Encore Wire (WIRE) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		20,631,683
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	[1]
Current assets:
Cash and cash equivalents	$ 250,383	$ 230,965
Accounts receivable, net of allowance of $2,501 and $1,801	192,067	223,098
Inventories, net	87,880	89,684
Income tax receivable	0	3,602
Prepaid expenses and other	3,552	1,889
Total current assets	533,882	549,238
Property, plant and equipment - at cost:
Land and land improvements	60,662	52,354
Construction-in-progress	45,226	49,847
Buildings and improvements	152,896	152,536
Machinery and equipment	353,300	334,204
Furniture and fixtures	12,249	10,926
Total property, plant and equipment	624,333	599,867
Accumulated depreciation	(274,804)	(266,688)
Property, plant and equipment - net	349,529	333,179
Other assets	634	737
Total assets	884,045	883,154
Current liabilities:
Trade accounts payable	30,039	40,509
Accrued liabilities	27,338	34,787
Income taxes payable	2,499	0
Total current liabilities	59,876	75,296
Deferred income taxes and other	32,058	28,762
Commitments and contingencies
Stockholders’ equity:
Authorized shares – 2,000,000; none issued	0	0
Issued shares – 27,005,388 and 26,939,403	270	269
Additional paid-in capital	66,554	63,009
Treasury stock, at cost – 6,468,705 and 6,027,455 shares	(111,718)	(91,056)
Retained earnings	837,005	806,874
Total stockholders’ equity	792,111	779,096
Total liabilities and stockholders’ equity	$ 884,045	$ 883,154
[1]	The balance sheet at December 31, 2019, as presented, is derived from the audited financial statements at that date.

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2,501	$ 1,801
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)	27,005,388	26,939,403
Treasury stock, shares (in shares)	6,468,705	6,027,455

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 253,631	$ 336,866	$ 556,425	$ 651,573
Cost of goods sold	217,132	290,956	474,153	564,337
Gross profit	36,499	45,910	82,272	87,236
Selling, general, and administrative expenses	20,755	23,846	43,044	48,844
Operating income	15,744	22,064	39,228	38,392
Net interest and other income	267	1,082	1,151	2,160
Income before income taxes	16,011	23,146	40,379	40,552
Provision for income taxes	3,664	5,364	9,424	9,359
Net income	$ 12,347	$ 17,782	$ 30,955	$ 31,193
Earnings per common and common equivalent share - basic (in usd per share)	$ 0.60	$ 0.85	$ 1.50	$ 1.49
Earnings per common and common equivalent share - diluted (in usd per share)	$ 0.60	$ 0.85	$ 1.50	$ 1.49
Weighted average common and common equivalent shares outstanding - basic (in shares)	20,496	20,898	20,646	20,891
Weighted average common and common equivalent shares outstanding - diluted (in shares)	20,537	20,988	20,696	20,985
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 ($) $ in Thousands	Total		Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2018			26,907,000		6,027,000
Beginning balance at Dec. 31, 2018	$ 720,456		$ 269	$ 60,822	$ (91,056)	$ 750,421
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,411					13,411
Stock-based compensation	760			760
Exercise of stock options (in shares)			15,000
Exercise of stock options	431			431
Dividends declared	(418)					(418)
Beginning balance (in shares) at Mar. 31, 2019			26,922,000		6,027,000
Beginning balance at Mar. 31, 2019	734,640		$ 269	62,013	$ (91,056)	763,414
Beginning balance (in shares) at Dec. 31, 2018			26,907,000		6,027,000
Beginning balance at Dec. 31, 2018	720,456		$ 269	60,822	$ (91,056)	750,421
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 31,193
Purchase of treasury stock (in shares)	0
Beginning balance (in shares) at Jun. 30, 2019			26,933,000		6,027,000
Beginning balance at Jun. 30, 2019	$ 752,643		$ 269	62,652	$ (91,056)	780,778
Beginning balance (in shares) at Mar. 31, 2019			26,922,000		6,027,000
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
Stock-based compensation (in shares)			5,000
Stock-based compensation	502			502
Exercise of stock options (in shares)			6,000
Exercise of stock options	137			137
Dividends declared	(418)					(418)
Beginning balance (in shares) at Jun. 30, 2019			26,933,000		6,027,000
Beginning balance at Jun. 30, 2019	752,643		$ 269	62,652	$ (91,056)	780,778
Beginning balance (in shares) at Dec. 31, 2019			26,939,000		6,027,000
Beginning balance at Dec. 31, 2019	779,096	[1]	$ 269	63,009	$ (91,056)	806,874
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,607					18,607
Stock-based compensation (in shares)			8,000
Stock-based compensation	460			460
Dividends declared	(411)					(411)
Purchase of treasury stock (in shares)					439,000
Purchase of treasury stock	(20,580)				$ (20,580)
Beginning balance (in shares) at Mar. 31, 2020			26,947,000		6,466,000
Beginning balance at Mar. 31, 2020	777,172		$ 269	63,469	$ (111,636)	825,070
Beginning balance (in shares) at Dec. 31, 2019			26,939,000		6,027,000
Beginning balance at Dec. 31, 2019	779,096	[1]	$ 269	63,009	$ (91,056)	806,874
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 30,955
Purchase of treasury stock (in shares)	441,250
Beginning balance (in shares) at Jun. 30, 2020			27,005,000		6,468,000
Beginning balance at Jun. 30, 2020	$ 792,111		$ 270	66,554	$ (111,718)	837,005
Beginning balance (in shares) at Mar. 31, 2020			26,947,000		6,466,000
Beginning balance at Mar. 31, 2020	777,172		$ 269	63,469	$ (111,636)	825,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,347					12,347
Stock-based compensation (in shares)			5,000
Stock-based compensation	631			631
Exercise of stock options (in shares)			53,000
Exercise of stock options	2,455		$ 1	2,454
Dividends declared	(412)					(412)
Purchase of treasury stock (in shares)					2,000
Purchase of treasury stock	(82)				$ (82)
Beginning balance (in shares) at Jun. 30, 2020			27,005,000		6,468,000
Beginning balance at Jun. 30, 2020	$ 792,111		$ 270	$ 66,554	$ (111,718)	$ 837,005
[1]	The balance sheet at December 31, 2019, 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, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
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, 2020	Jun. 30, 2019
Operating Activities:
Net income	$ 30,955	$ 31,193
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,321	8,785
Deferred income taxes	3,327	816
Stock-based compensation attributable to equity awards	1,091	1,262
Other	520	(111)
Changes in operating assets and liabilities:
Accounts receivable	30,331	(20,615)
Inventories	1,804	6,328
Other assets	(1,652)	(200)
Trade accounts payable and accrued liabilities	(21,514)	2,266
Current income taxes receivable / payable	6,101	(1,873)
Net cash provided by operating activities	60,284	27,851
Investing Activities:
Purchases of property, plant and equipment	(21,921)	(21,210)
Proceeds from sale of assets	90	22
Net cash used in investing activities	(21,831)	(21,188)
Financing Activities:
Purchase of treasury stock	(20,662)	0
Proceeds from issuance of common stock, net	2,455	568
Dividends paid	(828)	(836)
Net cash used in financing activities	(19,035)	(268)
Net increase in cash and cash equivalents	19,418	6,395
Cash and cash equivalents at beginning of period	230,965	178,405
Cash and cash equivalents at end of period	$ 250,383	$ 184,800

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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, 2019. In March 2020 the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The Company is unable to predict the impact that COVID-19 will have on our financial position and operating results in future periods due to numerous uncertainties. The duration and severity of the outbreak and its long-term impact on our business remain uncertain. 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 (“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. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326),” which makes significant changes to the accounting for credit losses on financial assets and disclosures about them. This ASU requires immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred, which FASB has noted delayed recognition of expected losses that might not yet have met the threshold of being probable. The guidance affects all entities in all industries and applies to a wide variety of financial assets, including trade receivables. We adopted this new standard January 1, 2020 and applied a loss rate model to compute the expected credit loss allowance of our short-term trade receivable balances, which we concluded are representative of one collective pool. This method is based on relevant information from past events, including historical experiences, current conditions, and reasonable and supportable forecasts that affect collectability. Our evaluation of the new standard concluded that it had no material impact on our financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Raw materials $ 22,084 $ 25,882 Work-in-process 22,546 25,381 Finished goods 79,169 83,222 Total Inventory at FIFO cost 123,799 134,485 Adjust to LIFO cost (35,919) (44,801) Inventory, net $ 87,880 $ 89,684 Inventories are stated at the lower of cost, using the last-in, first out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. generally accepted accounting principles, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to adjust total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily upon the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of June 30, 2020, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price. In the second quarter of 2020, LIFO adjustments were recorded, increasing cost of sales by $0.7 million, versus LIFO adjustments decreasing cost of sales by $3.3 million in the second quarter of 2019. In the first six months of 2020, LIFO adjustments were recorded, decreasing cost of sales by $8.9 million, versus LIFO adjustments increasing cost of sales by $0.5 million in the first six months of 2019.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands June 30, 2020 December 31, 2019 Sales rebates payable $ 12,280 $ 16,622 Property taxes payable 2,039 4,011 Accrued salaries 6,446 7,924 SAR Liability 3,821 3,087 Other accrued liabilities 2,752 3,143 Total accrued liabilities $ 27,338 $ 34,787

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 22.9% in the second quarter of 2020 versus 23.2% in the second quarter of 2019, consistent with the Company’s estimated liabilities. For the six months ended June 30, the Company’s tax rate was approximately 23.3% in 2020 and 23.1% in 2019. 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, 2020
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 2020 2019 2020 2019 Numerator: Net income $ 12,347 $ 17,782 $ 30,955 $ 31,193 Denominator: Denominator for basic earnings per share – weighted average shares 20,496 20,898 20,646 20,891 Effect of dilutive securities: Employee stock awards 41 90 50 94 Denominator for diluted earnings per share – weighted average shares 20,537 20,988 20,696 20,985 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 238,433 in 2020 and 117,500 in 2019. 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 239,609 in 2020 and 117,500 in 2019. Such options were anti-dilutive for their respective periods.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
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, 2020, there were no borrowings outstanding under the Credit Agreement, and letters of credit outstanding in the amount of $1.6 million left $148.4 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, 2020.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
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, 2020, 1,000,000 shares remained authorized for repurchase through March 31, 2021. The Company repurchased 441,250 shares of its stock in the six months ended June 30, 2020 versus no shares in the six months ended June 30, 2019.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESThere 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 (“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, 2020
Inventory Disclosure [Abstract]
Summary of Inventory	Inventories consist of the following: In Thousands June 30, 2020 December 31, 2019 Raw materials $ 22,084 $ 25,882 Work-in-process 22,546 25,381 Finished goods 79,169 83,222 Total Inventory at FIFO cost 123,799 134,485 Adjust to LIFO cost (35,919) (44,801) Inventory, net $ 87,880 $ 89,684

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities, Current [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands June 30, 2020 December 31, 2019 Sales rebates payable $ 12,280 $ 16,622 Property taxes payable 2,039 4,011 Accrued salaries 6,446 7,924 SAR Liability 3,821 3,087 Other accrued liabilities 2,752 3,143 Total accrued liabilities $ 27,338 $ 34,787

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
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 2020 2019 2020 2019 Numerator: Net income $ 12,347 $ 17,782 $ 30,955 $ 31,193 Denominator: Denominator for basic earnings per share – weighted average shares 20,496 20,898 20,646 20,891 Effect of dilutive securities: Employee stock awards 41 90 50 94 Denominator for diluted earnings per share – weighted average shares 20,537 20,988 20,696 20,985

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 22,084	$ 25,882
Work-in-process	22,546	25,381
Finished goods	79,169	83,222
Total Inventory at FIFO cost	123,799	134,485
Adjust to LIFO cost	(35,919)	(44,801)
Inventory, net	$ 87,880	$ 89,684	[1]
[1]	The balance sheet at December 31, 2019, as presented, is derived from the audited financial statements at that date.

Inventories - Narrative (Detail

Inventories - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Increase (decrease) in cost of sales from LIFO adjustment	$ 0.7	$ (3.3)	$ (8.9)	$ 0.5

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 12,280	$ 16,622
Property taxes payable	2,039	4,011
Accrued salaries	6,446	7,924
SAR Liability	3,821	3,087
Other accrued liabilities	2,752	3,143
Total accrued liabilities	$ 27,338	$ 34,787	[1]
[1]	The balance sheet at December 31, 2019, 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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	22.90%	23.20%	23.30%	23.10%

Earnings Per Share - Computatio

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, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 12,347	$ 18,607	$ 17,782	$ 13,411	$ 30,955	$ 31,193
Denominator:
Denominator for basic earnings per share – weighted average shares	20,496		20,898		20,646	20,891
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares	20,537		20,988		20,696	20,985
Employee stock awards
Effect of dilutive securities:
Employee stock options (in shares)	41		90		50	94

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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)	238,433	117,500	239,609	117,500

Debt (Detail)

Debt (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)bank
Line of Credit Facility [Line Items]
Number of banks to which Company is party to a Credit Agreement | bank	2
Outstanding borrowings	$ 0
Letters of credit outstanding	1,600,000
Calculated maximum borrowing amount available in current year	148,400,000
Credit Agreement
Line of Credit Facility [Line Items]
Calculated maximum borrowings	150,000,000
Available increase in borrowings under Credit Agreement	$ 100,000,000
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, 2020	Jun. 30, 2019
Equity [Abstract]
Repurchase of common stock authorized remaining (in shares)	1,000,000,000
Repurchase of common stock (in shares)	441,250	0