comprehensive (loss) income	$ (2,261)	$ 4,041

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net of tax effect on unrealized (loss) gain on derivatives	$ 0.5	$ 0.3

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net (loss) income	$ (1,053)	$ 3,929
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	7,970	7,131
Amortization of intangible assets	11,916	11,265
Amortization of debt issuance costs and debt discount	2,624	2,399
Inventory fair value purchase accounting adjustment	407	71
Provision for doubtful accounts	551	135
Stock-based compensation	271	1,553
Unrealized gain on derivative instruments, net	(74)	(13,219)
Loss on disposal of property and equipment	13	152
Deferred income taxes	(1,614)	2,543
Change in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(31,221)	(11,273)
Other receivables	6,278	12,595
Inventories	(6,129)	(2,137)
Prepaid expenses and other current assets	1,423	787
Other assets	36	158
Accounts payable	2,423	8,249
Accrued payroll and employee benefits	(202)	(7,793)
Accrued taxes	3,301	(238)
Other liabilities	(13,461)	(15,424)
Net cash (used in) provided by operating activities	(16,541)	883
Cash flows from investing activities:
Purchases of property and equipment	(7,594)	(7,572)
Payment of net working capital adjustments	(15)	0
Proceeds from net working capital adjustments	178	0
Proceeds from the disposal of fixed assets	200	98
Acquisitions, net of cash acquired	(21,233)	(13,195)
Net cash used in investing activities	(28,464)	(20,669)
Cash flows from financing activities:
Proceeds from asset-based revolving credit facility	131,224	114,500
Repayments of asset-based revolving credit facility	(88,724)	(281,032)
Tax withholding payment related to net settlement of equity awards	(45)	0
Principal repayment of capital lease obligations	(745)	(691)
Issuance of common stock	0	164,189
Capital contributions	0	2,997
Net cash provided by (used in) financing activities	41,710	(37)
Effect of exchange rate changes on cash	(161)	64
Net decrease in cash	(3,456)	(19,759)
Cash and cash equivalents at beginning of period	12,101	28,552
Cash and cash equivalents at end of period	8,645	8,793
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	0	39
Cash paid during the period for interest	24,201	25,308
Supplemental disclosures of non-cash investing and financing activities:
Change in fair value of derivatives, net of tax	1,163	461
Assets acquired under capital lease	0	378
Goodwill adjustment for purchase price allocation	202	723
Tax receivable agreement	$ 0	$ 203,837

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Business Foundation Building Materials, Inc. (the "Company") is a specialty distributor of wallboard, suspended ceiling systems, and mechanical insulation throughout the U.S. and Canada. Based in Tustin, California, the Company employs more than 3,700 people and operates more than 220 branches across the U.S. and Canada. Organization The Company was formed on October 27, 2016 (inception). The initial stockholder of the Company was LSF9 Cypress Parent 2 LLC ("Parent 2") which held all of the Company's authorized, issued and outstanding shares of common stock. Reorganization On February 8, 2017, FBM Alpha LLC, (formerly known as LSF9 Cypress Parent, LLC) ("Alpha"), transferred its wholly owned direct subsidiary, Foundation Building Materials Holding Company LLC (formerly known as FBM Beta LLC and LSF9 Cypress Holdings, LLC) ("Holdco"), and indirectly FBM Finance, Inc. to the Company, thereby transferring the business for which historical financial information is included in these results of operations, to be indirectly held by the Company (the "Reorganization"). Initial Public Offering Following the Reorganization, on February 15, 2017 , the Company completed an initial public offering ("IPO") in which it issued 12,800,000 shares of common stock at a public offering price of $14.00 per share. The common stock began trading on the New York Stock Exchange on February 10, 2017 under the ticker symbol "FBM." After underwriting discounts and commissions and expenses, the net proceeds to the Company from the IPO were approximately $164.0 million . The Company used these net proceeds to repay borrowings outstanding under its asset-based revolving credit facility (the "ABL Credit Facility"). The proceeds of $164.0 million were recorded in equity, with approximately $13,000 recorded for the par value of the common stock and the remaining amount recorded in additional paid-in capital. The underwriters exercised their option to purchase an additional 1,920,000 shares of common stock from Parent 2 and those shares were purchased on February 24, 2017 . The Company did not receive any proceeds from the sale of shares by Parent 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements, have been included. The results of operations for interim periods are not necessarily indicative of the results for full fiscal years. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2018 (the "2017 10-K"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated. The Company has two reportable segments, Specialty Building Products ("SBP") and Mechanical Insulation ("MI"). Resources are allocated and performance is assessed by the Company's CEO, who is the Chief Operating Decision Maker ("CODM") .

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Adopted Accounting Standards On January 1, 2018, the Company adopted new revenue recognition guidance, Accounting Standard Codification ("ASC") 606, Revenue from Contracts with Customers and all related amendments, using the modified retrospective method. The Company has completed its evaluation of the impact of this standard and has concluded that it did not have a material impact on its consolidated financial statements. Revenue Recognition - Revenue is recognized upon transfer of control of promised products to customers in an amount that reflects the consideration expected to be received in exchange for those products. The applicable shipping and handling costs invoiced to the customer are included in "Selling, general and administrative" expenses in the accompanying consolidated statements of operations. All revenue recognized is net of sales taxes collected, which are subsequently remitted to the appropriate government authorities. Performance Obligations - The performance obligation for product sales is met at a point in time, when the product is delivered and control is transferred to the customer. At inception of a contract with a customer, the price and quantity of goods are fixed. However, the Company offers discounts on terms and rebate incentives to select customers. The Company also gives customers the right to return eligible products. Disaggregation of Revenue - Refer to Note 12, Segments, for further information, including revenue by segment by product and geography. Contract Balances - The Company currently discloses its accounts receivable balances on the balance sheet. The Company does not have any contract assets due to the election of the practical expedient in Financial Accounting Standards Board ("FASB") ASC 340-40-25-4, which states an entity may recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. The Company does not have any material contract liabilities. The Company is also required to disclose revenue recognized in the reporting period from performance obligations satisfied in previous reporting periods. This guidance is consistent with existing guidance related to changes in accounting estimates. The Company will continue to monitor changes in estimates related to sales returns, customer discounts and customer rebates and will disclose them if material. Significant Judgments - The Company calculates the allowance for sales returns, early pay discounts and customer rebates using the expected value method and believes its current methodology properly constrains revenue. The Company does not believe that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is resolved. Practical Expedients - In addition to the aforementioned practical expedient, the Company has elected the practical expedient as allowed by ASC 606-10-32-18, which states that an entity need not adjust the promised amount of consideration for the effects of a significant financing component if the entity expects, at contract inception, that the period between when the entity transfers promised goods or services to a customer and when the customer pays for those goods or services will be one year or less. In January 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The updated guidance enhances the reporting model for financial instruments by modifying how entities measure and recognize equity investments and present changes in the fair value of financial liabilities, and by simplifying the disclosure guidance for financial instruments. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The amendments in this update should be applied prospectively. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-15 amended the existing accounting standards for the statement of cash flows. The amendments provide guidance on eight classification issues related to the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. On January 1, 2018, the Company adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of income tax effects of the Tax Cut and Jobs Act (the “Tax Act”), which reduced the corporate federal tax rate from 35.0% to 21.0%, the Company reclassified $0.2 million from accumulated other comprehensive income to retained earnings related to its net investment hedge. Recently Issued Accounting Standards In February 2016 , the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either "finance" or "operating," with classification affecting the pattern of expense recognition in the income statement. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for fiscal years beginning after December 15, 2018 , and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements; however, it does expect the adoption of this guidance to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the requirement to calculate the implied fair value of goodwill but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses derivatives to manage selected foreign exchange exposures for its investments in foreign subsidiaries. In general, the types of risks hedged are those relating to the variability of future earnings and cash flows caused by movements in foreign currency exchange rates and interest rates. The Company documents its risk management strategy and hedge effectiveness at the inception of and during the term of each hedge. Net Investment Hedge As of March 31, 2018 , and December 31, 2017, the amount of notional foreign exchange contracts outstanding was approximately $88.0 million. There is no significant credit risk associated with the potential failure of any counterparty to perform under the terms of any derivative financial instrument. The net investment hedge is measured at fair value within the consolidated balance sheet either as an asset or a liability. At March 31, 2018 and December 31, 2017, the fair value of the derivative instrument was $0.5 million and $2.4 million , respectively, recorded in other long-term liabilities. The Company recognized a gain of $1.2 million, net of taxes of $0.6 million , for the three months ended March 31, 2018, recorded in other comprehensive (loss) income related to the net investment hedge. The Company recognized a gain of $0.5 million , net of taxes of $0.3 million , for the three months ended March 31, 2017, recorded in other comprehensive (loss) income related to the net investment hedge. The Company recorded a gain of $19,000 for the three months ended March 31, 2018, in other income, net, related to the ineffective portion of the net investment hedge. The Company recorded a loss of $67,000 for the three months ended March 31, 2017, in other income, net, related to the ineffective portion of the net investment hedge. Embedded Derivative The Company has the option to prepay its $575.0 million Senior Secured Notes due 2021 (the "Notes") at any time prior to August 15, 2018 at a price equal to 100% of the principal amount, plus the applicable premium and any accrued and unpaid interest. In addition, prior to August 15, 2018 and in the event of equity offerings, the Company has the option to prepay up to 40% of the Notes using the proceeds from such offering within 180 days from closing of the offering. However, 50% of the principal needs to remain outstanding. The redemption price is determined at 108.25% of the principal amount plus accrued and unpaid interest. On or after August 15, 2018, the Company may redeem the Notes subject to a redemption price equal to a percentage of the principal amount of the Notes, with such percentage set forth in the indenture governing the Notes, plus accrued and unpaid interest. The optional prepayment subsequent to an equity offering constitutes an embedded derivative and is bifurcated from the debt host and accounted for separately. The embedded derivative is recorded at fair value at inception and on an ongoing basis, with any changes in fair value from inception recorded in earnings. The fair value of the embedded derivative at March 31, 2018, and December 31, 2017 was $0 , due to a minimal probability of an equity offering occurring where the proceeds are used to pay down the Notes prior to the expiration of the optional prepayment time period on August 15, 2018. For the three months ended March 31, 2018, the change in fair value was $0 . For the three months ended March 31, 2017, the change in fair value of $13.2 million was included in other income, net.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions The Company accounts for its acquisitions under the acquisition method, and accordingly, the results of operations of acquired entities are included in the Company’s consolidated financial statements from the acquisition date. Acquisition related costs are expensed as incurred. The purchase price is allocated to the assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill. Purchase accounting adjustments associated with the intangible asset valuations have been recorded as of March 31, 2018. The fair value of acquired intangible assets, primarily related to customer relationships, was estimated by applying a discounted cash flow model. That measure is based on significant Level 3 inputs not observable in the market. Key assumptions were developed based on the Company’s historical experience, future projections and comparable market data including future cash flows, long-term growth rates, implied royalty rates, attrition rates and discount rates. The purchase price allocations for the acquisitions set forth below are preliminary and subject to adjustment as additional information is obtained about facts and circumstances that existed as of the applicable acquisition date. During the three months ended March 31, 2018, the Company completed the following two acquisitions: ArmCom Distributing Company On February 1, 2018, the Company acquired the operations and substantially all of the assets of ArmCom Distributing Company ("ArmCom"), a division of St. Paul Linoleum and Carpet Company. ArmCom was an independent distributor of ceilings products and operated five branches in Minnesota, North Dakota, South Dakota and Nebraska. RM Supply On February 1, 2018, the Company acquired all of the stock of RM Supply, Inc. and certain assets of JMB Transportation, L.L.C. (collectively, “RM Supply”). RM Supply was an independent distributor of wallboard, steel framing, insulation, and wallboard accessories. RM Supply operated two branches in Missouri. During the three months ended March 31, 2018, the Company completed the above acquisitions for an aggregate purchase price of $21.9 million . These acquisitions are not considered material, individually or in aggregate. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date for the acquisitions summarized above ("2018 acquisitions") (in thousands): Three Months Ended March 31, 2018 Assets acquired: Cash $ 671 Accounts receivable 3,320 Other receivables 448 Inventories 3,390 Prepaid and other current assets 146 Property and equipment 1,984 Goodwill 8,573 Intangible assets 4,200 Other assets 50 Total assets acquired: 22,782 Liabilities assumed: Accounts payable (530 ) Accrued expenses and other current liabilities (348 ) Total liabilities assumed (878 ) Total net assets acquired $ 21,904 The excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisitions. Goodwill attributable to the acquisitions has been recorded as a non-current asset and is not amortized, but is subject to review at least on an annual basis for impairment. Goodwill recognized was primarily attributable to expected operating efficiencies and expansion opportunities in the businesses acquired. Goodwill and intangible assets recognized from asset acquisitions are expected to be tax deductible. One of the 2018 acquisitions was treated as an asset purchase and the other as a stock purchase for tax purposes. Generally, the most significant intangible asset acquired is customer relationships. The Company's acquisitions are generally subject to working capital adjustments, however, the Company does not expect any such adjustments to have a material impact on its consolidated financial statements. Any adjustments to the purchase price allocation of these acquisitions will be made as soon as practicable but no later than one year from the acquisition date. The pro forma impact of the 2018 acquisitions is not presented as the 2018 acquisitions are not considered material to the Company's consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The change in goodwill from December 31, 2017, to March 31, 2018, consisted of the following (in thousands): Carrying Value Balance at December 31, 2017 $ 458,737 Goodwill acquired 8,573 Purchase price allocation adjustments 39 Impact of foreign exchange rates (735 ) Balance at March 31, 2018 $ 466,614 As of March 31, 2018, goodwill allocated to the SBP and MI segments was $460.7 million and $5.9 million , respectively. As of December 31, 2017, goodwill allocated to the SBP and MI segments was $452.8 million and $5.9 million , respectively. Changes to initial purchase price allocations related to acquisitions may arise from changes in estimates from conditions that existed at the applicable acquisition date and as a result of net working capital adjustments. Identifiable intangible assets that are separable and have determinable useful lives are valued separately and amortized over their benefit period. The following is the gross carrying value and accumulated amortization of the Company’s identifiable intangible assets as of March 31, 2018, and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names $ 15,980 $ (8,068 ) $ 7,912 $ 15,980 $ (7,283 ) $ 8,697 Customer relationships 260,564 (89,413 ) 171,151 256,650 (78,406 ) 178,244 Other intangible assets 3,649 (856 ) 2,793 3,640 (811 ) 2,829 $ 280,193 $ (98,337 ) $ 181,856 $ 276,270 $ (86,500 ) $ 189,770 The weighted average amortization period of these intangible assets in the aggregate is 4.3 years .

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt (in thousands) March 31, 2018 December 31, 2017 Senior secured notes $ 575,000 $ 575,000 Unamortized debt issuance costs - senior secured notes (38,252 ) (40,621 ) Revolving asset-based credit facility 89,878 47,486 Unamortized debt issuance costs - asset-based revolving credit facility (2,910 ) (3,164 ) $ 623,716 $ 578,701 Senior Secured Notes Due 2021 On August 9, 2016, the Company, together with FBM Finance, its wholly owned subsidiary which was created for the purpose of issuing the Notes (together, the "Issuers"), issued $575 million in aggregate principal amount of 8.25% senior secured notes due 2021 at an issue price of 100% of the principal amount of the Notes in a private placement. The Notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by Alpha and each of Alpha's domestic wholly owned restricted subsidiaries (other than certain excluded subsidiaries) (the "Guarantors"). The Notes are senior secured obligations that have priority over certain collateral of the Issuers and the Guarantors of the Notes and are effectively subordinated to the obligations under the ABL Credit Facility in respect of certain other collateral of the Issuers and the Guarantors of the Notes. The Notes will mature on August 15, 2021, and bear interest at an annual rate of 8.25% . Interest on the Notes is payable semi-annually in arrears in February and August of each year. The Notes are governed by an indenture, dated August 9, 2016, among the Issuers, the Guarantors and Wilmington Trust, National Association, as trustee (the "Indenture"). Before August 15, 2018, the Issuers may redeem all or a portion of the Notes, at a redemption price equal to 100% of the principal amount thereof, plus an applicable premium and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, prior to August 15, 2018 and in the event of equity offerings, the Issuers are entitled to redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 108.25% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Issuers may, at their option, redeem all or a portion of the Notes at any time on or after August 15, 2018, at the applicable redemption prices specified in the Indenture, plus any accrued and unpaid interest to, but excluding, the applicable redemption date. Upon certain kinds of changes of control, holders of the Notes have the right to require the Issuers to repurchase all or any portion of such holder’s Notes at 101% of the principal amount of the Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the date of repurchase. ABL Credit Facility On August 9, 2016, Holdco as the initial borrower along with Alpha and additional U.S. and Canadian borrowers entered into the ABL Credit Facility with Goldman Sachs Bank USA as administrative agent, which matures on February 9, 2021. The ABL Credit Facility bears interest, at the applicable borrower's option, at either a Eurodollar rate or an alternate base rate plus an applicable margin. Based on the historical excess availability under the ABL Credit Facility, the margin can range from 1.25% to 1.75% per annum in the case of Eurodollar rate loans and 0.25% to 0.75% per annum in the case of alternate base rate loans. The available borrowing capacity, or borrowing base, is derived from a percentage of the borrowers' eligible receivables and inventory in both the United States and Canada, as defined in the ABL Credit Facility, subject to certain reserves, with a $75 million sub-limit on the Canadian borrowing base. As of the closing of the ABL Credit Facility, the available borrowing capacity was $250 million . A variable commitment fee, ranging from 0.25% to 0.375% and currently 0.25% per annum, is charged on the unused amount of the ABL Credit Facility based on quarterly average loan utilization. Letters of credit under the ABL Credit Facility are assessed at a rate equal to the applicable Eurodollar margin currently 1.50% as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December. In addition, an administrative agent fee of $75,000 for the ABL Credit Facility is due and payable each year in quarterly installments on the last day of each quarter. The ABL Credit Facility is a senior secured obligation of Alpha, Holdco, and the borrowers, with priority over certain collateral of the Company and its subsidiaries. There are no prepayment premiums associated with the ABL Credit Facility. On September 23, 2016, Alpha, Holdco and the additional U.S. and Canadian borrowers entered into an Incremental Facility Amendment to the ABL Credit Facility which extended borrowing commitments under the ABL Credit Facility by an additional $50 million , resulting in total borrowing capacity of $300 million . As of March 31, 2018, the Company had $89.9 million of outstanding borrowings and $210.1 million of available aggregate undrawn borrowing capacity under the ABL Credit Facility. The weighted average interest rate for borrowings under the ABL Credit Facility for the three months ended March 31, 2018 was 3.1% .

Tax Receivable Agreement Liabil

Tax Receivable Agreement Liability	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Tax Receivable Agreement Liability	Tax Receivable Agreement Liability In connection with the IPO, the Company entered into a tax receivable agreement ("TRA") with Parent 2 that provides for the payment by the Company to Parent 2 of 90% of the amount of cash savings, if any, in U.S. federal, state, local and non-U.S. income tax that the Company realizes (or in some circumstances are deemed to realize) as a result of the utilization of the Company and the Company’s subsidiaries’ (i) depreciation and amortization deductions, and any offset to taxable income and gain or increase to taxable loss, resulting from the tax basis the Company has in its assets at the consummation of the IPO, (ii) net operating losses, (iii) tax credits and (iv) certain other tax attributes. During the three months ended March 31, 2017, the Company recorded a liability of $203.8 million , with a corresponding offset to additional paid-in capital for the TRA. At the end of each reporting period, any changes in the Company's estimate of the liability are recorded in the consolidated statement of operations as a component of other income (expense). The timing and amount of future tax benefits associated with the TRA are subject to change, and future payments may be required which could be materially different from the current estimated liability. The TRA will remain in effect until all tax benefits have been used or expired, unless the agreement is terminated early. At March 31, 2018, and December 31, 2017, the TRA liability balance was $135.8 million . There have been no payments related to the TRA from inception to March 31, 2018. The first payment related to the TRA is anticipated to be made during the fourth quarter of 2018 and is estimated to be $15.9 million and was reflected as a current liability as of March 31, 2018 and December 31, 2017. Income Taxes For the three months ended March 31, 2018 and 2017, the Company's effective tax rates were 45.7% and 39.5% , respectively. The variance from the statutory federal tax rate of 21.0% for the three months ended March 31, 2018, was primarily due to a refinement of the provisional estimate of the one-time repatriation tax under the Tax Act, treated as a discrete item during the quarter, state income taxes and foreign rate differential. The variance from the statutory federal tax rate of 35.0% for the three months ended March 31, 2017, was primarily due to state income taxes. On January 1, 2018, the Company adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of income tax effects of the Tax Act, which reduced the corporate federal tax rate from 35.0% to 21.0%, the Company reclassified $0.2 million from accumulated other comprehensive income to retained earnings related to its net investment hedge. On December 22, 2017, the United States government enacted the Tax Act resulting in significant modifications to existing law. The Company follows the guidance in Securities and Exchange Commission Staff Accounting Bulletin ("SAB") 118, which provides additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Tax Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Tax Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstance should the measurement period extend beyond one year from the enactment date. At March 31, 2018, the Company has completed the accounting for the effects of the Tax Act except for the repricing of ending deferred taxes due to the reduction in the corporate tax rate and the impact of the one-time deemed repatriation transition tax on unrepatriated foreign earnings. As a result, the Company's financial statements reflect these effects of the Tax Act as provisional based on a reasonable estimate of the income tax effects. At December 31, 2017, the Company had included a provisional reduction in deferred tax liability and corresponding provisional reduction in tax provision expense of $9.1 million in relation to the repricing of its ending deferred tax balance. The provisional amount was and is based on information currently available at that time, including estimated book to tax adjustments. The Company continues to gather and analyze information, including any future legislative tax developments at the federal or state jurisdictions, in order to complete the accounting for the repricing of the ending deferred balances as of March 31, 2018. The Company has also included a provisional income tax payable in the amount of $0.2 million related to the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount is based on information currently available, including estimated tax earnings and profits and tax pools from foreign investments. In addition, the income tax payable has been calculated by electing out of the use of net operating losses in order to maximize the use of foreign tax credits. The Company has also estimated the state tax impact of the Tax Act. The Company continues to gather and analyze information, including historical adjustments to earnings and profits of foreign subsidiaries and the available elections, in order to complete the accounting for the effects of the estimated transition tax. Any future legislative tax developments at the federal or state jurisdictions will need to be examined for potential application. It is the intention of the Company to complete the necessary analysis within the measurement period. The Company considers the earnings of non-U.S. subsidiaries to be indefinitely invested outside the United States based on estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and the Company's specific plans for reinvestment of those subsidiary earnings. As required by the Tax Act, as of March 31, 2018 and December 31, 2017, the Company has recorded a provisional tax liability related to the U.S. federal income taxes of approximately $8.2 million and $10.2 million , respectively, of undistributed earnings of foreign subsidiaries indefinitely invested outside the United States. However, the Company has not recorded a deferred tax liability for state and foreign withholding taxes associated with the repatriation of those foreign earnings. If the Company decides to repatriate the foreign earnings, it would need to adjust its income tax provision in the period it determined that the earnings will no longer be indefinitely invested outside the United States. The Company has no present intention to repatriate any of its foreign earnings.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of cumulative unrealized foreign currency translation adjustments and unrealized changes in fair value on certain derivative instruments. During the three months ended March 31, 2018, $0.2 million was reclassified to retained earnings as a result of income tax effects of the Tax Act, which reduced the corporate federal tax rate from 35.0% to 21.0%. During the three months ended March 31, 2017, there were no reclassifications out of accumulated other comprehensive income. The components of accumulated other comprehensive income for the three months ended March 31, 2018 were as follows (in thousands): Cumulative unrealized foreign currency translation gain (loss) Unrealized (loss) gain on derivative, net of tax Total Balance at December 31, 2017 $ 3,863 $ (1,509 ) $ 2,354 Other comprehensive (loss) income (2,371 ) 1,163 (1,208 ) Balance at March 31, 2018 $ 1,492 $ (346 ) $ 1,146

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is involved in certain legal actions arising in the ordinary course of business. Management believes that such litigation and claims will be resolved without material effect on the Company’s consolidated financial position. The Company regularly assesses such matters to determine the degree of probability that the Company will incur a material loss as a result of such matters as well as the range of possible loss. An estimated loss contingency is accrued in the Company’s financial statements if it is probable the Company will incur a loss and the amount of the loss can be reasonably estimated. The Company reviews all claims, proceedings and investigations at least quarterly and establishes or adjusts any accruals for such matters to reflect the impact of negotiations, settlements, advice of legal counsel and other information and events pertaining to a particular matter. All legal costs associated with such matters are expensed as incurred. Historically, the claims, proceedings and investigations brought against the Company, individually and in the aggregate, have not had a material adverse effect on the consolidated results of operations, cash flows or financial position of the Company. As of March 31, 2018 , there were no proceedings or litigation involving the Company that management believes would have a material adverse impact on its business, financial position, results of operations, or cash flows.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist primarily of cash and cash equivalents, trade and other receivables, derivative instruments, accounts payable, long-term debt and accrued liabilities. The carrying value of the Company’s accounts receivable, trade payables and accrued liabilities approximates fair value due to their short-term maturity. 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 at March 31, 2018 is as follows (in thousands): Fair Value Measurements at March 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring: Non-current liabilities Derivative liability (Note 3) $ — $ (484 ) $ — $ (484 ) The estimated carrying amount and fair value of the Company’s financial instruments measured and recorded at fair value on a recurring basis at December 31, 2017 is as follows (in thousands): Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring: Non-current liabilities Derivative liability (Note 3) $ — $ (2,364 ) $ — $ (2,364 ) 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, counterparty 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 counterparty 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 for which fair value is only disclosed is as follows (in thousands): Fair Value Measurements at March 31, 2018 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Senior secured notes $ 536,748 $ — $ 602,140 $ — $ 602,140

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Tax Receivable Agreement Liability In connection with the IPO, the Company entered into a tax receivable agreement ("TRA") with Parent 2 that provides for the payment by the Company to Parent 2 of 90% of the amount of cash savings, if any, in U.S. federal, state, local and non-U.S. income tax that the Company realizes (or in some circumstances are deemed to realize) as a result of the utilization of the Company and the Company’s subsidiaries’ (i) depreciation and amortization deductions, and any offset to taxable income and gain or increase to taxable loss, resulting from the tax basis the Company has in its assets at the consummation of the IPO, (ii) net operating losses, (iii) tax credits and (iv) certain other tax attributes. During the three months ended March 31, 2017, the Company recorded a liability of $203.8 million , with a corresponding offset to additional paid-in capital for the TRA. At the end of each reporting period, any changes in the Company's estimate of the liability are recorded in the consolidated statement of operations as a component of other income (expense). The timing and amount of future tax benefits associated with the TRA are subject to change, and future payments may be required which could be materially different from the current estimated liability. The TRA will remain in effect until all tax benefits have been used or expired, unless the agreement is terminated early. At March 31, 2018, and December 31, 2017, the TRA liability balance was $135.8 million . There have been no payments related to the TRA from inception to March 31, 2018. The first payment related to the TRA is anticipated to be made during the fourth quarter of 2018 and is estimated to be $15.9 million and was reflected as a current liability as of March 31, 2018 and December 31, 2017. Income Taxes For the three months ended March 31, 2018 and 2017, the Company's effective tax rates were 45.7% and 39.5% , respectively. The variance from the statutory federal tax rate of 21.0% for the three months ended March 31, 2018, was primarily due to a refinement of the provisional estimate of the one-time repatriation tax under the Tax Act, treated as a discrete item during the quarter, state income taxes and foreign rate differential. The variance from the statutory federal tax rate of 35.0% for the three months ended March 31, 2017, was primarily due to state income taxes. On January 1, 2018, the Company adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of income tax effects of the Tax Act, which reduced the corporate federal tax rate from 35.0% to 21.0%, the Company reclassified $0.2 million from accumulated other comprehensive income to retained earnings related to its net investment hedge. On December 22, 2017, the United States government enacted the Tax Act resulting in significant modifications to existing law. The Company follows the guidance in Securities and Exchange Commission Staff Accounting Bulletin ("SAB") 118, which provides additional clarification regarding the application of ASC Topic 740 in situations where the Company does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act for the reporting period in which the Tax Act was enacted. SAB 118 provides for a measurement period beginning in the reporting period that includes the Tax Act’s enactment date and ending when the Company has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements but in no circumstance should the measurement period extend beyond one year from the enactment date. At March 31, 2018, the Company has completed the accounting for the effects of the Tax Act except for the repricing of ending deferred taxes due to the reduction in the corporate tax rate and the impact of the one-time deemed repatriation transition tax on unrepatriated foreign earnings. As a result, the Company's financial statements reflect these effects of the Tax Act as provisional based on a reasonable estimate of the income tax effects. At December 31, 2017, the Company had included a provisional reduction in deferred tax liability and corresponding provisional reduction in tax provision expense of $9.1 million in relation to the repricing of its ending deferred tax balance. The provisional amount was and is based on information currently available at that time, including estimated book to tax adjustments. The Company continues to gather and analyze information, including any future legislative tax developments at the federal or state jurisdictions, in order to complete the accounting for the repricing of the ending deferred balances as of March 31, 2018. The Company has also included a provisional income tax payable in the amount of $0.2 million related to the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount is based on information currently available, including estimated tax earnings and profits and tax pools from foreign investments. In addition, the income tax payable has been calculated by electing out of the use of net operating losses in order to maximize the use of foreign tax credits. The Company has also estimated the state tax impact of the Tax Act. The Company continues to gather and analyze information, including historical adjustments to earnings and profits of foreign subsidiaries and the available elections, in order to complete the accounting for the effects of the estimated transition tax. Any future legislative tax developments at the federal or state jurisdictions will need to be examined for potential application. It is the intention of the Company to complete the necessary analysis within the measurement period. The Company considers the earnings of non-U.S. subsidiaries to be indefinitely invested outside the United States based on estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and the Company's specific plans for reinvestment of those subsidiary earnings. As required by the Tax Act, as of March 31, 2018 and December 31, 2017, the Company has recorded a provisional tax liability related to the U.S. federal income taxes of approximately $8.2 million and $10.2 million , respectively, of undistributed earnings of foreign subsidiaries indefinitely invested outside the United States. However, the Company has not recorded a deferred tax liability for state and foreign withholding taxes associated with the repatriation of those foreign earnings. If the Company decides to repatriate the foreign earnings, it would need to adjust its income tax provision in the period it determined that the earnings will no longer be indefinitely invested outside the United States. The Company has no present intention to repatriate any of its foreign earnings.

Segments

Segments	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segments	Segments Segment information is presented in accordance with ASC 280, Segment Reporting , which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about customers, 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 CODM in order to allocate resources and assess performance. Resources are allocated and performance is assessed by the CODM. Based on the provisions of ASC 280, the Company has defined its operating segments by considering management structure and product offerings. This evaluation resulted in the following reportable segments: • Specialty Building Products—SBP distributes wallboard, metal framing, suspended ceiling systems and complementary and other products. Complementary and other products includes stucco and exterior insulation and finish systems, as well tools, safety accessories and fasteners. The primary end markets served are new non-residential, new residential and non-residential repair and remodel construction markets. • Mechanical Insulation—MI distributes and fabricates commercial and industrial insulation for pipes and mechanical systems and the primary end markets served are new non-residential construction, non-residential repair and remodel construction and industrial markets. In addition to the two reportable segments, the Company’s consolidated results include corporate activities and depreciation and amortization. For purposes of evaluation under these segment reporting principles, the CODM assesses the Company’s ongoing performance based on the periodic review of net sales and gross profit. The Company has not disclosed asset information by segment as its CODM does not use such information for purposes of allocating resources and assessing performance. The following tables present net sales and gross profit for each reportable segment (in thousands): Three Months Ended March 31, 2018 2017 Net Sales Gross Profit Net Sales Gross Profit SBP $ 463,661 $ 134,437 $ 418,463 $ 122,426 MI 72,636 20,003 60,994 17,485 Consolidated $ 536,297 $ 154,440 $ 479,457 $ 139,911 Total gross profit $ 154,440 $ 139,911 Total operating expenses (141,313 ) (131,458 ) Interest expense (15,132 ) (15,249 ) Other income, net 67 13,289 (Loss) income before income taxes $ (1,938 ) $ 6,493 Revenues are attributed to each country based on the location in which sales originate and in which assets are located. The following table provides information about the Company by geographic areas (in thousands): Three Months Ended March 31, 2018 2017 United States $ 472,941 $ 426,941 Canada 63,356 52,516 Total $ 536,297 $ 479,457 The following table sets forth property, plant and equipment, goodwill and intangibles by geographic area (in thousands): March 31, 2018 December 31, 2017 Property, plant and equipment, net United States $ 136,706 $ 135,330 Canada 15,600 16,078 Total property, plant and equipment, net $ 152,306 $ 151,408 Goodwill United States $ 440,090 $ 431,476 Canada 26,524 27,261 Total goodwill $ 466,614 $ 458,737 Intangibles, net United States $ 174,852 $ 182,070 Canada 7,004 7,700 Total intangibles, net $ 181,856 $ 189,770 The Company’s net sales by segment and major product line, and segment gross profit and gross margin, are as follows: Three Months Ended March 31, Change 2018 2017 $ % (dollars in thousands) SBP Segment Wallboard (1) $ 180,653 39.0 % $ 168,239 40.2 % $ 12,414 7.4 % Suspended ceiling systems 86,179 18.6 % 72,716 17.4 % 13,463 18.5 % Metal framing 73,967 16.0 % 68,662 16.4 % 5,305 7.7 % Complementary and other products 122,862 26.4 % 108,846 26.0 % 14,016 12.9 % Total SBP net sales $ 463,661 100.0 % $ 418,463 100.0 % $ 45,198 10.8 % MI Segment Total MI net sales (2) $ 72,636 100.0 % $ 60,994 100.0 % $ 11,642 19.1 % Total net sales $ 536,297 $ 479,457 $ 56,840 11.9 % Gross profit - SBP $ 134,437 $ 122,426 $ 12,011 9.8 % Gross profit - MI 20,003 17,485 2,518 14.4 % Total gross profit $ 154,440 $ 139,911 $ 14,529 10.4 % Gross margin - SBP 29.0 % 29.3 % (0.3 )% Gross margin - MI 27.5 % 28.7 % (1.2 )% Total gross margin 28.8 % 29.2 % (0.4 )% (1) For the three months ended March 31, 2017, wallboard accessories have been reclassified from “Wallboard” to “Complementary and other products” to conform to the current year presentation. (2) MI contains sales from Commercial and industrial insulation and Non-insulation products.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The balance of other current liabilities consisted of the following at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Accrued expenses $ 5,761 $ 6,919 Accrued interest 6,343 18,093 Accrued other 15,301 16,081 Total other current liabilities $ 27,405 $ 41,093

(Loss) Earnings Per Share

(Loss) Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(Loss) Earnings Per Share Basic (loss) earnings per share represents net (loss) income for the period, divided by the weighted average number of shares of common stock outstanding for the period. The following are the number of shares of common stock used to compute the basic and diluted (loss) earnings per share for each period: Three Months Ended March 31, 2018 2017 Weighted average shares used in basic computations 42,879,874 37,273,156 Dilutive effect of stock options and restricted stock units — — Weighted average shares used in diluted computations 42,879,874 37,273,156 For the three months ended March 31, 2018 and 2017, there were approximately 290,000 and 108,000 shares respectively, not included in the computation of diluted weighted average shares because their effect would have been antidilutive.

Business and Basis of Present21

Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements, have been included. The results of operations for interim periods are not necessarily indicative of the results for full fiscal years. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2018 (the "2017 10-K").
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated. The Company has two reportable segments, Specialty Building Products ("SBP") and Mechanical Insulation ("MI"). Resources are allocated and performance is assessed by the Company's CEO, who is the Chief Operating Decision Maker ("CODM") .
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards On January 1, 2018, the Company adopted new revenue recognition guidance, Accounting Standard Codification ("ASC") 606, Revenue from Contracts with Customers and all related amendments, using the modified retrospective method. The Company has completed its evaluation of the impact of this standard and has concluded that it did not have a material impact on its consolidated financial statements. Revenue Recognition - Revenue is recognized upon transfer of control of promised products to customers in an amount that reflects the consideration expected to be received in exchange for those products. The applicable shipping and handling costs invoiced to the customer are included in "Selling, general and administrative" expenses in the accompanying consolidated statements of operations. All revenue recognized is net of sales taxes collected, which are subsequently remitted to the appropriate government authorities. Performance Obligations - The performance obligation for product sales is met at a point in time, when the product is delivered and control is transferred to the customer. At inception of a contract with a customer, the price and quantity of goods are fixed. However, the Company offers discounts on terms and rebate incentives to select customers. The Company also gives customers the right to return eligible products. Disaggregation of Revenue - Refer to Note 12, Segments, for further information, including revenue by segment by product and geography. Contract Balances - The Company currently discloses its accounts receivable balances on the balance sheet. The Company does not have any contract assets due to the election of the practical expedient in Financial Accounting Standards Board ("FASB") ASC 340-40-25-4, which states an entity may recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. The Company does not have any material contract liabilities. The Company is also required to disclose revenue recognized in the reporting period from performance obligations satisfied in previous reporting periods. This guidance is consistent with existing guidance related to changes in accounting estimates. The Company will continue to monitor changes in estimates related to sales returns, customer discounts and customer rebates and will disclose them if material. Significant Judgments - The Company calculates the allowance for sales returns, early pay discounts and customer rebates using the expected value method and believes its current methodology properly constrains revenue. The Company does not believe that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is resolved. Practical Expedients - In addition to the aforementioned practical expedient, the Company has elected the practical expedient as allowed by ASC 606-10-32-18, which states that an entity need not adjust the promised amount of consideration for the effects of a significant financing component if the entity expects, at contract inception, that the period between when the entity transfers promised goods or services to a customer and when the customer pays for those goods or services will be one year or less. In January 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The updated guidance enhances the reporting model for financial instruments by modifying how entities measure and recognize equity investments and present changes in the fair value of financial liabilities, and by simplifying the disclosure guidance for financial instruments. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The amendments in this update should be applied prospectively. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-15 amended the existing accounting standards for the statement of cash flows. The amendments provide guidance on eight classification issues related to the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2018, and it did not have a material impact on the Company’s consolidated financial statements. On January 1, 2018, the Company adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of income tax effects of the Tax Cut and Jobs Act (the “Tax Act”), which reduced the corporate federal tax rate from 35.0% to 21.0%, the Company reclassified $0.2 million from accumulated other comprehensive income to retained earnings related to its net investment hedge. Recently Issued Accounting Standards In February 2016 , the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either "finance" or "operating," with classification affecting the pattern of expense recognition in the income statement. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for fiscal years beginning after December 15, 2018 , and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements; however, it does expect the adoption of this guidance to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the requirement to calculate the implied fair value of goodwill but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date for the acquisitions summarized above ("2018 acquisitions") (in thousands): Three Months Ended March 31, 2018 Assets acquired: Cash $ 671 Accounts receivable 3,320 Other receivables 448 Inventories 3,390 Prepaid and other current assets 146 Property and equipment 1,984 Goodwill 8,573 Intangible assets 4,200 Other assets 50 Total assets acquired: 22,782 Liabilities assumed: Accounts payable (530 ) Accrued expenses and other current liabilities (348 ) Total liabilities assumed (878 ) Total net assets acquired $ 21,904

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in goodwill from December 31, 2017, to March 31, 2018, consisted of the following (in thousands): Carrying Value Balance at December 31, 2017 $ 458,737 Goodwill acquired 8,573 Purchase price allocation adjustments 39 Impact of foreign exchange rates (735 ) Balance at March 31, 2018 $ 466,614
Schedule of Finite-Lived Intangible Assets	The following is the gross carrying value and accumulated amortization of the Company’s identifiable intangible assets as of March 31, 2018, and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names $ 15,980 $ (8,068 ) $ 7,912 $ 15,980 $ (7,283 ) $ 8,697 Customer relationships 260,564 (89,413 ) 171,151 256,650 (78,406 ) 178,244 Other intangible assets 3,649 (856 ) 2,793 3,640 (811 ) 2,829 $ 280,193 $ (98,337 ) $ 181,856 $ 276,270 $ (86,500 ) $ 189,770

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(in thousands) March 31, 2018 December 31, 2017 Senior secured notes $ 575,000 $ 575,000 Unamortized debt issuance costs - senior secured notes (38,252 ) (40,621 ) Revolving asset-based credit facility 89,878 47,486 Unamortized debt issuance costs - asset-based revolving credit facility (2,910 ) (3,164 ) $ 623,716 $ 578,701

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income for the three months ended March 31, 2018 were as follows (in thousands): Cumulative unrealized foreign currency translation gain (loss) Unrealized (loss) gain on derivative, net of tax Total Balance at December 31, 2017 $ 3,863 $ (1,509 ) $ 2,354 Other comprehensive (loss) income (2,371 ) 1,163 (1,208 ) Balance at March 31, 2018 $ 1,492 $ (346 ) $ 1,146

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured 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 at March 31, 2018 is as follows (in thousands): Fair Value Measurements at March 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring: Non-current liabilities Derivative liability (Note 3) $ — $ (484 ) $ — $ (484 ) The estimated carrying amount and fair value of the Company’s financial instruments measured and recorded at fair value on a recurring basis at December 31, 2017 is as follows (in thousands): Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring: Non-current liabilities Derivative liability (Note 3) $ — $ (2,364 ) $ — $ (2,364 )
Schedule of Carrying Amount and Fair Value of Financial Instruments	The estimated carrying amount and fair value of the Company’s financial instruments for which fair value is only disclosed is as follows (in thousands): Fair Value Measurements at March 31, 2018 Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Senior secured notes $ 536,748 $ — $ 602,140 $ — $ 602,140

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following tables present net sales and gross profit for each reportable segment (in thousands): Three Months Ended March 31, 2018 2017 Net Sales Gross Profit Net Sales Gross Profit SBP $ 463,661 $ 134,437 $ 418,463 $ 122,426 MI 72,636 20,003 60,994 17,485 Consolidated $ 536,297 $ 154,440 $ 479,457 $ 139,911 Total gross profit $ 154,440 $ 139,911 Total operating expenses (141,313 ) (131,458 ) Interest expense (15,132 ) (15,249 ) Other income, net 67 13,289 (Loss) income before income taxes $ (1,938 ) $ 6,493 The following table sets forth property, plant and equipment, goodwill and intangibles by geographic area (in thousands): March 31, 2018 December 31, 2017 Property, plant and equipment, net United States $ 136,706 $ 135,330 Canada 15,600 16,078 Total property, plant and equipment, net $ 152,306 $ 151,408 Goodwill United States $ 440,090 $ 431,476 Canada 26,524 27,261 Total goodwill $ 466,614 $ 458,737 Intangibles, net United States $ 174,852 $ 182,070 Canada 7,004 7,700 Total intangibles, net $ 181,856 $ 189,770
Schedule of Segment Reporting Information, by Segment	The following table provides information about the Company by geographic areas (in thousands): Three Months Ended March 31, 2018 2017 United States $ 472,941 $ 426,941 Canada 63,356 52,516 Total $ 536,297 $ 479,457
Schedule of Revenue from External Customers by Products and Services	The Company’s net sales by segment and major product line, and segment gross profit and gross margin, are as follows: Three Months Ended March 31, Change 2018 2017 $ % (dollars in thousands) SBP Segment Wallboard (1) $ 180,653 39.0 % $ 168,239 40.2 % $ 12,414 7.4 % Suspended ceiling systems 86,179 18.6 % 72,716 17.4 % 13,463 18.5 % Metal framing 73,967 16.0 % 68,662 16.4 % 5,305 7.7 % Complementary and other products 122,862 26.4 % 108,846 26.0 % 14,016 12.9 % Total SBP net sales $ 463,661 100.0 % $ 418,463 100.0 % $ 45,198 10.8 % MI Segment Total MI net sales (2) $ 72,636 100.0 % $ 60,994 100.0 % $ 11,642 19.1 % Total net sales $ 536,297 $ 479,457 $ 56,840 11.9 % Gross profit - SBP $ 134,437 $ 122,426 $ 12,011 9.8 % Gross profit - MI 20,003 17,485 2,518 14.4 % Total gross profit $ 154,440 $ 139,911 $ 14,529 10.4 % Gross margin - SBP 29.0 % 29.3 % (0.3 )% Gross margin - MI 27.5 % 28.7 % (1.2 )% Total gross margin 28.8 % 29.2 % (0.4 )% (1) For the three months ended March 31, 2017, wallboard accessories have been reclassified from “Wallboard” to “Complementary and other products” to conform to the current year presentation. (2) MI contains sales from Commercial and industrial insulation and Non-insulation products.

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	The balance of other current liabilities consisted of the following at March 31, 2018 and December 31, 2017 (in thousands): March 31, 2018 December 31, 2017 Accrued expenses $ 5,761 $ 6,919 Accrued interest 6,343 18,093 Accrued other 15,301 16,081 Total other current liabilities $ 27,405 $ 41,093

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following are the number of shares of common stock used to compute the basic and diluted (loss) earnings per share for each period: Three Months Ended March 31, 2018 2017 Weighted average shares used in basic computations 42,879,874 37,273,156 Dilutive effect of stock options and restricted stock units — — Weighted average shares used in diluted computations 42,879,874 37,273,156

Business and Basis of Present30

Business and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Millions	Feb. 24, 2017shares	Feb. 15, 2017USD ($)$ / sharesshares	Mar. 31, 2018employeesegmentlocation$ / shares	Dec. 31, 2017$ / shares
Class of Stock [Line Items]
Proceeds from issuance of stock | $		$ 164
Common stock par value (in dollars per share) | $ / shares		$ 13,000	$ 0.001	$ 0.001
Number of reportable segments | segment			2
IPO
Class of Stock [Line Items]
Options exercised by underwriters to purchase additional shares (in shares) | shares		12,800,000
Public offering price of stock (in dollars per share) | $ / shares		$ 14
Parent 2 | Over-Allotment Option
Class of Stock [Line Items]
Options exercised by underwriters to purchase additional shares (in shares) | shares	1,920,000
U.S. and Canada
Class of Stock [Line Items]
Number of employees (more than) | employee			3,700
Number of branch locations (more than) | location			220

Recently Issued Accounting St31

Recently Issued Accounting Standards - Narrative (Details) $ in Millions	Jan. 01, 2018USD ($)
Accounting Policies [Abstract]
Reclassification from accumulated other comprehensive income to retained earnings	$ 0.2

Derivatives and Hedging Activ32

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Net of tax effect on unrealized loss on derivatives	$ (500)	$ (300)
Percentage of option to prepay in equity offerings (up to)	40.00%
Period of option to prepay using proceeds from equity offering	180 days
Percentage of principal amount outstanding	50.00%
Redemption price percentage	108.25%
Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of embedded derivative liability	$ 0		$ 0
Other Operating Income (Expense)
Derivative [Line Items]
Change in fair value in amount included as other income (expense)	0	13,200
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Notional foreign exchange contract outstanding	88,000		88,000
Net of tax effect on unrealized loss on derivatives	600	300
Loss recognized in other comprehensive income (loss)	1,200	$ 500
Designated as Hedging Instrument | Foreign Exchange Contract | Other Noncurrent Liabilities
Derivative [Line Items]
Fair value asset of derivative instrument	500		$ 2,400
Designated as Hedging Instrument | Foreign Exchange Contract | Other Operating Income (Expense)
Derivative [Line Items]
Loss recognized in other comprehensive income (loss)	19
Ineffective portion of loss	$ 67
Senior Secured Notes Due 2021
Derivative [Line Items]
Percentage of option to prepay principal amount (equal to)	100.00%
Senior Notes | Senior Secured Notes Due 2021
Derivative [Line Items]
Periodic payment	$ 575,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Feb. 01, 2018branch	Mar. 31, 2018USD ($)
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Purchase price of acquisitions | $		$ 21.9
Minnesota, North Dakota, South Dakota and Nebraska | ArmCom Distributing Company
Business Acquisition [Line Items]
Number of branch locations	5
Wentzville and Herculaneum, Missouri | R M Supply, Inc.
Business Acquisition [Line Items]
Number of branch locations	2

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets acquired:
Goodwill	$ 466,614	$ 458,737
Series of Individually Immaterial Business Acquisitions
Assets acquired:
Cash	671
Accounts receivable	3,320
Other receivables	448
Inventories	3,390
Prepaid and other current assets	146
Property and equipment	1,984
Goodwill	8,573
Intangible assets	4,200
Other assets	50
Total assets acquired	22,782
Liabilities assumed:
Accounts payable	(530)
Accrued expenses and other current liabilities	(348)
Total liabilities assumed	(878)
Total net assets acquired	$ 21,904

Goodwill and Intangible Asset35

Goodwill and Intangible Assets - Schedule of Change in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 458,737
Goodwill acquired	8,573
Purchase price allocation adjustments	39
Impact of foreign exchange rates	(735)
Ending balance	$ 466,614

Goodwill and Intangible Asset36

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Goodwill	$ 466,614	$ 458,737
Weighted average amortization period	4 years 3 months 18 days
Specialty Building Products
Segment Reporting Information [Line Items]
Goodwill	$ 460,700	452,800
Mechanical Insulation
Segment Reporting Information [Line Items]
Goodwill	$ 5,900	$ 5,900

Goodwill and Intangible Asset37

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 280,193	$ 276,270
Accumulated Amortization	(98,337)	(86,500)
Net Carrying Amount	181,856	189,770
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15,980	15,980
Accumulated Amortization	(8,068)	(7,283)
Net Carrying Amount	7,912	8,697
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	260,564	256,650
Accumulated Amortization	(89,413)	(78,406)
Net Carrying Amount	171,151	178,244
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,649	3,640
Accumulated Amortization	(856)	(811)
Net Carrying Amount	$ 2,793	$ 2,829

Long-Term Debt - Schedule of L

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Long-term debt	$ 623,716	$ 578,701
Revolving asset-based credit facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Senior secured notes	89,878	47,486
Unamortized debt issuance costs	(2,910)	(3,164)
Senior Secured Notes Due 2021 | Senior secured notes
Line of Credit Facility [Line Items]
Senior secured notes	575,000	575,000
Unamortized debt issuance costs	$ (38,252)	$ (40,621)

Long-Term Debt Long-Term Debt -

Long-Term Debt Long-Term Debt - Narrative (Details) - USD ($)	Aug. 09, 2016	Mar. 31, 2018	Sep. 23, 2016
Debt Instrument [Line Items]
Redemption price percentage		108.25%
Senior Notes | Senior Secured Notes Due 2021
Debt Instrument [Line Items]
Principal amount of debt	$ 575,000,000
Interest rate, stated percentage	8.25%
Interest rate during period	100.00%
Periodic payment		$ 575,000,000
Senior Notes | Senior Secured Notes Due 2021 | Debt Instrument, Redemption, Due Before August 15, 2018
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Senior Notes | Senior Secured Notes Due 2021 | Debt Instrument, Redemption, Period One Due Before August 15, 2018
Debt Instrument [Line Items]
Redemption price percentage	40.00%
Senior Notes | Senior Secured Notes Due 2021 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	108.25%
Senior Notes | Senior Secured Notes Due 2021 | Debt Instrument, Change of Control, Period
Debt Instrument [Line Items]
Redemption price percentage	101.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000		$ 300,000,000
Commitment fee percentage	0.25%
Periodic payment		75,000
Additional borrowing capacity			$ 50,000,000
Outstanding borrowings		89,900,000
Available aggregate undrawn borrowing capacity		$ 210,100,000
Weighted average interest rate during period		3.10%
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
Revolving Credit Facility | Line of Credit | Eurodollar
Debt Instrument [Line Items]
Margin rate, percentage		1.50%
Fronting fee		0.125%
Revolving Credit Facility | Line of Credit | Eurodollar | Minimum
Debt Instrument [Line Items]
Margin rate, percentage	1.25%
Revolving Credit Facility | Line of Credit | Eurodollar | Maximum
Debt Instrument [Line Items]
Margin rate, percentage	1.75%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Margin rate, percentage	0.25%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Margin rate, percentage	0.75%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000

Tax Receivable Agreement Liab40

Tax Receivable Agreement Liability - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Reduction in federal, state, local and non-US income taxes (in percentage)	90.00%
Liability for tax receivable agreement	$ 203.8
Liability for tax receivable agreement balance	135.8	$ 135.8
Current Liability
Income Tax Contingency [Line Items]
Liability for tax receivable agreement	$ 15.9	$ 15.9

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income - Schedule of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 378,664
Other comprehensive (loss) income	(1,208)	$ 112
Ending balance	376,809
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,354
Ending balance	1,146
Cumulative unrealized foreign currency translation gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,863
Other comprehensive (loss) income	(2,371)
Ending balance	1,492
Unrealized (loss) gain on derivative, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,509)
Other comprehensive (loss) income	1,163
Ending balance	$ (346)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rates (in percentage)		45.70%	39.50%
Reclassification from accumulated other comprehensive income to retained earnings	$ 0.2
Repricing of deferred tax balance				$ 9.1
Provisional income tax payable	0.2
Provisional income tax expense	$ 8.2			$ 10.2

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying Amount of Assets and Liabilities on a Recurring Basis(Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Non-current liabilities
Derivative Liability	$ (484)
Derivative asset		$ (2,364)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Non-current liabilities
Derivative Liability	0
Derivative asset		0
Significant Other Observable Inputs (Level 2)
Non-current liabilities
Derivative Liability	(484)
Derivative asset		(2,364)
Significant Unobservable Inputs (Level 3)
Non-current liabilities
Derivative Liability	$ 0
Derivative asset		$ 0

Fair Value Measurements - Sch44

Fair Value Measurements - Schedule of Liabilities Measured on a Recurring Basis (Details) $ in Thousands	Mar. 31, 2018USD ($)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured notes	$ 536,748
Total Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured notes	602,140
Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured notes	0
Total Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured notes	602,140
Total Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured notes	$ 0

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segments - Schedule of Revenues

Segments - Schedule of Revenues by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 536,297	$ 479,457
Gross Profit	154,440	139,911
Total operating expenses	(141,313)	(131,458)
Interest expense	(15,132)	(15,249)
Other income, net	67	13,289
(Loss) income before income taxes	(1,938)	6,493
SBP
Segment Reporting Information [Line Items]
Net sales	463,661	418,463
Gross Profit	134,437	122,426
MI
Segment Reporting Information [Line Items]
Net sales	72,636	60,994
Gross Profit	$ 20,003	$ 17,485

Segments - Schedule of Informat

Segments - Schedule of Information by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenues by geographic areas	$ 536,297	$ 479,457
United States
Segment Reporting Information [Line Items]
Revenues by geographic areas	472,941	426,941
Canada
Segment Reporting Information [Line Items]
Revenues by geographic areas	$ 63,356	$ 52,516

Segments - Schedule of PP&E, Go

Segments - Schedule of PP&E, Goodwill and Intangible Assets by Area (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 152,306	$ 151,408
Goodwill	466,614	458,737
Intangibles, net	181,856	189,770
United States
Segment Reporting Information [Line Items]
Property, plant and equipment, net	136,706	135,330
Goodwill	440,090	431,476
Intangibles, net	174,852	182,070
Canada
Segment Reporting Information [Line Items]
Property, plant and equipment, net	15,600	16,078
Goodwill	26,524	27,261
Intangibles, net	$ 7,004	$ 7,700

Segments - Schedule of Net Sale

Segments - Schedule of Net Sales From External Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue from External Customer [Line Items]
Net sales	$ 536,297	$ 479,457
Change in Net Sales	$ 56,840
Percentage Change in Net Sales	11.90%
Gross Profit	$ 154,440	$ 139,911
Change in Gross Profit	$ 14,529
Percentage Change in Gross Profit	10.40%
Gross Margin Percentage	28.80%	29.20%
Percentage Change in Gross Margin	(0.40%)
SBP
Revenue from External Customer [Line Items]
Net sales	$ 463,661	$ 418,463
Percentage of Net Sales	100.00%	100.00%
Change in Net Sales	$ 45,198
Percentage Change in Net Sales	10.80%
Gross Profit	$ 134,437	$ 122,426
Change in Gross Profit	$ 12,011
Percentage Change in Gross Profit	9.80%
Gross Margin Percentage	29.00%	29.30%
Percentage Change in Gross Margin	(0.30%)
SBP | Wallboard
Revenue from External Customer [Line Items]
Net sales	$ 180,653	$ 168,239
Percentage of Net Sales	39.00%	40.20%
Change in Net Sales	$ 12,414
Percentage Change in Net Sales	7.40%
SBP | Suspended ceiling systems
Revenue from External Customer [Line Items]
Net sales	$ 86,179	$ 72,716
Percentage of Net Sales	18.60%	17.40%
Change in Net Sales	$ 13,463
Percentage Change in Net Sales	18.50%
SBP | Metal framing
Revenue from External Customer [Line Items]
Net sales	$ 73,967	$ 68,662
Percentage of Net Sales	16.00%	16.40%
Change in Net Sales	$ 5,305
Percentage Change in Net Sales	7.70%
SBP | Complementary and other products
Revenue from External Customer [Line Items]
Net sales	$ 122,862	$ 108,846
Percentage of Net Sales	26.40%	26.00%
Change in Net Sales	$ 14,016
Percentage Change in Net Sales	12.90%
Mechanical Insulation
Revenue from External Customer [Line Items]
Net sales	$ 72,636	$ 60,994
Percentage of Net Sales	100.00%	100.00%
Change in Net Sales	$ 11,642
Percentage Change in Net Sales	19.10%
Gross Profit	$ 20,003	$ 17,485
Change in Gross Profit	$ 2,518
Percentage Change in Gross Profit	14.40%
Gross Margin Percentage	27.50%	28.70%
Percentage Change in Gross Margin	(1.20%)

Other Current Liabilities - Sch

Other Current Liabilities - Schedule of Other Current Liabilites (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Accrued expenses	$ 5,761	$ 6,919
Accrued interest	6,343	18,093
Accrued other	15,301	16,081
Total other current liabilities	$ 27,405	$ 41,093

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Common Share Amounts Used to Compute Basic and Diluted EPS(Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Weighted average shares used in basic computations (in shares)	42,879,874	37,273,156
Dilutive effect of stock options and restricted stock units (in shares)	0	0
Weighted average shares used in diluted computations (in shares)	42,879,874	37,273,156

(Loss) Earnings Per Share - Nar

(Loss) Earnings Per Share - Narrative (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of weighted average common shares (in shares)	290,000	108,000