Encore Wire (WIRE) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	000-20278
Entity Registrant Name	ENCORE WIRE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2274963
Entity Address, Address Line One	1329 Millwood Road
Entity Address, City or Town	McKinney
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75069
City Area Code	972
Local Phone Number	562-9473
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WIRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,905,648
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	[1]
Current assets:
Cash and cash equivalents	$ 184,800	$ 178,405
Accounts receivable, net of allowance of $2,031 and $2,030	255,968	235,353
Inventories, net	96,039	102,367
Income tax receivable	3,262	1,389
Prepaid expenses and other	1,885	1,723
Total current assets	541,954	519,237
Property, plant and equipment - at cost:
Land and land improvements	51,317	51,169
Construction-in-progress	31,126	24,623
Buildings and improvements	152,322	151,758
Machinery and equipment	326,542	314,175
Furniture and fixtures	10,123	9,687
Total property, plant and equipment	571,430	551,412
Accumulated depreciation	(260,009)	(252,754)
Property, plant and equipment - net	311,421	298,658
Other assets	806	165
Total assets	854,181	818,060
Current liabilities:
Trade accounts payable	46,053	36,706
Accrued liabilities	30,145	36,866
Income taxes payable	0	0
Total current liabilities	76,198	73,572
Deferred income taxes and other	25,340	24,032
Commitments and contingencies
Stockholders’ equity:
Authorized shares – 2,000,000; none issued	0	0
Issued shares – 26,933,103 and 26,906,603	269	269
Additional paid-in capital	62,652	60,822
Treasury stock, at cost – 6,027,455 and 6,027,455 shares	(91,056)	(91,056)
Retained earnings	780,778	750,421
Total stockholders’ equity	752,643	720,456
Total liabilities and stockholders’ equity	$ 854,181	$ 818,060
[1]	The balance sheet at December 31, 2018 , as presented, is derived from the audited financial statements at that date.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2,031	$ 2,030
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	26,933,103	26,906,603
Treasury stock, shares (in shares)	6,027,455	6,027,455

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 336,866	$ 336,793	$ 651,573	$ 628,224
Cost of goods sold	290,956	292,296	564,337	546,232
Gross profit	45,910	44,497	87,236	81,992
Selling, general, and administrative expenses	23,846	21,498	48,844	44,385
Operating income	22,064	22,999	38,392	37,607
Net interest and other income	1,082	393	2,160	736
Income before income taxes	23,146	23,392	40,552	38,343
Provision for income taxes	5,364	5,303	9,359	8,901
Net income	$ 17,782	$ 18,089	$ 31,193	$ 29,442
Earnings per common and common equivalent share - basic (in usd per share)	$ 0.85	$ 0.87	$ 1.49	$ 1.41
Earnings per common and common equivalent share - diluted (in usd per share)	$ 0.85	$ 0.86	$ 1.49	$ 1.41
Weighted average common and common equivalent shares outstanding - basic (in shares)	20,898	20,847	20,891	20,838
Weighted average common and common equivalent shares outstanding - diluted (in shares)	20,988	20,918	20,985	20,911
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Statement of Stockholders' Equi

Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total		Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2017			26,859		6,027
Beginning balance at Dec. 31, 2017	$ 641,345		$ 269	$ 58,192	$ (91,056)	$ 673,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,353					11,353
Exercise of stock options (in shares)			13
Exercise of stock options	306			306
Stock-based compensation	649			649
Dividends declared	(417)					(417)
Beginning balance (in shares) at Mar. 31, 2018			26,872		6,027
Beginning balance at Mar. 31, 2018	653,236		$ 269	59,147	$ (91,056)	684,876
Beginning balance (in shares) at Dec. 31, 2017			26,859		6,027
Beginning balance at Dec. 31, 2017	641,345		$ 269	58,192	$ (91,056)	673,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,442
Beginning balance (in shares) at Jun. 30, 2018			26,877		6,027
Beginning balance at Jun. 30, 2018	671,329		$ 269	59,568	$ (91,056)	702,548
Beginning balance (in shares) at Mar. 31, 2018			26,872		6,027
Beginning balance at Mar. 31, 2018	653,236		$ 269	59,147	$ (91,056)	684,876
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,089					18,089
Stock-based compensation (in shares)			5
Stock-based compensation	421			421
Dividends declared	(417)					(417)
Beginning balance (in shares) at Jun. 30, 2018			26,877		6,027
Beginning balance at Jun. 30, 2018	671,329		$ 269	59,568	$ (91,056)	702,548
Beginning balance (in shares) at Dec. 31, 2018			26,907		6,027
Beginning balance at Dec. 31, 2018	720,456	[1]	$ 269	60,822	$ (91,056)	750,421
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,411					13,411
Exercise of stock options (in shares)			15
Exercise of stock options	431			431
Stock-based compensation	760			760
Dividends declared	(418)					(418)
Beginning balance (in shares) at Mar. 31, 2019			26,922		6,027
Beginning balance at Mar. 31, 2019	734,640		$ 269	62,013	$ (91,056)	763,414
Beginning balance (in shares) at Dec. 31, 2018			26,907		6,027
Beginning balance at Dec. 31, 2018	720,456	[1]	$ 269	60,822	$ (91,056)	750,421
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,193
Beginning balance (in shares) at Jun. 30, 2019			26,933		6,027
Beginning balance at Jun. 30, 2019	752,643		$ 269	62,652	$ (91,056)	780,778
Beginning balance (in shares) at Mar. 31, 2019			26,922		6,027
Beginning balance at Mar. 31, 2019	734,640		$ 269	62,013	$ (91,056)	763,414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,782					17,782
Exercise of stock options (in shares)			6
Exercise of stock options	137			137
Stock-based compensation (in shares)			5
Stock-based compensation	502			502
Dividends declared	(418)					(418)
Beginning balance (in shares) at Jun. 30, 2019			26,933		6,027
Beginning balance at Jun. 30, 2019	$ 752,643		$ 269	$ 62,652	$ (91,056)	$ 780,778
[1]	The balance sheet at December 31, 2018 , as presented, is derived from the audited financial statements at that date.

Statement of Stockholders' Eq_2

Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Statements of Cash Flow

Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income	$ 31,193	$ 29,442
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,785	8,213
Deferred income taxes	816	761
Stock-based compensation attributable to equity awards	1,262	1,070
Other	(111)	(5)
Changes in operating assets and liabilities:
Accounts receivable	(20,615)	(29,529)
Inventories	6,328	(4,501)
Other assets	(200)	216
Trade accounts payable and accrued liabilities	2,266	(9,643)
Current income taxes receivable / payable	(1,873)	(2,022)
Net cash provided by (used in) operating activities	27,851	(5,998)
Investing Activities:
Purchases of property, plant and equipment	(21,210)	(14,816)
Proceeds from sale of assets	22
Net cash used in investing activities	(21,188)	(14,816)
Financing Activities:
Borrowings from revolver	0	65,200
Repayments to revolver	0	(65,200)
Proceeds from issuance of common stock, net	568	306
Dividends paid	(836)	(834)
Net cash used in financing activities	(268)	(528)
Net increase (decrease) in cash and cash equivalents	6,395	(21,342)
Cash and cash equivalents at beginning of period	178,405	123,362
Cash and cash equivalents at end of period	$ 184,800	$ 102,020

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive and revenue we recognize includes estimates for trade payment discounts and customer rebates which are estimated using historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material. Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. The Company has a minimal number of leases, all of which are classified as operating. As a result of the adoption of ASU No. 2016-02, “Leases (Topic 842),” on January 1, 2019, the Company recorded $0.7 million of right of use assets which are included in other non-current assets, $0.2 million of current lease liabilities which are included in accounts payable and $0.5 million of long-term lease liabilities included in other non-current liabilities. We will evaluate any future lease commitments in conformance with ASU No. 2016-02.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market. Inventories consist of the following: In Thousands June 30, 2019 December 31, 2018 Raw materials $ 27,607 $ 28,455 Work-in-process 25,611 30,529 Finished goods 88,657 88,708 Total Inventory at FIFO cost 141,875 147,692 Adjust to LIFO cost (45,836 ) (45,325 ) Lower of cost or market adjustment — — Inventory, net $ 96,039 $ 102,367 LIFO pools are established at the end of each fiscal year. During the first three quarters of every year, LIFO calculations are based on the inventory levels and costs at that time. Accordingly, interim LIFO balances will fluctuate depending on those inventory levels and costs. In the second quarter of 2019 , LIFO adjustments were recorded, decreasing cost of sales by $3.3 million , versus LIFO adjustments increasing cost of sales by $1.7 million in the second quarter of 2018 . In the first six months of 2019 , LIFO adjustments were recorded, increasing cost of sales by $0.5 million , versus LIFO adjustments increasing cost of sales by $3.7 million in the first six months of 2018 .

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands June 30, 2019 December 31, 2018 Sales rebates payable $ 14,849 $ 18,565 Property taxes payable 1,995 3,962 Accrued salaries 6,214 8,790 Other accrued liabilities 7,087 5,549 Total accrued liabilities $ 30,145 $ 36,866

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 23.2% in the second quarter of 2019 versus 22.7% in the second quarter of 2018 , consistent with the Company’s estimated liabilities. For the six months ended June 30 , the Company’s tax rate was approximately 23.1% in 2019 and 23.2% in 2018 . In all periods, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended June 30, Six Months Ended June 30, In Thousands 2019 2018 2019 2018 Numerator: Net income $ 17,782 $ 18,089 $ 31,193 $ 29,442 Denominator: Denominator for basic earnings per share – weighted average shares 20,898 20,847 20,891 20,838 Effect of dilutive securities: Employee stock awards 90 71 94 73 Denominator for diluted earnings per share – weighted average shares 20,988 20,918 20,985 20,911 The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the second quarter was 117,500 in 2019 and 166,500 in 2018 . The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the six months ended June 30 was 117,500 in 2019 and 156,056 in 2018 . Such options were anti-dilutive for their respective periods.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT The Company is party to a Credit Agreement (the “Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The Credit Agreement, as amended, extends through October 1, 2021 and provides for maximum borrowings of $150.0 million . At our request, and subject to certain conditions, the commitments under the Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5% , the prime rate, or LIBOR plus 1.0% ) plus 0% to 0.25% (depending upon the Leverage Ratio). A commitment fee ranging from 0.15% to 0.30% (depending upon the Leverage Ratio) is payable on the unused line of credit. At June 30, 2019 , there were no borrowings outstanding under the Credit Agreement, and letters of credit outstanding in the amount of $1.5 million left $148.5 million of credit available under the Credit Agreement. Obligations under the Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. Obligations under the Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of June 30, 2019 .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock on the open market or through privately negotiated transactions at prices determined by the President of the Company during the term of the program. The Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, and, as of June 30, 2019 , 1,132,946 shares remained authorized for repurchase through March 31, 2020 . The Company did not repurchase any shares of its stock in the six months ended June 30, 2019 or 2018

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES There are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. Any such accruals are reviewed at least quarterly and adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts and other information and events pertaining to a particular matter. To the extent there is a reasonable possibility (within the meaning of ASC 450 (Contingencies)) that probable losses could exceed amounts already accrued, if any, and the additional loss or range of loss is able to be estimated, management discloses the additional loss or range of loss. For matters where the Company has evaluated that a loss is not probable, but is reasonably possible, the Company will disclose an estimate of the possible loss or range of loss or make a statement that such an estimate cannot be made. In some instances, for reasonably possible losses, the Company cannot estimate the possible loss or range of loss. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the early stages of a proceeding; damages sought that are unspecified, unsupportable, unexplained or uncertain; discovery is incomplete; the complexity of the facts that are in dispute; the difficulty of assessing novel claims; the parties not having engaged in any meaningful settlement discussions; the possibility that other parties may share in any ultimate liability; and/or the often slow pace of litigation.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition	Revenue Recognition The majority of our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP other than Securities and Exchange Commission ("SEC") issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Summary of Inventory	Inventories consist of the following: In Thousands June 30, 2019 December 31, 2018 Raw materials $ 27,607 $ 28,455 Work-in-process 25,611 30,529 Finished goods 88,657 88,708 Total Inventory at FIFO cost 141,875 147,692 Adjust to LIFO cost (45,836 ) (45,325 ) Lower of cost or market adjustment — — Inventory, net $ 96,039 $ 102,367

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities, Current [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands June 30, 2019 December 31, 2018 Sales rebates payable $ 14,849 $ 18,565 Property taxes payable 1,995 3,962 Accrued salaries 6,214 8,790 Other accrued liabilities 7,087 5,549 Total accrued liabilities $ 30,145 $ 36,866

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended June 30, Six Months Ended June 30, In Thousands 2019 2018 2019 2018 Numerator: Net income $ 17,782 $ 18,089 $ 31,193 $ 29,442 Denominator: Denominator for basic earnings per share – weighted average shares 20,898 20,847 20,891 20,838 Effect of dilutive securities: Employee stock awards 90 71 94 73 Denominator for diluted earnings per share – weighted average shares 20,988 20,918 20,985 20,911

Significant Accounting Polici_3

Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 $ in Millions	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset	$ 0.7
Operating lease liability, current	0.2
Operating lease liability, noncurrent	$ 0.5

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 27,607	$ 28,455
Work-in-process	25,611	30,529
Finished goods	88,657	88,708
Total Inventory at FIFO cost	141,875	147,692
Adjust to LIFO cost	(45,836)	(45,325)
Lower of cost or market adjustment	0	0
Inventory, net	$ 96,039	$ 102,367	[1]
[1]	The balance sheet at December 31, 2018 , as presented, is derived from the audited financial statements at that date.

Inventories - Narrative (Detai

Inventories - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Inventory Disclosure [Abstract]
Increase (decrease) in cost of sales from LIFO adjustment	$ (3.3)	$ 1.7	$ 0.5	$ 3.7

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 14,849	$ 18,565
Property taxes payable	1,995	3,962
Accrued salaries	6,214	8,790
Other accrued liabilities	7,087	5,549
Total accrued liabilities	$ 30,145	$ 36,866	[1]
[1]	The balance sheet at December 31, 2018 , as presented, is derived from the audited financial statements at that date.

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.20%	22.70%	23.10%	23.20%

Earnings Per Share - Computati

Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 17,782	$ 13,411	$ 18,089	$ 11,353	$ 31,193	$ 29,442
Denominator:
Denominator for basic earnings per share – weighted average shares	20,898		20,847		20,891	20,838
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares	20,988		20,918		20,985	20,911
Employee stock awards
Effect of dilutive securities:
Employee stock options (in shares)	90		71		94	73

Earnings Per Share - Additiona

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares)	117,500	166,500	117,500	156,056

Debt (Detail)

Debt (Detail)	6 Months Ended
	Jun. 30, 2019USD ($)bank
Line of Credit Facility [Line Items]
Number of banks to which Company is party to a Credit Agreement | bank	2
Calculated maximum borrowings	$ 150,000,000
Available increase in borrowings under Credit Agreement	100,000,000
Outstanding borrowings	0
Letters of credit outstanding	1,500,000
Calculated maximum borrowing amount available in current year	$ 148,500,000
Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.15%
Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%
Credit Agreement | Credit Agreement Interest Rate Option One | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.875%
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.75%
Credit Agreement | Credit Agreement Interest Rate Option Two | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.50%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.25%

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Repurchase of common stock authorized remaining (in shares)	1,132,946
Repurchase of common stock (in shares)	0	0