Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 29, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | PATRICK INDUSTRIES INC | ||
Entity Central Index Key | 76,605 | ||
Trading Symbol | patk | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 23,872,003 | ||
Entity Public Float | $ 1.3 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANICAL POSITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 6,895 | $ 2,767 |
Trade receivables, net | 82,499 | 77,784 |
Inventories | 272,898 | 175,270 |
Prepaid expenses and other | 22,875 | 18,132 |
Total current assets | 385,167 | 273,953 |
Property, plant and equipment, net | 177,145 | 118,486 |
Goodwill | 281,734 | 208,044 |
Intangible assets, net | 382,982 | 263,467 |
Deferred financing costs, net | 3,688 | 2,184 |
Other non-current assets | 515 | 510 |
TOTAL ASSETS | 1,231,231 | 866,644 |
Current Liabilities | ||
Current maturities of long-term debt | 8,750 | 15,766 |
Accounts payable | 89,803 | 84,109 |
Accrued liabilities | 59,202 | 36,550 |
Total current liabilities | 157,755 | 136,425 |
Long-term debt, less current maturities, net | 621,751 | 338,111 |
Deferred tax liabilities, net | 22,699 | 13,640 |
Other long-term liabilities | 20,272 | 7,783 |
TOTAL LIABILITIES | 822,477 | 495,959 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value; authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized 40,000,000 shares; issued 2018 - 23,527,307 shares; issued 2017 - 25,329,857 shares | 161,436 | 163,196 |
Additional paid-in-capital | 25,124 | 8,243 |
Accumulated other comprehensive income (loss) | (2,680) | 66 |
Retained earnings | 224,874 | 199,180 |
TOTAL SHAREHOLDERS’ EQUITY | 408,754 | 370,685 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,231,231 | $ 866,644 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 23,527,307 | 25,329,857 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
NET SALES | $ 2,263,061 | $ 1,635,653 | $ 1,221,887 |
Cost of goods sold | 1,847,195 | 1,356,738 | 1,019,418 |
GROSS PROFIT | 415,866 | 278,915 | 202,469 |
Operating Expenses: | |||
Warehouse and delivery | 74,996 | 46,905 | 36,081 |
Selling, general and administrative | 128,242 | 90,736 | 62,183 |
Amortization of intangible assets | 34,213 | 19,374 | 13,368 |
Total operating expenses | 237,451 | 157,015 | 111,632 |
OPERATING INCOME | 178,415 | 121,900 | 90,837 |
Interest expense, net | 26,436 | 8,790 | 7,185 |
Income before income taxes | 151,979 | 113,110 | 83,652 |
Income taxes | 32,147 | 27,392 | 28,075 |
NET INCOME | $ 119,832 | $ 85,718 | $ 55,577 |
BASIC NET INCOME PER COMMON SHARE (in dollars per share) | $ 4.99 | $ 3.54 | $ 2.47 |
DILUTED NET INCOME PER COMMON SHARE (in dollars per share) | $ 4.93 | $ 3.48 | $ 2.43 |
Weighted average shares outstanding - Basic (in shares) | 23,995 | 24,230 | 22,520 |
Weighted average shares outstanding - Diluted (in shares) | 24,317 | 24,643 | 22,896 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 119,832 | $ 85,718 | $ 55,577 |
Change in unrealized loss of hedge derivatives | (1,973) | 0 | 0 |
Foreign currency translation loss | (32) | 0 | 0 |
Change in accumulated pension obligation | (741) | 39 | (5) |
Total other comprehensive (loss) income | (2,746) | 39 | (5) |
COMPREHENSIVE INCOME | $ 117,086 | $ 85,757 | $ 55,572 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2015 | $ 128,597 | $ 57,683 | $ 8,308 | $ 32 | $ 62,574 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 55,577 | 55,577 | |||
Change in accumulated pension obligation, net of tax | (5) | (5) | |||
Stock repurchases under buyback program | (5,214) | (460) | (65) | (4,689) | |
Issuance of shares upon exercise of common stock options | 1,865 | 1,865 | |||
Shares used to pay taxes on stock grants | (1,842) | (1,842) | |||
Stock-based compensation expense | 6,470 | 6,470 | |||
Purchase of convertible notes hedges | 0 | ||||
Balance at Dec. 31, 2016 | 185,448 | 63,716 | 8,243 | 27 | 113,462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 85,718 | 85,718 | |||
Change in accumulated pension obligation, net of tax | 39 | 39 | |||
Issuance of shares upon exercise of common stock options | 926 | 926 | |||
Issuance of 2,025,000 shares in public offering, net of expenses | 93,306 | 93,306 | |||
Shares used to pay taxes on stock grants | (5,163) | (5,163) | |||
Stock-based compensation expense | 10,411 | 10,411 | |||
Purchase of convertible notes hedges | 0 | ||||
Balance at Dec. 31, 2017 | 370,685 | 163,196 | 8,243 | 66 | 199,180 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 119,832 | 119,832 | |||
Change in accumulated pension obligation, net of tax | (2,746) | (2,746) | |||
Stock repurchases under buyback program | (107,567) | (12,783) | (646) | (94,138) | |
Issuance of shares upon exercise of common stock options | 3 | 3 | |||
Shares used to pay taxes on stock grants | (2,961) | (2,961) | |||
Stock-based compensation expense | 13,981 | 13,981 | |||
Purchase of convertible notes hedges | (31,481) | (31,481) | |||
Proceeds from sale of warrants | 18,147 | 18,147 | |||
Equity component of convertible note issuance | 30,861 | 30,861 | |||
Balance at Dec. 31, 2018 | $ 408,754 | $ 161,436 | $ 25,124 | $ (2,680) | $ 224,874 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - shares | Mar. 14, 2017 | Dec. 31, 2017 |
Shares issued in public equity offering (in shares) | 2,025,000 | |
Common Stock [Member] | ||
Shares issued in public equity offering (in shares) | 2,025,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 119,832 | $ 85,718 | $ 55,577 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 55,052 | 33,541 | 24,362 |
Amortization of convertible notes debt discount | 5,885 | 0 | 0 |
Stock-based compensation expense | 13,981 | 10,411 | 6,470 |
Provision for bad debts | 563 | 1,192 | 415 |
Deferred income taxes | 759 | (6,477) | (560) |
Other | (2,841) | 422 | 853 |
Change in operating assets and liabilities, net of acquisitions of businesses: | |||
Trade receivables | 26,117 | (12,344) | 11,324 |
Inventories | 92 | (35,270) | (12,461) |
Prepaid expenses and other assets | 1,654 | (7,600) | (1,629) |
Accounts payable, accrued liabilities and other | (21,081) | 30,308 | 12,796 |
Net cash provided by operating activities | 200,013 | 99,901 | 97,147 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (34,486) | (22,497) | (15,406) |
Proceeds from sale of property, equipment, facility and other | 6,529 | 1,234 | 279 |
Business acquisitions, net of cash acquired | (343,347) | (251,851) | (138,915) |
Other investing activities | (66) | (23) | 44 |
Net cash used in investing activities | (371,370) | (273,137) | (153,998) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Term debt borrowings | 36,981 | 0 | 29,002 |
Term debt repayments | (7,691) | (15,766) | (13,240) |
Borrowings on revolver | 1,211,464 | 673,830 | 422,253 |
Repayments on revolver | (1,106,528) | (576,860) | (369,346) |
Proceeds from convertible notes offering | 172,500 | 0 | 0 |
Purchase of convertible notes hedges | (31,481) | 0 | 0 |
Proceeds from sale of warrants | 18,147 | 0 | 0 |
Stock repurchases under buyback program | (107,567) | 0 | (5,214) |
Proceeds from public offering of common stock, net of expenses | 0 | 93,306 | 0 |
Payments related to vesting of stock-based awards, net of shares tendered for taxes | (2,698) | (4,821) | (1,666) |
Payment of deferred financing costs | (7,632) | (997) | (417) |
Proceeds from exercise of stock options | 3 | 926 | 1,865 |
Other financing activities | (13) | (64) | (24) |
Net cash provided by financing activities | 175,485 | 169,554 | 63,213 |
Increase (decrease) in cash and cash equivalents | 4,128 | (3,682) | 6,362 |
Cash and cash equivalents at beginning of year | 2,767 | 6,449 | 87 |
Cash and cash equivalents at end of year | $ 6,895 | $ 2,767 | $ 6,449 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The Company records AOCI for unrealized gains and losses on derivatives that qualify as hedges of cash flows, unrecognized pension costs and cumulative foreign currency translation adjustments. The activity in AOCI is as follows: (thousands) Cash Flow Hedges Defined Benefit Pension Foreign Currency Items Total Balance at December 31, 2017 $ — $ 66 $ — $ 66 Other comprehensive loss (net of tax benefit of $679, $254 and $0) (1,973 ) (741 ) (32 ) (2,746 ) Balance at December 31, 2018 $ (1,973 ) $ (675 ) $ (32 ) $ (2,680 ) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Nature of Business Patrick Industries, Inc. (“Patrick” or the “Company”) operations consist of the manufacture and distribution of building products and materials for use primarily by the recreational vehicle (“RV”), marine, manufactured housing (“MH”), and industrial markets for customers throughout the United States and Canada. At December 31, 2018 , the Company maintained 107 manufacturing plants and 42 distribution facilities located in 22 states, China, Canada and the Netherlands. Patrick operates in two business segments: Manufacturing and Distribution. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Patrick and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Unallocated expenses, when combined with the operating segments and after the elimination of intersegment revenues, total to the amounts included in the consolidated financial statements. In preparation of Patrick’s consolidated financial statements as of December 31, 2018 , management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date of issuance of the Form 10-K that required recognition or disclosure in the consolidated financial statements. See Note 19 for events that occurred subsequent to the balance sheet date. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include the valuation of goodwill, the valuation of long-lived assets, the allowance for doubtful accounts, excess and obsolete inventories, the valuation of estimated contingent consideration and deferred tax asset valuation allowances. Actual results could differ from the amounts reported. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Revenue Recognition Effective January 1, 2018, the Company adopted FASB ASU No. 2014-09, " Revenue from Contracts with Customers" (commonly referred to as “Topic 606”), which requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive. The Company adopted Topic 606 using the modified retrospective method and applied it to those contracts which were not completed as of the adoption date. The adoption of the new revenue standard did not have a material impact on the Company’s consolidated financial position, results of operations, or revenues as of the adoption date. See Note 4 for additional information. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) " ("ASC 842"), which requires that an entity recognize lease assets and lease liabilities on its statement of financial position for leases in excess of one year that were previously classified as operating leases under U.S. GAAP. The standard also requires companies to disclose in the footnotes to the financial statements information about the amount, timing, and uncertainty for the payments made for the lease agreements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years on a retroactive basis. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, " Leases (Topic 842): Targeted Improvements ", which offers practical expedient alternatives to the retroactive adoption of Accounting Standards Codification ASC 842. Specifically, the practical expedients allow companies to recognize right of use lease assets and lease liabilities at the date of adoption only, rather than retrospectively for all periods presented, as well as practical expedients related to the presentation of lease components. The Company will utilize the practical expedients under ASU 2018-11, and as a result, will reflect the adoption of ASC 842 in its consolidated statement of financial position as of January 1, 2019, and will not retroactively reflect the provisions of ASC 842 in its 2017 and 2018 comparative statements of financial position. In 2017, the Company established an implementation team to develop a plan to assess changes to processes and systems necessary to adopt the new standard. The implementation team has completed its technical assessment of assumptions and methods to be used in adopting the standard, and has completed lease data extraction procedures with a third party lease administrator. The adoption of this new accounting standard as of January 1, 2019 will result in the recording of approximately $80 million of right of use lease assets and lease liabilities, but will not have a material impact on the consolidated statement of shareholders' equity, results of operations or cash flows. Stock Compensation In May 2017, the FASB issued a new accounting standard that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The updated guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted. The Company adopted this new standard as of January 1, 2018 as required, and since it does not have a history of modifying share-based payment awards, has determined that the updated requirements did not have an impact on its consolidated financial statements for the periods presented. Cash Flow Statement Classifications In August 2016, the FASB issued a new accounting standard related to the classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The standard may be applied on a retrospective basis and early adoption is permitted. The Company adopted this new standard as of January 1, 2018 as required, and determined that its implementation did not have a material impact on its consolidated statements of cash flows for the periods presented. Goodwill Impairment In January 2017, the FASB issued a new accounting standard that simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The standard requires that the impairment loss be measured as the excess of the reporting unit's carrying amount over its fair value and eliminates the second step that requires the impairment to be measured between the implied value of a reporting unit's goodwill and its carrying value. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation will have on its consolidated financial statements. Definition of a Business In January 2017, the FASB issued a new accounting standard that clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and may be applied on a retrospective basis with early adoption permitted. The Company adopted this new standard as of January 1, 2018 as required and determined that its implementation did not have a material impact on the Company's consolidated financial statements for the periods presented. Hedging Activities In August 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ", which is codified in ASC 815. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. This ASU makes a number of targeted amendments that will enable entities to more clearly portray the economics of their risk management activities in the financial statements and simplify the application of hedge accounting in certain situations. The Company adopted this new standard in August 2018 in anticipation of derivative swap arrangements which were entered into in the third quarter of 2018 and determined that its implementation did not have a material impact on the Company's consolidated financial statements for the periods presented. See Notes 9 and 10 for additional information. Credit Losses In June 2016, the FASB issued ASU 2016-13 “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments ”, which amends certain provisions of ASC 326, “Financial Instruments-Credit Loss”. The ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held to maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. Additionally, entities will have to disclose more information with respect to credit quality indicators, including information used to track credit quality by year of origination for most financing receivables. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and will be applied as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period for which the guidance is effective. The Company does not expect that the adoption of the ASU will have a material effect on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES Revenue Recognition See Notes 3 and 4 for further information on our adoption of Accounting Standard Update (“ASU”) 2014-09, which is codified in Financial Accounting Standards Board's ("FASB") Accounting Standard Codification ("ASC") 606 “ Revenue from Contracts with Customers ” effective January 1, 2018 and the Company's Form 10-K for the year ended December 31, 2017 for its accounting policies over revenue recognition prior to 2018. Costs and Expenses Cost of goods sold includes material costs, direct and indirect labor, overhead expenses, inbound freight charges, inspection costs, internal transfer costs, receiving costs, and other costs. Warehouse and delivery expenses include salaries and wages, building rent and insurance, and other overhead costs related to distribution operations and delivery costs related to the shipment of finished and distributed products to customers. Purchasing costs are included in selling, general and administrative (“SG&A”) expenses. Stock Based Compensation Compensation expense related to the fair value of stock awards as of the grant date is calculated based on the Company’s closing stock price on the date of grant. In addition, the Company estimates the fair value of all stock option and stock appreciation rights (“SARS”) awards as of the grant date by applying the Black-Scholes option-pricing model. The use of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense and include the dividend yield and exercise price. Expected volatilities take into consideration the historical volatility of the Company’s common stock. The expected term of options and SARS represents the period of time that the options and SARS granted are expected to be outstanding based on historical Company trends. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for instruments of a similar term. Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding, plus the dilutive effect of stock options, SARS, and restricted stock units (collectively, “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. See Note 16 for the calculation of both basic and diluted net income per common share. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Trade Receivables Trade receivables consist primarily of amounts due to the Company from its normal business activities. In assessing the carrying value of its trade receivables, the Company estimates the recoverability by making assumptions based on factors such as current overall and industry-specific economic conditions, historical and anticipated customer performance, historical write-off and collection experience, the level of past-due amounts, and specific risks identified in the trade receivables portfolio. The following table summarizes the changes in the allowance for doubtful accounts: (thousands) 2018 2017 2016 Balance at January 1 $ 180 $ 92 $ 150 Provisions made during the year 563 1,192 415 Write-offs (245 ) (1,112 ) (473 ) Recoveries during the year 1 8 — Balance at December 31 $ 499 $ 180 $ 92 Inventories Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) and net realizable value. Based on the inventory aging and other considerations for realizable value, the Company writes down the carrying value to net realizable value where appropriate. The Company reviews inventory on-hand and records provisions for obsolete inventory based on current assessments of future demand, market conditions, and related management initiatives. Any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and operating results. The cost of manufactured inventories includes raw materials, inbound freight, labor and overhead. The Company’s distribution inventories include the cost of raw materials and inbound freight. Property, Plant and Equipment Property, plant and equipment (“PP&E”) is generally recorded at cost. However, PP&E acquired in connection with an acquisition is recorded at fair value. Depreciation is computed primarily by the straight-line method applied to individual items based on estimated useful lives, which generally range from 10 to 30 years for buildings and improvements, and from three to seven years for machinery, equipment and transportation equipment. Leasehold improvements are amortized over the lesser of their useful lives or the related lease term. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. Long-lived assets other than goodwill and intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. The recoverability of PP&E is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable, primarily based on estimated selling price, appraised value or projected future cash flows. Goodwill and Other Intangible Assets Assets and liabilities acquired in business combinations are accounted for using the acquisition method and are recorded at their respective fair values. Upon acquisition, goodwill and other intangible assets are assigned to reporting units which are one level below the Company’s business segments. Goodwill and indefinite-lived intangible assets are not amortized but are subject to an annual (or under certain circumstances more frequent) impairment test based on their estimated fair value. The Company performs the required test for goodwill and indefinite-lived intangible assets impairment in the fourth quarter, or more frequently, if events or changes in circumstances indicate that the carrying value may exceed the fair value. Finite-lived intangible assets relate to customer relationships, patents and non-compete agreements. Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. Intangible assets acquired in business combinations are initially recorded at their estimated fair values as determined by an income valuation approach using Level 3 fair value inputs, as defined herein. There was no impairment for goodwill and other intangible assets for the years ended December 31, 2018 , 2017 and 2016 . Impairment of Long-Lived Assets When events or conditions warrant, the Company evaluates the recoverability of long-lived assets other than goodwill and indefinite-lived intangible assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. A significant adverse change in the Company’s business climate in future periods could result in a significant loss of market share or the inability to achieve previously projected revenue growth and could lead to a required assessment of the recoverability of the Company’s long-lived assets, which may subsequently result in an impairment charge. Financial Instruments The fair values of the Company's financial instruments are separated into three broad levels (Levels 1, 2 and 3) based on the assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the fair value hierarchy are as follows: • Level 1 inputs, which are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs, which are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 inputs, which are unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables, debt and accounts payable. The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of December 31, 2018 and December 31, 2017 because of the relatively short maturities of these financial instruments. The carrying amounts of the 2018 Term Loan and the 2018 Revolver (each as defined herein) and of the 2015 Term Loan and the 2015 Revolver (each as defined herein) approximated fair value as of December 31, 2018 and December 31, 2017, respectively, based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding debt. The estimated fair value of the Convertible Notes (as defined herein), calculated using Level 2 inputs, was approximately $130.3 million as of December 31, 2018. As defined herein and discussed in Note 10, the Convertible Note Hedges Transactions and Warrant Transactions are recorded in stockholders’ equity, are not accounted for as derivatives and are presented at carrying value, which does not approximate fair value at December 31, 2018. The estimated fair value of the Company's interest rate swaps are valued using Level 2 inputs and discussed in further detail in Note 10. The estimated fair value of the Company's contingent consideration is valued using Level 3 inputs and is discussed further in Note 5. Income Taxes Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized in the current year to the extent future deferred tax liability timing differences are expected to reverse. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets may not be realized. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Effective January 1, 2018, the Company adopted Topic 606, which requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive. The Company adopted Topic 606 using the modified retrospective method and applied it to those contracts which were not completed as of the adoption date. The adoption of the new revenue standard did not have a material impact on the Company’s consolidated financial position, results of operations, or revenues as of the adoption date. Revenue Recognition Revenues are recognized when or as control of the promised goods or services transfers to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The transaction price for contracts may include forms of variable consideration, including reductions to the transaction price for volume discounts and rebates. To the extent a contract is deemed to have multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation using the standalone selling price of each distinct good or service in the contract. Disaggregation of Revenue In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable operating segments: Year Ended December 31, 2018 (thousands) Manufacturing Distribution Total Reportable Operating Segments Market type: Recreational Vehicle $ 1,069,981 $ 364,276 $ 1,434,257 Manufactured Housing 163,513 111,178 274,691 Industrial 246,168 33,813 279,981 Marine 265,805 8,327 274,132 Total $ 1,745,467 $ 517,594 $ 2,263,061 Description of Products and Services The Company is a major manufacturer of component products and a distributor of building products and materials serving original equipment manufacturers (“OEMs”). The following is a description of the principal activities, by reportable segments, from which the Company generates its revenue. See Note 20 for more detailed information about the Company's reportable operating segments. Manufacturing The Company’s Manufacturing segment revenue is primarily derived from the sale of laminated products that are utilized to produce furniture, shelving, walls, countertops, and cabinet products, cabinet doors, fiberglass bath fixtures and tile systems, hardwood furniture, vinyl printing, decorative vinyl and paper laminated panels, solid surface, granite, and quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, fiberglass bath fixtures and tile systems, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components including instrument and dash panels, wrapped vinyl, paper and hardwood profile mouldings, wrapped profile moldings, interior passage doors, air handling products, slide-out trim and fascia, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and components products, wiring and wire harnesses, boat covers, towers, tops and frames, aluminum fuel tanks, CNC molds and composite parts, slotwall panels and components and other products. Manufacturing segment revenue is recognized when control of the products transfers to the customer which is the point when the customer gains the ability to direct the use of and obtain substantially all of the remaining benefits from the asset, which is generally upon delivery of goods. In limited circumstances, where the products are customer specific with no alternative use to the Company and the Company has a legally enforceable right to payment for performance to date with a reasonable margin, revenue is recognized over the contract term based on the cost-to-cost method. The Company uses this measure of progress because it best depicts the transfer of value to the customer and correlates with the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods to the customer. However, revenue recognized based on the cost-to-cost method does not constitute a material amount of total Manufacturing segment revenue and consolidated net sales. Distribution The Company’s Distribution segment revenue is primarily derived from the resale of pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, appliances, wiring, electrical and plumbing products, fiber reinforced polyester products, cement siding, raw and processed lumber, interior passage doors, roofing products, laminate and ceramic flooring, tile, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services. The Company acts as a principal in such arrangements because it controls the promised goods before delivery to the customer. Distribution segment revenue from product sales is recognized on a gross basis upon delivery of goods at which point control transfers to the customer. The Distribution segment also generates revenue by providing marketing services for other manufacturers in exchange for agreed upon commissions. The commission revenue is recognized in the amount of expected commissions to be collected from the manufacturer upon delivery of goods to the customer. The overall commission business is not material to the Company’s consolidated net sales. Significant Judgments and Practical Expedients Applied Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are not recognized as separate performance obligations to which a portion of revenue would otherwise be allocated. The Company records freight billed to customers in net sales. The corresponding costs incurred for shipping and handling related to these customer billed freight costs are recorded as costs to fulfill the contract and are included in warehouse and delivery expenses. The Company’s contracts across each of its businesses typically do not result in situations where there is a time period greater than one year between performance under the contract and collection of the related consideration. The Company elected the practical expedient under Topic 606 related to significant financing components, where the Company expects, at contract inception, that the period between the entity’s transfer of a promised good or service to a customer and the customer’s payment for that good or service will be one year or less. The Company also applies the practical expedient in Topic 606 related to costs to obtain a contract and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the incurred costs that the Company otherwise would have capitalized is one year or less. These costs are included in selling, general and administrative expenses. Contract Balances The Company typically invoices the customer after shipment of the promised goods, at which time it has an unconditional right to payment. In limited circumstances, the Company may receive upfront payments from customers prior to satisfaction of a performance obligation in both the manufacturing and distribution businesses, in which case a contract liability is recorded. The following table provides information about contract balances: (thousands) December 31, 2018 At Adoption Receivables, which are included in trade receivables, net $ 74,196 $ 75,926 Contract liabilities 2,642 1,310 Significant changes in the contract liabilities balance during the year ended December 31, 2018 are as follows: (thousands) Contract Liabilities Revenue recognized that was included in the contract liability balance at the beginning of the period $(1,213) Increases due to cash received, excluding amounts recognized as revenue during the period 2,357 Accrued customer deposits related to business combinations 188 Transaction Price Allocated to the Remaining Performance Obligation The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company does not have material contracts that have original expected durations of more than one year. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS General The Company completed a total of 23 acquisitions involving 34 com panies in the three years ended December 31, 2018 , 2017 and 2016 as discussed below. Each of the acquisitions was funded through borrowings under the Company’s credit facility in existence at the time of acquisition. Assets acquired and liabilities assumed in the individual acquisitions were recorded on the Company’s consolidated statements of financial position at their estimated fair values as of the respective dates of acquisition. For each acquisition, the Company completes its allocation of the purchase price to the fair value of acquired assets and liabilities within the one year measurement period. For those acquisitions where the purchase price allocation has been noted as being provisional, the Company generally is still in the process of finalizing the fair values of acquired goodwill, intangible assets, fixed assets, and, if applicable, related deferred tax assets and liabilities. Historically, the impact of finalizing provisional purchase price allocations has not been significant. In general, the acquisitions described below provided the opportunity for the Company to either establish a new presence in a particular market and/or expand its product offerings in an existing market and increase its market share and per unit content. For each acquisition, the excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the combined value of the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the acquired companies’ respective management teams to maximize efficiencies, revenue impact, market share growth and net income. The goodwill recognized is expected to be deductible for income tax purposes for each of the 2018, 2017 and 2016 acquisitions with the exception of the 2018 acquisition of Marine Accessories Corporation and the 2017 acquisition of Leisure Product Enterprises, LLC, which are expected to be partially deductible for income tax purposes, and the 2018 acquisition of LaSalle Bristol and the 2016 acquisition of BH Electronics, Inc., which are not deductible for income tax purposes. Intangible asset values were estimated using income based valuation methodologies. See Note 8 for information regarding the amortization periods assigned to finite-lived intangible assets. For the years ended December 31, 2018 , 2017 and 2016 , revenue of approximately $249.3 million , $109.7 million and $92.3 million , respectively, was included in the Company’s consolidated statements of income pertaining to the businesses acquired in each such year. For the years ended December 31, 2018 , 2017 and 2016 , operating income of approximately $23.2 million , $13.1 million and $10.3 million , respectively, was included in the Company’s consolidated statements of income pertaining to the businesses acquired in each such year. Acquisition-related costs in the aggregate associated with the businesses acquired in 2018 , 2017 and 2016 were immaterial. Contingent Consideration In connection with certain 2018 and 2017 acquisitions as noted below, if certain financial targets for the acquired businesses are achieved, the Company will be required to pay additional cash consideration. The Company has recorded a liability for the fair value of the contingent consideration related to each of these acquisitions as part of the initial purchase price based on the present value of the expected future cash flows and the probability of future payments at the date of acquisition. As required, the liability for the contingent consideration associated with each of these acquisitions will be measured quarterly at fair value and the Company could record adjustments in future periods. The aggregate fair value of the estimated contingent consideration payments was $13.8 million , $4.4 million of which is included in the line item "Accrued liabilities" and $9.4 million is included in “Other long-term liabilities” on the consolidated statement of financial position as of December 31, 2018. The liability for contingent consideration expires at various dates through December 2023. The contingent consideration arrangements are subject to a maximum payment amount of up to $18.8 million in the aggregate as of December 31, 2018. In the fourth quarter of 2018, non-purchase accounting related changes to the aggregate value of estimated contingent consideration included a $2.6 million non-cash decrease to accrued liabilities, partly offset by a $0.6 million non-cash accretion of other long term liabilities. 2018 Acquisitions Metal Moulding Corporation ( “ MMC” ) In February 2018, the Company completed the acquisition of the business and certain assets of Madison, Tennessee-based MMC, a manufacturer of custom metal fabricated products, primarily for the marine market, including hinges, arm rests, brackets, panels and trim, as well as plastic products including boxes, inlay tables, steps, and related components, for a net initial purchase price of $19.9 million , plus subsequent contingent consideration over a one -year period based on future performance. The Company recorded a fair value estimate of the contingent consideration of $1.4 million , which was included in the line item “ Accrued liabilities ” on the consolidated statement of financial position at acquisition date. The results of operations for MMC are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2018. Changes from previously reported estimated amounts as of the first quarter of 2018 date include a $0.9 million decrease to property, plant and equipment, a $2.1 million decrease to intangible assets and a $2.9 million increase to goodwill. Aluminum Metals Company, LLC (“AMC” ) In February 2018, the Company completed the acquisition of the business and certain assets of Elkhart, Indiana-based AMC, a manufacturer of aluminum products including coil, fabricated sheets and extrusions and roofing products, primarily for the RV, industrial and marine markets, for a net purchase price of $17.8 million . The results of operations for AMC are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2018. Changes from previously reported estimated amounts as of the first quarter of 2018 include a $1.7 million decrease to property, plant and equipment, a $1.2 million increase to intangible assets and a $0.5 million increase to goodwill. IMP Holdings, LLC d/b/a Indiana Marine Products (“IMP”) In March 2018, the Company completed the acquisition of the business and certain assets of Angola, Indiana-based IMP, a manufacturer of fully-assembled helm assemblies, including electrical wiring harnesses, dash panels, instrumentation and gauges, and other products primarily for the marine market, for a net initial purchase price of $18.6 million , plus subsequent contingent consideration payments over a three -year period based on future performance. The Company recorded a fair value estimate of the contingent consideration of $7.9 million , which was included in the line item “ Other long-term liabilities ” on the consolidated statement of financial position at acquisition date. The results of operations for IMP are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. Collins & Company, Inc. (“Collins”) In March 2018, the Company completed the acquisition of the business and certain assets of Bristol, Indiana-based Collins, a distributor of appliances, trim products, fuel systems, flooring, tile, and other related building materials primarily to the RV market as well as the housing and industrial markets, for a net purchase price of $40.0 million . The results of operations for Collins are included in the Company’s consolidated financial statements and the Distribution operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. Dehco, Inc. (“Dehco”) In April 2018, the Company completed the acquisition of Dehco, a distributor and manufacturer of flooring, kitchen and bath products, adhesives and sealants, electronics, appliances and accessories, LP tanks, and other related building materials, primarily for the RV market as well as the MH, marine and other industrial markets, for a net purchase price of $52.8 million . Dehco has operating facilities in Indiana, Oregon, Pennsylvania and Alabama. The results of operations for Dehco are included in the Company’s consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. Dowco, Inc. (“Dowco”) In May 2018, the Company completed the acquisition of Dowco, a designer and manufacturer of custom designed boat covers and bimini tops, full boat enclosures, mounting hardware, and other accessories and components for the marine market, for a purchase price of $56.3 million , net of cash acquired. Dowco has operating facilities in Wisconsin, Missouri, Indiana, and Minnesota. The results of operations for Dowco are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. Marine Accessories Corporation (“MAC”) In June 2018, the Company acquired 100% of the membership interests of Maryville, Tennessee-based MAC, a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors within the marine market, as well as direct to consumers, for a purchase price of $57.0 million , net of cash acquired. The results of operations for MAC are included in the Company’s consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. Engineered Metals and Composites, Inc. (“EMC”) In September 2018, the Company completed the acquisition of West Columbia, South Carolina-based EMC, a designer and manufacturer of custom marine towers, frames, and other fabricated component products for OEMs in the marine industry, for a net initial purchase price of $25.2 million , plus subsequent contingent consideration over a three -month period based on future performance. The Company recorded a fair value estimate of the contingent consideration of $2.5 million , which was included in the line item “Accrued liabilities ” on the consolidated statement of financial position at acquisition date. The results of operations for EMC are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. LaSalle Bristol (“LaSalle”) In November, 2018, the Company completed the acquisition of LaSalle, a distributor and manufacturer of plumbing, flooring, tile, lighting, air handling and building products for the MH, RV, and industrial markets, for an estimated purchase price, net of cash acquired, of $50.0 million . LaSalle is headquartered in Elkhart, Indiana and operates a total of 15 manufacturing and distribution centers located in North America. The results of operations for LaSalle are included in the Company’s consolidated financial statements and the Manufacturing and Distribution operating segments from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its fair value estimates. In connection with the LaSalle acquisition, the Company assumed approximately $5.2 million in net pension liabilities for the LaSalle Bristol, LP Pension Pan ("the Plan"), a qualified pension plan covering 289 participants which has been frozen since 2008. The net liability of the Plan consists of a pension benefit obligation of approximately $18.6 million and Plan assets of approximately $13.4 million as of December 31, 2018. Plan assets are invested primarily in short-term debt instruments, classified within Levels 1 and 2 of the fair value hierarchy, with an expected return on assets for 2019 of approximately 3.5% . The discount rate used to determine the pension benefit obligation was 4.04% at December 31, 2018. Periodic pension income and contributions were immaterial from the date of acquisition through December 31, 2018. Minimum required contributions to the Plan are expected to be approximately $0.4 million for 2019. The Plan's projected estimated benefit payments (unaudited) are as follows: (thousands) 2019 $ 1,485 2020 1,499 2021 1,491 2022 1,467 2023 1,433 2024-2028 6,627 Total $ 14,002 2017 Acquisitions Medallion Plastics, Inc. (“Medallion”) In March 2017, the Company acquired the business and certain assets of Elkhart, Indiana-based Medallion, a designer, engineer and manufacturer of custom thermoformed products and components which include dash and trim panels and fender skirts for the RV market, and complete interior packages, bumper covers, hoods, and trims for the automotive, specialty transportation and other industrial markets, for a net purchase price of $9.9 million . The results of operations for Medallion are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. Leisure Product Enterprises, LLC (“LPE”) In April 2017, the Company acquired 100% of the membership interests of LPE for a net purchase price of approximately $73.3 million , subject to a final working capital adjustment. LPE is comprised of three complementary manufacturing companies primarily serving the marine and industrial markets: Marine Electrical Products, located in Lebanon, Missouri, supplies marine OEMs with fully-assembled boat dash and helm assemblies, including electrical wire harnesses as well as custom parts and assemblies for the industrial, commercial, and off-road vehicle markets; Florida Marine Tanks, located in Henderson, North Carolina, supplies aluminum fuel and holding tanks for marine and industrial customers; and Marine Concepts/Design Concepts, with facilities located in Sarasota, Florida and Cape Coral, Florida, designs, engineers and manufactures CNC plugs, open and closed composite molds, and CNC molds for fiberglass boat manufacturers. The results of operations for LPE are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the first quarter of 2018, and resulted in changes from previously reported estimated amounts as of December 31, 2017 that include a $0.6 million decrease to goodwill and $0.9 million increase to intangible assets, the net of which was offset by a $0.3 million increase to the deferred tax liability. There was no material impact to the consolidated statement of income related to these changes in 2018 . Indiana Technologies, Inc. d/b/a Wire Design (“Wire Design”) In July 2017, the Company acquired the business and certain assets of Elkhart, Indiana-based Wire Design, a manufacturer of wire harnesses for the RV, marine and industrial markets, for a net purchase price of $10.8 million . The results of operations for Wire Design are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the first quarter of 2018, and resulted in changes from previously reported estimated amounts as of December 31, 2017 that include a $0.2 million decrease to goodwill with a corresponding $0.2 million increase to intangible assets. There was no material impact to the consolidated statement of income related to these changes in 2018. Baymont, Inc. (“Baymont”) In September 2017, the Company acquired the business and certain assets of Baymont, a manufacturer and supplier of fiberglass showers, tubs, and tile systems for the MH and industrial markets, with operating facilities located in Golden, Mississippi and Belmont, Mississippi. The net purchase price was $3.8 million , plus subsequent contingent consideration payments over a six -year period based on future performance. The Company recorded a preliminary fair value estimate of the contingent consideration of $5.1 million at the date of acquisition, which was included in the line item “ Other long-term liabilities ” on the consolidated statement of financial position as of December 31, 2017. In 2018, the fair value estimate of the contingent consideration was decreased by $1.1 million to $4.0 million , with a corresponding $1.1 million decrease to goodwill. The results of operations for Baymont are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the third quarter of 2018. After adjusting for a decrease in the estimated purchase price reported at December 31, 2017, reflecting the $1.1 million decrease in the fair value estimate of the contingent consideration discussed above net of a $0.5 million increase due to a final working capital adjustment, changes from previously reported estimated amounts as of December 31, 2017 include a $0.3 million increase to property, plant and equipment, net, a $0.9 million increase to other intangible assets, and a $1.7 million decrease to goodwill. There was no material impact to the consolidated statement of income related to these changes in 2018. Indiana Transport, Inc. (“Indiana Transport”) In November 2017, the Company acquired the business and certain assets of Elkhart, Indiana-based Indiana Transport, a transportation and logistics service provider primarily to OEMs and dealers in the RV market, for a net purchase price of $58.8 million . The results of operations for Indiana Transport are included in the Company’s consolidated financial statements and the Distribution operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2018. After adjusting for a $0.6 million decrease in the estimated purchase price reported at December 31, 2017 due to a final working capital adjustment, changes from previously reported estimated amounts as of December 31, 2017 include a $1.0 million decrease to property, plant and equipment, net, with a corresponding $0.7 million increase to goodwill and $0.3 million increase to intangible assets, and a $0.6 million increase to accounts payable and accrued liabilities. There was no material impact to the consolidated statement of income related to these changes in 2018. LMI, Inc. and Related Companies (collectively, “LMI”) In November 2017, the Company acquired LMI, a designer, fabricator, and installer of specialty glass, mirror, bath and closet building products to residential housing and commercial high-rise builders, general contractors, retailers, and RV manufacturers in the U.S., for a purchase price of $80.3 million , net of cash acquired. LMI is headquartered in Ontario, California and operates six manufacturing and distribution centers in California and Nevada and an additional manufacturing facility in China. The results of operations for LMI are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2018. After adjusting for a $0.9 million increase in the estimated purchase price reported at December 31, 2017 due to a final working capital adjustment, changes from previously reported estimated amounts as of December 31, 2017 include a $0.1 million increase to trade receivables, a $0.1 million decrease to inventories, a $0.5 million decrease in prepaid expenses and other, a $2.0 million increase to property, plant and equipment, net, a $2.7 million increase to goodwill, a $3.3 million decrease to intangible assets and a $0.2 million increase to accounts payable and accrued liabilities. There was no material impact to the consolidated statement of income related to these changes in 2018. Nickell Moulding Company, Inc. (“Nickell”) In December 2017, the Company acquired the business and certain assets of Elkhart, Indiana-based Nickell, a manufacturer of hardwood and wrapped mouldings and trim, custom wood frames, and door components for the RV, retail and hospitality, MH, and other markets, for a net purchase price of $ 12.6 million . The results of operations for Nickell are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the fourth quarter of 2018. After adjusting for a $0.3 million increase in the estimated purchase price reported at December 31, 2017 due to a final working capital adjustment, changes from previously reported estimated amounts as of December 31, 2017 include a $0.2 million decrease to trade receivables, a $0.9 million decrease to goodwill, a $0.4 million increase to inventories, a $0.3 million increase to property, plant and equipment, net, and a $0.6 million decrease to accounts payable. There was no material impact to the consolidated statement of income related to these changes in 2018. 2016 Acquisitions Parkland Plastics, Inc. (“Parkland”) In February 2016, the Company acquired 100% of the outstanding capital stock of Middlebury, Indiana-based Parkland, a fully integrated designer and manufacturer of innovative polymer-based products including wall panels, lay-in ceiling panels, coated and rolled floors, protective moulding, and adhesives and accessories, used in a wide range of applications primarily in the RV, architectural and industrial markets, for a net purchase price of $25.2 million . The results of operations for Parkland are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The Progressive Group (“Progressive”) In March 2016, the Company acquired the business and certain assets of Progressive, a distributor and manufacturer's representative for major name brand electronics to small, mid-size and large retailers, distributors, and custom installers, primarily serving the auto and home electronics, retail, custom integration and commercial channels, for a net purchase price of $10.9 million . Progressive has six distribution facilities located in Arizona, Colorado, Indiana, Michigan and Utah. The results of operations for Progressive are included in the Company’s consolidated financial statements and the Distribution operating segment from the date of acquisition. Cana Holdings, Inc. (“Cana”) In May 2016, the Company acquired the business and certain assets of Cana, a custom cabinetry manufacturer, primarily serving the MH industry and the residential, hospitality and institutional markets, for a net purchase price of $16.5 million . Cana has operating facilities located in Elkhart, Indiana and Americus, Georgia. The results of operations for Cana are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. Mishawaka Sheet Metal, LLC (“MSM”) In June 2016, the Company acquired the business and certain assets of Elkhart, Indiana-based MSM, a fabricator of a wide variety of aluminum and steel products primarily serving the RV and industrial markets, for a net purchase price of $14.0 million . The results of operations for MSM are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. Vacuplast, LLC d/b/a L.S. Manufacturing, Inc. (“LS Mfg.”) In July 2016, the Company acquired the business and certain assets of Elkhart, Indiana-based LS Mfg., a manufacturer of a wide variety of thermoformed plastic parts and components, primarily serving the RV industry, as well as certain industrial markets, for a net purchase price of $11.2 million . The results of operations for LS Mfg. are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. BH Electronics, Inc. (“BHE”) In July 2016, the Company acquired 100% of the outstanding capital stock of BHE, a major designer, engineer and manufacturer of custom thermoformed dash panel assemblies, center consoles and trim panels, complete electrical systems, and related components and parts, primarily for recreational boat manufacturers in the U.S., for a net purchase price of $35.0 million . BHE has operating facilities located in Tennessee and Georgia. The results of operations for BHE are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. Sigma Wire International, LLC / KRA International, LLC (together “Sigma/KRA”) In December 2016, the Company acquired the business and certain assets of Sigma, headquartered in Elkhart, Indiana, and KRA, headquartered in Mishawaka, Indiana. Sigma is a manufacturer of a wide range of PVC insulated wire and cable products primarily for the RV and marine markets. KRA, which operates primarily in the RV and industrial markets, is a manufacturer of wire harnesses and associated assemblies for RVs, commercial vehicles, lawn care equipment, marine products, the defense industry, and automotive aftermarket products. The Company acquired Sigma/KRA for a net purchase price of $26.1 million . The results of operations for Sigma/KRA are included in the Company’s consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of the acquisition. The purchase price allocation in each acquisition is final except as noted in the discussions above: (thousands) Trade receivables Inventories Property, plant and equipment Prepaid expenses & other Intangible assets Goodwill Less: Total liabilities Less: Deferred tax liability, net Total net assets acquired 2018 MMC (1) $ 1,463 $ 2,324 $ 2,085 $ — $ 8,540 $ 7,668 $ 827 $ — $ 21,253 AMC 3,942 5,623 2,321 39 6,550 1,755 2,463 — 17,767 IMP (2) 1,962 4,267 1,306 13 12,860 8,979 2,888 — 26,499 Collins 2,830 9,903 1,125 5 22,000 6,730 2,586 — 40,007 Dehco 4,771 16,923 13,755 208 14,200 6,330 3,392 — 52,795 Dowco 4,053 4,498 5,910 1,240 34,379 10,423 4,198 — 56,305 MAC 3,054 6,815 8,000 284 32,733 19,264 4,290 8,839 57,021 EMC (3) 623 1,577 2,500 — 15,750 8,073 798 — 27,725 LaSalle 8,249 46,017 8,500 6,255 5,885 3,718 28,594 41 49,989 Other 472 329 300 13 1,667 902 196 — 3,487 2018 Totals $ 31,419 $ 98,276 $ 45,802 $ 8,057 $ 154,564 $ 73,842 $ 50,232 $ 8,880 $ 352,848 2017 Medallion $ 2,233 $ 2,605 $ 1,713 $ 118 $ 3,100 $ 1,342 $ 1,200 $ — $ 9,911 LPE 5,848 5,162 9,225 337 33,275 39,945 6,358 14,140 73,294 Wire Design 615 437 555 21 5,590 4,052 491 — 10,779 Baymont (4) — 1,174 2,067 — 3,166 1,502 69 — 7,840 Indiana Transport 6,379 — 2,594 1,309 31,675 19,950 3,117 — 58,790 LMI 11,205 9,071 6,028 449 32,810 29,241 8,471 — 80,333 Nickell 1,784 1,547 1,240 — 6,250 2,331 556 — 12,596 Other — 250 2,668 — — 668 124 — 3,462 2017 Totals $ 28,064 $ 20,246 $ 26,090 $ 2,234 $ 115,866 $ 99,031 $ 20,386 $ 14,140 $ 257,005 2016 Parkland $ 2,880 $ 5,280 $ 2,987 $ 86 $ 10,950 $ 5,175 $ 2,180 $ — $ 25,178 Progressive 996 3,074 100 61 6,010 2,980 2,344 — 10,877 Cana 646 1,151 5,840 29 7,065 2,927 1,135 — 16,523 MSM 2,017 1,592 2,521 12 7,855 984 965 — 14,016 LS Mfg. 620 1,382 265 — 6,315 2,772 154 — 11,200 BHE 2,922 3,801 1,794 — 21,140 15,716 1,508 8,865 35,000 Sigma/KRA 2,039 1,820 935 7 13,495 9,533 1,708 — 26,121 2016 Totals $ 12,120 $ 18,100 $ 14,442 $ 195 $ 72,830 $ 40,087 $ 9,994 $ 8,865 $ 138,915 (1) Total net assets acquired for MMC reflect the preliminary estimated liability of $1.4 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the MMC acquisition of $19.9 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (2) Total net assets acquired for IMP reflect the preliminary estimated liability of $7.9 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the IMP acquisition of $18.6 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (3) Total net assets acquired for EMC reflect the preliminary estimated liability of $2.5 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the EMC acquisition of $25.2 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (4) Total net assets acquired for Baymont include the revised estimated liability of $4.0 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the Baymont acquisition of $3.8 million is included in "Cash Flows from Investing Activities - Business Acquisitions" on the consolidated statement of cash flows for the year ended December 31, 2017. Pro Forma Information (Unaudited) The following pro forma information assumes the MMC, AMC, IMP, Collins, Dehco, Dowco, MAC, EMC, and LaSalle acquisitions (which were acquired in 2018), and the Medallion, LPE, Wire Design, Baymont, Indiana Transport, LMI and Nickell acquisitions (which were acquired in 2017) occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of each of the 2018 and 2017 acquisitions, combined with the results prior to their respective acquisition dates, adjusted to reflect the pro forma impact of the acquisitions occurring as of the beginning of the year immediately preceding each such acquisition. The pro forma information includes financing and interest expense charges based on the actual incremental borrowings incurred in connection with each transaction as if it occurred as of the beginning of the year immediately preceding each such acquisition. In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired of $5.5 million |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories as of December 31, 2018 and 2017 consist of the following classes: (thousands) 2018 2017 Raw materials $ 164,408 $ 96,846 Work in process 12,829 10,720 Finished goods 28,341 22,936 Less: reserve for inventory obsolescence (5,354 ) (3,087 ) Total manufactured goods, net 200,224 127,415 Materials purchased for resale (distribution products) 74,914 49,392 Less: reserve for inventory obsolescence (2,240 ) (1,537 ) Total materials purchased for resale (distribution products), net 72,674 47,855 Total inventories $ 272,898 $ 175,270 The following table summarizes the reserve for inventory obsolescence: (thousands) 2018 2017 2016 Balance at January 1 $ 4,624 $ 3,957 $ 3,508 Charged to operations 13,862 4,325 2,542 Deductions from reserves (10,892 ) (3,658 ) (2,093 ) Balance at December 31 $ 7,594 $ 4,624 $ 3,957 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net, consists of the following classes at December 31, 2018 and 2017 : (thousands) 2018 2017 Land and improvements $ 8,686 $ 6,624 Building and improvements 59,701 45,416 Machinery and equipment 191,142 139,443 Transportation equipment 4,972 3,602 Leasehold improvements 11,873 8,354 Property, plant and equipment, at cost 276,374 203,439 Less: accumulated depreciation and amortization (99,229 ) (84,953 ) Property, plant and equipment, net $ 177,145 $ 118,486 For the years ended December 31, 2018 and 2017 , no events or changes in circumstances occurred that required the Company to assess the recoverability of its property, plant and equipment, and therefore the Company did not recognize any impairment charges. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 100,592 $ 9,301 $ 109,893 Acquisitions 79,910 19,272 99,182 Adjustment to prior year preliminary purchase price allocation (1,031 ) — (1,031 ) Balance - December 31, 2017 179,471 28,573 208,044 Acquisitions 56,704 17,138 73,842 Adjustment to prior year preliminary purchase price allocation (830 ) 678 (152 ) Balance - December 31, 2018 $ 235,345 $ 46,389 $ 281,734 Intangible Assets Intangible assets are comprised of customer relationships, non-compete agreements, patents and trademarks. Customer relationships and non-compete agreements represent finite-lived intangible assets that have been recorded in the Manufacturing and Distribution segments along with related amortization expense. As of December 31, 2018 , the remaining intangible assets balance of $383.0 million is comprised of $82.4 million of trademarks which have an indefinite life, and therefore no amortization expense has been recorded, and $300.6 million pertaining to customer relationships, non-compete agreements and patents which are being amortized over periods ranging from three to 19 years . For the finite-lived intangible assets attributable to the 2018 acquisitions, the useful life pertaining to non-compete agreements was three years for AMC and five years for all other 2018 acquisitions. The useful life pertaining to customer relationships for all of the 2018 acquisitions was 10 years . Amortization expense for the Company’s intangible assets in the aggregate was $34.2 million , $19.4 million and $13.4 million for 2018 , 2017 and 2016 , respectively. Intangible assets, net consist of the following at December 31, 2018 and 2017 : (thousands) 2018 Weighted 2017 Weighted Customer relationships $ 366,228 10.1 $ 238,043 10.2 Non-compete agreements 19,159 4.9 15,564 4.2 Patents (1) 1,048 8.9 1,010 9.0 Trademarks 82,358 Indefinite 60,448 Indefinite 468,793 315,065 Less: accumulated amortization (85,811 ) (51,598 ) Intangible assets, net $ 382,982 $ 263,467 (1) Represents patents acquired through business acquisitions as well as patents acquired post-business acquisition at Dowco and LMI. Changes in the carrying value of intangible assets for the years ended December 31, 2018 and 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 149,853 $ 14,686 $ 164,539 Acquisitions 85,350 31,390 116,740 Amortization (16,225 ) (3,149 ) (19,374 ) Adjustment to prior year preliminary purchase price allocation 1,562 — 1,562 Balance - December 31, 2017 220,540 42,927 263,467 Acquisitions (1) 112,517 42,085 154,602 Amortization (27,413 ) (6,800 ) (34,213 ) Adjustment to prior year preliminary purchase price allocation (1,159 ) 285 (874 ) Balance - December 31, 2018 $ 304,485 $ 78,497 $ 382,982 (1) Includes patents acquired post-business acquisition. Amortization expense for the next five fiscal years ending December 31 related to finite-lived intangible assets as of December 31, 2018 is estimated to be (in thousands): 2019 - $38,946 ; 2020 - $38,586 ; 2021 - $38,047 ; 2022 - $37,221 ; and 2023 - $35,645 . |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT A summary of total debt outstanding at December 31, 2018 and 2017 is as follows: (thousands) 2018 2017 Long-term debt: Revolver $ 392,332 $ 287,397 Term loan 96,250 66,960 Convertible Notes 172,500 — Total long-term debt 661,082 354,357 Less: Convertible Notes discount and debt issuance costs, net (30,125 ) — Less: current maturities of long-term debt (8,750 ) (15,766 ) Less: net deferred financing costs related to term loan (456 ) (480 ) Total long-term debt, less current maturities, net $ 621,751 $ 338,111 2015 Credit Facility Prior to June 5, 2018, the Company's credit facility was established under its Amended and Restated Credit Agreement, dated April 28, 2015, with Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent and a lender, and the lenders party thereto, as amended (the “2015 Credit Agreement”). The 2015 Credit Agreement consisted of a $417.3 million revolving credit loan (the “2015 Revolver”) and up to an $82.7 million term loan (the “2015 Term Loan” and, together with the Revolver, the “2015 Credit Facility”). The 2015 Credit Facility had a maturity date of March 17, 2022 and was replaced by the 2018 Credit Facility (as defined herein). 2018 Credit Facility The Company entered into a Second Amended and Restated Credit Agreement, dated as of June 5, 2018, (the “2018 Credit Agreement”) by and among the Company, the Lenders party thereto, and Wells Fargo, as Administrative Agent. The 2018 Credit Agreement amended and restated the Company’s 2015 Credit Agreement. The 2018 Credit Agreement established a credit facility comprised of an $800 million revolving credit loan (the “2018 Revolver”) and a $100 million term loan (the “2018 Term Loan” and, together with the 2018 Revolver, the “2018 Credit Facility”). The March 17, 2022 maturity date for borrowings under the 2018 Credit Agreement remained unchanged from the 2015 Credit Agreement. The 2018 Credit Agreement continues to be secured by substantially all personal property assets of the Company and any domestic subsidiary guarantors. The 2018 Credit Agreement includes certain definitions, terms and reporting requirements and includes the following additional provisions: • The 2018 Term Loan will be repaid in consecutive quarterly installments on the last business day of each of March, June, September and December in the following amounts: (i) beginning June 30, 2018, through and including March 31, 2019, $1,250,000 , (ii) beginning June 30, 2019, through and including March 31, 2021, $2,500,000 , and (iii) beginning June 30, 2021, and each quarter thereafter, $3,750,000 , with the remaining balance due at maturity; • The interest rates for borrowings under the 2018 Revolver and the 2018 Term Loan are the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin, with a fee payable by the Company on unused but committed portions of the Revolver; • The 2018 Revolver includes a $10.0 million limit for same day advances (“Swing Line”) which shall bear interest based upon the Base Rate plus the Applicable Margin; • Up to $10.0 million of the 2018 Revolver is available as a sub facility for the issuance of standby letters of credit, which are subject to certain expiration dates; • The financial covenants include requirements as to a consolidated total leverage ratio and a consolidated fixed charge coverage ratio, and other covenants include limitations and restrictions concerning permitted acquisitions, investments, sales of assets, liens on assets, dividends and other payments; and • Customary prepayment provisions, representations, warranties and covenants, and events of default. At December 31, 2018, the Company had $96.3 million outstanding under the 2018 Term Loan under the LIBOR-based option, and borrowings outstanding under the 2018 Revolver of: (i) $388.0 million under the LIBOR-based option and (ii) $4.3 million under the Base Rate-based option. The interest rate for incremental borrowings at December 31, 2018 was the Prime Rate plus 1.00% (or 6.50% ) for the Base Rate-based option, or LIBOR plus 2.00% (or 4.56% ) for the LIBOR-based option. The weighted average interest rate on borrowings in 2018 was 4.05% for the 2018 Term Loan and 4.20% for the 2018 Revolver. At December 31, 2017 , the Company had $67.0 million outstanding under the 2015 Term Loan under the LIBOR-based option, and borrowings outstanding under the 2015 Revolver of: (i) $281.0 million under the LIBOR-based option and (ii) $6.4 million under the Base Rate-based option. The interest rate for incremental borrowings at December 31, 2017 was the Prime Rate plus 0.50% (or 5.00% ), or LIBOR plus 1.50% (or 3.1250% ). The weighted average interest rate on borrowings in 2017 was 2.70% for the Term Loan and 3.03% for the 2015 Revolver. The fee payable on committed but unused portions of the 2018 Revolver and the 2015 Revolver, respectively, was 0.25% at December 31, 2018 and 0.20% December 31, 2017 . Pursuant to the 2018 Credit Agreement, the financial covenants include: (a) a required maximum consolidated total leverage ratio, measured on a quarter-end basis, not to exceed 3.00 :1.00 for the 12-month period ending on such quarter-end; and (b) a required minimum consolidated fixed charge coverage ratio, measured on a quarter-end basis, of at least 1.50 :1.00 for the 12-month period ending on such quarter-end. The consolidated total leverage ratio is the ratio for any period of consolidated total indebtedness (as measured as of the second day following the end of the immediately preceding fiscal quarter) to consolidated adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). Consolidated total indebtedness for any period is the sum of: (i) total debt outstanding under the 2018 Revolver, the 2018 Term Loan and the Convertible Notes (as defined herein); (ii) capital leases and letters of credit outstanding; and (iii) deferred payment obligations. The consolidated fixed charge coverage ratio for any period is the ratio of consolidated EBITDA less restricted payments, taxes paid and capital expenditures as defined under the 2018 Credit Agreement to consolidated fixed charges. Consolidated fixed charges for any period is the sum of cash interest expense related to the 2018 Term Loan, 2018 Revolver and the Convertibles Notes, and scheduled principal payments on outstanding indebtedness under the 2018 Term Loan. In 2018 and 2017, the Company was in compliance with both of these financial debt covenants as required under the terms of the credit agreement in existence at the time. The required maximum consolidated total leverage ratio and the required minimum consolidated fixed charge coverage ratio compared to the actual amounts as of and for the fiscal period ended December 31, 2018 are as follows: Required Actual Consolidated total leverage ratio (12-month period) 3.00 2.42 Consolidated fixed charge coverage ratio (12-month period) 1.50 3.31 Interest Rate Swaps In the third quarter of 2018, the Company entered into $200.0 million notional amount of variable to fixed interest rate swaps to partially hedge risks associated with the variable LIBOR component of the 2018 Credit Facility. These interest rate swaps fix the LIBOR component of interest expense on $200.0 million of the debt outstanding under the 2018 Credit Facility at an average interest rate of 2.91% , with an all-in average rate of 4.91% with the current applicable margin, discussed above. See Note 10 for further details. Convertible Senior Notes In January 2018, the Company issued $172.5 million aggregate principal amount of 1.00% Convertible Senior Notes due 2023 (the “Convertible Notes”). The total debt discount of $36.0 million at issuance consisted of two components: (i) the conversion option component, recorded to shareholders' equity, in the amount of $31.9 million , representing the difference between the principal amount of the Convertible Notes upon issuance less the present value of the future cash flows of the Convertible Notes and (ii) debt issuance costs of $4.1 million . The unamortized portion of the total debt discount is being amortized to interest expense over the life of the Convertible Notes beginning in the first quarter of 2018. The effective interest rate on the Convertible Notes, which includes the non-cash interest expense of debt discount amortization and debt issuance costs, was 5.25% as of December 31, 2018. The unamortized portion of the debt discount and debt issuance costs as of December 31, 2018 was $30.1 million . The net proceeds from the issuance of the Convertible Notes were approximately $167.5 million , after deducting the initial purchasers’ discounts and commissions and offering expenses payable by the Company, but before deducting the net cost of the Convertible Note Hedge Transactions and the Warrant Transactions (each as defined herein) described in Note 10. The Convertible Notes are senior unsecured obligations of the Company and pay interest semi-annually in arrears on February 1 and August 1 of each year at an annual rate of 1.00% beginning August 1, 2018. The Convertible Notes will mature on February 1, 2023 unless earlier repurchased or converted in accordance with their terms. The Convertible Notes are convertible by the noteholders, in certain circumstances and subject to certain conditions, into cash, shares of common stock of the Company, or a combination thereof, at the Company’s election. The initial conversion rate for the Convertible Notes is 11.3785 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes (or 1,962,790 shares in the aggregate) and is equal to an initial conversion price of approximately $87.89 per share. If an event of default on the Convertible Notes occurs, the principal amount of the Convertible Notes, plus accrued and unpaid interest (including additional interest, if any) may be declared immediately due and payable, subject to certain conditions. Convertible Notes holders can convert their Convertibles Notes on or after August 1, 2022 at any time at their option. Holders may convert Convertible Notes prior to August 1, 2022, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2018, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day and (iii) upon the occurrence of certain specified distributions or corporate events. The net proceeds were used to pay the net cost of the Convertible Hedge Transactions and the Warrant Transactions and to reduce borrowings under the 2015 Revolver. Debt Maturities As of December 31, 2018, the aggregate maturities of total long-term debt for the next five fiscal years are as follows (in thousands): 2019 $ 8,750 2020 10,000 2021 13,750 2022 456,082 2023 172,500 Total $ 661,082 The Company was contingently liable for four standby letters of credit totaling $2.9 million at December 31, 2018 that exist to meet credit requirements for the Company’s insurance providers. Cash paid for interest for the years ended December 31, 2018 , 2017 and 2016 was $18.4 million , $8.6 million and $7.1 million , respectively. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Convertible Note Hedge Transactions and Warrant Transactions In January 2018, in connection with the Convertible Notes offering, the Company entered into privately negotiated convertible note hedge transactions (together, the “Convertible Note Hedge Transactions”) with each of Bank of America, N.A. and Wells Fargo Bank, National Association (together, the “Hedge Counterparties”). Pursuant to the Convertible Note Hedge Transactions, the Company acquired options to purchase the same number of shares of the Company's common stock (or 1,962,790 shares) initially underlying the Convertibles Notes at an initial strike price equal to the initial strike price of the Convertible Notes of approximately $87.89 per share, subject to customary anti-dilution adjustments. The options expire on February 1, 2023, subject to earlier exercise. At the same time, the Company also entered into separate, privately negotiated warrant transactions (the “Warrant Transactions”) with each of the Hedge Counterparties, pursuant to which the Company sold warrants to purchase the same number of shares of the Company’s common stock (or 1,962,790 shares) underlying the Convertible Notes, at an initial strike price of approximately $113.93 per share, subject to customary anti-dilution adjustments. The warrants have a final expiration date of September 20, 2023. The Company paid $31.5 million associated with the cost of the Convertible Note Hedge Transactions and received proceeds of $18.1 million related to the Warrant Transactions. The Convertible Note Hedge Transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes. However, the Warrant Transactions could separately have a dilutive effect on the Company's common stock to the extent that the market price per share of the common stock exceeds the strike price of the warrants. As these transactions meet certain accounting criteria, the Convertible Note Hedges Transactions and Warrant Transactions are recorded in stockholders’ equity and are not accounted for as derivatives. Interest Rate Swaps The 2018 Credit Facility exposes the Company to risk associated with the variability in interest expense associated with fluctuations in LIBOR. To partially mitigate this risk, the Company entered into interest rate swaps on a portion of its 2018 Credit Facility. As of December 31, 2018, the Company had a combined notional principal amount of $200.0 million of variable to fixed interest rate swap agreements, all of which were designated as cash flow hedges. These swap agreements effectively convert the interest expense associated with a portion of the 2018 Term Loan and a portion of the 2018 Revolver from variable interest rates to fixed interest rates and have maturities ranging from February 2022 to March 2022. Fair Value of Derivative Contracts The following table summarizes the fair value of derivative contracts included in the accompanying consolidated balance sheet (in thousands): Fair value of derivative assets Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other non-current assets $ — $ — Fair value of derivative liabilities Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other long-term liabilities $ 2,652 $ — The interest rate swaps are comprised of over-the-counter derivatives, which are valued using models that primarily rely on observable inputs such as yield curves, and are classified as Level 2 in the fair value hierarchy. AOCI Recognition The following table presents the amount of gains and losses that have been recognized in accumulated other comprehensive income ("AOCI") from changes in unrealized loss on interest rate swaps, net of tax (in thousands): Unrealized Loss Recognized in AOCI Year Ended December 31, 2018 December 31, 2017 $ 1,973 $ — |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | ACCRUED LIABILITIES Accrued liabilities as of December 31, 2018 and 2017 include the following: (thousands) 2018 2017 Employee compensation and benefits $ 31,898 $ 21,797 Property taxes 3,405 2,173 Customer incentives 10,318 6,237 Other 13,581 6,343 Total accrued liabilities $ 59,202 $ 36,550 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA makes broad and complex changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21% for tax years ending after December 31, 2017; (2) bonus depreciation that will allow for full expensing in the year placed in service of qualified property acquired and placed in service after September 27, 2017; (3) repealing the Domestic Production Activities Deduction for years beginning after December 31, 2017; and (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations. The TCJA creates new requirements that certain income (i.e., global intangible low taxed income (“GILTI”)) earned by controlled foreign corporations (“CFCs”) must be included currently in the gross income of the CFCs’ U.S. shareholder. Because the Company does not anticipate incurring a GILTI liability related to its investment in China, the Netherlands, and Canada, no provisional adjustment was recorded, and the Company has not elected to include taxable income related to GILTI as either a current period tax expense or factoring such amounts into the measurement of deferred taxes. The Company has also accounted for in its 2018 income tax provision the impact of base-erosion anti-abuse tax, interest expense limitations under Section 163(j), and foreign-derived intangible income deductions, although such provisions were either not applicable or resulted in a zero or immaterial impact to the consolidated financial statements. In December 2017, the SEC staff issued Staff Accounting Bulletin (“SAB”) No. 118, which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provided relief for companies to record provisional amounts in the period of enactment of the TCJA not to exceed one year from the enactment date. The provisional estimates of the impact of the TCJA recorded as of December 31, 2017 were updated and finalized in the fourth quarter of 2018. The differences resulting from the finalization of these provisional amounts were not significant. Ongoing guidance and accounting interpretation for the TCJA are expected over the coming months and years, and the Company will consider any changes in the accounting for the TCJA in the period in which such additional guidance is issued. The Company does not expect the ongoing guidance and interpretations to have a material impact on its consolidated financial statements. The provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 consists of the following: (thousands) 2018 2017 2016 Current: Federal $ 22,578 $ 27,833 $ 24,205 State 8,725 6,036 4,430 Foreign 85 — — Total current 31,388 33,869 28,635 Deferred: Federal 1,529 (6,289 ) (474 ) State (770 ) (188 ) (86 ) Total deferred 759 (6,477 ) (560 ) Income taxes $ 32,147 $ 27,392 $ 28,075 As discussed in Note 5, the Company completed nine acquisitions during 2018, which included acquisitions of certain manufacturing facilities in the Netherlands, China, and Canada. Estimated amounts have been recorded within the consolidated financial statements related to purchase accounting for the nine acquisitions, but amounts will be finalized and adjusted accordingly within the one-year purchase accounting measurement period. The Company has estimated that its ability to utilize federal and state net operating losses and tax credits acquired as part of the nine acquisitions during 2018 may potentially be limited under Sections 382 and 383 of the Internal Revenue Code (“Section 382”). The limitations under Section 382 apply if an ownership change, as defined by Section 382, occurs. Generally, an ownership change occurs when certain shareholders increase their aggregate ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). Certain federal net operating losses acquired were subject to a previous Section 382 limitation. As it is believed a portion of such federal net operating losses subject to the previous Section 382 limitation will expire unutilized, the Company recorded a valuation allowance for such amount, which the Company does not believe to be material to the consolidated financial statements. However, while the Company has not yet completed a formal Section 382 analysis (or built-in-gain analysis) to determine the Section 382 limitation from the 2018 acquisitions, the Company does not anticipate any further net operating loss or tax credit limitations upon the completion of these studies and the application of Rev. Proc. 2003-65 for built-in gain/loss amortization. A reconciliation of the differences between the actual provision for income taxes and the tax provisions for income taxes at the federal statutory income tax rate of 21% for the year ended December 31, 2018 and at the federal statutory income tax rate of 35% for each of the years ended December 31, 2017 and 2016 is as follows: (thousands) 2018 2017 2016 Rate applied to pretax income $ 31,916 21.0 % $ 39,588 35.0 % $ 29,278 35.0 % State taxes, net of federal tax effect 6,427 4.2 % 4,060 3.6 % 2,818 3.4 % Remeasurement of net deferred tax liabilities — — % (7,699 ) (6.8 )% — — % Excess tax benefit on stock-based compensation (6,685 ) (4.4 )% (6,009 ) (5.3 )% (1,256 ) (1.5 )% Other 489 0.4 % (2,548 ) (2.3 )% (2,765 ) (3.3 )% Income taxes $ 32,147 21.2 % $ 27,392 24.2 % $ 28,075 33.6 % Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Income tax expense is the tax payable or refundable for the current period plus or minus the change in deferred tax assets and liabilities during the period (after removing the impact of purchase accounting and OCI). In 2018 and 2017, the Company realized net excess tax benefits on share-based compensation of approximately $6.7 million and $6.0 million , respectively, which had not been recorded as deferred tax assets at December 31, 2017 and 2016. Of the $6.7 million recorded in 2018, $4.4 million is due to share-based compensation amounts not originally deducted in 2015 and 2016 tax returns. All share-based compensation tax benefits were recorded as a reduction to income tax expense upon realization in relation to the 2016 adoption of the share-based payment awards accounting standard (ASU 2016-09). The composition of the deferred tax assets and liabilities as of December 31, 2018 and 2017 is as follows: (thousands) 2018 2017 Long-term deferred income tax assets (liabilities): Trade receivables allowance $ 418 $ 48 Inventory capitalization 2,591 1,646 Accrued expenses 6,123 4,005 Deferred compensation 462 473 Inventory reserves 1,278 1,154 Federal NOL carryforwards 1,607 — State NOL carryforwards 2,060 — Valuation allowance - NOL (649 ) — Share-based compensation 5,848 3,875 Other 1,432 10 Intangibles (26,419 ) (16,042 ) Depreciation expense (16,562 ) (8,254 ) Prepaid expenses (888 ) (555 ) Net deferred tax liabilities $ (22,699 ) $ (13,640 ) The Company paid income taxes of $28.2 million , $38.6 million and $29.2 million in 2018 , 2017 and 2016 , respectively. As of December 31, 2018, the Company had net deferred tax liabilities of $22.7 million , which included a valuation allowance of $0.6 million . The components of the valuation allowance relate to certain acquired federal and state NOL carryforwards that the Company anticipates will not be utilized prior to their expiration, due to Section 382 limitations. The Company is subject to periodic audits by domestic tax authorities. For the majority of tax jurisdictions, the U.S. federal statute of limitations remains open for the years 2015 and later. The Company is currently under audit by the Internal Revenue Service for the 2015 tax year and the State of Indiana for tax years 2013, 2014 and 2015. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY Preferred Stock The Company has 1,000,000 shares of preferred stock authorized, without par value, the issuance of which is subject to approval by the Board of Directors (the “Board”). The Board has the authority to fix the number, rights, preferences and limitations of the shares, subject to applicable laws and the provisions of the Articles of Incorporation. Common Stock In May 2017, the Company's shareholders approved an amendment to the Articles of Incorporation to increase the number of shares of common stock authorized, without par value, from 20,000,000 shares to 40,000,000 shares, of which 23,527,307 shares and 25,329,857 shares were issued and outstanding as of December 31, 2018 and 2017 , respectively. The Company issued 226,595 shares in 2018, 411,212 shares in 2017 and 419,925 shares in 2016 related to stock-based compensation plans and for the exercise of stock options and SARS. The Company made repurchases of 43,402 shares in 2018, 82,970 shares in 2017 and 21,317 shares in 2016 for the sole purpose of satisfying the minimum tax withholding obligations of employees upon the vesting of stock awards held by the employees. In addition, in 2018 and 2016, the Company repurchased 1,984,095 shares and 181,107 shares, respectively, of its common stock through a stock repurchase program. There were no shares repurchased under a stock repurchase program in 2017. See Note 15 for further details. On March 14, 2017, the Company completed a public offering of 2,025,000 shares of its common stock at a price of $48.67 per share for gross proceeds of $98.6 million . The net proceeds from the offering of $93.3 million were used to pay down a portion of the Company's outstanding indebtedness. |
STOCK REPURCHASE PROGRAMS
STOCK REPURCHASE PROGRAMS | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCK REPURCHASE PROGRAMS | STOCK REPURCHASE PROGRAMS In February 2013, the Board approved a stock repurchase program which was subsequently expanded in February 2014 and February 2015 (the "2013 Repurchase Plan"). In January 2016, the Company fully utilized the remaining authorization under the 2013 Repurchase Plan and announced that the Board approved a new stock repurchase program that authorized the repurchase of up to $50 million of the Company’s common stock over a 24 -month period (the “2016 Repurchase Plan”). In January 2018, the Board approved a new stock repurchase program that authorized the repurchase of up to $50 million of the Company's common stock over a 24 -month period (the "2018 Repurchase Plan") to replace the 2016 Repurchase Plan that expired in January 2018. In May 2018, the Board approved an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $50.0 million , which included $8.5 million remaining under the original $50.0 million authorization announced in January 2018. In October 2018, the Board approved an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $50.0 million , which included $3.6 million remaining under the $50.0 million authorization announced in May 2018. In 2018, the Company repurchased 1,984,095 shares under the 2018 repurchase program at an average price of $54.21 per share for a total cost of $107.6 million . Repurchases of the Company's common stock by year under the various repurchase plans are as follows: Year Shares Total Cost Average Price 2013 916,492 $ 6,078 $ 6.63 2014 775,688 13,928 17.96 2015 927,836 22,637 24.40 2016 181,107 5,214 28.79 2017 — — — 2018 1,984,095 107,567 54.21 Total cumulative stock repurchases 4,785,218 $ 155,424 $ 32.48 The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected, using an average cost method, as a reduction of common stock, additional paid-in-capital and retained earnings in the Company’s consolidated statements of financial position. |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE Income per common share is calculated for the years ended December 31, 2018 , 2017 and 2016 as follows: (thousands except per share data) 2018 2017 2016 Net income for basic and diluted per share calculation $ 119,832 $ 85,718 $ 55,577 Weighted average common shares outstanding - basic 23,995 24,230 22,520 Effect of potentially dilutive securities 322 413 376 Weighted average common shares outstanding - diluted 24,317 24,643 22,896 Basic net income per common share $ 4.99 $ 3.54 $ 2.47 Diluted net income per common share $ 4.93 $ 3.48 $ 2.43 |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
LEASE COMMITMENTS | LEASE COMMITMENTS Leases The Company leases office, manufacturing, and warehouse facilities and certain equipment under various non-cancelable agreements, which expire at various dates through 2027. These agreements contain various renewal options and provide for lease payments plus the payment of real estate taxes, insurance, and normal maintenance on the properties. At December 31, 2018 , future minimum lease payments required under facility and equipment operating leases are as follows: (thousands) Facility Leases Equipment Leases 2019 $ 22,206 $ 7,139 2020 17,474 5,870 2021 11,746 4,419 2022 6,334 3,268 2023 3,091 2,266 Thereafter 1,920 2,963 Total minimum lease payments $ 62,771 $ 25,925 The total rent expense included in the consolidated statements of income for the years ended December 31, 2018 , 2017 and 2016 was $29.0 million , $19.0 million and $13.7 million , respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal The Company is subject to proceedings, lawsuits, audits, and other claims arising in the normal course of business. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. Accruals for these items, when applicable, have been provided to the extent that losses are deemed probable and are reasonably estimable. These accruals are adjusted from time to time as developments warrant. Although the ultimate outcome of these matters cannot be ascertained, on the basis of present information, amounts already provided, availability of insurance coverage and legal advice received, it is the opinion of management that the ultimate resolution of these proceedings, lawsuits, and other claims will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. Self-Insurance The Company has a self-insured health plan for its employees under which there is both a participant stop-loss and an aggregate stop-loss based on total participants. The Company is potentially responsible for annual claims not to individually exceed $250,000 at December 31, 2018 . |
COMPENSATION PLANS
COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
COMPENSATION PLANS | COMPENSATION PLANS Deferred Compensation Obligations The Company has deferred compensation agreements with certain key employees. The agreements provide for monthly benefits for ten years subsequent to retirement, disability, or death. The Company has accrued an estimated liability based upon the present value of an annuity needed to provide the future benefit payments. The assumed discount rate to measure the liability was 4.5% for both of the years ended December 31, 2018 and 2017 . The Company recognized expense of $ 0.1 million for each of the years ended December 31, 2018 , 2017 and 2016 in conjunction with this plan. Life insurance contracts have been purchased which may be used to fund these agreements. The contracts are recorded at their cash surrender value in the statements of financial position. Any differences between actual proceeds and cash surrender value are recorded as gains or losses in the periods presented. Additionally, the Company records gains or losses on the cash surrender value in the period incurred. The gains recognized were immaterial for all periods presented. Bonus Plan The Company pays bonuses to certain management and sales personnel. Historically, bonuses are determined annually and are based upon corporate and divisional income levels and the achievement of individually defined performance criteria. The charge to operations amounted to approximately $24.4 million , $ 17.4 million and $ 10.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Profit-Sharing Plan The Company has a qualified profit-sharing plan, more commonly known as a 401(k) plan, for all of its full-time and part-time eligible employees upon meeting certain conditions. The plan provides for matching contributions by the Company as defined in the agreement. The contributions and related expense for the years ended December 31, 2018 , 2017 and 2016 were immaterial. Stock Option, Stock Appreciation Rights, and Stock-Based Incentive Plans The Company has various stock option and stock-based incentive plans and various agreements whereby stock options, restricted stock awards, and SARS were made available to certain key employees, directors, and others based upon meeting various individual, divisional or company-wide performance criteria and time-based criteria. All such awards qualify and are accounted for as equity awards. Equity incentive plan awards are intended to retain and reward key employees for outstanding performance and efforts as they relate to the Company’s short-term and long-term objectives and its strategic plan. The Company’s 2009 Omnibus Incentive Plan (the “2009 Plan”) permits the future granting of share options and share awards to its employees, directors and other service providers. Option awards are generally granted with an exercise price equal to, or greater than, the market price of the Company’s stock at the date of grant. The Company recorded compensation expense of $ 14.0 million , $ 10.4 million and $6.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, on the consolidated statements of income for its stock-based compensation plans. As of December 31, 2018 , there was approximately $ 21.1 million of total unrecognized compensation cost related to share-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of approximately 18.4 months . Stock Options: Stock options vest ratably over either three or four years and have nine to ten -year contractual terms. On January 17, 2017, the Company’s Compensation Committee of the Board (the "Compensation Committee") approved the grant of 340,110 stock options under the 2009 Plan at an exercise price per share of $53.83 . The stock options vest pro-rata over four years , commencing on January 17, 2018, and have nine -year contractual terms. On September 26, 2016, the Compensation Committee approved the grant of 120,888 stock options under the 2009 Plan at an exercise price per share of $40.95 . The stock options vest pro-rata over four years , commencing on September 26, 2017, and have nine -year contractual terms. The following table summarizes the Company’s option activity during the years ended December 31, 2018 , 2017 and 2016 for the options granted in 2016 and 2017, as well as for options granted in 2009 and 2013. There were no stock options granted in 2018. Years ended December 31 2018 2017 2016 (shares in thousands) Shares Weighted Shares Weighted Shares Weighted Total Options: Outstanding beginning of year 548 $ 44.07 288 $ 23.59 343 $ 10.84 Granted during the year — — 340 53.83 121 41 Forfeited during the year — — — — — — Exercised during the year (3 ) 0.78 (80 ) 11.62 (176 ) 10.62 Outstanding end of year 545 $ 44.35 548 $ 44.07 288 $ 23.59 Vested Options: Vested during the year 115 $ 50.46 30 $ 40.95 150 $ 12.30 Eligible end of year for exercise 230 $ 34.72 118 $ 18.36 168 $ 11.08 Aggregate intrinsic value ($ in thousands): Total options outstanding $ 1,570 $ 13,932 $ 7,869 Options exercisable $ 1,570 $ 6,037 $ 6,671 Options exercised $ 195 $ 2,601 $ 4,024 Weighted average fair value of options granted during the year N/A $ 17.76 $ 12.36 The aggregate intrinsic value (excess of market value over the option exercise price) in the table above is before income taxes, and assuming the Company’s closing stock price of $29.61 , $69.45 and $50.87 per share as of December 31, 2018 , 2017 and 2016 , respectively, is the price that would have been received by the option holders had those option holders exercised their options as of that date. The cash received from the exercise of stock options was approximately $3,000 in 2018 , and $0.9 million and $1.9 million in 2017 and 2016 , respectively. The income tax benefit related to the stock options exercised in 2018 was approximately $50,000 in 2018 , and $0.9 million and $0.3 million in 2017 and 2016 , respectively. The grant date fair value of stock options vested in 2018 , 2017 and 2016 was $5.8 million , $1.2 million , and $1.8 million , respectively. A summary of options outstanding and exercisable at December 31, 2018 is as follows: (shares in thousands) Options Outstanding Options Exercisable 2009 Grants: Shares Remaining Contractual Exercise Shares Exercise Exercise price - $0.33 2 0.4 $ 0.33 2 $ 0.33 Exercise price - $0.78 8 0.4 $ 0.78 8 $ 0.78 2013 Grant: Exercise price - $12.30 75 4.0 $ 12.30 75 $ 12.30 2016 Grant: Exercise price - $40.95 120 6.8 $ 40.95 60 $ 40.95 2017 Grant: Exercise price - $53.83 340 7.0 $ 53.83 85 $ 53.83 The following table presents assumptions used in the Black-Scholes model for the stock options granted in 2017 and 2016. There were no stock options granted in 2018. 2017 2016 Dividend rate — — Risk-free interest rate 2.00 % 1.00 % Expected option life (years) 5.75 5.75 Price volatility 30.84 % 30.00 % As of December 31, 2018 , there was approximately $3.8 million of total unrecognized compensation expense related to the stock options, which is expected to be recognized over a weighted-average remaining life of approximately 24.2 months . Stock Appreciation Rights (SARS): On January 17, 2017, the Compensation Committee approved the grant of 340,128 SARS under the 2009 Plan divided into four tranches of 85,032 shares each, at strike prices of $53.83 , $60.03 , $66.93 and $74.63 per share. The SARS vest pro-ratably over four years from the grant date and have nine -year contractual terms. The SARS are to be settled in shares of common stock, or at the sole discretion of the Board in cash. The grant date fair value of these awards totaled $5.0 million and this amount is being amortized over the four -year vesting period. On September 26, 2016, the Compensation Committee approved the grant of 120,888 SARS under the 2009 Plan divided into four tranches of 30,222 shares each, at strike prices of $40.95 , $47.51 , $55.11 and $63.93 per share. The SARS vest pro-ratably over four years from the grant date and have nine -year contractual terms. The SARS are to be settled in shares of common stock, or at the sole discretion of the Board in cash. The grant date fair value of these awards totaled $1.1 million and this amount is being amortized over the four -year vesting period. The following table summarizes the Company’s SARS activity during the years ended December 31, 2018 , 2017 and 2016 for the SARS granted in 2016 and 2017, as well as for SARS granted in 2013. There were no SARS granted in 2018. Years ended December 31 2018 2017 2016 (shares in thousands) Shares Weighted Shares Weighted Shares Weighted Total SARS: Outstanding beginning of year 535 $ 54.53 270 $ 32.29 300 $ 16.50 Granted during the year — — 340 63.85 120 52 Forfeited during the year — — — — — — Exercised during the year — — (75 ) 16.50 (150 ) 16.50 Outstanding end of year 535 $ 54.53 535 $ 54.53 270 $ 32.29 Vested SARS: Vested during the year 115 $ 60.71 30 $ 51.87 150 $ 16.50 Eligible end of year for exercise 220 $ 44.46 105 $ 26.66 150 $ 16.50 Aggregate intrinsic value ($ in thousands): Total SARS outstanding $ 983 $ 8,458 $ 5,556 SARS exercisable $ 983 $ 4,521 $ 5,155 SARS exercised $ — $ 3,822 2,379 Weighted average fair value of SARS granted during the year N/A $ 14.66 $ 9.30 The aggregate intrinsic value (excess of market value over the SARS exercise price) in the table above is before income taxes, and assuming the Company’s closing stock price of $29.61 , $69.45 and $50.87 per share as of December 31, 2018 , 2017 and 2016 , respectively, is the price that would have been received by the SARS holder had that SARS holder exercised the SARS as of that date. A summary of SARS outstanding and exercisable at December 31, 2018 is as follows: SARS Outstanding SARS Exercisable (shares in thousands) Shares Remaining Contractual Exercise Shares Exercise 2013 Grant: Exercise price - $12.30 18 4.0 $ 12.30 18 $ 12.30 Exercise price - $14.75 19 4.0 14.75 19 14.75 Exercise price - $17.71 19 4.0 17.71 19 17.71 Exercise price - $21.25 19 4.0 21.25 19 21.25 2016 Grant: Exercise price - $40.95 30 6.8 $ 40.70 15 $ 40.95 Exercise price - $47.51 30 6.8 47.51 15 47.51 Exercise price - $55.11 30 6.8 55.11 15 55.11 Exercise price - $63.93 30 6.8 63.93 15 63.93 2017 Grant: Exercise price - $53.83 85 7.0 $ 53.83 21 $ 53.83 Exercise price - $60.03 85 7.0 60.03 21 60.03 Exercise price - $66.93 85 7.0 66.93 21 66.93 Exercise price - $74.63 85 7.0 74.63 22 74.63 The following table presents assumptions used in the Black-Scholes model for the SARS granted in 2017 and 2016. There were no SARS granted in 2018. 2017 2016 Dividend rate — — Risk-free interest rate 2.00 % 1.00 % Expected option life (years) 5.75 5.75 Price volatility 30.84 % 30.00 % As of December 31, 2018 , there was approximately $3.1 million of total unrecognized compensation expense related to the SARS which is expected to be recognized over a weighted-average remaining life of approximately 24.3 months. Restricted Stock and Restricted Stock Units: The Company’s stock-based awards consist of both restricted stock awards and restricted stock units (“RSUs”). As of December 31, 2018 , there was approximately $14.2 million of total unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted-average remaining life of approximately 16.5 months. In January 2019, the Board approved restricted stock grants to its officers totaling approximately 263,500 shares. The restricted shares cliff-vest at the conclusion of a three year period based on performance- and time-based contingencies. The Company expects to expense approximately $10.4 million related to those shares pro-ratably over the vesting period on the consolidated statements of income. Restricted Stock Restricted stock awards possess voting rights, are included in the calculation of actual shares outstanding, and include both performance- and time-based contingencies. The grant date fair value of the awards is expensed over the related service or performance period. Time-based shares cliff vest at the conclusion of the required service period, which ranges from one to three years. The performance contingent shares are earned based on the achievement of a cumulative financial performance target, which ranges from a one to three -year period and vest at the conclusion of the measurement period. The following table summarizes the activity for restricted stock for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 (shares in thousands) Shares Weighted-Average Shares Weighted-Average Shares Weighted-Average Unvested beginning of year 634 $ 35.68 644 $ 22.15 653 $ 14.80 Granted during the year 182 65.35 233 54.46 232 28.61 Vested during the year (209 ) 23.98 (240 ) 17.49 (234 ) 8.16 Forfeited during the year (1 ) 57.93 (3 ) 46.64 (7 ) 20.82 Unvested end of year 606 $ 48.56 634 $ 35.68 644 $ 22.15 RSUs Since RSUs do not possess voting rights, they are not included in the calculation of shares outstanding. The RSUs include a performance-based contingency. The grant date fair value of the awards is expensed over the related performance period. The performance contingent RSUs are earned based on the achievement of a cumulative financial performance target over a three -year period and vest at the conclusion of the measurement period. In 2016, the Company granted 33,005 RSUs at a weighted-average grant date stock price of $27.68 per share. There were no RSUs granted in 2017 and 2018. In January 2018, the cumulative financial performance target was achieved at the maximum performance level for 33,005 RSUs that were granted in 2015. Under the terms of the Company's long-term incentive plan, the shares payout for maximum performance is 125% of the target performance or a total of 41,256 shares. Upon vesting, the 41,256 shares possess voting rights and are included in the calculation of shares outstanding. In January 2019, the cumulative financial performance target was achieved at the maximum performance level for the 33,005 RSUs granted in 2016. Under the terms of the Company's long-term incentive plan, the shares payout for maximum performance is 125% of the target performance or a total of 41,256 shares. Upon vesting, the 41,256 shares will possess voting rights and will be included in the calculation of shares outstanding. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has determined that its reportable segments are those based on its method of internal reporting, which segregates its businesses by product category and production or distribution process. A description of the Company’s reportable segments is as follows: Manufacturing – This segment includes the following products: laminated products that are utilized to produce furniture, shelving, walls, countertops, and cabinet products, cabinet doors, fiberglass bath fixtures and tile systems, hardwood furniture, vinyl printing, decorative vinyl and paper laminated panels, solid surface, granite, and quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, fiberglass bath fixtures and tile systems, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components including instrument and dash panels, wrapped vinyl, paper and hardwood profile mouldings, wrapped profile moldings, interior passage doors, air handling products, slide-out trim and fascia, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and components products, wiring and wire harnesses, boat covers, towers, tops and frames, aluminum fuel tanks, CNC molds and composite parts, slotwall panels and components and other products. The Manufacturing segment contributed approximately 77% , 82% and 82% of the Company’s net sales for the years ended December 31, 2018 , 2017 and 2016 , respectively. Distribution – The Company distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, appliances, wiring, electrical and plumbing products, fiber reinforced polyester products, cement siding, raw and processed lumber, interior passage doors, roofing products, laminate and ceramic flooring, tile, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services. The Distribution segment contributed approximately 23% , 18% and 18% of the Company’s net sales for the years ended December 31, 2018 , 2017 and 2016 , respectively. The accounting policies of the segments are the same as those described in Note 2, except that segment data includes intersegment sales. Assets are identified to the segments with the exception of cash, prepaid expenses, land and buildings, and certain deferred assets, which are identified with the corporate division. The corporate division charges rents to the segments for use of the land and buildings based upon estimated market rates. The Company accounts for intersegment sales similar to third party transactions, which reflect current market prices. The Company also records certain income from purchase incentive agreements as corporate division revenue. The Company evaluates the performance of its segments and allocates resources to them based on a variety of indicators including sales, cost of goods sold, operating income, depreciation and amortization, and total identifiable assets as presented in the tables below. The tables below present information about the sales, operating income, segment assets, and certain other items that are either used by or provided to the chief operating decision maker of the Company as of and for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 Manufacturing Distribution Total Net outside sales $ 1,745,467 $ 517,594 $ 2,263,061 Intersegment sales 33,581 3,641 37,222 Total sales 1,779,048 521,235 2,300,283 Cost of goods sold 1,441,597 440,219 1,881,816 Operating income 215,246 31,491 246,737 Identifiable assets 948,557 240,499 1,189,056 Depreciation and amortization 44,747 7,613 52,360 2017 Manufacturing Distribution Total Net outside sales $ 1,337,785 $ 297,868 $ 1,635,653 Intersegment sales 30,669 2,579 33,248 Total sales 1,368,454 300,447 1,668,901 Cost of goods sold 1,135,783 252,311 1,388,094 Operating income 151,635 18,858 170,493 Identifiable assets 688,177 142,257 830,434 Depreciation and amortization 27,481 3,521 31,002 2016 Manufacturing Distribution Total Net outside sales $ 997,205 $ 224,682 $ 1,221,887 Intersegment sales 23,187 2,898 26,085 Total sales 1,020,392 227,580 1,247,972 Cost of goods sold 853,596 189,263 1,042,859 Operating income 107,105 15,001 122,106 Identifiable assets 421,203 61,725 482,928 Depreciation and amortization 18,553 3,102 21,655 A reconciliation of certain line items pertaining to the total reportable segments to the consolidated financial statements as of and for the years ended December 31, 2018 , 2017 and 2016 is as follows (in thousands): 2018 2017 2016 Net sales: Total sales for reportable segments $ 2,300,283 $ 1,668,901 $ 1,247,972 Elimination of intersegment sales (37,222 ) (33,248 ) (26,085 ) Consolidated net sales $ 2,263,061 $ 1,635,653 $ 1,221,887 Cost of goods sold: Total cost of goods sold for reportable segments $ 1,881,816 $ 1,388,094 $ 1,042,859 Elimination of intersegment cost of goods sold (37,222 ) (33,248 ) (26,085 ) Other 2,601 1,892 2,644 Consolidated cost of goods sold $ 1,847,195 $ 1,356,738 $ 1,019,418 Operating income: Operating income for reportable segments $ 246,737 $ 170,493 $ 122,106 Unallocated corporate expenses (34,109 ) (29,219 ) (17,901 ) Amortization (34,213 ) (19,374 ) (13,368 ) Consolidated operating income $ 178,415 $ 121,900 $ 90,837 Consolidated total assets: Identifiable assets for reportable segments $ 1,189,056 $ 830,434 $ 482,928 Corporate property and equipment 24,232 21,336 38,550 Current and long-term assets not allocated to segments 13,284 11,700 10,630 Intangibles and other assets not allocated to segments 4,659 3,174 2,842 Consolidated total assets $ 1,231,231 $ 866,644 $ 534,950 Depreciation and amortization: Depreciation and amortization for reportable segments $ 52,360 $ 31,002 $ 21,655 Corporate depreciation and amortization 2,692 2,539 2,707 Consolidated depreciation and amortization $ 55,052 $ 33,541 $ 24,362 Amortization expense related to intangible assets in the Manufacturing segment for the years ended December 31, 2018 , 2017 and 2016 was $27.4 million , $ 16.2 million and $ 10.6 million , respectively. Intangible assets amortization expense in the Distribution segment was $ 6.8 million , $ 3.1 million and $ 2.7 million in 2018 , 2017 and 2016 , respectively. Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other. Major Customers The Company had two customers in the RV market that each accounted for over 10% of the trade receivables balance. One RV customer accounted for approximately 13% and 21% of the trade receivables balance at December 31, 2018 and 2017 , respectively. In addition, a second RV customer accounted for approximately 12% and 13% of the trade receivables balance at December 31, 2018 and 2017, respectively. There were no other customers that accounted for more than 10% of the trade receivables balance at December 31, 2018 and 2017 . The Company had two customers in the RV market that each accounted for over 10% of consolidated net sales. One RV customer accounted for approximately 29% , 32% and 27% of consolidated net sales in 2018, 2017 and 2016, respectively. In addition, a second RV customer accounted for approximately 20% , 25% and 33% of consolidated net sales in 2018 , 2017 and 2016 , respectively. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2018 and 2017 is as follows: (thousands except per share data) 1Q 2Q 3Q 4Q 2018 Net sales $ 551,832 $ 604,879 $ 575,139 $ 531,211 $ 2,263,061 Gross profit 97,754 114,792 106,655 96,665 415,866 Net income 30,068 34,860 27,934 26,970 119,832 Net income per common share (1): Basic $ 1.22 $ 1.44 $ 1.17 $ 1.17 $ 4.99 Diluted 1.20 1.42 1.15 1.15 4.93 (thousands except per share data) 1Q 2Q 3Q 4Q 2017 Net sales $ 345,427 $ 407,145 $ 407,511 $ 475,570 $ 1,635,653 Gross profit 57,549 71,500 69,183 80,683 278,915 Net income 17,467 21,260 17,945 29,046 85,718 Net income per common share (1): Basic $ 0.76 $ 0.86 $ 0.73 $ 1.18 $ 3.54 Diluted 0.75 0.85 0.72 1.16 3.48 (1) Basic and diluted net income per common share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted net income per common share information may not equal annual basic and diluted net income per common share. The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning thirteen weeks, with the first, second and third quarters ending on the Sunday closest to the end of the first, second and third 13-week periods, respectively. The first three quarters of fiscal year 2018 ended on April 1, 2018, July 1, 2018 and September 30, 2018. The first three quarters of fiscal year 2017 ended on March 26, 2017, June 25, 2017 and September 24, 2017. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS During 2018 , the Company entered into transactions with companies affiliated with two of its independent Board members. The Company purchased approximately $ 1.1 million of corrugated packaging materials from Welch Packaging Group, an independently owned company established by M. Scott Welch who serves as its President and CEO. In addition, the Company sold approximately $0.6 million of RV component products to DNA Enterprises, Inc. ("DNA"). Walter E. Wells' son serves as the President of DNA. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Costs and Expenses | Costs and Expenses Cost of goods sold includes material costs, direct and indirect labor, overhead expenses, inbound freight charges, inspection costs, internal transfer costs, receiving costs, and other costs. Warehouse and delivery expenses include salaries and wages, building rent and insurance, and other overhead costs related to distribution operations and delivery costs related to the shipment of finished and distributed products to customers. Purchasing costs are included in selling, general and administrative (“SG&A”) expenses. |
Share Based Compensation | Stock Based Compensation Compensation expense related to the fair value of stock awards as of the grant date is calculated based on the Company’s closing stock price on the date of grant. In addition, the Company estimates the fair value of all stock option and stock appreciation rights (“SARS”) awards as of the grant date by applying the Black-Scholes option-pricing model. The use of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense and include the dividend yield and exercise price. Expected volatilities take into consideration the historical volatility of the Company’s common stock. The expected term of options and SARS represents the period of time that the options and SARS granted are expected to be outstanding based on historical Company trends. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for instruments of a similar term. |
Income Per Common Share | Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding, plus the dilutive effect of stock options, SARS, and restricted stock units (collectively, “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. See Note 16 for the calculation of both basic and diluted net income per common share. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Trade Receivables | Trade Receivables Trade receivables consist primarily of amounts due to the Company from its normal business activities. In assessing the carrying value of its trade receivables, the Company estimates the recoverability by making assumptions based on factors such as current overall and industry-specific economic conditions, historical and anticipated customer performance, historical write-off and collection experience, the level of past-due amounts, and specific risks identified in the trade receivables portfolio. |
Inventories | Inventories Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) and net realizable value. Based on the inventory aging and other considerations for realizable value, the Company writes down the carrying value to net realizable value where appropriate. The Company reviews inventory on-hand and records provisions for obsolete inventory based on current assessments of future demand, market conditions, and related management initiatives. Any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and operating results. The cost of manufactured inventories includes raw materials, inbound freight, labor and overhead. The Company’s distribution inventories include the cost of raw materials and inbound freight. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment (“PP&E”) is generally recorded at cost. However, PP&E acquired in connection with an acquisition is recorded at fair value. Depreciation is computed primarily by the straight-line method applied to individual items based on estimated useful lives, which generally range from 10 to 30 years for buildings and improvements, and from three to seven years for machinery, equipment and transportation equipment. Leasehold improvements are amortized over the lesser of their useful lives or the related lease term. When properties are retired or disposed, the costs and accumulated depreciation are eliminated and the resulting profit or loss is recognized in the results of operations. Long-lived assets other than goodwill and intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. The recoverability of PP&E is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable, primarily based on estimated selling price, appraised value or projected future cash flows. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Assets and liabilities acquired in business combinations are accounted for using the acquisition method and are recorded at their respective fair values. Upon acquisition, goodwill and other intangible assets are assigned to reporting units which are one level below the Company’s business segments. Goodwill and indefinite-lived intangible assets are not amortized but are subject to an annual (or under certain circumstances more frequent) impairment test based on their estimated fair value. The Company performs the required test for goodwill and indefinite-lived intangible assets impairment in the fourth quarter, or more frequently, if events or changes in circumstances indicate that the carrying value may exceed the fair value. Finite-lived intangible assets relate to customer relationships, patents and non-compete agreements. Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. Intangible assets acquired in business combinations are initially recorded at their estimated fair values as determined by an income valuation approach using Level 3 fair value inputs, as defined herein. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets When events or conditions warrant, the Company evaluates the recoverability of long-lived assets other than goodwill and indefinite-lived intangible assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. A significant adverse change in the Company’s business climate in future periods could result in a significant loss of market share or the inability to achieve previously projected revenue growth and could lead to a required assessment of the recoverability of the Company’s long-lived assets, which may subsequently result in an impairment charge. |
Financial Instruments | Financial Instruments The fair values of the Company's financial instruments are separated into three broad levels (Levels 1, 2 and 3) based on the assessment of the availability of observable market data and the significance of non-observable data used to determine fair value. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the fair value hierarchy are as follows: • Level 1 inputs, which are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs, which are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 inputs, which are unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). The Company’s financial instruments consist principally of cash and cash equivalents, trade receivables, debt and accounts payable. The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of December 31, 2018 and December 31, 2017 because of the relatively short maturities of these financial instruments. The carrying amounts of the 2018 Term Loan and the 2018 Revolver (each as defined herein) and of the 2015 Term Loan and the 2015 Revolver (each as defined herein) approximated fair value as of December 31, 2018 and December 31, 2017, respectively, based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding debt. |
Income Taxes | Income Taxes Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized in the current year to the extent future deferred tax liability timing differences are expected to reverse. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets may not be realized. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Recent Accounting Pronouncements | Revenue Recognition Effective January 1, 2018, the Company adopted FASB ASU No. 2014-09, " Revenue from Contracts with Customers" (commonly referred to as “Topic 606”), which requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive. The Company adopted Topic 606 using the modified retrospective method and applied it to those contracts which were not completed as of the adoption date. The adoption of the new revenue standard did not have a material impact on the Company’s consolidated financial position, results of operations, or revenues as of the adoption date. See Note 4 for additional information. Leases In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) " ("ASC 842"), which requires that an entity recognize lease assets and lease liabilities on its statement of financial position for leases in excess of one year that were previously classified as operating leases under U.S. GAAP. The standard also requires companies to disclose in the footnotes to the financial statements information about the amount, timing, and uncertainty for the payments made for the lease agreements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years on a retroactive basis. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, " Leases (Topic 842): Targeted Improvements ", which offers practical expedient alternatives to the retroactive adoption of Accounting Standards Codification ASC 842. Specifically, the practical expedients allow companies to recognize right of use lease assets and lease liabilities at the date of adoption only, rather than retrospectively for all periods presented, as well as practical expedients related to the presentation of lease components. The Company will utilize the practical expedients under ASU 2018-11, and as a result, will reflect the adoption of ASC 842 in its consolidated statement of financial position as of January 1, 2019, and will not retroactively reflect the provisions of ASC 842 in its 2017 and 2018 comparative statements of financial position. In 2017, the Company established an implementation team to develop a plan to assess changes to processes and systems necessary to adopt the new standard. The implementation team has completed its technical assessment of assumptions and methods to be used in adopting the standard, and has completed lease data extraction procedures with a third party lease administrator. The adoption of this new accounting standard as of January 1, 2019 will result in the recording of approximately $80 million of right of use lease assets and lease liabilities, but will not have a material impact on the consolidated statement of shareholders' equity, results of operations or cash flows. Stock Compensation In May 2017, the FASB issued a new accounting standard that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The updated guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted. The Company adopted this new standard as of January 1, 2018 as required, and since it does not have a history of modifying share-based payment awards, has determined that the updated requirements did not have an impact on its consolidated financial statements for the periods presented. Cash Flow Statement Classifications In August 2016, the FASB issued a new accounting standard related to the classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The standard may be applied on a retrospective basis and early adoption is permitted. The Company adopted this new standard as of January 1, 2018 as required, and determined that its implementation did not have a material impact on its consolidated statements of cash flows for the periods presented. Goodwill Impairment In January 2017, the FASB issued a new accounting standard that simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The standard requires that the impairment loss be measured as the excess of the reporting unit's carrying amount over its fair value and eliminates the second step that requires the impairment to be measured between the implied value of a reporting unit's goodwill and its carrying value. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation will have on its consolidated financial statements. Definition of a Business In January 2017, the FASB issued a new accounting standard that clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and may be applied on a retrospective basis with early adoption permitted. The Company adopted this new standard as of January 1, 2018 as required and determined that its implementation did not have a material impact on the Company's consolidated financial statements for the periods presented. Hedging Activities In August 2017, the FASB issued ASU 2017-12, " Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ", which is codified in ASC 815. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. This ASU makes a number of targeted amendments that will enable entities to more clearly portray the economics of their risk management activities in the financial statements and simplify the application of hedge accounting in certain situations. The Company adopted this new standard in August 2018 in anticipation of derivative swap arrangements which were entered into in the third quarter of 2018 and determined that its implementation did not have a material impact on the Company's consolidated financial statements for the periods presented. See Notes 9 and 10 for additional information. Credit Losses In June 2016, the FASB issued ASU 2016-13 “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments ”, which amends certain provisions of ASC 326, “Financial Instruments-Credit Loss”. The ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held to maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. Additionally, entities will have to disclose more information with respect to credit quality indicators, including information used to track credit quality by year of origination for most financing receivables. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and will be applied as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period for which the guidance is effective. The Company does not expect that the adoption of the ASU will have a material effect on our consolidated financial statements. |
Revenue Recognition | Revenue Recognition Revenues are recognized when or as control of the promised goods or services transfers to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The transaction price for contracts may include forms of variable consideration, including reductions to the transaction price for volume discounts and rebates. To the extent a contract is deemed to have multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation using the standalone selling price of each distinct good or service in the contract. Description of Products and Services The Company is a major manufacturer of component products and a distributor of building products and materials serving original equipment manufacturers (“OEMs”). The following is a description of the principal activities, by reportable segments, from which the Company generates its revenue. See Note 20 for more detailed information about the Company's reportable operating segments. Manufacturing The Company’s Manufacturing segment revenue is primarily derived from the sale of laminated products that are utilized to produce furniture, shelving, walls, countertops, and cabinet products, cabinet doors, fiberglass bath fixtures and tile systems, hardwood furniture, vinyl printing, decorative vinyl and paper laminated panels, solid surface, granite, and quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, fiberglass bath fixtures and tile systems, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components including instrument and dash panels, wrapped vinyl, paper and hardwood profile mouldings, wrapped profile moldings, interior passage doors, air handling products, slide-out trim and fascia, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and components products, wiring and wire harnesses, boat covers, towers, tops and frames, aluminum fuel tanks, CNC molds and composite parts, slotwall panels and components and other products. Manufacturing segment revenue is recognized when control of the products transfers to the customer which is the point when the customer gains the ability to direct the use of and obtain substantially all of the remaining benefits from the asset, which is generally upon delivery of goods. In limited circumstances, where the products are customer specific with no alternative use to the Company and the Company has a legally enforceable right to payment for performance to date with a reasonable margin, revenue is recognized over the contract term based on the cost-to-cost method. The Company uses this measure of progress because it best depicts the transfer of value to the customer and correlates with the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods to the customer. However, revenue recognized based on the cost-to-cost method does not constitute a material amount of total Manufacturing segment revenue and consolidated net sales. Distribution The Company’s Distribution segment revenue is primarily derived from the resale of pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, appliances, wiring, electrical and plumbing products, fiber reinforced polyester products, cement siding, raw and processed lumber, interior passage doors, roofing products, laminate and ceramic flooring, tile, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products, in addition to providing transportation and logistics services. The Company acts as a principal in such arrangements because it controls the promised goods before delivery to the customer. Distribution segment revenue from product sales is recognized on a gross basis upon delivery of goods at which point control transfers to the customer. The Distribution segment also generates revenue by providing marketing services for other manufacturers in exchange for agreed upon commissions. The commission revenue is recognized in the amount of expected commissions to be collected from the manufacturer upon delivery of goods to the customer. The overall commission business is not material to the Company’s consolidated net sales. Significant Judgments and Practical Expedients Applied Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are not recognized as separate performance obligations to which a portion of revenue would otherwise be allocated. The Company records freight billed to customers in net sales. The corresponding costs incurred for shipping and handling related to these customer billed freight costs are recorded as costs to fulfill the contract and are included in warehouse and delivery expenses. The Company’s contracts across each of its businesses typically do not result in situations where there is a time period greater than one year between performance under the contract and collection of the related consideration. The Company elected the practical expedient under Topic 606 related to significant financing components, where the Company expects, at contract inception, that the period between the entity’s transfer of a promised good or service to a customer and the customer’s payment for that good or service will be one year or less. The Company also applies the practical expedient in Topic 606 related to costs to obtain a contract and recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the incurred costs that the Company otherwise would have capitalized is one year or less. These costs are included in selling, general and administrative expenses. Contract Balances The Company typically invoices the customer after shipment of the promised goods, at which time it has an unconditional right to payment. In limited circumstances, the Company may receive upfront payments from customers prior to satisfaction of a performance obligation in both the manufacturing and distribution businesses, in which case a contract liability is recorded. Transaction Price Allocated to the Remaining Performance Obligation The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company does not have material contracts that have original expected durations of more than one year. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The activity in AOCI is as follows: (thousands) Cash Flow Hedges Defined Benefit Pension Foreign Currency Items Total Balance at December 31, 2017 $ — $ 66 $ — $ 66 Other comprehensive loss (net of tax benefit of $679, $254 and $0) (1,973 ) (741 ) (32 ) (2,746 ) Balance at December 31, 2018 $ (1,973 ) $ (675 ) $ (32 ) $ (2,680 ) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule for the changes in the allowance for doubtful accounts | The following table summarizes the changes in the allowance for doubtful accounts: (thousands) 2018 2017 2016 Balance at January 1 $ 180 $ 92 $ 150 Provisions made during the year 563 1,192 415 Write-offs (245 ) (1,112 ) (473 ) Recoveries during the year 1 8 — Balance at December 31 $ 499 $ 180 $ 92 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable operating segments: Year Ended December 31, 2018 (thousands) Manufacturing Distribution Total Reportable Operating Segments Market type: Recreational Vehicle $ 1,069,981 $ 364,276 $ 1,434,257 Manufactured Housing 163,513 111,178 274,691 Industrial 246,168 33,813 279,981 Marine 265,805 8,327 274,132 Total $ 1,745,467 $ 517,594 $ 2,263,061 |
Schedule of Contract Assets and Liabilities | The following table provides information about contract balances: (thousands) December 31, 2018 At Adoption Receivables, which are included in trade receivables, net $ 74,196 $ 75,926 Contract liabilities 2,642 1,310 Significant changes in the contract liabilities balance during the year ended December 31, 2018 are as follows: (thousands) Contract Liabilities Revenue recognized that was included in the contract liability balance at the beginning of the period $(1,213) Increases due to cash received, excluding amounts recognized as revenue during the period 2,357 Accrued customer deposits related to business combinations 188 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Expected Benefit Payments | The Plan's projected estimated benefit payments (unaudited) are as follows: (thousands) 2019 $ 1,485 2020 1,499 2021 1,491 2022 1,467 2023 1,433 2024-2028 6,627 Total $ 14,002 |
Schedule of assets acquired and liabilities assumed | (thousands) Trade receivables Inventories Property, plant and equipment Prepaid expenses & other Intangible assets Goodwill Less: Total liabilities Less: Deferred tax liability, net Total net assets acquired 2018 MMC (1) $ 1,463 $ 2,324 $ 2,085 $ — $ 8,540 $ 7,668 $ 827 $ — $ 21,253 AMC 3,942 5,623 2,321 39 6,550 1,755 2,463 — 17,767 IMP (2) 1,962 4,267 1,306 13 12,860 8,979 2,888 — 26,499 Collins 2,830 9,903 1,125 5 22,000 6,730 2,586 — 40,007 Dehco 4,771 16,923 13,755 208 14,200 6,330 3,392 — 52,795 Dowco 4,053 4,498 5,910 1,240 34,379 10,423 4,198 — 56,305 MAC 3,054 6,815 8,000 284 32,733 19,264 4,290 8,839 57,021 EMC (3) 623 1,577 2,500 — 15,750 8,073 798 — 27,725 LaSalle 8,249 46,017 8,500 6,255 5,885 3,718 28,594 41 49,989 Other 472 329 300 13 1,667 902 196 — 3,487 2018 Totals $ 31,419 $ 98,276 $ 45,802 $ 8,057 $ 154,564 $ 73,842 $ 50,232 $ 8,880 $ 352,848 2017 Medallion $ 2,233 $ 2,605 $ 1,713 $ 118 $ 3,100 $ 1,342 $ 1,200 $ — $ 9,911 LPE 5,848 5,162 9,225 337 33,275 39,945 6,358 14,140 73,294 Wire Design 615 437 555 21 5,590 4,052 491 — 10,779 Baymont (4) — 1,174 2,067 — 3,166 1,502 69 — 7,840 Indiana Transport 6,379 — 2,594 1,309 31,675 19,950 3,117 — 58,790 LMI 11,205 9,071 6,028 449 32,810 29,241 8,471 — 80,333 Nickell 1,784 1,547 1,240 — 6,250 2,331 556 — 12,596 Other — 250 2,668 — — 668 124 — 3,462 2017 Totals $ 28,064 $ 20,246 $ 26,090 $ 2,234 $ 115,866 $ 99,031 $ 20,386 $ 14,140 $ 257,005 2016 Parkland $ 2,880 $ 5,280 $ 2,987 $ 86 $ 10,950 $ 5,175 $ 2,180 $ — $ 25,178 Progressive 996 3,074 100 61 6,010 2,980 2,344 — 10,877 Cana 646 1,151 5,840 29 7,065 2,927 1,135 — 16,523 MSM 2,017 1,592 2,521 12 7,855 984 965 — 14,016 LS Mfg. 620 1,382 265 — 6,315 2,772 154 — 11,200 BHE 2,922 3,801 1,794 — 21,140 15,716 1,508 8,865 35,000 Sigma/KRA 2,039 1,820 935 7 13,495 9,533 1,708 — 26,121 2016 Totals $ 12,120 $ 18,100 $ 14,442 $ 195 $ 72,830 $ 40,087 $ 9,994 $ 8,865 $ 138,915 (1) Total net assets acquired for MMC reflect the preliminary estimated liability of $1.4 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the MMC acquisition of $19.9 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (2) Total net assets acquired for IMP reflect the preliminary estimated liability of $7.9 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the IMP acquisition of $18.6 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (3) Total net assets acquired for EMC reflect the preliminary estimated liability of $2.5 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the EMC acquisition of $25.2 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018. (4) Total net assets acquired for Baymont include the revised estimated liability of $4.0 million pertaining to the fair value of the contingent consideration based on future performance. The actual net cash paid for the Baymont acquisition of $3.8 million is included in "Cash Flows from Investing Activities - Business Acquisitions" on the consolidated statement of cash flows for the year ended December 31, 2017. |
Schedule of pro forma information | In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired of $5.5 million and $19.8 million for the years ended December 31, 2018 and 2017 , respectively, in connection with the acquisitions as if they occurred as of the beginning of the year immediately preceding each such acquisition. (thousands except per share data) 2018 2017 Revenue $ 2,599,699 $ 2,382,442 Net income 131,576 108,893 Basic net income per common share 5.48 4.49 Diluted net income per common share 5.41 4.42 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventories as of December 31, 2018 and 2017 consist of the following classes: (thousands) 2018 2017 Raw materials $ 164,408 $ 96,846 Work in process 12,829 10,720 Finished goods 28,341 22,936 Less: reserve for inventory obsolescence (5,354 ) (3,087 ) Total manufactured goods, net 200,224 127,415 Materials purchased for resale (distribution products) 74,914 49,392 Less: reserve for inventory obsolescence (2,240 ) (1,537 ) Total materials purchased for resale (distribution products), net 72,674 47,855 Total inventories $ 272,898 $ 175,270 |
Summary of reserve for inventory obsolescence | The following table summarizes the reserve for inventory obsolescence: (thousands) 2018 2017 2016 Balance at January 1 $ 4,624 $ 3,957 $ 3,508 Charged to operations 13,862 4,325 2,542 Deductions from reserves (10,892 ) (3,658 ) (2,093 ) Balance at December 31 $ 7,594 $ 4,624 $ 3,957 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment, net, consists of the following classes at December 31, 2018 and 2017 : (thousands) 2018 2017 Land and improvements $ 8,686 $ 6,624 Building and improvements 59,701 45,416 Machinery and equipment 191,142 139,443 Transportation equipment 4,972 3,602 Leasehold improvements 11,873 8,354 Property, plant and equipment, at cost 276,374 203,439 Less: accumulated depreciation and amortization (99,229 ) (84,953 ) Property, plant and equipment, net $ 177,145 $ 118,486 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 100,592 $ 9,301 $ 109,893 Acquisitions 79,910 19,272 99,182 Adjustment to prior year preliminary purchase price allocation (1,031 ) — (1,031 ) Balance - December 31, 2017 179,471 28,573 208,044 Acquisitions 56,704 17,138 73,842 Adjustment to prior year preliminary purchase price allocation (830 ) 678 (152 ) Balance - December 31, 2018 $ 235,345 $ 46,389 $ 281,734 |
Schedule of intangible assets, net | Intangible assets, net consist of the following at December 31, 2018 and 2017 : (thousands) 2018 Weighted 2017 Weighted Customer relationships $ 366,228 10.1 $ 238,043 10.2 Non-compete agreements 19,159 4.9 15,564 4.2 Patents (1) 1,048 8.9 1,010 9.0 Trademarks 82,358 Indefinite 60,448 Indefinite 468,793 315,065 Less: accumulated amortization (85,811 ) (51,598 ) Intangible assets, net $ 382,982 $ 263,467 (1) Represents patents acquired through business acquisitions as well as patents acquired post-business acquisition at Dowco and LMI. |
Schedule of changes in intangible assets | Changes in the carrying value of intangible assets for the years ended December 31, 2018 and 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 149,853 $ 14,686 $ 164,539 Acquisitions 85,350 31,390 116,740 Amortization (16,225 ) (3,149 ) (19,374 ) Adjustment to prior year preliminary purchase price allocation 1,562 — 1,562 Balance - December 31, 2017 220,540 42,927 263,467 Acquisitions (1) 112,517 42,085 154,602 Amortization (27,413 ) (6,800 ) (34,213 ) Adjustment to prior year preliminary purchase price allocation (1,159 ) 285 (874 ) Balance - December 31, 2018 $ 304,485 $ 78,497 $ 382,982 (1) Includes patents acquired post-business acquisition. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of total debt outstanding | A summary of total debt outstanding at December 31, 2018 and 2017 is as follows: (thousands) 2018 2017 Long-term debt: Revolver $ 392,332 $ 287,397 Term loan 96,250 66,960 Convertible Notes 172,500 — Total long-term debt 661,082 354,357 Less: Convertible Notes discount and debt issuance costs, net (30,125 ) — Less: current maturities of long-term debt (8,750 ) (15,766 ) Less: net deferred financing costs related to term loan (456 ) (480 ) Total long-term debt, less current maturities, net $ 621,751 $ 338,111 |
Schedule of required financial covenants | The required maximum consolidated total leverage ratio and the required minimum consolidated fixed charge coverage ratio compared to the actual amounts as of and for the fiscal period ended December 31, 2018 are as follows: Required Actual Consolidated total leverage ratio (12-month period) 3.00 2.42 Consolidated fixed charge coverage ratio (12-month period) 1.50 3.31 |
Schedule of Maturities of Long-term Debt | As of December 31, 2018, the aggregate maturities of total long-term debt for the next five fiscal years are as follows (in thousands): 2019 $ 8,750 2020 10,000 2021 13,750 2022 456,082 2023 172,500 Total $ 661,082 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table summarizes the fair value of derivative contracts included in the accompanying consolidated balance sheet (in thousands): Fair value of derivative assets Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other non-current assets $ — $ — Fair value of derivative liabilities Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other long-term liabilities $ 2,652 $ — |
Schedule of Derivative Liabilities at Fair Value | The following table summarizes the fair value of derivative contracts included in the accompanying consolidated balance sheet (in thousands): Fair value of derivative assets Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other non-current assets $ — $ — Fair value of derivative liabilities Derivatives accounted for as cash flow hedges Balance sheet location December 31, 2018 December 31, 2017 Interest rate swap agreements Other long-term liabilities $ 2,652 $ — |
Schedule of Derivative Gains and Losses Recognized in AOCI | The following table presents the amount of gains and losses that have been recognized in accumulated other comprehensive income ("AOCI") from changes in unrealized loss on interest rate swaps, net of tax (in thousands): Unrealized Loss Recognized in AOCI Year Ended December 31, 2018 December 31, 2017 $ 1,973 $ — |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities as of December 31, 2018 and 2017 include the following: (thousands) 2018 2017 Employee compensation and benefits $ 31,898 $ 21,797 Property taxes 3,405 2,173 Customer incentives 10,318 6,237 Other 13,581 6,343 Total accrued liabilities $ 59,202 $ 36,550 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of the provisions for income taxes | The provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 consists of the following: (thousands) 2018 2017 2016 Current: Federal $ 22,578 $ 27,833 $ 24,205 State 8,725 6,036 4,430 Foreign 85 — — Total current 31,388 33,869 28,635 Deferred: Federal 1,529 (6,289 ) (474 ) State (770 ) (188 ) (86 ) Total deferred 759 (6,477 ) (560 ) Income taxes $ 32,147 $ 27,392 $ 28,075 |
Schedule of the reconciliation of differences between income taxes and tax provisions | (thousands) 2018 2017 2016 Rate applied to pretax income $ 31,916 21.0 % $ 39,588 35.0 % $ 29,278 35.0 % State taxes, net of federal tax effect 6,427 4.2 % 4,060 3.6 % 2,818 3.4 % Remeasurement of net deferred tax liabilities — — % (7,699 ) (6.8 )% — — % Excess tax benefit on stock-based compensation (6,685 ) (4.4 )% (6,009 ) (5.3 )% (1,256 ) (1.5 )% Other 489 0.4 % (2,548 ) (2.3 )% (2,765 ) (3.3 )% Income taxes $ 32,147 21.2 % $ 27,392 24.2 % $ 28,075 33.6 % |
Schedule of deferred tax assets and liabilities | The composition of the deferred tax assets and liabilities as of December 31, 2018 and 2017 is as follows: (thousands) 2018 2017 Long-term deferred income tax assets (liabilities): Trade receivables allowance $ 418 $ 48 Inventory capitalization 2,591 1,646 Accrued expenses 6,123 4,005 Deferred compensation 462 473 Inventory reserves 1,278 1,154 Federal NOL carryforwards 1,607 — State NOL carryforwards 2,060 — Valuation allowance - NOL (649 ) — Share-based compensation 5,848 3,875 Other 1,432 10 Intangibles (26,419 ) (16,042 ) Depreciation expense (16,562 ) (8,254 ) Prepaid expenses (888 ) (555 ) Net deferred tax liabilities $ (22,699 ) $ (13,640 ) |
STOCK REPURCHASE PROGRAMS (Tabl
STOCK REPURCHASE PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of repurchases of Company's common stock | Repurchases of the Company's common stock by year under the various repurchase plans are as follows: Year Shares Total Cost Average Price 2013 916,492 $ 6,078 $ 6.63 2014 775,688 13,928 17.96 2015 927,836 22,637 24.40 2016 181,107 5,214 28.79 2017 — — — 2018 1,984,095 107,567 54.21 Total cumulative stock repurchases 4,785,218 $ 155,424 $ 32.48 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Income per common share is calculated for the years ended December 31, 2018 , 2017 and 2016 as follows: (thousands except per share data) 2018 2017 2016 Net income for basic and diluted per share calculation $ 119,832 $ 85,718 $ 55,577 Weighted average common shares outstanding - basic 23,995 24,230 22,520 Effect of potentially dilutive securities 322 413 376 Weighted average common shares outstanding - diluted 24,317 24,643 22,896 Basic net income per common share $ 4.99 $ 3.54 $ 2.47 Diluted net income per common share $ 4.93 $ 3.48 $ 2.43 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum lease payments | At December 31, 2018 , future minimum lease payments required under facility and equipment operating leases are as follows: (thousands) Facility Leases Equipment Leases 2019 $ 22,206 $ 7,139 2020 17,474 5,870 2021 11,746 4,419 2022 6,334 3,268 2023 3,091 2,266 Thereafter 1,920 2,963 Total minimum lease payments $ 62,771 $ 25,925 |
COMPENSATION PLANS (Tables)
COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of award activity | The following table summarizes the activity for restricted stock for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 (shares in thousands) Shares Weighted-Average Shares Weighted-Average Shares Weighted-Average Unvested beginning of year 634 $ 35.68 644 $ 22.15 653 $ 14.80 Granted during the year 182 65.35 233 54.46 232 28.61 Vested during the year (209 ) 23.98 (240 ) 17.49 (234 ) 8.16 Forfeited during the year (1 ) 57.93 (3 ) 46.64 (7 ) 20.82 Unvested end of year 606 $ 48.56 634 $ 35.68 644 $ 22.15 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of option activity | The following table summarizes the Company’s option activity during the years ended December 31, 2018 , 2017 and 2016 for the options granted in 2016 and 2017, as well as for options granted in 2009 and 2013. There were no stock options granted in 2018. Years ended December 31 2018 2017 2016 (shares in thousands) Shares Weighted Shares Weighted Shares Weighted Total Options: Outstanding beginning of year 548 $ 44.07 288 $ 23.59 343 $ 10.84 Granted during the year — — 340 53.83 121 41 Forfeited during the year — — — — — — Exercised during the year (3 ) 0.78 (80 ) 11.62 (176 ) 10.62 Outstanding end of year 545 $ 44.35 548 $ 44.07 288 $ 23.59 Vested Options: Vested during the year 115 $ 50.46 30 $ 40.95 150 $ 12.30 Eligible end of year for exercise 230 $ 34.72 118 $ 18.36 168 $ 11.08 Aggregate intrinsic value ($ in thousands): Total options outstanding $ 1,570 $ 13,932 $ 7,869 Options exercisable $ 1,570 $ 6,037 $ 6,671 Options exercised $ 195 $ 2,601 $ 4,024 Weighted average fair value of options granted during the year N/A $ 17.76 $ 12.36 |
Schedule of outstanding and exercisable options by exercise price | A summary of options outstanding and exercisable at December 31, 2018 is as follows: (shares in thousands) Options Outstanding Options Exercisable 2009 Grants: Shares Remaining Contractual Exercise Shares Exercise Exercise price - $0.33 2 0.4 $ 0.33 2 $ 0.33 Exercise price - $0.78 8 0.4 $ 0.78 8 $ 0.78 2013 Grant: Exercise price - $12.30 75 4.0 $ 12.30 75 $ 12.30 2016 Grant: Exercise price - $40.95 120 6.8 $ 40.95 60 $ 40.95 2017 Grant: Exercise price - $53.83 340 7.0 $ 53.83 85 $ 53.83 |
Schedule of Black-Scholes model for awards granted | The following table presents assumptions used in the Black-Scholes model for the stock options granted in 2017 and 2016. There were no stock options granted in 2018. 2017 2016 Dividend rate — — Risk-free interest rate 2.00 % 1.00 % Expected option life (years) 5.75 5.75 Price volatility 30.84 % 30.00 % |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of option activity | The following table summarizes the Company’s SARS activity during the years ended December 31, 2018 , 2017 and 2016 for the SARS granted in 2016 and 2017, as well as for SARS granted in 2013. There were no SARS granted in 2018. Years ended December 31 2018 2017 2016 (shares in thousands) Shares Weighted Shares Weighted Shares Weighted Total SARS: Outstanding beginning of year 535 $ 54.53 270 $ 32.29 300 $ 16.50 Granted during the year — — 340 63.85 120 52 Forfeited during the year — — — — — — Exercised during the year — — (75 ) 16.50 (150 ) 16.50 Outstanding end of year 535 $ 54.53 535 $ 54.53 270 $ 32.29 Vested SARS: Vested during the year 115 $ 60.71 30 $ 51.87 150 $ 16.50 Eligible end of year for exercise 220 $ 44.46 105 $ 26.66 150 $ 16.50 Aggregate intrinsic value ($ in thousands): Total SARS outstanding $ 983 $ 8,458 $ 5,556 SARS exercisable $ 983 $ 4,521 $ 5,155 SARS exercised $ — $ 3,822 2,379 Weighted average fair value of SARS granted during the year N/A $ 14.66 $ 9.30 |
Schedule of outstanding and exercisable options by exercise price | A summary of SARS outstanding and exercisable at December 31, 2018 is as follows: SARS Outstanding SARS Exercisable (shares in thousands) Shares Remaining Contractual Exercise Shares Exercise 2013 Grant: Exercise price - $12.30 18 4.0 $ 12.30 18 $ 12.30 Exercise price - $14.75 19 4.0 14.75 19 14.75 Exercise price - $17.71 19 4.0 17.71 19 17.71 Exercise price - $21.25 19 4.0 21.25 19 21.25 2016 Grant: Exercise price - $40.95 30 6.8 $ 40.70 15 $ 40.95 Exercise price - $47.51 30 6.8 47.51 15 47.51 Exercise price - $55.11 30 6.8 55.11 15 55.11 Exercise price - $63.93 30 6.8 63.93 15 63.93 2017 Grant: Exercise price - $53.83 85 7.0 $ 53.83 21 $ 53.83 Exercise price - $60.03 85 7.0 60.03 21 60.03 Exercise price - $66.93 85 7.0 66.93 21 66.93 Exercise price - $74.63 85 7.0 74.63 22 74.63 |
Schedule of Black-Scholes model for awards granted | The following table presents assumptions used in the Black-Scholes model for the SARS granted in 2017 and 2016. There were no SARS granted in 2018. 2017 2016 Dividend rate — — Risk-free interest rate 2.00 % 1.00 % Expected option life (years) 5.75 5.75 Price volatility 30.84 % 30.00 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | The tables below present information about the sales, operating income, segment assets, and certain other items that are either used by or provided to the chief operating decision maker of the Company as of and for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 Manufacturing Distribution Total Net outside sales $ 1,745,467 $ 517,594 $ 2,263,061 Intersegment sales 33,581 3,641 37,222 Total sales 1,779,048 521,235 2,300,283 Cost of goods sold 1,441,597 440,219 1,881,816 Operating income 215,246 31,491 246,737 Identifiable assets 948,557 240,499 1,189,056 Depreciation and amortization 44,747 7,613 52,360 2017 Manufacturing Distribution Total Net outside sales $ 1,337,785 $ 297,868 $ 1,635,653 Intersegment sales 30,669 2,579 33,248 Total sales 1,368,454 300,447 1,668,901 Cost of goods sold 1,135,783 252,311 1,388,094 Operating income 151,635 18,858 170,493 Identifiable assets 688,177 142,257 830,434 Depreciation and amortization 27,481 3,521 31,002 2016 Manufacturing Distribution Total Net outside sales $ 997,205 $ 224,682 $ 1,221,887 Intersegment sales 23,187 2,898 26,085 Total sales 1,020,392 227,580 1,247,972 Cost of goods sold 853,596 189,263 1,042,859 Operating income 107,105 15,001 122,106 Identifiable assets 421,203 61,725 482,928 Depreciation and amortization 18,553 3,102 21,655 |
Reconciliation of other significant reconciling items from segments | A reconciliation of certain line items pertaining to the total reportable segments to the consolidated financial statements as of and for the years ended December 31, 2018 , 2017 and 2016 is as follows (in thousands): 2018 2017 2016 Net sales: Total sales for reportable segments $ 2,300,283 $ 1,668,901 $ 1,247,972 Elimination of intersegment sales (37,222 ) (33,248 ) (26,085 ) Consolidated net sales $ 2,263,061 $ 1,635,653 $ 1,221,887 Cost of goods sold: Total cost of goods sold for reportable segments $ 1,881,816 $ 1,388,094 $ 1,042,859 Elimination of intersegment cost of goods sold (37,222 ) (33,248 ) (26,085 ) Other 2,601 1,892 2,644 Consolidated cost of goods sold $ 1,847,195 $ 1,356,738 $ 1,019,418 Operating income: Operating income for reportable segments $ 246,737 $ 170,493 $ 122,106 Unallocated corporate expenses (34,109 ) (29,219 ) (17,901 ) Amortization (34,213 ) (19,374 ) (13,368 ) Consolidated operating income $ 178,415 $ 121,900 $ 90,837 Consolidated total assets: Identifiable assets for reportable segments $ 1,189,056 $ 830,434 $ 482,928 Corporate property and equipment 24,232 21,336 38,550 Current and long-term assets not allocated to segments 13,284 11,700 10,630 Intangibles and other assets not allocated to segments 4,659 3,174 2,842 Consolidated total assets $ 1,231,231 $ 866,644 $ 534,950 Depreciation and amortization: Depreciation and amortization for reportable segments $ 52,360 $ 31,002 $ 21,655 Corporate depreciation and amortization 2,692 2,539 2,707 Consolidated depreciation and amortization $ 55,052 $ 33,541 $ 24,362 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data | Selected quarterly financial data for the years ended December 31, 2018 and 2017 is as follows: (thousands except per share data) 1Q 2Q 3Q 4Q 2018 Net sales $ 551,832 $ 604,879 $ 575,139 $ 531,211 $ 2,263,061 Gross profit 97,754 114,792 106,655 96,665 415,866 Net income 30,068 34,860 27,934 26,970 119,832 Net income per common share (1): Basic $ 1.22 $ 1.44 $ 1.17 $ 1.17 $ 4.99 Diluted 1.20 1.42 1.15 1.15 4.93 (thousands except per share data) 1Q 2Q 3Q 4Q 2017 Net sales $ 345,427 $ 407,145 $ 407,511 $ 475,570 $ 1,635,653 Gross profit 57,549 71,500 69,183 80,683 278,915 Net income 17,467 21,260 17,945 29,046 85,718 Net income per common share (1): Basic $ 0.76 $ 0.86 $ 0.73 $ 1.18 $ 3.54 Diluted 0.75 0.85 0.72 1.16 3.48 (1) Basic and diluted net income per common share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted net income per common share information may not equal annual basic and diluted net income per common share. |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 12 Months Ended |
Dec. 31, 2018facilitysegmentstate | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of manufacturing plants | 107 |
Number of distribution facilities | 42 |
Number of states in which entity operates | state | 22 |
Number of business segments | segment | 2 |
RECENTLY ISSUED ACCOUNTING PR_2
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Subsequent Event [Member] - Accounting Standards Update 2016-02 [Member] $ in Millions | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease, right-of-use asset | $ 80 |
Operating lease, liability | $ 80 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | $ 370,685 |
Other comprehensive loss (net of tax benefit of $679, $254 and $0) | (2,746) |
Ending Balance | 408,754 |
AOCI Attributable to Parent [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | 66 |
Ending Balance | (2,680) |
Cash Flow Hedges [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | 0 |
Other comprehensive loss (net of tax benefit of $679, $254 and $0) | (1,973) |
Ending Balance | (1,973) |
Other comprehensive income (loss), tax | 679 |
Defined Benefit Pension [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | 66 |
Other comprehensive loss (net of tax benefit of $679, $254 and $0) | (741) |
Ending Balance | (675) |
Other comprehensive income (loss), tax | 254 |
Foreign Currency Items [Member] | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | 0 |
Other comprehensive loss (net of tax benefit of $679, $254 and $0) | (32) |
Ending Balance | (32) |
Other comprehensive income (loss), tax | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at January 1 | $ 180 | $ 92 | $ 150 |
Provision for bad debts | 563 | 1,192 | 415 |
Write-offs | (245) | (1,112) | (473) |
Recoveries during the year | 1 | 8 | 0 |
Balance at December 31 | $ 499 | $ 180 | $ 92 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Goodwill and intangible asset impairments | $ 0 | $ 0 | $ 0 |
Estimated fair value of convertible notes | $ 130,300,000 | ||
Building and improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Building and improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Machinery and equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery and equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years |
REVENUE RECOGNITION - Schedule
REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | $ 531,211 | $ 575,139 | $ 604,879 | $ 551,832 | $ 475,570 | $ 407,511 | $ 407,145 | $ 345,427 | $ 2,263,061 | $ 1,635,653 | $ 1,221,887 |
Recreational Vehicle [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 1,434,257 | ||||||||||
Manufactured Housing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 274,691 | ||||||||||
Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 279,981 | ||||||||||
Marine [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 274,132 | ||||||||||
Manufacturing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 1,745,467 | 1,337,785 | 997,205 | ||||||||
Manufacturing [Member] | Recreational Vehicle [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 1,069,981 | ||||||||||
Manufacturing [Member] | Manufactured Housing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 163,513 | ||||||||||
Manufacturing [Member] | Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 246,168 | ||||||||||
Manufacturing [Member] | Marine [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 265,805 | ||||||||||
Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 517,594 | $ 297,868 | $ 224,682 | ||||||||
Distribution [Member] | Recreational Vehicle [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 364,276 | ||||||||||
Distribution [Member] | Manufactured Housing [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 111,178 | ||||||||||
Distribution [Member] | Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | 33,813 | ||||||||||
Distribution [Member] | Marine [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
NET SALES | $ 8,327 |
REVENUE RECOGNITION - Schedul_2
REVENUE RECOGNITION - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables, which are included in trade receivables, net | $ 74,196 | $ 75,926 |
Contract liabilities | 2,642 | $ 1,310 |
Contract Liabilities | ||
Revenue recognized that was included in the contract liability balance at the beginning of the period | (1,213) | |
Increases due to cash received, excluding amounts recognized as revenue during the period | 2,357 | |
Accrued customer deposits related to business combinations | $ 188 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ in Thousands | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($)facility | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | May 31, 2018USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($)facility | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($)company | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2016USD ($)facility | Feb. 29, 2016USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Apr. 01, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)companyacquisition |
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Number of businesses acquired | acquisition | 23 | |||||||||||||||||||||||||||
Number of companies acquired | company | 34 | |||||||||||||||||||||||||||
Operating income | $ 178,415 | $ 121,900 | $ 90,837 | |||||||||||||||||||||||||
Contingent consideration liability | $ 13,800 | $ 13,800 | 13,800 | $ 13,800 | ||||||||||||||||||||||||
Contingent consideration high value outcome | 18,800 | 18,800 | 18,800 | 18,800 | ||||||||||||||||||||||||
Decrease to contingent consideration liability | (2,600) | |||||||||||||||||||||||||||
Accretion expense | 600 | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | 1,200 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | 500 | |||||||||||||||||||||||||||
Pro forma amortization expense | 5,500 | 19,800 | ||||||||||||||||||||||||||
Acquired Entities [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Revenues | 249,300 | 109,700 | 92,300 | |||||||||||||||||||||||||
Operating income | 23,200 | $ 13,100 | $ 10,300 | |||||||||||||||||||||||||
Metal Moulding Corporation [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | 1,400 | $ 1,400 | 1,400 | 1,400 | 1,400 | |||||||||||||||||||||||
Consideration transferred | $ 19,900 | |||||||||||||||||||||||||||
Contingent consideration liability performance period | 1 year | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | (900) | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | (2,100) | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | 2,900 | |||||||||||||||||||||||||||
Aluminum Metals Company [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 17,800 | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | (1,700) | |||||||||||||||||||||||||||
Indiana Marine Products [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | 7,900 | $ 7,900 | $ 7,900 | $ 7,900 | $ 7,900 | |||||||||||||||||||||||
Consideration transferred | $ 18,600 | |||||||||||||||||||||||||||
Contingent consideration liability performance period | 3 years | |||||||||||||||||||||||||||
Collins & Company [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 40,000 | |||||||||||||||||||||||||||
Dehco Inc [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 52,800 | |||||||||||||||||||||||||||
Dowco Inc. [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 56,300 | |||||||||||||||||||||||||||
Marine Accessories Corporation [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 57,000 | |||||||||||||||||||||||||||
Percent of common stock acquired | 100.00% | |||||||||||||||||||||||||||
Engineered Metals And Composites [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | $ 2,500 | $ 2,500 | $ 2,500 | |||||||||||||||||||||||||
Consideration transferred | $ 25,200 | |||||||||||||||||||||||||||
Contingent consideration liability payout term | 3 months | |||||||||||||||||||||||||||
LaSalle Bristol [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 50,000 | |||||||||||||||||||||||||||
Number of manufacturing and distribution centers | facility | 15 | |||||||||||||||||||||||||||
Net pension liabilities assumed | $ 5,200 | |||||||||||||||||||||||||||
Pension benefit obligations assumed | 18,600 | |||||||||||||||||||||||||||
Plan assets acquired | $ 13,400 | |||||||||||||||||||||||||||
Expected return on acquired plan assets | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||||||
Discount rate used to determine pension benefit obligation assumed | 4.04% | 4.04% | 4.04% | 4.04% | ||||||||||||||||||||||||
Minimum required contribution to pension plan assumed | $ 400 | |||||||||||||||||||||||||||
Medallion [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 9,900 | |||||||||||||||||||||||||||
LPE [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 73,300 | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | $ 900 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | (600) | |||||||||||||||||||||||||||
Percent of common stock acquired | 100.00% | |||||||||||||||||||||||||||
Number of manufacturing companies | company | 3 | |||||||||||||||||||||||||||
Deferred tax liability adjustment increase (decrease) | 300 | |||||||||||||||||||||||||||
Wire Design [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 10,800 | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | 200 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | $ (200) | |||||||||||||||||||||||||||
Baymont [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | 4,000 | $ 4,000 | $ 5,100 | $ 4,000 | 4,000 | 4,000 | $ 4,000 | $ 4,000 | ||||||||||||||||||||
Decrease to contingent consideration liability | 1,100 | |||||||||||||||||||||||||||
Consideration transferred | $ 3,800 | |||||||||||||||||||||||||||
Contingent consideration liability performance period | 6 years | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | 300 | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | 900 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | (1,700) | $ (1,100) | ||||||||||||||||||||||||||
Increase (decrease) in working capital | $ (500) | |||||||||||||||||||||||||||
Indiana Transport [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 58,800 | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | (1,000) | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | 300 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | 700 | |||||||||||||||||||||||||||
Accounts payable and accrued liabilities adjustment increase (decrease) | 600 | |||||||||||||||||||||||||||
LMI [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 80,300 | |||||||||||||||||||||||||||
Number of manufacturing and distribution centers | facility | 6 | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | 2,000 | |||||||||||||||||||||||||||
Provisional information adjustment, increase (decrease) intangible assets | (3,300) | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | 2,700 | |||||||||||||||||||||||||||
Increase (decrease) in initial purchase price | 900 | |||||||||||||||||||||||||||
Decrease in prepaid expenses and other | 500 | |||||||||||||||||||||||||||
Accounts payable and accrued liabilities adjustment increase (decrease) | 200 | |||||||||||||||||||||||||||
Accounts receivable adjustment increase (decrease) | 100 | |||||||||||||||||||||||||||
Inventory adjustment increase (decrease) | (100) | |||||||||||||||||||||||||||
Nickell [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 12,600 | |||||||||||||||||||||||||||
Property plant and equipment adjustment increase (decrease) | 300 | |||||||||||||||||||||||||||
Goodwill adjustment increase (decrease) | (900) | |||||||||||||||||||||||||||
Increase (decrease) in initial purchase price | 300 | |||||||||||||||||||||||||||
Accounts payable and accrued liabilities adjustment increase (decrease) | (600) | |||||||||||||||||||||||||||
Accounts receivable adjustment increase (decrease) | (200) | |||||||||||||||||||||||||||
Inventory adjustment increase (decrease) | 400 | |||||||||||||||||||||||||||
Parkland [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 25,200 | |||||||||||||||||||||||||||
Percent of common stock acquired | 100.00% | |||||||||||||||||||||||||||
Progressive [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 10,900 | |||||||||||||||||||||||||||
Number of distribution centers | facility | 6 | |||||||||||||||||||||||||||
Cana [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 16,500 | |||||||||||||||||||||||||||
MSM [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 14,000 | |||||||||||||||||||||||||||
LS Mfg [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 11,200 | |||||||||||||||||||||||||||
BHE [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 35,000 | |||||||||||||||||||||||||||
Percent of common stock acquired | 100.00% | |||||||||||||||||||||||||||
Sigma/KRA [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Consideration transferred | $ 26,100 | |||||||||||||||||||||||||||
Accrued Liabilities [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | 4,400 | 4,400 | 4,400 | 4,400 | ||||||||||||||||||||||||
Other Noncurrent Liabilities [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Contingent consideration liability | $ 9,400 | $ 9,400 | $ 9,400 | $ 9,400 |
ACQUISITIONS - Schedule of Expe
ACQUISITIONS - Schedule of Expected Pension Benefit Payments (Details) - LaSalle Bristol [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |
2,019 | $ 1,485 |
2,020 | 1,499 |
2,021 | 1,491 |
2,022 | 1,467 |
2,023 | 1,433 |
2024-2028 | 6,627 |
Total | $ 14,002 |
ACQUISITIONS - Fair Value of As
ACQUISITIONS - Fair Value of Assets Acquired, Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 281,734 | $ 208,044 | $ 109,893 | ||||
Contingent consideration liability | 13,800 | ||||||
Business acquisitions | 343,347 | 251,851 | 138,915 | ||||
Metal Moulding Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 1,463 | ||||||
Inventories | 2,324 | ||||||
Property, plant and equipment | 2,085 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 8,540 | ||||||
Goodwill | 7,668 | ||||||
Less: Total liabilities | 827 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 21,253 | ||||||
Contingent consideration liability | 1,400 | $ 1,400 | |||||
Business acquisitions | 19,900 | ||||||
Aluminum Metals Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 3,942 | ||||||
Inventories | 5,623 | ||||||
Property, plant and equipment | 2,321 | ||||||
Prepaid expenses & other | 39 | ||||||
Intangible assets | 6,550 | ||||||
Goodwill | 1,755 | ||||||
Less: Total liabilities | 2,463 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 17,767 | ||||||
Indiana Marine Products [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 1,962 | ||||||
Inventories | 4,267 | ||||||
Property, plant and equipment | 1,306 | ||||||
Prepaid expenses & other | 13 | ||||||
Intangible assets | 12,860 | ||||||
Goodwill | 8,979 | ||||||
Less: Total liabilities | 2,888 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 26,499 | ||||||
Contingent consideration liability | 7,900 | $ 7,900 | |||||
Business acquisitions | 18,600 | ||||||
Collins & Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,830 | ||||||
Inventories | 9,903 | ||||||
Property, plant and equipment | 1,125 | ||||||
Prepaid expenses & other | 5 | ||||||
Intangible assets | 22,000 | ||||||
Goodwill | 6,730 | ||||||
Less: Total liabilities | 2,586 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 40,007 | ||||||
Dehco Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 4,771 | ||||||
Inventories | 16,923 | ||||||
Property, plant and equipment | 13,755 | ||||||
Prepaid expenses & other | 208 | ||||||
Intangible assets | 14,200 | ||||||
Goodwill | 6,330 | ||||||
Less: Total liabilities | 3,392 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 52,795 | ||||||
Dowco Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 4,053 | ||||||
Inventories | 4,498 | ||||||
Property, plant and equipment | 5,910 | ||||||
Prepaid expenses & other | 1,240 | ||||||
Intangible assets | 34,379 | ||||||
Goodwill | 10,423 | ||||||
Less: Total liabilities | 4,198 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 56,305 | ||||||
Marine Accessories Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 3,054 | ||||||
Inventories | 6,815 | ||||||
Property, plant and equipment | 8,000 | ||||||
Prepaid expenses & other | 284 | ||||||
Intangible assets | 32,733 | ||||||
Goodwill | 19,264 | ||||||
Less: Total liabilities | 4,290 | ||||||
Less: Deferred tax liability, net | 8,839 | ||||||
Total net assets acquired | 57,021 | ||||||
Engineered Metals And Composites [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 623 | ||||||
Inventories | 1,577 | ||||||
Property, plant and equipment | 2,500 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 15,750 | ||||||
Goodwill | 8,073 | ||||||
Less: Total liabilities | 798 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 27,725 | ||||||
Contingent consideration liability | $ 2,500 | ||||||
Business acquisitions | 25,200 | ||||||
LaSalle Bristol [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 8,249 | ||||||
Inventories | 46,017 | ||||||
Property, plant and equipment | 8,500 | ||||||
Prepaid expenses & other | 6,255 | ||||||
Intangible assets | 5,885 | ||||||
Goodwill | 3,718 | ||||||
Less: Total liabilities | 28,594 | ||||||
Less: Deferred tax liability, net | 41 | ||||||
Total net assets acquired | 49,989 | ||||||
Medallion [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,233 | ||||||
Inventories | 2,605 | ||||||
Property, plant and equipment | 1,713 | ||||||
Prepaid expenses & other | 118 | ||||||
Intangible assets | 3,100 | ||||||
Goodwill | 1,342 | ||||||
Less: Total liabilities | 1,200 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 9,911 | ||||||
LPE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 5,848 | ||||||
Inventories | 5,162 | ||||||
Property, plant and equipment | 9,225 | ||||||
Prepaid expenses & other | 337 | ||||||
Intangible assets | 33,275 | ||||||
Goodwill | 39,945 | ||||||
Less: Total liabilities | 6,358 | ||||||
Less: Deferred tax liability, net | 14,140 | ||||||
Total net assets acquired | 73,294 | ||||||
Wire Design [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 615 | ||||||
Inventories | 437 | ||||||
Property, plant and equipment | 555 | ||||||
Prepaid expenses & other | 21 | ||||||
Intangible assets | 5,590 | ||||||
Goodwill | 4,052 | ||||||
Less: Total liabilities | 491 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 10,779 | ||||||
Baymont [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 0 | ||||||
Inventories | 1,174 | ||||||
Property, plant and equipment | 2,067 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 3,166 | ||||||
Goodwill | 1,502 | ||||||
Less: Total liabilities | 69 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 7,840 | ||||||
Contingent consideration liability | 4,000 | $ 4,000 | $ 5,100 | ||||
Business acquisitions | 3,800 | ||||||
Indiana Transport [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 6,379 | ||||||
Inventories | 0 | ||||||
Property, plant and equipment | 2,594 | ||||||
Prepaid expenses & other | 1,309 | ||||||
Intangible assets | 31,675 | ||||||
Goodwill | 19,950 | ||||||
Less: Total liabilities | 3,117 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 58,790 | ||||||
LMI [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 11,205 | ||||||
Inventories | 9,071 | ||||||
Property, plant and equipment | 6,028 | ||||||
Prepaid expenses & other | 449 | ||||||
Intangible assets | 32,810 | ||||||
Goodwill | 29,241 | ||||||
Less: Total liabilities | 8,471 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 80,333 | ||||||
Nickell [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 1,784 | ||||||
Inventories | 1,547 | ||||||
Property, plant and equipment | 1,240 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 6,250 | ||||||
Goodwill | 2,331 | ||||||
Less: Total liabilities | 556 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 12,596 | ||||||
Other [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 472 | 0 | |||||
Inventories | 329 | 250 | |||||
Property, plant and equipment | 300 | 2,668 | |||||
Prepaid expenses & other | 13 | 0 | |||||
Intangible assets | 1,667 | 0 | |||||
Goodwill | 902 | 668 | |||||
Less: Total liabilities | 196 | 124 | |||||
Less: Deferred tax liability, net | 0 | 0 | |||||
Total net assets acquired | 3,487 | 3,462 | |||||
Parkland [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,880 | ||||||
Inventories | 5,280 | ||||||
Property, plant and equipment | 2,987 | ||||||
Prepaid expenses & other | 86 | ||||||
Intangible assets | 10,950 | ||||||
Goodwill | 5,175 | ||||||
Less: Total liabilities | 2,180 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 25,178 | ||||||
Progressive [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 996 | ||||||
Inventories | 3,074 | ||||||
Property, plant and equipment | 100 | ||||||
Prepaid expenses & other | 61 | ||||||
Intangible assets | 6,010 | ||||||
Goodwill | 2,980 | ||||||
Less: Total liabilities | 2,344 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 10,877 | ||||||
Cana [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 646 | ||||||
Inventories | 1,151 | ||||||
Property, plant and equipment | 5,840 | ||||||
Prepaid expenses & other | 29 | ||||||
Intangible assets | 7,065 | ||||||
Goodwill | 2,927 | ||||||
Less: Total liabilities | 1,135 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 16,523 | ||||||
MSM [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,017 | ||||||
Inventories | 1,592 | ||||||
Property, plant and equipment | 2,521 | ||||||
Prepaid expenses & other | 12 | ||||||
Intangible assets | 7,855 | ||||||
Goodwill | 984 | ||||||
Less: Total liabilities | 965 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 14,016 | ||||||
LS Mfg [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 620 | ||||||
Inventories | 1,382 | ||||||
Property, plant and equipment | 265 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 6,315 | ||||||
Goodwill | 2,772 | ||||||
Less: Total liabilities | 154 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 11,200 | ||||||
BHE [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,922 | ||||||
Inventories | 3,801 | ||||||
Property, plant and equipment | 1,794 | ||||||
Prepaid expenses & other | 0 | ||||||
Intangible assets | 21,140 | ||||||
Goodwill | 15,716 | ||||||
Less: Total liabilities | 1,508 | ||||||
Less: Deferred tax liability, net | 8,865 | ||||||
Total net assets acquired | 35,000 | ||||||
Sigma/KRA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 2,039 | ||||||
Inventories | 1,820 | ||||||
Property, plant and equipment | 935 | ||||||
Prepaid expenses & other | 7 | ||||||
Intangible assets | 13,495 | ||||||
Goodwill | 9,533 | ||||||
Less: Total liabilities | 1,708 | ||||||
Less: Deferred tax liability, net | 0 | ||||||
Total net assets acquired | 26,121 | ||||||
Acquired Entities [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 31,419 | 28,064 | 12,120 | ||||
Inventories | 98,276 | 20,246 | 18,100 | ||||
Property, plant and equipment | 45,802 | 26,090 | 14,442 | ||||
Prepaid expenses & other | 8,057 | 2,234 | 195 | ||||
Intangible assets | 154,564 | 115,866 | 72,830 | ||||
Goodwill | 73,842 | 99,031 | 40,087 | ||||
Less: Total liabilities | 50,232 | 20,386 | 9,994 | ||||
Less: Deferred tax liability, net | 8,880 | 14,140 | 8,865 | ||||
Total net assets acquired | $ 352,848 | $ 257,005 | $ 138,915 |
ACQUISITIONS - Pro Forma Inform
ACQUISITIONS - Pro Forma Information Related to Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenue | $ 2,599,699 | $ 2,382,442 |
Net income | $ 131,576 | $ 108,893 |
Basic net income per common share (in dollars per share) | $ 5.48 | $ 4.49 |
Diluted net income per common share (in dollars per share) | $ 5.41 | $ 4.42 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 164,408 | $ 96,846 |
Work in process | 12,829 | 10,720 |
Finished goods | 28,341 | 22,936 |
Total manufactured goods, net | 200,224 | 127,415 |
Materials purchased for resale (distribution products) | 74,914 | 49,392 |
Total materials purchased for resale (distribution products), net | 72,674 | 47,855 |
Total inventories | 272,898 | 175,270 |
Manufactured Goods [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | (5,354) | (3,087) |
Distributed Goods [Member] | ||
Inventory [Line Items] | ||
Less: reserve for inventory obsolescence | $ (2,240) | $ (1,537) |
INVENTORIES - Summary of Reserv
INVENTORIES - Summary of Reserve for Inventory Obsolescence (Details) - SEC Schedule, 12-09, Reserve, Inventory [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1 | $ 4,624 | $ 3,957 | $ 3,508 |
Charged to operations | 13,862 | 4,325 | 2,542 |
Deductions from reserves | (10,892) | (3,658) | (2,093) |
Balance at December 31 | $ 7,594 | $ 4,624 | $ 3,957 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 276,374,000 | $ 203,439,000 |
Less: accumulated depreciation and amortization | (99,229,000) | (84,953,000) |
Property, plant and equipment, net | 177,145,000 | 118,486,000 |
Property, plant and equipment impairments | 0 | 0 |
Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 8,686,000 | 6,624,000 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 59,701,000 | 45,416,000 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 191,142,000 | 139,443,000 |
Transportation equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 4,972,000 | 3,602,000 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 11,873,000 | $ 8,354,000 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 208,044 | $ 109,893 |
Acquisitions | 73,842 | 99,182 |
Adjustment to prior year preliminary purchase price allocation | (152) | (1,031) |
Balance, end of period | 281,734 | 208,044 |
Manufacturing [Member] | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 179,471 | 100,592 |
Acquisitions | 56,704 | 79,910 |
Adjustment to prior year preliminary purchase price allocation | (830) | (1,031) |
Balance, end of period | 235,345 | 179,471 |
Distribution [Member] | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 28,573 | 9,301 |
Acquisitions | 17,138 | 19,272 |
Adjustment to prior year preliminary purchase price allocation | 678 | 0 |
Balance, end of period | $ 46,389 | $ 28,573 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Line Items] | |||
Intangible assets, net | $ 382,982,000 | $ 263,467,000 | $ 164,539,000 |
Amortization of intangible assets | 34,213,000 | $ 19,374,000 | $ 13,368,000 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,019 | 38,946,000 | ||
2,020 | 38,586,000 | ||
2,021 | 38,047,000 | ||
2,022 | 37,221,000 | ||
2,023 | 35,645,000 | ||
Customer Relationships and Noncompete Agreements [Member] | |||
Intangible Assets [Line Items] | |||
Intangible assets, net | $ 300,600,000 | ||
Customer Relationships and Noncompete Agreements [Member] | Minimum [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 3 years | ||
Customer Relationships and Noncompete Agreements [Member] | Maximum [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 19 years | ||
Non-compete agreements [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 4 years 10 months 12 days | 4 years 2 months 12 days | |
Customer relationships [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years 1 month 6 days | 10 years 2 months 12 days | |
Aluminum Metals Company [Member] | Non-compete agreements [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 3 years | ||
Acquired Entities [Member] | Non-compete agreements [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 5 years | ||
Acquired Entities [Member] | Customer relationships [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years | ||
Trademarks [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, gross | $ 82,358,000 | $ 60,448,000 | |
Amortization of intangible assets | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net, by Major Class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Line Items] | |||
Total intangible assets, net, excluding accumulated amortization | $ 468,793 | $ 315,065 | |
Less: accumulated amortization | (85,811) | (51,598) | |
Intangible assets, net | 382,982 | 263,467 | $ 164,539 |
Trademarks [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, gross | 82,358 | 60,448 | |
Customer relationships [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 366,228 | $ 238,043 | |
Finite-lived intangible assets, useful life | 10 years 1 month 6 days | 10 years 2 months 12 days | |
Non-compete agreements [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 19,159 | $ 15,564 | |
Finite-lived intangible assets, useful life | 4 years 10 months 12 days | 4 years 2 months 12 days | |
Patents [Member] | |||
Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 1,048 | $ 1,010 | |
Finite-lived intangible assets, useful life | 8 years 10 months 12 days | 9 years 1 day |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | $ 263,467 | $ 164,539 | |
Acquisitions | 154,602 | 116,740 | |
Amortization | (34,213) | (19,374) | $ (13,368) |
Adjustment to prior year preliminary purchase price allocation | (874) | 1,562 | |
Balance, end of period | 382,982 | 263,467 | 164,539 |
Manufacturing [Member] | |||
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 220,540 | 149,853 | |
Acquisitions | 112,517 | 85,350 | |
Amortization | (27,413) | (16,225) | (10,600) |
Adjustment to prior year preliminary purchase price allocation | (1,159) | 1,562 | |
Balance, end of period | 304,485 | 220,540 | 149,853 |
Distribution [Member] | |||
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 42,927 | 14,686 | |
Acquisitions | 42,085 | 31,390 | |
Amortization | (6,800) | (3,149) | (2,700) |
Adjustment to prior year preliminary purchase price allocation | 285 | 0 | |
Balance, end of period | $ 78,497 | $ 42,927 | $ 14,686 |
DEBT - Summary of Total Debt Ou
DEBT - Summary of Total Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt: | ||
Total long-term debt | $ 661,082 | $ 354,357 |
Unamortized discount | (30,125) | 0 |
Less: current maturities of long-term debt | (8,750) | (15,766) |
Less: net deferred financing costs related to term loan | (456) | (480) |
Long-term debt, less current maturities, net | 621,751 | 338,111 |
2015 Revolver [Member] | ||
Long-term debt: | ||
Total long-term debt | 392,332 | 287,397 |
Term Loan [Member] | ||
Long-term debt: | ||
Total long-term debt | 96,250 | 66,960 |
Convertible Debt [Member] | ||
Long-term debt: | ||
Total long-term debt | $ 172,500 | $ 0 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Jun. 05, 2018USD ($) | Jan. 31, 2018USD ($)sharesday$ / shares | Dec. 31, 2018USD ($)letter_of_credit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Apr. 28, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||||
Total long-term debt | $ 661,082,000 | $ 354,357,000 | |||||
Consolidated leverage ratio | 3 | ||||||
Consolidated fixed charge coverage ratio | 1.50 | ||||||
Proceeds from issuance of convertible debt | $ 172,500,000 | 0 | $ 0 | ||||
Threshold trading days | day | 20 | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
2,019 | 8,750,000 | ||||||
2,020 | 10,000,000 | ||||||
2,021 | 13,750,000 | ||||||
2,022 | 456,082,000 | ||||||
2,023 | 172,500,000 | ||||||
Total long term debt | $ 661,082,000 | ||||||
Contingently liable letters of credit held | letter_of_credit | 4 | ||||||
Letters of credit outstanding | $ 2,900,000 | ||||||
Interest paid | $ 18,400,000 | $ 8,600,000 | $ 7,100,000 | ||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee rate | 0.25% | 0.20% | |||||
Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 417,300,000 | ||||||
Weighted average interest rate | 4.20% | 3.03% | |||||
Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total long-term debt | $ 96,250,000 | $ 66,960,000 | |||||
Weighted average interest rate | 4.05% | 2.70% | |||||
Term Loan [Member] | 2018 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Convertible debt face amount | $ 100,000,000 | ||||||
Term Loan [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 82,700,000 | ||||||
Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total long-term debt | $ 392,332,000 | $ 287,397,000 | |||||
Line of Credit [Member] | Revolving Credit Facility [Member] | 2018 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 800,000,000 | ||||||
Same Day Advance Swing Line [Member] | Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 10,000,000 | ||||||
Sub Facility, Standby Letters of Credit [Member] | Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 10,000,000 | ||||||
Convertible Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total long-term debt | $ 172,500,000 | $ 0 | |||||
Convertible Debt [Member] | Convertible Senior Notes Due 2023 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Convertible debt face amount | $ 172,500,000 | ||||||
Effective rate | 5.25% | ||||||
Convertible debt conversion ratio | 0.0113785 | ||||||
Convertible debt stated interest rate | 1.00% | ||||||
Unamortized discount | $ 36,000,000 | $ 30,100,000 | |||||
Unamortized debt discount, difference in aggregate face amount and future cash flows | 31,900,000 | ||||||
Unamortized debt discount, portion attributable to issuance costs | 4,100,000 | ||||||
Proceeds from issuance of convertible debt | $ 167,500,000 | ||||||
Debt conversion shares issued if converted (in shares) | shares | 1,962,790 | ||||||
Convertible debt conversion price (in dollars per share) | $ / shares | $ 87.89 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 2.00% | 1.50% | |||||
Effective rate | 4.56% | 3.125% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term line of credit | $ 388,000,000 | $ 281,000,000 | |||||
Base Rate [Member] | Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term line of credit | $ 4,300,000 | ||||||
Prime Rate [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.00% | 0.50% | |||||
Effective rate | 6.50% | 5.00% | |||||
Prime Rate [Member] | Revolving Credit Facility [Member] | The Lenders [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term line of credit | $ 6,400,000 | ||||||
June 30, 2018 To March 31, 2019 [Member] | Term Loan [Member] | 2018 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Required periodic payment | 1,250,000 | ||||||
June 30, 2019 To March 31, 2021 [Member] | Term Loan [Member] | 2018 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Required periodic payment | 2,500,000 | ||||||
June 30, 2021 Thereafter [Member] | Term Loan [Member] | 2018 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Required periodic payment | $ 3,750,000 | ||||||
Debt Instrument, Redemption, Period One [Member] | Convertible Debt [Member] | Convertible Senior Notes Due 2023 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Threshold consecutive trading days | day | 30 | ||||||
Threshold percentage of stock price trigger | 130.00% | ||||||
Debt Instrument, Redemption, Period Two [Member] | Convertible Debt [Member] | Convertible Senior Notes Due 2023 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Threshold trading days | day | 5 | ||||||
Threshold consecutive trading days | day | 5 | ||||||
Threshold percentage of stock price trigger | 98.00% | ||||||
Interest Rate Swap [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Derivative, notional amount | $ 200,000,000 | ||||||
Derivative, fixed interest rate | 2.91% | ||||||
Derivative, cap interest rate | 4.91% |
DEBT - Required Financial Coven
DEBT - Required Financial Covenants Compared to Actual Amounts (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Consolidated total leverage ratio (12-month period), required | 3 |
Consolidated total leverage ratio (12-month period), actual | 242.00% |
Consolidated fixed charge coverage ratio (12-month period), required | 1.50 |
Consolidated fixed charge coverage ratio (12-month period), actual | 331.00% |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018USD ($)shares$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2018shares | |
Derivative [Line Items] | ||||||
Proceeds from sale of warrants | $ 18,100,000 | $ 18,147,000 | $ 0 | $ 0 | ||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 200,000,000 | |||||
Convertible Senior Notes Due 2023 [Member] | Convertible Debt [Member] | ||||||
Derivative [Line Items] | ||||||
Debt conversion shares issued if converted (in shares) | shares | 1,962,790 | |||||
Convertible debt conversion price (in dollars per share) | $ / shares | $ 87.89 | |||||
Shares issued under warrant (in shares) | shares | 1,962,790 | |||||
Initial warrant strike price (in dollars per share) | $ / shares | $ 113.93 | |||||
Designated as Hedging Instrument [Member] | Convertible Debt Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Payments for derivative instrument | $ 31,500,000 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 200,000,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Fair value of derivative assets | $ 0 | $ 0 |
Fair value of derivative liabilities | $ 2,652 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Gains and Losses Recognized in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Change in unrealized loss of hedge derivatives | $ (1,973) | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Change in unrealized loss of hedge derivatives | $ 1,973 | $ 0 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 31,898 | $ 21,797 |
Property taxes | 3,405 | 2,173 |
Customer incentives | 10,318 | 6,237 |
Other | 13,581 | 6,343 |
Total accrued liabilities | $ 59,202 | $ 36,550 |
INCOME TAXES - Provision for In
INCOME TAXES - Provision for Income Tax Benefit from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 22,578 | $ 27,833 | $ 24,205 |
State | 8,725 | 6,036 | 4,430 |
Foreign | 85 | 0 | 0 |
Total current | 31,388 | 33,869 | 28,635 |
Deferred: | |||
Federal | 1,529 | (6,289) | (474) |
State | (770) | (188) | (86) |
Total deferred | 759 | (6,477) | (560) |
Income taxes | $ 32,147 | $ 27,392 | $ 28,075 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Tax benefit realized from stock options exercised | $ 6,700,000 | $ 6,000,000 | $ 4,400,000 | |
Income taxes paid | 28,200,000 | 38,600,000 | $ 29,200,000 | |
Deferred tax liabilities, net | 22,699,000 | 13,640,000 | ||
Valuation allowance - NOL | 649,000 | 0 | ||
Unrecognized tax benefits | 0 | $ 0 | ||
Expected significant changes related to unrecognized tax benefits in the next 12 months | $ 0 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Rate applied to pretax income | $ 31,916 | $ 39,588 | $ 29,278 |
State taxes, net of federal benefit | 6,427 | 4,060 | 2,818 |
Remeasurement of net deferred tax liabilities | 0 | (7,699) | 0 |
Excess tax benefit on stock-based compensation | (6,685) | (6,009) | (1,256) |
Other | 489 | (2,548) | (2,765) |
Income taxes | $ 32,147 | $ 27,392 | $ 28,075 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Rate applied to pretax income | 21.00% | 35.00% | 35.00% |
State taxes, net of federal tax effect | 4.20% | 3.60% | 3.40% |
Remeasurement of net deferred tax liabilities | 0.00% | (6.80%) | 0.00% |
Excess tax benefit on stock-based compensation | (4.40%) | (5.30%) | (1.50%) |
Other | 0.40% | (2.30%) | (3.30%) |
Income taxes | 21.20% | 24.20% | 33.60% |
INCOME TAXES - Composition of D
INCOME TAXES - Composition of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term deferred income tax assets (liabilities): | ||
Trade receivables allowance | $ 418 | $ 48 |
Inventory capitalization | 2,591 | 1,646 |
Accrued expenses | 6,123 | 4,005 |
Deferred compensation | 462 | 473 |
Inventory reserves | 1,278 | 1,154 |
Federal NOL carryforwards | 1,607 | 0 |
State NOL Carryforwards | 2,060 | 0 |
Valuation allowance - NOL | (649) | 0 |
Share based compensation | 5,848 | 3,875 |
Other | 1,432 | 10 |
Intangibles | (26,419) | (16,042) |
Depreciation expense | (16,562) | (8,254) |
Prepaid expenses | (888) | (555) |
Deferred tax liabilities, net | $ (22,699) | $ (13,640) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 14, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2018 | May 31, 2017 | Apr. 30, 2017 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 | |||||
Common stock, issued (in shares) | 23,527,307 | 25,329,857 | 23,527,307 | |||||||
Common stock, outstanding (in shares) | 23,527,307 | 25,329,857 | 23,527,307 | |||||||
Shares exercised (in shares) | 226,595 | 411,212 | 419,925 | |||||||
Shares repurchased (in shares) | 43,402 | 82,970 | 21,317 | 4,785,218 | ||||||
Shares issued in public equity offering (in shares) | 2,025,000 | |||||||||
Proceeds from public offering of common stock, net of expenses | $ 98,600 | $ 0 | $ 93,306 | $ 0 | ||||||
Repayment of outstanding debt | $ 93,300 | |||||||||
Shareholder Repurchase Program [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Shares repurchased (in shares) | 1,984,095 | 0 | 181,107 | 927,836 | 775,688 | 916,492 | ||||
Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Shares issued in public equity offering (in shares) | 2,025,000 | |||||||||
Price per share in public offering (in dollars per share) | $ 48.67 |
STOCK REPURCHASE PROGRAMS - Nar
STOCK REPURCHASE PROGRAMS - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 31, 2018 | Jan. 31, 2018 | Jan. 31, 2016 | Dec. 31, 2018 | Oct. 31, 2018 | |
The 2016 Stock Repurchase Plan [Member] | |||||
Share Repurchase Program [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Stock repurchase program, period | 24 months | ||||
2018 Stock Repurchase Plan [Member] | |||||
Share Repurchase Program [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||
Stock repurchase program, period | 24 months | 24 months | |||
Remaining authorized repurchase amount | $ 8,500,000 | $ 3,600,000 | |||
Shares repurchased (in shares) | 1,984,095 | ||||
Average price per repurchased share (in dollars per share) | $ 54.21 | ||||
Shares repurchased amount | $ 107,600,000 |
STOCK REPURCHASE PROGRAMS - Rep
STOCK REPURCHASE PROGRAMS - Repurchases of Shares Under the Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 72 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased (in shares) | 43,402 | 82,970 | 21,317 | 4,785,218 | |||
Total cost | $ 107,567 | $ 5,214 | $ 155,424 | ||||
Average Price Per Share (in dollars per share) | $ 32.48 | ||||||
Shareholder Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased (in shares) | 1,984,095 | 0 | 181,107 | 927,836 | 775,688 | 916,492 | |
Total cost | $ 107,567 | $ 0 | $ 5,214 | $ 22,637 | $ 13,928 | $ 6,078 | |
Average Price Per Share (in dollars per share) | $ 54.21 | $ 0 | $ 28.79 | $ 24.40 | $ 17.96 | $ 6.63 |
NET INCOME PER COMMON SHARE (De
NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income for basic and diluted per share calculation | $ 26,970 | $ 27,934 | $ 34,860 | $ 30,068 | $ 29,046 | $ 17,945 | $ 21,260 | $ 17,467 | $ 119,832 | $ 85,718 | $ 55,577 |
Weighted average shares outstanding - basic (in shares) | 23,995 | 24,230 | 22,520 | ||||||||
Effect of potentially dilutive securities (in shares) | 322 | 413 | 376 | ||||||||
Weighted average common shares outstanding - diluted (in shares) | 24,317 | 24,643 | 22,896 | ||||||||
Basic net income per common share (in dollars per share) | $ 1.17 | $ 1.17 | $ 1.44 | $ 1.22 | $ 1.18 | $ 0.73 | $ 0.86 | $ 0.76 | $ 4.99 | $ 3.54 | $ 2.47 |
Diluted net income per common share (in dollars per share) | $ 1.15 | $ 1.15 | $ 1.42 | $ 1.20 | $ 1.16 | $ 0.72 | $ 0.85 | $ 0.75 | $ 4.93 | $ 3.48 | $ 2.43 |
LEASE COMMITMENTS - Future Mini
LEASE COMMITMENTS - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Facility Leases [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | $ 22,206 |
2,020 | 17,474 |
2,021 | 11,746 |
2,022 | 6,334 |
2,023 | 3,091 |
Thereafter | 1,920 |
Total minimum lease payments | 62,771 |
Equipment Leases [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 7,139 |
2,020 | 5,870 |
2,021 | 4,419 |
2,022 | 3,268 |
2,023 | 2,266 |
Thereafter | 2,963 |
Total minimum lease payments | $ 25,925 |
LEASE COMMITMENTS - Narrative (
LEASE COMMITMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rent expense | $ 29 | $ 19 | $ 13.7 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Self-insured health plan, annual claims threshold | $ 250,000 |
COMPENSATION PLANS - Narrative
COMPENSATION PLANS - Narrative (Details) $ / shares in Units, $ in Thousands | Jan. 17, 2017USD ($)tranche$ / sharesshares | Sep. 26, 2016USD ($)tranche$ / sharesshares | Jan. 31, 2019USD ($)shares | Jan. 31, 2018shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred compensation obligations, period after retirement for benefits | 10 years | ||||||
Assumed discount rate | 4.50% | 4.50% | |||||
Administrative expense | $ 100 | $ 100 | $ 100 | ||||
Share-based compensation expense | 14,000 | $ 10,400 | $ 6,500 | ||||
Compensation cost not yet recognized | $ 21,100 | ||||||
Granted during the year (in dollars per share) | $ / shares | $ 0 | $ 53.83 | $ 40.95 | ||||
Granted during the year (in shares) | shares | 0 | 340,000 | 121,000 | ||||
Share price (in dollars per share) | $ / shares | $ 29.61 | $ 69.45 | $ 50.87 | ||||
Proceeds from stock options exercised | $ 3 | $ 926 | $ 1,865 | ||||
Tax benefit realized from stock options exercised | 50 | 900 | 300 | ||||
Options vested (in shares) | 5,800 | $ 1,200 | $ 1,800 | ||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 3,800 | ||||||
Compensation cost not yet recognized, period for recognition | 24 months 6 days | ||||||
Employee Stock Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Contractual term | 9 years | ||||||
Employee Stock Option [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Contractual term | 10 years | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 3,100 | ||||||
Compensation cost not yet recognized, period for recognition | 24 months 9 days | ||||||
Vesting period | 4 years | 4 years | |||||
Contractual term | 9 years | ||||||
Granted during the year (in dollars per share) | $ / shares | $ 0 | $ 63.85 | $ 51.87 | ||||
Granted during the year (in shares) | shares | 0 | 340,000 | 120,000 | ||||
Granted during the year (in shares) | shares | 85,032 | 30,222 | |||||
Grate date fair value of awards vested | $ 5,000 | $ 1,100 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Granted during the year (in shares) | shares | 0 | 0 | 33,005 | ||||
Granted during the year (in dollars per share) | $ / shares | $ 27.68 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Performance target benchmark | 125.00% | ||||||
Performance target benchmark (in shares) | shares | 41,256 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 14,200 | ||||||
Compensation cost not yet recognized, period for recognition | 16 months 15 days | ||||||
Granted during the year (in shares) | shares | 182,000 | 233,000 | 232,000 | ||||
Granted during the year (in dollars per share) | $ / shares | $ 65.35 | $ 54.46 | $ 28.61 | ||||
Restricted Stock [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Restricted Stock [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Bonus Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expense related to compensation plan | $ 24,400 | $ 17,400 | $ 10,400 | ||||
Strike Price, Tranche One [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | $ 53.83 | $ 40.95 | |||||
Strike Price, Tranche Two [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | 60.03 | 47.51 | |||||
Strike Price, Tranche Three [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | 66.93 | 55.11 | |||||
Strike Price, Tranche Four [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price (in dollars per share) | $ / shares | $ 74.63 | $ 63.93 | |||||
The 2009 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized, period for recognition | 18 months 12 days | ||||||
The 2009 Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | 4 years | |||||
Contractual term | 9 years | 9 years | |||||
Shares approved (in shares) | shares | 340,110 | 120,888 | |||||
Granted during the year (in dollars per share) | $ / shares | $ 53.83 | $ 40.95 | |||||
The 2009 Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | 4 years | |||||
Contractual term | 9 years | ||||||
Shares approved (in shares) | shares | 340,128 | 120,888 | |||||
Number of tranches granted | tranche | 4 | 4 | |||||
Subsequent Event [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance target benchmark | 125.00% | ||||||
Performance target benchmark (in shares) | shares | 41,256 | ||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 10,400 | ||||||
Vesting period | 3 years | ||||||
Shares approved (in shares) | shares | 263,500 |
COMPENSATION PLANS - Summary of
COMPENSATION PLANS - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of year (in shares) | 548,000 | 288,000 | 343,000 |
Granted during the year (in shares) | 0 | 340,000 | 121,000 |
Forfeited during the year (in shares) | 0 | 0 | 0 |
Exercised during the year (in shares) | (3,000) | (80,000) | (176,000) |
Outstanding, end of year (in shares) | 545,000 | 548,000 | 288,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding beginning of year (in dollars per share) | $ 44.07 | $ 23.59 | $ 10.84 |
Granted during the year (in dollars per share) | 0 | 53.83 | 40.95 |
Forfeited during the period (in dollars per share) | 0 | 0 | 0 |
Exercised during the year (in dollars per share) | 0.78 | 11.62 | 10.62 |
Outstanding, end of year (in dollars per share) | $ 44.35 | $ 44.07 | $ 23.59 |
Vested Options: | |||
Vested during the year (in shares) | 115,000 | 30,000 | 150,000 |
Vested during the year (in dollars per share) | $ 50.46 | $ 40.95 | $ 12.30 |
Eligible, end of year for exercise (in shares) | 230,000 | 118,000 | 168,000 |
Eligible, end of year for exercise (in dollars per share) | $ 34.72 | $ 18.36 | $ 11.08 |
Aggregate intrinsic value ($ in thousands): | |||
Total options outstanding | $ 1,570 | $ 13,932 | $ 7,869 |
Options exercisable | 1,570 | 6,037 | 6,671 |
Options exercised | $ 195 | $ 2,601 | $ 4,024 |
Weighted average fair value of options granted during the year (in dollars per share) | $ 17.76 | $ 12.36 | |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of year (in shares) | 535,000 | 270,000 | 300,000 |
Granted during the year (in shares) | 0 | 340,000 | 120,000 |
Forfeited during the year (in shares) | 0 | 0 | 0 |
Exercised during the year (in shares) | 0 | (75,000) | (150,000) |
Outstanding, end of year (in shares) | 535,000 | 535,000 | 270,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding beginning of year (in dollars per share) | $ 54.53 | $ 32.29 | $ 16.50 |
Granted during the year (in dollars per share) | 0 | 63.85 | 51.87 |
Forfeited during the period (in dollars per share) | 0 | 0 | 0 |
Exercised during the year (in dollars per share) | 0 | 16.50 | 16.50 |
Outstanding, end of year (in dollars per share) | $ 54.53 | $ 54.53 | $ 32.29 |
Vested Options: | |||
Vested during the year (in shares) | 115,000 | 30,000 | 150,000 |
Vested during the year (in dollars per share) | $ 60.71 | $ 51.87 | $ 16.50 |
Eligible, end of year for exercise (in shares) | 220,000 | 105,000 | 150,000 |
Eligible, end of year for exercise (in dollars per share) | $ 44.46 | $ 26.66 | $ 16.50 |
Aggregate intrinsic value ($ in thousands): | |||
Total options outstanding | $ 983 | $ 8,458 | $ 5,556 |
Options exercisable | 983 | 4,521 | 5,155 |
Options exercised | $ 0 | $ 3,822 | $ 2,379 |
Weighted average fair value of options granted during the year (in dollars per share) | $ 14.66 | $ 9.30 |
COMPENSATION PLANS - Options Ou
COMPENSATION PLANS - Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Exercise Price 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 2 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 months 24 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.33 |
Shares Exercisable (in shares) | shares | 2 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 0.33 |
Exercise Price 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 8 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 months 24 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 0.78 |
Shares Exercisable (in shares) | shares | 8 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 0.78 |
Exercise Price 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 75 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 years |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 12.30 |
Shares Exercisable (in shares) | shares | 75 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 12.30 |
Exercise Price 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 120 |
Shares Outstanding, Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 40.95 |
Shares Exercisable (in shares) | shares | 60 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 40.95 |
Exercise Price 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 340 |
Shares Outstanding, Remaining Contractual Life (in years) | 7 years 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 53.83 |
Shares Exercisable (in shares) | shares | 85 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 53.83 |
The 2013 Plan [Member] | Exercise Price 1 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 18 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 years |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 12.30 |
Shares Exercisable (in shares) | shares | 18 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 12.30 |
The 2013 Plan [Member] | Exercise Price 2 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 19 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 years |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 14.75 |
Shares Exercisable (in shares) | shares | 19 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 14.75 |
The 2013 Plan [Member] | Exercise Price 3 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 19 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 years |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 17.71 |
Shares Exercisable (in shares) | shares | 19 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 17.71 |
The 2013 Plan [Member] | Exercise Price 4 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 19 |
Shares Outstanding, Remaining Contractual Life (in years) | 4 years |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 21.25 |
Shares Exercisable (in shares) | shares | 19 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 21.25 |
The 2016 Plan [Member] | Exercise Price 1 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 30 |
Shares Outstanding, Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 40.70 |
Shares Exercisable (in shares) | shares | 15 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 40.95 |
The 2016 Plan [Member] | Exercise Price 2 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 30 |
Shares Outstanding, Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 47.51 |
Shares Exercisable (in shares) | shares | 15 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 47.51 |
The 2016 Plan [Member] | Exercise Price 3 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 30 |
Shares Outstanding, Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 55.11 |
Shares Exercisable (in shares) | shares | 15 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 55.11 |
The 2016 Plan [Member] | Exercise Price 4 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 30 |
Shares Outstanding, Remaining Contractual Life (in years) | 6 years 9 months 18 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 63.93 |
Shares Exercisable (in shares) | shares | 15 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 63.93 |
The 2017 Plan [Member] | Exercise Price 1 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 85 |
Shares Outstanding, Remaining Contractual Life (in years) | 7 years 16 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 53.83 |
Shares Exercisable (in shares) | shares | 21 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 53.83 |
The 2017 Plan [Member] | Exercise Price 2 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 85 |
Shares Outstanding, Remaining Contractual Life (in years) | 7 years 16 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 60.03 |
Shares Exercisable (in shares) | shares | 21 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 60.03 |
The 2017 Plan [Member] | Exercise Price 3 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 85 |
Shares Outstanding, Remaining Contractual Life (in years) | 7 years 16 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 66.93 |
Shares Exercisable (in shares) | shares | 21 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 66.93 |
The 2017 Plan [Member] | Exercise Price 4 [Member] | Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Outstanding (in shares) | shares | 85 |
Shares Outstanding, Remaining Contractual Life (in years) | 7 years 16 days |
Shares Outstanding, Exercise Price (in dollars per share) | $ / shares | $ 74.63 |
Shares Exercisable (in shares) | shares | 22 |
Shares Exercisable Price (in dollars per share) | $ / shares | $ 74.63 |
COMPENSATION PLANS - Fair value
COMPENSATION PLANS - Fair value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 2.00% | 1.00% |
Expected option life (years) | 5 years 9 months | 5 years 9 months |
Price volatility | 30.84% | 30.00% |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 2.00% | 1.00% |
Expected option life (years) | 5 years 9 months | 5 years 9 months |
Price volatility | 30.84% | 30.00% |
COMPENSATION PLANS - Summary _2
COMPENSATION PLANS - Summary of Unvested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested beginning of year (in shares) | 634 | 644 | 653 |
Granted during the year (in shares) | 182 | 233 | 232 |
Vested during the year (in shares) | (209) | (240) | (234) |
Forfeited during the year (in shares) | (1) | (3) | (7) |
Unvested, end of year (in shares) | 606 | 634 | 644 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested beginning of year (in dollars per share) | $ 35.68 | $ 22.15 | $ 14.80 |
Granted during the year (in dollars per share) | 65.35 | 54.46 | 28.61 |
Vested during the year (in dollars per share) | 23.98 | 17.49 | 8.16 |
Forfeited during the year (in dollars per share) | 57.93 | 46.64 | 20.82 |
Unvested, end of year (in dollars per share) | $ 48.56 | $ 35.68 | $ 22.15 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | $ 34,213 | $ 19,374 | $ 13,368 |
Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | 27,413 | 16,225 | 10,600 |
Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | $ 6,800 | $ 3,149 | $ 2,700 |
Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 77.00% | 82.00% | 82.00% |
Product Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 23.00% | 18.00% | 18.00% |
RV Customer 1 [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 13.00% | 21.00% | |
RV Customer 1 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 29.00% | 32.00% | 27.00% |
RV Customer 2 [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 12.00% | 13.00% | |
RV Customer 2 [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 20.00% | 25.00% | 33.00% |
SEGMENT INFORMATION - Net Incom
SEGMENT INFORMATION - Net Income, Assets and Certain Other Items of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 531,211 | $ 575,139 | $ 604,879 | $ 551,832 | $ 475,570 | $ 407,511 | $ 407,145 | $ 345,427 | $ 2,263,061 | $ 1,635,653 | $ 1,221,887 |
Cost of goods sold | 1,847,195 | 1,356,738 | 1,019,418 | ||||||||
Operating income | 178,415 | 121,900 | 90,837 | ||||||||
Identifiable assets | 1,231,231 | 866,644 | 1,231,231 | 866,644 | 534,950 | ||||||
Depreciation and amortization | 55,052 | 33,541 | 24,362 | ||||||||
Manufacturing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,745,467 | 1,337,785 | 997,205 | ||||||||
Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 517,594 | 297,868 | 224,682 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 37,222 | 33,248 | 26,085 | ||||||||
Intersegment Eliminations [Member] | Manufacturing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 33,581 | 30,669 | 23,187 | ||||||||
Intersegment Eliminations [Member] | Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,641 | 2,579 | 2,898 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,300,283 | 1,668,901 | 1,247,972 | ||||||||
Cost of goods sold | 1,881,816 | 1,388,094 | 1,042,859 | ||||||||
Operating income | 246,737 | 170,493 | 122,106 | ||||||||
Identifiable assets | 1,189,056 | 830,434 | 1,189,056 | 830,434 | 482,928 | ||||||
Depreciation and amortization | 52,360 | 31,002 | 21,655 | ||||||||
Operating Segments [Member] | Manufacturing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,779,048 | 1,368,454 | 1,020,392 | ||||||||
Cost of goods sold | 1,441,597 | 1,135,783 | 853,596 | ||||||||
Operating income | 215,246 | 151,635 | 107,105 | ||||||||
Identifiable assets | 948,557 | 688,177 | 948,557 | 688,177 | 421,203 | ||||||
Depreciation and amortization | 44,747 | 27,481 | 18,553 | ||||||||
Operating Segments [Member] | Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 521,235 | 300,447 | 227,580 | ||||||||
Cost of goods sold | 440,219 | 252,311 | 189,263 | ||||||||
Operating income | 31,491 | 18,858 | 15,001 | ||||||||
Identifiable assets | $ 240,499 | $ 142,257 | 240,499 | 142,257 | 61,725 | ||||||
Depreciation and amortization | $ 7,613 | $ 3,521 | $ 3,102 |
SEGMENT INFORMATION - Other Rec
SEGMENT INFORMATION - Other Reconciling Items from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 531,211 | $ 575,139 | $ 604,879 | $ 551,832 | $ 475,570 | $ 407,511 | $ 407,145 | $ 345,427 | $ 2,263,061 | $ 1,635,653 | $ 1,221,887 |
Cost of goods sold | 1,847,195 | 1,356,738 | 1,019,418 | ||||||||
Operating income | 178,415 | 121,900 | 90,837 | ||||||||
Unallocated corporate expenses | (237,451) | (157,015) | (111,632) | ||||||||
Amortization | (34,213) | (19,374) | (13,368) | ||||||||
Identifiable assets | 1,231,231 | 866,644 | 1,231,231 | 866,644 | 534,950 | ||||||
Corporate property and equipment | 177,145 | 118,486 | 177,145 | 118,486 | |||||||
Intangible assets, net | 382,982 | 263,467 | 382,982 | 263,467 | 164,539 | ||||||
Depreciation and amortization | 55,052 | 33,541 | 24,362 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,300,283 | 1,668,901 | 1,247,972 | ||||||||
Cost of goods sold | 1,881,816 | 1,388,094 | 1,042,859 | ||||||||
Operating income | 246,737 | 170,493 | 122,106 | ||||||||
Identifiable assets | 1,189,056 | 830,434 | 1,189,056 | 830,434 | 482,928 | ||||||
Depreciation and amortization | 52,360 | 31,002 | 21,655 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unallocated corporate expenses | (34,109) | (29,219) | (17,901) | ||||||||
Amortization | (34,213) | (19,374) | (13,368) | ||||||||
Identifiable assets | 13,284 | 11,700 | 13,284 | 11,700 | 10,630 | ||||||
Intangible assets, net | 4,659 | 3,174 | 4,659 | 3,174 | 2,842 | ||||||
Consolidation, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (37,222) | (33,248) | (26,085) | ||||||||
Cost of goods sold | (37,222) | (33,248) | (26,085) | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of goods sold | 2,601 | 1,892 | 2,644 | ||||||||
Corporate property and equipment | $ 24,232 | $ 21,336 | 24,232 | 21,336 | 38,550 | ||||||
Depreciation and amortization | $ 2,692 | $ 2,539 | $ 2,707 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 531,211 | $ 575,139 | $ 604,879 | $ 551,832 | $ 475,570 | $ 407,511 | $ 407,145 | $ 345,427 | $ 2,263,061 | $ 1,635,653 | $ 1,221,887 |
Gross profit | 96,665 | 106,655 | 114,792 | 97,754 | 80,683 | 69,183 | 71,500 | 57,549 | 415,866 | 278,915 | 202,469 |
Net income | $ 26,970 | $ 27,934 | $ 34,860 | $ 30,068 | $ 29,046 | $ 17,945 | $ 21,260 | $ 17,467 | $ 119,832 | $ 85,718 | $ 55,577 |
Net income per common share: | |||||||||||
Basic net income per common share (in dollars per share) | $ 1.17 | $ 1.17 | $ 1.44 | $ 1.22 | $ 1.18 | $ 0.73 | $ 0.86 | $ 0.76 | $ 4.99 | $ 3.54 | $ 2.47 |
Diluted net income per common share (in dollars per share) | $ 1.15 | $ 1.15 | $ 1.42 | $ 1.20 | $ 1.16 | $ 0.72 | $ 0.85 | $ 0.75 | $ 4.93 | $ 3.48 | $ 2.43 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)employee | |
Board Member [Member] | |
Related Party Transaction [Line Items] | |
Number of independent employees in related party transactions | employee | 2 |
Former President and CEO [Member] | |
Related Party Transaction [Line Items] | |
Purchases from related parties | $ 1.1 |
Fiberglass And Plastic Components [Member] | President [Member] | |
Related Party Transaction [Line Items] | |
Revenue from related parties | $ 0.6 |