Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ROCK | ||
Entity Registrant Name | GIBRALTAR INDUSTRIES, INC. | ||
Entity Central Index Key | 912,562 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 32,155,084 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 1.2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales: | $ 1,002,372 | $ 986,918 | $ 1,007,981 |
Cost of sales | 760,012 | 750,374 | 763,219 |
Gross profit | 242,360 | 236,544 | 244,762 |
Selling, general, and administrative expense | 146,840 | 143,448 | 161,099 |
Intangible asset impairment | 1,552 | 247 | 10,175 |
Income from operations | 93,968 | 92,849 | 73,488 |
Interest expense, net | 12,064 | 14,032 | 14,577 |
Other expense | 1,959 | 909 | 8,928 |
Income before taxes | 79,945 | 77,908 | 49,983 |
Provision for income taxes | 16,136 | 14,943 | 16,264 |
Income from continuing operations | 63,809 | 62,965 | 33,719 |
Discontinued operations: | |||
Loss before taxes | 0 | (644) | (70) |
Benefit of income taxes | 0 | (239) | (26) |
Loss from discontinued operations | 0 | (405) | (44) |
Net income | $ 63,809 | $ 62,560 | $ 33,675 |
Net earnings per share – Basic: | |||
(Loss) income from continuing operations (in dollars per share) | $ 2 | $ 1.98 | $ 1.07 |
Loss from discontinued operations (in dollars per share) | 0 | (0.01) | 0 |
Net (loss) income (in dollars per share) | $ 2 | $ 1.97 | $ 1.07 |
Weighted average shares outstanding – Basic (in shares) | 31,979 | 31,701 | 31,536 |
Net earnings per share – Diluted: | |||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 1.96 | $ 1.95 | $ 1.05 |
Loss from discontinued operations (in dollars per share) | 0 | (0.01) | 0 |
Net (loss) income (in dollars per share) | $ 1.96 | $ 1.94 | $ 1.05 |
Weighted average shares outstanding – Diluted (in shares) | 32,534 | 32,250 | 32,069 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Net income | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 12,769 | $ 3,996 | $ 63,809 | $ 62,560 | $ 33,675 |
Other comprehensive (loss) income: | |||||||||||
Foreign currency translation adjustment | (3,241) | 3,150 | 6,945 | ||||||||
Cumulative effect of accounting change (see Note 1) | (350) | 0 | 0 | ||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 723 | 205 | 750 | ||||||||
Other comprehensive (loss) income | (2,868) | 3,355 | 7,695 | ||||||||
Total comprehensive income | $ 60,941 | $ 65,915 | $ 41,370 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 297,006 | $ 222,280 |
Accounts receivable, net | 140,283 | 145,385 |
Inventories | 98,913 | 86,372 |
Other current assets | 8,351 | 8,727 |
Total current assets | 544,553 | 462,764 |
Property, plant, and equipment, net | 95,830 | 97,098 |
Goodwill | 323,671 | 321,074 |
Acquired intangibles | 96,375 | 105,768 |
Other assets | 1,216 | 4,681 |
Total assets | 1,061,645 | 991,385 |
Current liabilities: | ||
Accounts payable | 79,136 | 82,387 |
Accrued expenses | 87,074 | 75,467 |
Billings in Excess of Cost | 17,857 | 12,779 |
Current maturities of long-term debt | 208,805 | 400 |
Total current liabilities | 392,872 | 171,033 |
Long-term debt | 1,600 | 209,621 |
Deferred income taxes | 36,530 | 31,237 |
Other non-current liabilities | 33,950 | 47,775 |
Shareholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 50,000 shares; 32,887 and 32,332 shares outstanding in 2018 and 2017 | 329 | 323 |
Additional paid-in capital | 282,525 | 271,957 |
Retained earnings | 338,995 | 274,562 |
Accumulated other comprehensive loss | (7,234) | (4,366) |
Cost of 796 and 615 common shares held in treasury in 2018 and 2017 | (17,922) | (10,757) |
Total shareholders’ equity | 596,693 | 531,719 |
Total liabilities and shareholders' equity | $ 1,061,645 | $ 991,385 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares outstanding | 32,887,000 | 32,332,000 |
Treasury stock, shares | 796,000 | 615,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net income | $ 63,809 | $ 62,560 | $ 33,675 |
Loss from discontinued operations | 0 | (405) | (44) |
Income from continuing operations | 63,809 | 62,965 | 33,719 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,374 | 21,690 | 24,114 |
Intangible asset impairment | 1,552 | 247 | 10,175 |
Loss on sale of business | 0 | 0 | (8,763) |
Stock compensation expense | 9,189 | 7,122 | 6,373 |
Net gain on sale of assets | (143) | (123) | (42) |
Exit activity costs (recoveries), non-cash | 1,344 | (1,877) | 7,530 |
Provision for (benefit of) deferred income taxes | 4,781 | (7,105) | (4,893) |
Other, net | 1,386 | 2,118 | 1,934 |
Changes in operating assets and liabilities (excluding the effects of acquisitions): | |||
Accounts receivable | 9,737 | (21,806) | 37,828 |
Inventories | (16,951) | 870 | 11,782 |
Other current assets and other assets | (22) | (2,629) | 2,511 |
Accounts payable | (4,828) | 11,332 | (17,060) |
Accrued expenses and other non-current liabilities | 7,317 | (2,734) | 1,253 |
Net cash provided by operating activities | 97,545 | 70,070 | 123,987 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (12,457) | (11,399) | (10,779) |
Acquisitions, net of cash acquired | (5,241) | (18,494) | (23,412) |
Net proceeds from sale of property and equipment | 3,149 | 13,096 | 953 |
Net proceeds from sale of business | 0 | 0 | 8,250 |
Other, net | 0 | 0 | 1,118 |
Net cash used in investing activities | (14,549) | (16,797) | (23,870) |
Cash Flows from Financing Activities | |||
Long-term debt payments | (400) | (400) | (400) |
Payment of debt issuance costs | 0 | 0 | (54) |
Purchase of treasury stock at market prices | (7,165) | (2,872) | (1,539) |
Net proceeds from issuance of common stock | 1,385 | 674 | 3,341 |
Net cash (used in) provided by financing activities | (6,180) | (2,598) | 1,348 |
Effect of exchange rate changes on cash | (2,090) | 1,428 | (146) |
Net increase in cash and cash equivalents | 74,726 | 52,103 | 101,319 |
Cash and cash equivalents at beginning of year | 222,280 | 170,177 | 68,858 |
Cash and cash equivalents at end of year | $ 297,006 | $ 222,280 | $ 170,177 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance, shares at Dec. 31, 2015 | 31,779,000 | 484,000 | ||||
Balance at Dec. 31, 2015 | $ 410,086 | $ 317 | $ 253,458 | $ 178,073 | $ (15,416) | $ (6,346) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 33,675 | 33,675 | ||||
Foreign currency translation adjustment | 6,945 | 6,945 | ||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 750 | 750 | ||||
Stock compensation expense | 6,373 | 6,373 | ||||
Cumulative effect of accounting change (see Note 1) | 1,249 | 1,249 | ||||
Net settlement of restricted stock units, shares | 131,000 | 46,000 | ||||
Net settlement of restricted stock units | $ (1,539) | $ 1 | (1) | $ (1,539) | ||
Stock options exercised, shares | 175,125 | 175,000 | ||||
Stock options exercised | $ 3,341 | $ 2 | 3,339 | |||
Balance, shares at Dec. 31, 2016 | 32,085,000 | 530,000 | ||||
Balance at Dec. 31, 2016 | 460,880 | $ 320 | 264,418 | 211,748 | (7,721) | $ (7,885) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 62,560 | 62,560 | ||||
Foreign currency translation adjustment | 3,150 | 3,150 | ||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 205 | 205 | ||||
Stock compensation expense | 7,122 | 7,122 | ||||
Net settlement of restricted stock units, shares | 203,000 | 85,000 | ||||
Net settlement of restricted stock units | $ (2,872) | $ 3 | (3) | $ (2,872) | ||
Issuance of restricted stock, shares | 2,000 | |||||
Stock options exercised, shares | 42,058 | 42,000 | ||||
Stock options exercised | $ 674 | $ 0 | 674 | |||
Balance, shares at Dec. 31, 2017 | 32,332,000 | 615,000 | ||||
Balance at Dec. 31, 2017 | 531,719 | $ 323 | 271,957 | 274,562 | (4,366) | $ (10,757) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 63,809 | 63,809 | ||||
Foreign currency translation adjustment | (3,241) | (3,241) | ||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 723 | 723 | ||||
Stock compensation expense | 9,189 | 9,189 | ||||
Net settlement of restricted stock units, shares | 460,000 | 181,000 | ||||
Net settlement of restricted stock units | $ (7,165) | $ 5 | (5) | $ (7,165) | ||
Issuance of restricted stock, shares | 7,000 | |||||
Stock options exercised, shares | 87,907 | 88,000 | ||||
Stock options exercised | $ 1,385 | $ 1 | 1,384 | |||
Balance, shares at Dec. 31, 2018 | 32,887,000 | 796,000 | ||||
Balance at Dec. 31, 2018 | $ 596,693 | $ 329 | $ 282,525 | $ 338,995 | $ (7,234) | $ (17,922) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Minimum Pension and Post Retirement Benefit Plan Adjustments, tax | $ (225) | $ (110) | $ (430) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The consolidated financial statements include the accounts of Gibraltar Industries, Inc. and subsidiaries (the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” and all related Accounting Standards Updates. As further described in this Note under Recent Accounting Pronouncements Adopted, the core principle of the guidance is that an entity should recognize revenue to depict the transfer of control, promised goods or services, to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s policy for recognizing revenue by timing of transfer of control to the customer, at a point in time or over time, is discussed in more detail in Note 3 of the consolidated financial statements. Note 18 of these consolidated financial statements provide information related to the amount of revenue recognized as defined by timing of transfer of control to the customer along with the reportable segment detail. Cash and cash equivalents All highly liquid investments with a maturity of three months or less are considered cash equivalents. Accounts receivable and allowance for doubtful accounts Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of uncollectible accounts in the Company’s existing accounts receivable. The Company determines the allowance based on a number of factors, including historical experience, credit worthiness of customers, and current market and economic conditions. The Company reviews the allowance for doubtful accounts on a regular basis. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The following table summarizes activity recorded within the allowance for doubtful accounts balances for the years ended December 31 (in thousands): 2018 2017 2016 Beginning balance $ 6,434 $ 5,272 $ 4,868 Bad debt expense 1,150 1,253 2,519 Accounts written off and other adjustments (624 ) (91 ) (2,115 ) Ending balance $ 6,960 $ 6,434 $ 5,272 Concentrations of credit risk on accounts receivable are limited to those from significant customers that are believed to be financially sound. As of December 31, 2018 and 2017 , the Company's most significant customer is a home improvement retailer. The home improvement retailer purchases from the Residential Products and the Renewable Energy and Conservation segments. Accounts receivable as a percentage of consolidated accounts receivable from the home improvement retailer was 13.6% as of December 31, 2018 and 2017 . Net sales as a percentage of consolidated net sales to the home improvement retailer were 12% , 12% and 11% for the years ended December 31, 2018 , 2017 and 2016 , respectively, with the majority of those sales within the Company's Residential Products segment. Note 2 "Accounts Receivable" contains additional information on the Company's accounts receivable. Inventories Inventories are valued at the lower of cost, determined using the first-in, first-out method, or net realizable value. Shipping and handling costs are recognized as a component of cost of sales. Property, plant, and equipment Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Interest is capitalized in connection with construction of qualified assets. Expenditures that exceed an established dollar threshold and that extend the useful lives of assets are capitalized, while repair and maintenance costs are expensed as incurred. The estimated useful lives of land improvements, buildings, and building improvements are 15 to 40 years, while the estimated useful lives for machinery and equipment are 3 to 20 years. The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2018 2017 2016 Depreciation expense $ 12,152 $ 12,929 $ 14,477 Acquisition related assets and liabilities Accounting for the acquisition of a business as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most complex estimations of individual fair values are those involving long-lived assets, such as property, plant, and equipment and intangible assets. The Company uses all available information to make these fair value determinations and, for major business acquisitions, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. Goodwill and other intangible assets The Company tests goodwill for impairment at the reporting unit level on an annual basis at October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of a reporting unit could be below its carrying value. The reporting units are at the component level, or one level below the operating segment level. Goodwill is assigned to each reporting unit as of the date the reporting unit is acquired and based upon the expected synergies of the acquisition. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of our selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test for any or all of the Company's reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit, determined using two valuation techniques, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired, and a loss measured by the excess of the carrying value of the reporting unit over the fair value of the reporting unit must be recorded. The Company also tests its indefinite-lived intangible assets for impairment on an annual basis as of October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of an indefinite-lived intangible asset could be below its carrying value. The impairment test consists of comparing the fair value of the indefinite-lived intangible asset, determined using discounted cash flows on a relief-from-royalty basis, with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. Acquired identifiable intangible assets are recorded at cost. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives. Impairment of long-lived assets Long-lived assets, including acquired identifiable intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. In specific situations, when the Company has selected individual assets to be sold or scrapped, the Company obtains market value data for those specific assets and measures and records the impairment loss based on such data. Otherwise, the Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss by approximating fair value using acceptable valuation techniques, including discounted cash flow models and third-party appraisals. The Company recognized impairment charges related to intangible assets during the years ended December 31, 2018, 2017 and 2016. Several of these impairment charges related to exit activities during the three year period ended December 31, 2018 as described in Note 14 of the consolidated financial statements. Deferred charges Deferred charges associated with initial costs incurred to enter into new debt arrangements are included as a component of long-term debt and are amortized as a part of interest expense over the terms of the associated debt agreements. Advertising The Company expenses advertising costs as incurred. For the years ended December 31, 2018 , 2017 and 2016 , advertising costs were $5.2 million, $4.9 million, and $5.1 million, respectively. Research and Development The Company expenses research and development costs as incurred. For the years ended December 31, 2018 , 2017 and 2016 , research and development costs were $1.7 million, $2.9 million, and $2.2 million, respectively. Foreign currency transactions and translation The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. Income taxes The provision for income taxes is determined using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets when uncertainty exists regarding their realization. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Reform Act”). Further information on the impact of the Tax Reform Act is included in Note 15 of the consolidated financial statements. Equity-based compensation The Company measures the cost of equity-based compensation based on grant date fair value and recognizes the cost over the period in which the employee is required to provide service in exchange for the award reduced by forfeitures. Equity-based compensation consists of grants of stock options, deferred stock units, restricted stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. The Company’s equity-based compensation plans are discussed in more detail in Note 12 of the consolidated financial statements. Sale-Leaseback Transactions During the first quarter of 2018, the Company entered into a transaction to sell one of its real estate properties to an independent third party for $3.0 million. The Company leased back the entire property under a four year operating lease agreement. In accordance with the U.S. generally accepted accounting principles, the Company accounted for the transaction as a sale-leaseback. The net present value of the Company's future minimum lease payments of $0.7 million were less than the gain on sale of $1.4 million. As such, the portion of the gain equal to the fair value of the future minimum lease payments was deferred and is being amortized on a straight-line basis over the four year term of the lease. The gain exceeding the fair value of the minimum lease payments amounted to $0.7 million and was recognized during 2018 as a component of selling, general, and administrative expenses. The minimum lease payment for each of the four years is $0.2 million. These amounts have been included in the future minimum lease payments table in Note 17 of the consolidated financial statements. Recent accounting pronouncements Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) And All Related ASUs The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. The Company has adopted this standard using the modified retrospective method. The Company recognized the cumulative- effect adjustment of initially applying this standard of $274,000 to the opening balance of retained earnings. The comparative 2017 and 2016 information has not been restated and continues to be reported under the accounting standard in effect for that period. Refer to Note 3 for further disclosure of the financial statement effect and other significant matters as a result of the adoption of this standard. ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard provides guidance on eight specific cash flow issues to reduce diversity in reporting. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory The standard allows an entity to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this standard are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this standard are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the standard is permitted, including adoption in any interim period. The Company has early adopted this standard. As a result of adopting this standard, the Company recorded an adjustment of $350,000 from accumulated other comprehensive income to retained earnings in the consolidated statement of shareholders' equity as of January 1, 2018. Date of adoption: Q1 2018 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-02 Leases (Topic 842) The standard requires lessees to recognize most leases as assets and liabilities on the balance sheet, but record expenses on the statement of operations in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The standard also requires additional disclosures about leasing arrangements and requires a modified retrospective transition approach for existing leases, whereby the standard will be applied to the earliest year presented. The provisions of the standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The standard is effective for the Company as of January 1, 2019. The Company will adopt the new leasing standard using the modified retrospective transition approach and will elect the transition method to initially apply the new leases standard to leases that exist at January 1, 2019 (i.e., adoption date). Under this transition method, the date of initial application, and the consolidated financial statements which the Company will first apply the new standard will be January 1, 2019, rather than the later of January 1, 2017 or the Company's underlying leases commencements dates. Further under this approach, the Company will continue reporting and presenting comparative periods in accordance with ASC 840, including disclosures. In addition, the Company will elect the package of practical expedients permitted under the transition guidance within the standard, which among other things, allows the Company to carry-forward the historical lease classification assessed under ASC 840. The Company will make an accounting policy election to keep leases with an initial term of 12 months or less off of the consolidated balance sheet. The Company will recognize operating lease costs in the consolidated statements of operations on a straight-line basis over the lease term. The Company estimates the adoption of the standard will result in recognition of operating lease assets and operating lease liabilities of approximately $29 million, respectively, as of January 1, 2019. The Company expects the standard will have no impact to the Company's lease expense presentation in the consolidated statement of operations nor the Company's liquidity. The standard will have no impact on the Company's debt covenant compliance under the Company's current agreements. Also, the Company has identified and will be implementing appropriate changes to the Company's business processes, systems and internal controls to support recognition and disclosure under this standard. We consider the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have minimal impact on our financial statements and related disclosures. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers from roof and foundation ventilation products; centralized mail systems and electronic package solutions; rain dispersion products and roofing accessories; expanded and perforated metal; perimeter security solutions; expansion joints and structural bearings; designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures. Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or service to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or service. Refer to Note 18 of this annual report on Form 10K for additional information related to revenue recognized by timing of transfer of control by reportable segment. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days , or in certain cases, up front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. Performance obligations satisfied at a point in time and significant judgments The majority of the Company's revenue from contracts with customers is recognized when the Company transfers control of the promised product at a point in time, which is determined when the customer has legal title and the significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts with customers include promised products, which are generally capable of being distinct and accounted for as separate performance obligations. Accordingly, the Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation in an amount based on an observable price of the products as the Company frequently sells these products separately in similar circumstances and to similar customers. These products are generally sold with rights of return and these contracts may provide other credits or incentives, which are accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Sales returns, allowances, and customer incentives, including rebates, are treated as reductions to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Performance obligations satisfied over time and significant judgments For contracts with customers which the Company satisfies a promise to the customer to construct a certain asset that the customer controls as it is being created or enhanced, or a promise to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment, the Company satisfies the performance obligation and recognizes revenue over time. For the contracts to construct a certain asset, the Company determines that the customer controls the asset while it is being constructed. For the contracts for products that have no alternative use and for which the Company has an enforceable right to payment, the Company identifies these products as products that are not a standard inventory item or the Company cannot readily direct the product to another customer or use without incurring a significant economic loss, or significant costs to rework the product. When the promised products and services are to construct a certain asset that the customer controls, the entire contract is accounted for as one performance obligation. The Company determines the transaction price for each contract based on the consideration the Company expects to receive for the promised products and services under the entire contract, which is generally the stated contract price based on an expected cost plus a margin. When the promised products do not have an alternative use to the Company, and the Company has enforceable rights to payment, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised products under the contract and is generally the stated contract price based on an expected cost plus a margin for each performance obligation. These promised products are generally capable of being distinct and accounted for as separate performance obligations. For the above contracts with customers with respect to which the Company satisfies a performance obligation over time, the Company recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contract as the incurred costs are proportionate to the Company's progress in satisfying the performance obligation. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Costs to fulfill a contract include all direct costs related to contract performance. Selling and administrative expenses are charged to operations as incurred. Provision for loss on an uncompleted performance obligation is recognized in the period in which such loss is determined. The Company regularly reviews the progress and performance of the performance obligation recognized over time under the cost-to-cost method. Any adjustments to net sales, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. Changes in estimates of net sales, cost of sales, and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current or prior periods based on a performance obligation's cost-to-cost measure of progress. The Company also recognizes revenues from services contracts over time. For these contracts, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised service under the contract, which generally is the stated contract price. In order to estimate the standalone selling price of the performance obligation, the Company evaluates the market in which the promised service is sold and estimates the price that customers in the market would be willing to pay. Further, the Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's performance. Therefore due to control transferring over time, the Company recognizes revenue on a straight-line basis throughout the contract period. Remaining performance obligations As of December 31, 2018, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Therefore, any remaining performance obligations are not required to be disclosed. Contract assets Contract assets consist of costs in excess of billings. Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs in excess of billings are classified as current assets and are reported net of contract billings on a contract-by-contract basis at the end of each reporting period. Contract liabilities Contract liabilities consist of billings in excess of cost and unearned revenue. Billings in excess of cost includes billings in excess of revenue recognized and deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported net of contract cost on a contract-by-contract basis at the end of each reporting period and are classified as current liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract by contract basis when the Company incurs costs to satisfy the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. Unearned revenue relates to payments received in advance of performance under the contract and is recognized when the Company performs under the contract. Unearned revenue is presented within accrued expenses in the Company's consolidated balance sheets. Costs to obtain a contract with a customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year . As of December 31, 2018, the Company does not have any open contracts with an original expected duration of greater than one year, and therefore, we expense such costs as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Contract assets and contract liabilities The Company's contract assets and contract liabilities consist of costs in excess of billings, billings in excess of cost and unearned revenue, respectively. The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the year ended December 31, 2018: December 31, 2018 January 1, 2018 (1) Costs in excess of billings $ 22,634 $ 16,532 Billings in excess of cost (17,857 ) (12,779 ) Unearned revenue (12,028 ) (3,336 ) Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period 10,097 Amounts included in unearned revenue at the beginning of the period 2,988 (1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" and "Unearned revenue" at January 1, 2018, respectively. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606. Transition disclosures On January 1, 2018, the Company adopted the accounting standard ASC 606, Revenue from Contracts with Customers, only for contracts that were not completed at the date of initial application using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative period information has not been restated and continues to be reported under the accounting standards in effect for that period. The Company does not expect the adoption of this standard to have a material impact to the Company's net income on an ongoing basis. A majority of the Company's revenues continue to be recognized when products are shipped or service is provided and the customer takes ownership and assumes the risk of loss. For certain custom fabricated products for which there is no alternative use and the Company has enforceable rights to payment for performance to date where revenue was previously recognized upon transfer of title and risk of loss, the Company now recognizes revenue as the Company satisfies its performance over time in accordance with ASC 606. The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands): Balance at December 31, 2017 Adjustments Balance at January 1, 2018 Assets Accounts receivable, net $ 145,385 $ 4,922 $ 150,307 Costs in excess of billings (1) $ 11,610 $ 4,922 $ 16,532 Inventories $ 86,372 $ (4,735 ) $ 81,637 Total current assets $ 462,764 $ 187 $ 462,951 Total assets $ 991,385 $ 187 $ 991,572 Liabilities Accrued expenses (2) $ 75,467 $ (87 ) $ 75,380 Total current liabilities $ 171,033 $ (87 ) $ 170,946 Shareholders' equity Retained earnings $ 274,562 $ 274 $ 274,836 Total shareholders' equity $ 531,719 $ 274 $ 531,993 Total liabilities and shareholders' equity $ 991,385 $ 187 $ 991,572 (1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 2 of this Form 10-K for the year ended December 31, 2018. (2) Included in "Accrued expenses" at December 31, 2017 was "Unearned revenue" in the amount of $3.681 million presented in "Other" balance reported in Note 7 of the Company's annual report on Form 10-K for the year ended December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment in the amount of $0.3 million to reduce the opening balance of "Unearned revenue" at January 1, 2018 that is included in "Accrued expense" line item presented on the Company's Consolidated Balance Sheet and disclosed in "Other" in Note 8 of this Form 10-K for the year ended December 31, 2018. In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of operations and balance sheet for the periods ended December 31, 2018 is as follows (in thousands): Consolidated Statement of Operations Twelve Months Ended December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 1,002,372 $ 1,000,882 $ 1,490 Cost of sales 760,012 759,165 847 Gross profit 242,360 241,717 643 Provision for income taxes 16,136 15,956 180 Net income $ 63,809 $ 63,346 $ 463 Consolidated Balance Sheet December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Assets Accounts receivable, net $ 140,283 $ 133,526 $ 6,757 Inventories 98,913 104,592 (5,679 ) Total current assets 544,553 543,475 1,078 Total assets 1,061,645 1,060,567 1,078 Liabilities Accrued expenses 87,074 86,733 341 Total current liabilities 392,872 392,531 341 Shareholders' equity Retained earnings 338,995 338,258 737 Total shareholders' equity 596,693 595,956 737 Total liabilities and shareholders' equity $ 1,061,645 $ 1,060,567 $ 1,078 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE, NET Accounts receivable at December 31 consisted of the following (in thousands): 2018 2017 Trade accounts receivable $ 124,609 $ 140,209 Costs in excess of billings 22,634 11,610 Total accounts receivables 147,243 151,819 Less allowance for doubtful accounts (6,960 ) (6,434 ) Accounts receivable $ 140,283 $ 145,385 Refer to Note 3 of the Company's consolidated financial statements included in this annual report on Form 10-K for additional information concerning the Company's costs in excess of billings. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories at December 31 consisted of the following (in thousands): 2018 2017 Raw material $ 57,845 $ 42,661 Work-in-process 6,930 10,598 Finished goods 34,138 33,113 Total inventories $ 98,913 $ 86,372 The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2018 2017 2016 Beginning balance $ 3,695 $ 3,801 $ 7,428 Excess, obsolete and slow moving inventory expense 729 1,276 (239 ) Scrapped inventory and other adjustments (252 ) (1,382 ) (3,388 ) Ending balance $ 4,172 $ 3,695 $ 3,801 |
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 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2018 2017 Land and land improvements $ 6,061 $ 6,301 Building and improvements 46,678 46,562 Machinery and equipment 204,326 195,301 Construction in progress 7,690 8,522 Property, plant, and equipment, gross 264,755 256,686 Less: accumulated depreciation (168,925 ) (159,588 ) Property, plant, and equipment, net $ 95,830 $ 97,098 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2018 Acquisition On August 21, 2018, the Company acquired all of the outstanding stock of SolarBOS. SolarBOS is a provider of electrical balance of systems products, which consists of electrical components such as wiring, switches, and combiner boxes that support photovoltaic systems, for the U.S. solar renewable energy market. The Company expects the acquisition of SolarBOS to enable the Company to provide complementary product offerings to its existing customers and strengthen its position in the solar renewable energy market. The results of SolarBOS have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Renewable Energy and Conservation segment). The preliminary aggregate purchase consideration for the acquisition of SolarBOS was $6.5 million , which includes a working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The acquisition was financed through cash on hand. The preliminary purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $3.1 million , all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the solar renewable energy markets. The allocation of the preliminary purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 3,051 Fair value of purchase consideration $ 6,541 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 2017 Acquisition On February 22, 2017, the Company acquired all of the outstanding stock of Package Concierge. Package Concierge is a leading provider of multifamily electronic package delivery locker systems in the United States. The acquisition of Package Concierge has enabled the Company to expand its position in the fast-growing package delivery solutions market. The results of Package Concierge have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Residential Products segment). The final aggregate purchase consideration for the acquisition of Package Concierge was $18.9 million. The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $16.8 million, which is not deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the building products markets. The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 590 Working capital (1,998 ) Property, plant, and equipment 55 Acquired intangible assets 3,600 Other assets 8 Deferred income taxes (128 ) Goodwill 16,790 Fair value of purchase consideration $ 18,917 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 600 Indefinite Technology 1,300 10 years Customer relationships 1,700 7 years Total $ 3,600 2016 Acquisition On October 11, 2016, the Company acquired all of the outstanding stock of Nexus Corporation ("Nexus"). Nexus is a leading provider of commercial-scale greenhouses to customers in the United States. The acquisition of Nexus has enabled the Company to strengthen its position in the commercial greenhouse market in the United States. The results of Nexus have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Renewable Energy and Conservation segment). The final aggregate purchase consideration for the acquisition of Nexus was $23.8 million, which includes a working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $11.5 million, of which all is deductible for tax purposes. The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 2,495 Working capital (1,109 ) Property, plant, and equipment 4,702 Acquired intangible assets 6,200 Other assets 23 Goodwill 11,451 Fair value of purchase consideration $ 23,762 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 3,200 Indefinite Technology 1,300 15 years Customer relationships 800 11 years Backlog 900 0.25 years Total $ 6,200 The acquisitions of SolarBOS, Package Concierge and Nexus were funded from available cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees, and these costs were recognized as a component of selling, general, and administrative expenses in the consolidated statements of income. The Company also recognized costs related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. All acquisition related costs consisted of the following for the years ended December 31 (in thousands): 2018 2017 2016 Selling, general and administrative costs $ 497 $ 146 $ 228 Cost of sales — — 81 Total acquisition related costs $ 497 $ 146 $ 309 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Related Intangible Assets | GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the years ended December 31 were as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Balance at December 31, 2016 $ 181,285 $ 53,884 $ 68,863 $ 304,032 Acquired goodwill 16,790 — — 16,790 Adjustments to prior year acquisitions — — (832 ) (832 ) Foreign currency translation — 396 688 1,084 Balance at December 31, 2017 $ 198,075 $ 54,280 $ 68,719 $ 321,074 Acquired goodwill — — 3,051 3,051 Adjustments to prior year acquisitions — (38 ) — (38 ) Foreign currency translation — (473 ) 57 (416 ) Balance at December 31, 2018 $ 198,075 $ 53,769 $ 71,827 $ 323,671 Goodwill is recognized net of accumulated impairment losses of $235.4 million as of December 31, 2018 and 2017 , respectively. No goodwill impairment charges were recognized by the Company during 2018. Annual Impairment Testing The Company performed its annual goodwill impairment test as of October 31, 2018 , 2017 , and 2016 . The Company did not recognize any impairment charges during 2018, 2017, and 2016 as a result of the annual goodwill impairment test. However, subsequent to the annual goodwill impairment test as of October 31, 2016, the Company discontinued its European residential solar racking business which resulted in an impairment charge against goodwill of $0.9 million which was recorded for the year ended December 31, 2016. During the October 31, 2018 impairment test, the Company conducted a quantitative analysis for all twelve of the Company’s reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit with its carrying value including goodwill. The fair value of each reporting unit evaluated under the quantitative test was determined using two valuation techniques: an income approach and a market approach. Each valuation approach relies on significant assumptions including a weighted average cost of capital ("WACC") based upon the capital structure of market participants in the Company’s peer groups, projected revenue growth, forecasted cash flows, and earnings multiples based on the market value of the Company and market participants within its peer groups. As a result of our annual testing for 2018 and 2017, none of the reporting units with goodwill as of our testing date had carrying values in excess of their fair values. Interim Impairment Testing We test goodwill and indefinite-lived intangible assets for impairment on an annual basis as of October 31 and at interim dates when indicators of impairment are present. In 2018, 2017 and 2016, no indicators of impairment were identified as of interim dates; therefore, no interim tests were performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): December 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Estimated Indefinite-lived intangible assets: Trademarks $ 43,870 $ — $ 45,107 $ — Indefinite Finite-lived intangible assets: Trademarks 6,094 3,518 5,876 3,062 3 to 15 Years Unpatented technology 28,644 13,881 28,107 12,033 5 to 20 Years Customer relationships 70,419 35,678 80,707 39,652 5 to 17 Years Non-compete agreements 1,649 1,224 1,649 931 4 to 10 Years 106,806 54,301 116,339 55,678 Total acquired intangible assets $ 150,676 $ 54,301 $ 161,446 $ 55,678 The Company recognized impairment charges related to indefinite-lived trademark intangible assets for the years ended December 31, 2018 , 2017 and 2016. The Company also recognized impairment charges related to finite-lived intangible assets for the years ended December 31, 2018 and 2016. The following table summarizes the impairment charges for the years ended December 31 (in thousands): 2018 2017 2016 Indefinite-lived intangibles (1) Definite-lived intangibles (2) Indefinite-lived intangibles (3) Definite-lived intangibles Indefinite-lived intangibles (4) Definite-lived intangibles (5) Residential Products $ 200 $ — $ — $ — $ — $ — Industrial and Infrastructure Products — — — — 7,980 — Renewable Energy and Conservation 1,037 315 247 — 1,068 198 Impairment charges $ 1,237 $ 315 $ 247 $ — $ 9,048 $ 198 (1) Residential Products impairment charges due to annual testing. Renewable Energy and Conservation impairment charges due to the annual testing in its international solar racking business and restructuring in its domestic greenhouse business. (2) Renewable Energy and Conservation impairment charges due to the restructuring in its domestic greenhouse business. (3) Renewable Energy and Conservation impairment charges due to the discontinuation of its domestic greenhouse business in China. (4) Industrial and Infrastructure Products impairment charges due to discontinuation of U.S. bar grating product line and annual testing. Renewable Energy and Conservation impairment due to discontinuation of European residential solar racking business and annual testing. (5) Renewable Energy and Conservation impairment due to discontinuation of European residential solar racking business. The Company recognized amortization expense related to the definite-lived intangible assets. The following table summarizes amortization expense for the years ended December 31 (in thousands): 2018 2017 2016 Amortization expense $ 8,222 $ 8,761 $ 9,637 Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2019 2020 2021 2022 2023 Amortization expense $ 7,213 $ 6,921 $ 6,726 $ 6,248 $ 5,709 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses at December 31 consist of the following (in thousands): 2018 2017 Compensation $ 32,927 $ 34,752 Interest and taxes 9,231 8,002 Customer rebates 10,300 10,517 Insurance 7,789 7,261 Unearned revenue 12,028 3,681 Other 14,799 11,254 Total accrued expenses $ 87,074 $ 75,467 Accrued expenses for insurance are primarily for general liability, workers’ compensation and employee healthcare policies for which the Company is self-insured up to certain per-occurrence and aggregate limits. The amounts accrued represent the Company's best estimates of the probable amount of claims to be paid. Differences between the amounts accrued and the amount that may be reasonably possible of payment are not material. Accrued expenses for unearned revenue primarily relates to customer deposits received for services not yet performed by the Company further discussed in Note 3 of the Company's consolidated financial statements. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Debt | DEBT Long-term debt at December 31 consists of the following (in thousands): 2018 2017 Senior Subordinated 6.25% Notes $ 210,000 $ 210,000 Other debt 2,000 2,400 Less unamortized debt issuance costs (1,595 ) (2,379 ) Total debt 210,405 210,021 Less current maturities 208,805 400 Total long-term debt $ 1,600 $ 209,621 Senior Credit Agreement The Company's Fifth Amended and Restated Credit Agreement dated December 9, 2015 (the "Senior Credit Agreement") had a termination date of December 9, 2020. The Senior Credit Agreement provided for a revolving credit facility and letters of credit in an aggregate amount of $300 million . The Company had the option to request additional financing from the banks to either increase the revolving credit facility to $500 million or in the form of a term loan of up to $200 million . The Senior Credit Agreement contained three financial covenants. As of December 31, 2018 , the Company was in compliance with all three covenants. Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and certain real property of the Company’s significant domestic subsidiaries. Interest rates on the revolving credit facility are based on the LIBOR plus an additional margin that ranges from 1.25% to 2.25% for LIBOR loans based on the Total Leverage Ratio. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.20% and 0.30% based on the Total Leverage Ratio and the daily average undrawn balance. Standby letters of credit of $9.2 million have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of December 31, 2018. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $290.8 million and $288.8 million of availability under the revolving credit facility at December 31, 2018 and 2017, respectively. On January 24, 2019, the Company entered into a Sixth Amended and Restated Credit Agreement ("2019 Senior Credit Agreement"), which amends and restates the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015. Borrowings under the 2019 Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. The 2019 Senior Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million . The Company can request additional financing from the banks to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Senior Credit Agreement. The 2019 Senior Credit Agreement contains three financial covenants. Interest rates on the 2019 revolving credit facility are based on the LIBOR plus an additional margin that ranges from 1.125% to 2.00% . In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio and the daily average undrawn balance. The 2019 Senior Credit Agreement terminates on January 23, 2024. Senior Subordinated Notes On January 31, 2013, the Company issued $210 million of 6.25% Senior Subordinated Notes (" 6.25% Notes") due February 1, 2021 . The provisions of the 6.25% Notes include, without limitation, restrictions on indebtedness, liens, and distributions from restricted subsidiaries, asset sales, affiliate transactions, dividends, and other restricted payments. Dividend payments are subject to annual limits and interest is paid semiannually on February 1 and August 1 of each year. On December 20, 2018, the Company announced on Form 8-K its notice of redemption of its $210 million outstanding Senior Subordinated 6.25% Notes, effective February 1, 2019. The 6.25% Notes were redeemed in accordance with the provisions of the indenture governing the Notes on February 1, 2019. The Company expects to record a charge of approximately $1.0 million for the write-off of deferred financing fees relating to the 6.25% Notes during the quarter ending March 31, 2019. The aggregate maturities of long-term debt for the next five years and thereafter are as follows (in thousands): 2019 2020 2021 2022 2023 Thereafter Long-term debt payments $ 210,400 $ 400 $ 400 $ 400 $ 400 $ — Total cash paid for interest in the years ended December 31 was (in thousands): 2018 2017 2016 Interest expense, net $ 12,064 $ 14,032 $ 14,577 Interest income 2,156 574 136 Other non-cash adjustments $ (529 ) $ (647 ) $ (671 ) Cash paid for interest $ 13,691 $ 13,959 $ 14,042 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Supplemental Pension and Multiemployer Pension Plans The Company has an unfunded supplemental pension plan which provides defined pension benefits to certain former salaried employees upon retirement. The plan has been frozen, no additional participants will be added to the plan in the future and there are no active employees in the plan. The Company also has a 401(k) plan which all employees of U.S. subsidiaries are eligible to participate. The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover union-represented employees. Total expense for all retirement plans for the years ended December 31 was (in thousands): 2018 2017 2016 Defined benefit pension plan $ 4 $ 28 $ 52 401(k) plan 2,262 2,248 1,952 Multiemployer defined benefit plans 234 292 296 Postretirement healthcare plan $ 427 $ 476 $ 587 Total retirement plan expense $ 2,927 $ 3,044 $ 2,887 All of the multiemployer plans are underfunded, and each fund has a rehabilitation plan in place. Each plan with a rehabilitation plan requires minimum contributions from the Company. Given the status of these plans, it is reasonably possible that future contributions to the plans will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2018. Other Postretirement Benefits The Company has an unfunded postretirement healthcare plan which provides health insurance to certain employees and their spouses upon retirement. This plan has been frozen and no additional participants will be added to the plan in the future. The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands): 2018 2017 Projected benefit obligation at January 1 $ 7,020 $ 7,202 Service cost 18 17 Interest cost 233 269 Actuarial gain (819 ) (150 ) Benefits paid, net of contributions (317 ) (318 ) Projected benefit obligation at December 31 6,135 7,020 Fair value of plan assets — — Under funded status (6,135 ) (7,020 ) Unamortized prior service cost 382 427 Unrecognized actuarial loss 1,431 2,382 Net amount recognized $ (4,322 ) $ (4,211 ) Amounts recognized in the consolidated financial statements consisted of (in thousands): 2018 2017 Accrued postretirement benefit liability Current portion $ 331 $ 314 Long term portion 5,805 6,706 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (1,814 ) (2,809 ) Net amount recognized $ 4,322 $ 4,211 The measurement date used to determine postretirement benefit obligation measures was December 31. Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands): 2018 2017 2016 Service cost $ 18 $ 17 $ 22 Interest cost 233 269 272 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 132 146 134 Net periodic benefit cost $ 427 $ 476 $ 472 Assumptions used to calculate the benefit obligation: Discount rate 4.1 % 3.4 % 3.8 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.0 % 7.3 % 7.5 % Medical costs after age 65 ( 1) 5.0 % 6.3 % 6.5 % Prescription drug costs ( 1) 9.5 % 10.5 % 10.5 % (1) It was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan asset, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants. A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 as follows (in thousands): 2018 2017 Effect on accumulated postretirement benefit obligation 1% increase $ 831 $ 950 1% decrease $ (702 ) $ (803 ) Effect on annual service and interest costs 1% increase $ 36 $ 41 1% decrease $ (30 ) $ (34 ) Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2019 2020 2021 2022 2023 Years 2024 - 2028 Expected benefit payments $ 331 $ 349 $ 364 $ 379 $ 393 $ 2,102 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The cumulative balance of each component of accumulated other comprehensive (loss) income is as follows (in thousands): Foreign Minimum pension and post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Balance at December 31, 2016 $ (5,848 ) $ (2,953 ) $ (8,801 ) $ (1,080 ) $ (7,721 ) Minimum pension and post retirement benefit plan adjustments — 315 315 110 205 Foreign currency translation adjustment 3,150 — 3,150 — 3,150 Balance at December 31, 2017 $ (2,698 ) $ (2,638 ) $ (5,336 ) $ (970 ) $ (4,366 ) Minimum pension and post retirement benefit plan adjustments — 948 948 225 723 Cumulative effect of accounting change (see Note 1) — (350 ) (350 ) — (350 ) Foreign currency translation adjustment (3,241 ) — (3,241 ) — (3,241 ) Balance at December 31, 2018 $ (5,939 ) $ (2,040 ) $ (7,979 ) $ (745 ) $ (7,234 ) The realized adjustments relating to the Company’s minimum pension liability and post retirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of operations. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION The Company awards equity-based compensation to employees and directors, which is recognized in the statements of operations based on the grant-date fair value of the award. The Company uses the straight-line method for recording compensation expense over a vesting period generally up to four years with either graded or cliff vesting. Stock compensation expense recognized during the period is based on the value of the portion of equity-based awards that is ultimately expected to vest during the period reduced by the unvested expense on awards forfeited during the period. On May 4, 2018, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan provides for the issuance of up to 1,000,000 shares of common stock and supplements the remaining shares available for issuance under the existing Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 Plan"). The Company's 2005 Equity Incentive Plan (the "Prior Plan") was amended in 2015 to terminate issuance of further awards from the Prior Plan. Both the 2018 Plan and the 2015 Plan allow the Company to grant equity-based incentive compensation awards, in the form of non-qualified options, restricted shares, restricted stock units, performance shares, performance stock units, and stock rights to eligible participants. In 2016, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which allows the Company to grant awards of shares of the Company's common stock to non-employee Directors of the Company and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan. At December 31, 2018 , 946,000 and 73,000 shares were available for issuance under the 2018 Plan and 2015 Plan, respectively, as incentive stock options or other stock awards, and 60,000 shares were available for issuance under the Non-Employee Directors Plan as awards of shares of the Company's common stock. The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands): 2018 2017 2016 Expense recognized under the Prior Plan $ 569 $ 1,059 $ 1,937 Expense recognized under the 2015 Plan 7,988 5,643 3,993 Expense recognized under the 2018 Plan 188 — — Expense recognized under the Non-Employee Directors Plan 444 420 443 Total stock compensation expense $ 9,189 $ 7,122 $ 6,373 Tax benefits recognized related to stock compensation expense $ 2,509 $ 2,133 $ 2,485 Equity Based Awards - Settled in Stock The following table provides the number of stock options, stock units, and unrestricted shares granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2018 2017 2016 Awards Number of Weighted Number of Weighted Number of Weighted Options — $ — 25,000 $ 12.85 — $ — Deferred stock units 10,255 $ 35.96 10,170 $ 34.42 11,945 $ 29.30 Common shares 2,113 $ 35.50 2,034 $ 34.42 3,185 $ 29.30 Restricted stock units 116,174 $ 36.61 133,548 $ 36.56 141,982 $ 25.44 Performance stock units 135,929 $ 33.63 108,748 $ 42.72 — $ — Stock Options The fair value of stock options granted during the year ended December 31, 2017 was estimated on the date of grant using the Black-Scholes option pricing model. No options were granted in 2018 and 2016. Expected stock volatility was based on volatility of the Company’s stock price using a historical period commensurate with the expected life of the options. The following table provides the weighted average assumptions used to value stock options issued during the year ended December 31: Year of Grant Fair Value Expected Life (in years) Expected Stock Volatility Risk-free Interest Rate Expected Dividend Yield 2017 $ 12.85 4.00 35.7 % 1.7 % — % The following table summarizes the ranges of outstanding and exercisable options at December 31, 2018 : Range of Exercise Prices Options Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $8.90 – $9.32 18,938 1.70 $ 8.90 18,938 $ 8.90 $9.33 – $11.73 70,721 2.70 $ 9.74 70,721 $ 9.74 $11.74 – $19.58 20,100 0.70 $ 13.72 20,100 $ 13.72 $19.59 - $32.49 25,000 7.00 $ 25.44 25,000 $ 25.44 $32.50 - $43.05 25,000 8.14 $ 42.35 — $ — 159,759 134,759 The following table summarizes information about stock option transactions: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance at January 1, 2016 458,349 $ 16.57 Exercised (175,125 ) 19.08 Forfeited (6,000 ) 18.22 Balance at December 31, 2016 277,224 $ 14.95 Granted 25,000 42.35 Exercised (42,058 ) 16.02 Forfeited (12,500 ) 25.44 Balance at December 31, 2017 247,666 $ 17.01 Exercised (87,907 ) 15.75 Balance at December 31, 2018 159,759 $ 17.70 6.13 $ 3,026,930 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the $35.59 per share market price of the Company’s common stock as of December 31, 2018 , which would have been received by the option holders had all option holders with an exercise price below the per share market price on December 31, 2018 , exercised their options as of that date. Stock units and Restricted Shares The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common and restricted shares: Restricted Weighted Common and Restricted Weighted Performance Stock Units (1) Weighted Average Grant Date Fair Value Deferred Stock Units (2) Weighted Average Grant Date Fair Value Balance at December 31, 2017 441,816 $ 23.96 4,258 $ 17.30 480,462 $ 24.68 22,115 $ 31.65 Granted 116,174 36.61 2,113 35.50 135,929 33.63 10,255 35.96 Vested (137,020 ) 22.72 (6,371 ) 23.34 (323,118 ) 18.57 (5,127 ) 32.18 Forfeited (25,617 ) 31.70 — — (57,788 ) 41.59 — — Balance at December 31, 2018 395,353 $ 27.61 — $ — 235,485 $ 33.78 27,243 $ 33.18 (1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of performance stock units granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one -year period performance period or gross profit thresholds over a two -year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three year performance period compared to the S&P Small Cap Industrial sector, over the same three year performance period. (2) Vested and issued upon retirement. The fair value of the common shares, restricted stock units, and deferred stock units, as well as, the performance stock units with a financial performance condition granted during the three years ended December 31, 2018 was based on the Company stock price at grant date of the award. The fair value of the performance stock units with a market condition granted during the three years ended December 31, 2018 were determined using a Monte Carlo simulation as of the grant date of the award, however no such awards were granted in 2018. The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands): 2018 2017 2016 Aggregate intrinsic value of options exercised $ 2,128 $ 628 $ 2,439 Aggregate fair value of vested restricted stock units $ 5,307 $ 6,756 $ 4,368 Aggregate fair value of vested common and restricted shares $ 149 $ 70 $ 247 Aggregate fair value of vested deferred stock units $ 369 $ 350 $ 443 As of December 31, 2018 , there was $8.3 million of total unrecognized compensation cost related to non-vested options, restricted shares, and restricted stock units. That cost is expected to be recognized over a weighted average period of 1.9 years . Equity Based Awards - Settled in Cash As of December 31, 2018 , the Company's total share-based liabilities recorded on the consolidated balance sheet was $38.4 million , of which $23.6 million was included in non-current liabilities. Total share-based liabilities as of December 31, 2017 were $48.0 million , of which $29.3 million was included in non-current liabilities. The Company's equity based awards that are settled in cash include performance stock units settled in cash and a management stock purchase plan. Performance Stock Units - Settled in Cash The Company also has PSUs that will convert to cash after three years based upon a one year performance period. The cost of these awards is recognized over the requisite vesting period. The PSUs earned over the performance period were determined based on the Company's actual ROIC relative to the ROIC targeted for the performance period. The following table provides the number of PSUs which will convert to cash for the years ending December 31: 2016 Awards Number of Units (2) Grant Date Fair Value (in $000s) Performance stock units (1) 128,000 $ 3,100 (1) There were no performance stock units that convert to cash granted to participants in 2018 and 2017. (2) The participants earned 200% of target aggregating 256,000 PSUs earned. This award will be converted to cash and will be paid to participants in the first quarter of 2019 at the trailing 90 -day closing price of the Company's common stock as of December 31, 2018. The following table summarizes the compensation expense recognized from the change in fair value and vesting of cash settled performance stock units awarded for the years ended December 31 (in thousands): 2018 2017 2016 Performance stock unit compensation expense $ 2,846 $ 3,591 $ 10,377 Management Stock Purchase Plan The Management Stock Purchase Plan ("MSPP") provides certain employees and Directors the ability to defer a portion of their compensation or Directors’ fees, which deferral is converted to restricted stock units, and credited to an account. Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their compensation. The account represents a share-based liability that is converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company. The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31: 2018 2017 2016 Restricted stock units credited 66,843 84,299 198,155 Restricted stock units balance, vested and unvested 387,870 389,189 646,669 Share-based liabilities paid, in thousands $ 5,232 $ 6,058 $ 3,137 MSPP expense, in thousands $ 4,809 $ 2,432 $ 8,565 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices in active markets for similar assets and liabilities. • Level 3 - Inputs that are unobservable inputs for the asset or liability. The Company had no financial assets or liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017. The Company's only financial instrument for which carrying value differs from its fair value is the Company's Senior Subordinated 6.25% Notes. At December 31, 2018 and 2017, the fair value of the outstanding debt net of unamortized debt issuance costs was $210.8 million and $213.8 million, respectively, compared to its carrying value of $ 210.4 million and $ 210.0 million , respectively. The fair value of the Company's Senior Subordinated 6.25% Notes is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices adjusted for unamortized debt issuance costs. The Company’s other financial instruments primarily consist of cash and cash equivalents, accounts receivable, notes receivable, and accounts payable. The carrying values for our financial instruments approximate fair value. The Company did not have any other material assets or liabilities carried at fair value and measured on a recurring basis as of December 31, 2018 and 2017 . Other non-recurring fair value measurements The Company recognized the impairment of certain intangible assets and property, plant, and equipment during the years ended December 31, 2018 , 2017 and 2016 . The Company uses unobservable inputs, classified as Level 3 inputs, in determining the fair value of these assets. See Note 7 and Note 14 of the consolidated financial statements for more disclosure regarding the impairment of certain intangible assets and property, plant, and equipment, respectively. The Company also applied fair value principles for the goodwill impairment tests performed during 2018 , 2017 , and 2016 . The Company used two valuation models to estimate the fair values of its reporting units, both of which primarily use Level 3 inputs. See Note 7 of the consolidated financial statements for the results of the Company’s goodwill impairment tests. Additionally, the Company's recent acquisition activity, as described in Note 6 of the consolidated financial statements, used Level 3 inputs to estimate fair values allocated to the assets acquired and liabilities assumed. |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Exit Activity Costs and Asset Impairments | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS The Company has incurred exit activity costs and asset impairment charges as a result of its 80/20 simplification and portfolio management initiatives. These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, the simplification of processes, and in the sale and exiting of less profitable businesses or products lines. Exit activity costs were incurred during 2018 which related to contract terminations, severance, and other moving and closing costs. During this time, the Company also incurred asset impairment charges related to the write-down of inventory, impairment of machinery and equipment and intangible assets associated with either discontinued product lines or reduced sales of lower margin products. In conjunction with these initiatives, the Company also sold and leased back a facility which resulted in a gain, as well as closed and consolidated four other facilities in 2018. The Company closed and consolidated three facilities during 2017 and seven facilities during 2016 as a result of these initiatives, which resulted in asset impairment charges and exit activity costs in both years. The following table sets forth the asset impairment charges and exit activity costs incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2018 2017 2016 Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity costs Total Residential Products $ 1,586 $ 1,321 $ 2,907 $ 345 $ 1,058 $ 1,403 $ 1,459 $ 1,074 $ 2,533 Industrial & Infrastructure Products (347 ) 1,749 1,402 (2,484 ) 2,820 336 4,221 4,546 8,767 Renewable Energy & Conservation 105 (33 ) 72 509 2,986 3,495 1,850 539 2,389 Corporate — 438 438 — 261 261 — 58 58 Total exit activity costs & asset impairments $ 1,344 $ 3,475 $ 4,819 $ (1,630 ) $ 7,125 $ 5,495 $ 7,530 $ 6,217 $ 13,747 The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of operations for the years ended December 31 (in thousands): 2018 2017 2016 Cost of sales $ 1,906 $ 911 $ 9,922 Selling, general, and administrative expense 2,913 4,584 3,825 Total exit activity costs and asset impairments $ 4,819 $ 5,495 $ 13,747 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2018 2017 Balance as of January 1 $ 961 $ 3,744 Exit activity costs recognized 3,475 7,125 Cash payments (2,513 ) (9,908 ) Balance as of December 31 $ 1,923 $ 961 During the three years ended December 31, 2018, none of the Company's exit activities met the criteria to be reported as discontinued operations, as these actions do not represent a strategic shift that has or will have a major effect on the Company’s operations. Therefore, prior period results of continuing operations have not been restated to exclude the impact of any divested business’s financial results. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, assessing a one-time transition tax on a deemed repatriation of non-previously taxed earnings of foreign subsidiaries, and implementing a territorial tax system. While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return any foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company recorded $0.1 million of income tax expense as a result of GILTI for the year ended December 31, 2018. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the years ended December 31, 2018 and 2017. The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The BEAT tax had no impact on the Company's consolidated financial statements for the years ended December 31, 2018 and 2017. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. At December 31, 2017, the Company recorded a provisional $3.9 million of income tax expense as a result of the transition tax, and $16.2 million income tax benefit related to the remeasurement of deferred income taxes. At December 31, 2017 the Company recorded no provisional expense related to performance-based executive compensation based on the guidance available at that time. We have completed our analysis of the one-time transition tax, performance-based executive compensation and the remeasurement of our deferred assets and liabilities as of December 31, 2018. During the year ended December 31, 2018, the Company recognized an adjustment to the provisional amounts recorded at December 31, 2017. The following table sets forth the components of the adjustment which were recorded in income tax expense from continuing operations during year ended December 31, 2018, (in thousands): Remeasurement of certain deferred tax balances (1) 174 One-time transition tax (1) (94 ) Non-deductible performance based compensation (2) 145 Net adjustment recorded to provisional income tax expense (3) 225 (1) Amounts primarily related to return to provision adjustments. (2) Amounts primarily related to further guidance of Notice 2018-68 (guidance on performance-based compensation issued in the third quarter ended September 30, 2018). (3) The impact of the adjustment to the provisional amounts recorded at December 31, 2017 is 0.3% . The components of income (loss) before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2018 2017 2016 Domestic $ 76,953 $ 78,468 $ 37,316 Foreign 2,992 (560 ) 12,667 Income before taxes from continuing operations $ 79,945 $ 77,908 $ 49,983 The provision for (benefit of) income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2018 2017 2016 Current: U.S. Federal $ 9,402 $ 16,882 $ 14,703 State 3,144 2,479 2,987 Foreign (1,191 ) 2,687 3,467 Total current 11,355 22,048 21,157 Deferred: U.S. Federal 4,158 (7,466 ) (5,404 ) State 1,047 1,246 1,595 Foreign (424 ) (885 ) (1,084 ) Total deferred 4,781 (7,105 ) (4,893 ) Provision for income taxes $ 16,136 $ 14,943 $ 16,264 The benefit of income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2018 2017 2016 Current: U.S. Federal $ — $ 219 $ 24 State — 20 2 Foreign — — — Benefit of income taxes $ — $ 239 $ 26 The provision for income taxes from continuing operations differs from the federal statutory rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016 due to the following (in thousands): 2018 2017 2016 Statutory rate 16,788 21.0 % 27,268 35.0 % 17,494 35.0 % State taxes, less federal effect 3,242 4.1 % 2,442 3.1 % 3,033 6.1 % Federal tax credits (3,680 ) (4.6 )% (373 ) (0.5 )% (439 ) (0.9 )% Uncertain tax positions (3,051 ) (3.8 )% (148 ) (0.2 )% (154 ) (0.3 )% Excess tax benefit on stock based compensation (2,288 ) (2.9 )% (1,415 ) (1.8 )% — — % Net operating loss (NOL) write down 1,640 2.1 % — — % — — % Executive compensation 1,369 1.7 % 160 0.2 % 75 0.2 % Change in valuation allowance 844 1.1 % 660 0.8 % 685 1.4 % Change in Indemnification Asset 643 0.8 % — — % — — % Tax effect of Tax Reform Act — — % (12,535 ) (16.1 )% — — % Domestic manufacturer's deduction — — % (1,578 ) (2.0 )% (1,363 ) (2.7 )% Intercompany debt discharge — — % — — % (2,389 ) (4.8 )% Worthless stock deduction — — % — — % (868 ) (1.7 )% Other 629 0.7 % 462 0.7 % 190 0.2 % $ 16,136 20.2 % $ 14,943 19.2 % $ 16,264 32.5 % Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2018 2017 Depreciation $ 9,886 $ 9,563 Goodwill 35,813 32,662 Intangible assets 9,907 10,928 Foreign withholding tax 1,182 1,014 Other 696 652 Gross deferred tax liabilities 57,484 54,819 Equity compensation (10,420 ) (12,577 ) Other (13,529 ) (13,247 ) Gross deferred tax assets (23,949 ) (25,824 ) Valuation allowances 2,995 2,242 Deferred tax assets, net of valuation allowances (20,954 ) (23,582 ) Net deferred tax liabilities $ 36,530 $ 31,237 At December 31, 2018 , the Company had total net operating loss carry forwards of $11.9 million , which included $0.6 million for federal, $9.6 million for state, and $1.7 million for foreign income tax purposes. The federal and state net operating loss carry forwards expire between 2019 and 2038 . The foreign net operating loss carry forwards expire between 2022 and 2026. The Company recognized a total of $1.2 million of deferred tax assets, net of the federal tax benefit, related to these net operating losses prior to any valuation allowances, which included $0.1 million of federal, $0.6 million of state, and $0.5 million of foreign deferred tax assets. Deferred taxes include net deferred tax assets relating to certain state and foreign tax jurisdictions. A reduction of the carrying amount of deferred tax assets by a valuation allowance is required if it is more likely than not that such assets will not be realized. The valuation allowances on the net operating loss in Germany and Brazil were reversed since we exited both markets. The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2018 2017 2016 Balance as of January 1 $ 2,242 $ 1,362 $ 766 Cost charged to the tax provision 2,597 1,505 983 Reductions (1,750 ) (820 ) (338 ) Currency translation (94 ) 195 (49 ) Balance as of December 31 $ 2,995 $ 2,242 $ 1,362 The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2018 2017 2016 Payments made for income taxes, net $ 15,167 $ 26,186 $ 17,700 At December 31, 2018, the Company had approximately $30.0 million of undistributed earnings of foreign subsidiaries. The Company expects to execute a one-time repatriation of $22.5 million in cash to the U.S., net of withholding tax. The funds will be used for general corporate purposes. The Company continues to maintain its assertion that all remaining foreign earnings will be indefinitely reinvested. Any excess earnings could be used to grow the Company's foreign operations through launches of new capital projects or additional acquisitions. Determination of the amount of unrecognized deferred U.S. income tax liability related to our remaining unremitted foreign earnings is not practicable due to the complexities associated with its hypothetical calculation. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ 3,536 $ 3,466 $ 3,876 Additions for tax positions of the current year 15 99 33 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — (422 ) (256 ) Lapses of applicable statute of limitations (3,060 ) — — Divestitures and foreign currency translation (162 ) 393 (187 ) Balance as of December 31 $ 329 $ 3,536 $ 3,466 In 2018 and 2017, the unrecognized tax benefits of $0.3 million and $3.5 million, respectively, would affect the effective tax rate, if recognized as of December 31, 2018 and 2017 . $3.1 million of unrecognized tax benefits related to the acquisition was reversed in 2018 as a result of the lapse of the statute of limitations. The corresponding indemnification asset was also reversed in pretax income. The Company classifies accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company and its U.S. subsidiaries file a U.S. federal consolidated income tax return. Foreign and U.S. state jurisdictions have statute of limitations generally ranging from four to ten years. The Company's U.S. federal consolidated income tax return is under examination for 2015 and remains subject to examination for 2016 and 2017. Interest (net of federal tax benefit) and penalties recognized during the years ended December 31 were (in thousands): 2018 2017 2016 Interest and penalties recognized as income $ 13 $ 130 $ 122 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive common shares which include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of diluted shares does not include potential anti-dilutive common shares aggregating 303,000 , 468,000 and 653,000 at December 31, 2018, 2017 and 2016, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the options, restricted shares, restricted stock units, and performance stock units assumed to have vested. Basic earnings and diluted weighted-average shares outstanding are as follows for the years ended December 31 (in thousands): 2018 2017 2016 Numerator: Income from continuing operations $ 63,809 $ 62,965 $ 33,719 Loss from discontinued operations — (405 ) (44 ) Net income available to common shareholders $ 63,809 $ 62,560 $ 33,675 Denominator for basic earnings per share: Weighted average shares outstanding 31,979 31,701 31,536 Denominator for diluted earnings per share: Common stock options and stock units 555 549 533 Weighted average shares and conversions 32,534 32,250 32,069 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company leases certain facilities and equipment under operating leases. As leases expire, it can be expected that, in the normal course of business, certain leases will be renewed or replaced. Certain lease agreements include escalating rent payments over the lease terms. The Company expenses rent on a straight-line basis over the lease term which commences on the date the Company has the right to control the property. Rent expense under operating leases for the years ended December 31 aggregated (in thousands): 2018 2017 2016 Rent expense $ 12,571 $ 11,964 $ 13,652 Future minimum lease payments under these noncancelable operating leases as of December 31, 2018 are as follows (in thousands): 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments 14,304 8,156 5,910 4,566 4,043 1,705 The Company is a party to certain claims and legal actions generally incidental to its business. For certain divestiture transactions completed in prior years, the Company has agreed to indemnify the buyer for various liabilities that may arise after the disposal date, subject to limits of time and amount. The Company is a party to certain claims made under these indemnification provisions. As of December 31, 2018, the Company has a contingent liability recorded for such provisions related to discontinued operations. Management does not believe that the outcome of this claim, or other claims which are not clearly determinable at the present time, would significantly affect the Company's financial condition or results of operation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company is organized into three reportable segments on the basis of the production process and products and services provided by each segment, identified as follows: (i) Residential Products, which primarily includes roof and foundation ventilation products, rain dispersion products and roofing accessories, centralized mail systems and electronic package solutions; (ii) Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, perimeter security systems, expansion joints, and structural bearings; and (iii) Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of systems and greenhouse structures. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. The following table illustrates certain measurements used by management to assess the performance of the segments described above as of and for the years ended December 31 (in thousands): 2018 2017 2016 Net sales: Residential Products $ 463,216 $ 466,603 $ 430,938 Industrial and Infrastructure Products 223,006 215,211 296,513 Less: Intersegment sales (1,103 ) (1,247 ) (1,495 ) 221,903 213,964 295,018 Renewable Energy and Conservation 317,253 306,351 282,025 Total consolidated net sales $ 1,002,372 $ 986,918 $ 1,007,981 Income from operations: Residential Products $ 69,838 $ 76,893 $ 65,241 Industrial and Infrastructure Products 15,336 8,159 1,306 Renewable Energy and Conservation 37,423 30,218 43,214 Segments income from operations 122,597 115,270 109,761 Unallocated corporate expenses (28,629 ) (22,421 ) (36,273 ) Total income from operations $ 93,968 $ 92,849 $ 73,488 Depreciation and Amortization Residential Products $ 8,217 $ 9,183 $ 9,297 Industrial and Infrastructure Products 6,035 6,529 8,237 Renewable Energy and Conservation 5,790 5,657 6,203 Unallocated corporate expenses 332 321 377 $ 20,374 $ 21,690 $ 24,114 Total assets Residential Products $ 361,499 $ 358,838 $ 331,975 Industrial and Infrastructure Products 210,482 203,455 225,691 Renewable Energy and Conservation 218,048 219,806 207,241 Unallocated corporate assets 271,616 209,286 153,338 $ 1,061,645 $ 991,385 $ 918,245 Capital expenditures Residential Products $ 7,921 $ 5,236 $ 5,182 Industrial and Infrastructure Products 3,016 2,094 2,060 Renewable Energy and Conservation 1,345 3,648 3,160 Unallocated corporate expenditures 175 421 377 $ 12,457 $ 11,399 $ 10,779 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 460,513 $ 188,081 $ 33,427 $ 682,021 Over Time 2,703 33,822 283,826 320,351 Total $ 463,216 $ 221,903 $ 317,253 $ 1,002,372 2017 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 466,603 $ 213,964 $ 30,137 $ 710,704 Over Time — — 276,214 276,214 Total $ 466,603 $ 213,964 $ 306,351 $ 986,918 2016 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 430,938 $ 295,018 $ 21,566 $ 747,522 Over Time — — 260,459 260,459 Total $ 430,938 $ 295,018 $ 282,025 $ 1,007,981 Net sales by region or origin and long-lived assets by region of domicile for the years ended and as of December 31 are as follows (in thousands): 2018 2017 2016 Net sales North America $ 990,772 $ 977,942 $ 963,797 Europe — 1,131 19,447 Asia 11,600 7,845 24,737 Total $ 1,002,372 $ 986,918 $ 1,007,981 Long-lived assets North America $ 96,342 $ 97,956 $ 108,334 Europe — 3,222 2,900 Asia 704 601 992 Total $ 97,046 $ 101,779 $ 112,226 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The following information sets forth the consolidating summary financial statements of the issuer (Gibraltar Industries, Inc.) and guarantors, which guarantee the Senior Subordinated 6.25% Notes due February 1, 2021, and the non-guarantors. The guarantors are 100% owned domestic subsidiaries of the issuer and the guarantees are full, unconditional, joint and several. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries and non-guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Net sales $ — $ 960,142 $ 64,090 $ (21,860 ) $ 1,002,372 Cost of sales — 728,187 52,857 (21,032 ) 760,012 Gross profit — 231,955 11,233 (828 ) 242,360 Selling, general, and administrative expense 151 139,726 6,963 — 146,840 Intangible asset impairment — 615 937 — 1,552 (Loss) income from operations (151 ) 91,614 3,333 (828 ) 93,968 Interest expense (income) 13,609 (1,279 ) (266 ) — 12,064 Other expense (income) — 3,396 (1,437 ) — 1,959 (Loss) income before taxes (13,760 ) 89,497 5,036 (828 ) 79,945 (Benefit of) provision for income taxes (3,853 ) 18,544 1,445 — 16,136 Equity in earnings from subsidiaries 74,544 3,591 — (78,135 ) — Net income $ 64,637 $ 74,544 $ 3,591 $ (78,963 ) $ 63,809 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Net sales $ — $ 947,604 $ 52,738 $ (13,424 ) $ 986,918 Cost of sales — 719,587 43,187 (12,400 ) 750,374 Gross profit — 228,017 9,551 (1,024 ) 236,544 Selling, general, and administrative expense 147 133,409 9,892 — 143,448 Intangible asset impairment — 200 47 — 247 (Loss) income from operations (147 ) 94,408 (388 ) (1,024 ) 92,849 Interest expense (income) 13,609 512 (89 ) — 14,032 Other expense — 500 409 — 909 (Loss) income before taxes (13,756 ) 93,396 (708 ) (1,024 ) 77,908 (Benefit of) provision for income taxes (5,079 ) 19,787 235 — 14,943 (Loss) income from continuing operations (8,677 ) 73,609 (943 ) (1,024 ) 62,965 Discontinued operations: Loss before taxes — (644 ) — — (644 ) Benefit of income taxes — (239 ) — — (239 ) Loss from discontinued operations — (405 ) — — (405 ) Equity in earnings from subsidiaries 72,261 (943 ) — (71,318 ) — Net income (loss) $ 63,584 $ 72,261 $ (943 ) $ (72,342 ) $ 62,560 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2016 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Net sales $ — $ 950,945 $ 78,184 $ (21,148 ) $ 1,007,981 Cost of sales — 722,315 62,729 (21,825 ) 763,219 Gross profit — 228,630 15,455 677 244,762 Selling, general, and administrative expense 14,302 137,343 9,454 — 161,099 Intangible asset impairment — 7,980 2,195 — 10,175 (Loss) income from operations (14,302 ) 83,307 3,806 677 73,488 Interest expense (income) 13,609 1,042 (74 ) — 14,577 Other expense (income) 8,716 512 (300 ) — 8,928 (Loss) income before taxes (36,627 ) 81,753 4,180 677 49,983 (Benefit of) provision for income taxes (11,768 ) 27,551 481 — 16,264 (Loss) income from continuing operations (24,859 ) 54,202 3,699 677 33,719 Discontinued operations: Loss before taxes — (70 ) — — (70 ) Benefit of income taxes — (26 ) — — (26 ) Loss from discontinued operations — (44 ) — — (44 ) Equity in earnings from subsidiaries 57,857 3,699 — (61,556 ) — Net income $ 32,998 $ 57,857 $ 3,699 $ (60,879 ) $ 33,675 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2018 Net income $ 64,637 $ 74,544 $ 3,591 $ (78,963 ) $ 63,809 Other comprehensive income: Foreign currency translation adjustment — — (3,241 ) — (3,241 ) Cumulative effect of accounting change (see Note 2) — (350 ) — — (350 ) Adjustment to pension and post-retirement benefit liability, net of tax — 723 — — 723 Other comprehensive income (loss) — 373 (3,241 ) — (2,868 ) Total comprehensive income $ 64,637 $ 74,917 $ 350 $ (78,963 ) $ 60,941 Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2017 Net income (loss) $ 63,584 $ 72,261 $ (943 ) $ (72,342 ) $ 62,560 Other comprehensive income: Foreign currency translation adjustment — — 3,150 — 3,150 Adjustment to pension and post-retirement benefit liability, net of tax — 205 — — 205 Other comprehensive income — 205 3,150 — 3,355 Total comprehensive income $ 63,584 $ 72,466 $ 2,207 $ (72,342 ) $ 65,915 Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2016 Net income $ 32,998 $ 57,857 $ 3,699 $ (60,879 ) $ 33,675 Other comprehensive income: Foreign currency translation adjustment — — 6,945 — 6,945 Adjustment to pension and post-retirement benefit liability, net of tax — 750 — — 750 Other comprehensive income — 750 6,945 — 7,695 Total comprehensive income $ 32,998 $ 58,607 $ 10,644 $ (60,879 ) $ 41,370 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 262,716 $ 34,290 $ — $ 297,006 Accounts receivable, net — 132,841 7,442 — 140,283 Intercompany balances 1,183 2,439 (3,622 ) — — Inventories — 94,700 4,213 — 98,913 Other current assets 3,853 1,146 3,352 — 8,351 Total current assets 5,036 493,842 45,675 — 544,553 Property, plant, and equipment, net — 93,034 2,796 — 95,830 Goodwill — 301,309 22,362 — 323,671 Acquired intangibles — 89,556 6,819 — 96,375 Other assets — 1,047 169 — 1,216 Investment in subsidiaries 806,155 62,722 — (868,877 ) — $ 811,191 $ 1,041,510 $ 77,821 $ (868,877 ) $ 1,061,645 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 73,934 $ 5,202 $ — $ 79,136 Accrued expenses 5,493 77,282 4,299 — 87,074 Billings in excess of cost — 13,864 3,993 — 17,857 Current maturities of long-term debt 209,005 (200 ) — — 208,805 Total current liabilities 214,498 164,880 13,494 — 392,872 Long-term debt — 1,600 — — 1,600 Deferred income taxes — 34,925 1,605 — 36,530 Other non-current liabilities — 33,950 — — 33,950 Shareholders’ equity 596,693 806,155 62,722 (868,877 ) 596,693 $ 811,191 $ 1,041,510 $ 77,821 $ (868,877 ) $ 1,061,645 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 192,604 $ 29,676 $ — $ 222,280 Accounts receivable, net — 138,903 6,482 — 145,385 Intercompany balances 324 4,166 (4,490 ) — — Inventories — 82,457 3,915 — 86,372 Other current assets 5,415 (368 ) 3,680 — 8,727 Total current assets 5,739 417,762 39,263 — 462,764 Property, plant, and equipment, net — 93,906 3,192 — 97,098 Goodwill — 298,258 22,816 — 321,074 Acquired intangibles — 97,171 8,597 — 105,768 Other assets — 4,681 — — 4,681 Investment in subsidiaries 739,970 61,746 — (801,716 ) — $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 77,786 $ 4,601 $ — $ 82,387 Accrued expenses 5,469 67,746 2,252 — 75,467 Billings in excess of cost — 9,840 2,939 — 12,779 Current maturities of long-term debt — 400 — — 400 Total current liabilities 5,469 155,772 9,792 — 171,033 Long-term debt 208,521 1,100 — — 209,621 Deferred income taxes — 28,907 2,330 — 31,237 Other non-current liabilities — 47,775 — — 47,775 Shareholders’ equity 531,719 739,970 61,746 (801,716 ) 531,719 $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (13,252 ) $ 103,543 $ 7,254 $ — $ 97,545 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (12,054 ) (403 ) — (12,457 ) Acquisitions, net of cash acquired — (5,241 ) — — (5,241 ) Net proceeds from sale of property and equipment — 3,063 86 — 3,149 Net cash used in investing activities — (14,232 ) (317 ) — (14,549 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (7,165 ) — — — (7,165 ) Intercompany financing 19,032 (18,799 ) (233 ) — — Net proceeds from issuance of common stock 1,385 — — — 1,385 Net cash provided by (used in) financing activities 13,252 (19,199 ) (233 ) — (6,180 ) Effect of exchange rate changes on cash — — (2,090 ) — (2,090 ) Net increase in cash and cash equivalents — 70,112 4,614 — 74,726 Cash and cash equivalents at beginning of year — 192,604 29,676 — 222,280 Cash and cash equivalents at end of year $ — $ 262,716 $ 34,290 $ — $ 297,006 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (15,172 ) $ 83,114 $ 2,128 $ — $ 70,070 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (11,026 ) (373 ) — (11,399 ) Acquisitions, net of cash acquired — (18,494 ) — — (18,494 ) Net proceeds from sale of property and equipment — 12,905 191 — 13,096 Net cash used in investing activities — (16,615 ) (182 ) — (16,797 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (2,872 ) — — — (2,872 ) Intercompany financing 17,370 (17,321 ) (49 ) — — Net proceeds from issuance of common stock 674 — — — 674 Net cash provided by (used in) financing activities 15,172 (17,721 ) (49 ) — (2,598 ) Effect of exchange rate changes on cash — — 1,428 — 1,428 Net increase in cash and cash equivalents — 48,778 3,325 — 52,103 Cash and cash equivalents at beginning of year — 143,826 26,351 — 170,177 Cash and cash equivalents at end of year $ — $ 192,604 $ 29,676 $ — $ 222,280 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2016 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (34,243 ) $ 140,890 $ 17,340 $ — $ 123,987 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (10,321 ) (458 ) — (10,779 ) Acquisitions, net of cash acquired — (23,412 ) — — (23,412 ) Net proceeds from sale of property and equipment — 230 723 — 953 Net proceeds from sale of business — — 8,250 — 8,250 Other, net — 1,118 1,118 Net cash (used in) provided by investing activities — (32,385 ) 8,515 — (23,870 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Payment of debt issuance costs — (54 ) — — (54 ) Purchase of treasury stock at market prices (1,539 ) — — — (1,539 ) Intercompany financing 32,441 (3,822 ) (28,619 ) — — Net proceeds from issuance of common stock 3,341 — — — 3,341 Net cash provided by (used in) financing activities 34,243 (4,276 ) (28,619 ) — 1,348 Effect of exchange rate changes on cash — — (146 ) — (146 ) Net increase (decrease) in cash and cash equivalents — 104,229 (2,910 ) — 101,319 Cash and cash equivalents at beginning of year — 39,597 29,261 — 68,858 Cash and cash equivalents at end of year $ — $ 143,826 $ 26,351 $ — $ 170,177 |
Quarterly Unaudited Financial D
Quarterly Unaudited Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY UNAUDITED FINANCIAL DATA | QUARTERLY UNAUDITED FINANCIAL DATA GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA (in thousands, except per share data) 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 215,337 $ 266,036 $ 280,086 $ 240,913 $ 1,002,372 Gross profit $ 48,318 $ 70,503 $ 70,279 $ 53,260 $ 242,360 Income from operations $ 13,843 $ 32,274 $ 29,404 $ 18,447 $ 93,968 Interest expense $ 3,269 $ 3,130 $ 2,906 $ 2,759 $ 12,064 Net income from continuing operations $ 8,352 $ 22,837 $ 19,503 $ 13,117 $ 63,809 Total net income $ 8,352 $ 22,837 $ 19,503 $ 13,117 $ 63,809 Income per share from continuing operations: Basic $ 0.26 $ 0.72 $ 0.61 $ 0.41 $ 2.00 Diluted $ 0.26 $ 0.70 $ 0.60 $ 0.40 $ 1.96 2017 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 206,605 $ 247,627 $ 274,574 $ 258,112 $ 986,918 Gross profit $ 49,255 $ 61,825 $ 68,735 $ 56,729 $ 236,544 Income from operations $ 9,679 $ 24,930 $ 35,693 $ 22,547 $ 92,849 Interest expense $ 3,576 $ 3,550 $ 3,486 $ 3,420 $ 14,032 Net income from continuing operations $ 3,996 $ 13,174 $ 20,619 $ 25,176 $ 62,965 Net loss from discontinued operations $ — $ (405 ) $ — $ — $ (405 ) Total net income $ 3,996 $ 12,769 $ 20,619 $ 25,176 $ 62,560 Income per share from continuing operations: Basic $ 0.13 $ 0.41 $ 0.65 $ 0.79 $ 1.98 Diluted $ 0.12 $ 0.41 $ 0.64 $ 0.78 $ 1.95 Loss per share from discontinued operations: Basic $ — $ (0.01 ) $ — $ — $ (0.01 ) Diluted $ — $ (0.01 ) $ — $ — $ (0.01 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of Gibraltar Industries, Inc. and subsidiaries (the "Company"). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue recognition | Revenue recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” and all related Accounting Standards Updates. As further described in this Note under Recent Accounting Pronouncements Adopted, the core principle of the guidance is that an entity should recognize revenue to depict the transfer of control, promised goods or services, to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s policy for recognizing revenue by timing of transfer of control to the customer, at a point in time or over time, is discussed in more detail in Note 3 of the consolidated financial statements. Note 18 of these consolidated financial statements provide information related to the amount of revenue recognized as defined by timing of transfer of control to the customer along with the reportable segment detail. REVENUE Sales includes revenue from contracts with customers from roof and foundation ventilation products; centralized mail systems and electronic package solutions; rain dispersion products and roofing accessories; expanded and perforated metal; perimeter security solutions; expansion joints and structural bearings; designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures. Revenue recognition Revenue is recognized when, or as, the Company transfers control of promised products or service to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or service. Refer to Note 18 of this annual report on Form 10K for additional information related to revenue recognized by timing of transfer of control by reportable segment. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days , or in certain cases, up front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. Performance obligations satisfied at a point in time and significant judgments The majority of the Company's revenue from contracts with customers is recognized when the Company transfers control of the promised product at a point in time, which is determined when the customer has legal title and the significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts with customers include promised products, which are generally capable of being distinct and accounted for as separate performance obligations. Accordingly, the Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation in an amount based on an observable price of the products as the Company frequently sells these products separately in similar circumstances and to similar customers. These products are generally sold with rights of return and these contracts may provide other credits or incentives, which are accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Sales returns, allowances, and customer incentives, including rebates, are treated as reductions to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Performance obligations satisfied over time and significant judgments For contracts with customers which the Company satisfies a promise to the customer to construct a certain asset that the customer controls as it is being created or enhanced, or a promise to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment, the Company satisfies the performance obligation and recognizes revenue over time. For the contracts to construct a certain asset, the Company determines that the customer controls the asset while it is being constructed. For the contracts for products that have no alternative use and for which the Company has an enforceable right to payment, the Company identifies these products as products that are not a standard inventory item or the Company cannot readily direct the product to another customer or use without incurring a significant economic loss, or significant costs to rework the product. When the promised products and services are to construct a certain asset that the customer controls, the entire contract is accounted for as one performance obligation. The Company determines the transaction price for each contract based on the consideration the Company expects to receive for the promised products and services under the entire contract, which is generally the stated contract price based on an expected cost plus a margin. When the promised products do not have an alternative use to the Company, and the Company has enforceable rights to payment, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised products under the contract and is generally the stated contract price based on an expected cost plus a margin for each performance obligation. These promised products are generally capable of being distinct and accounted for as separate performance obligations. For the above contracts with customers with respect to which the Company satisfies a performance obligation over time, the Company recognizes revenue based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contract as the incurred costs are proportionate to the Company's progress in satisfying the performance obligation. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recognized proportionally as costs are incurred. Costs to fulfill a contract include all direct costs related to contract performance. Selling and administrative expenses are charged to operations as incurred. Provision for loss on an uncompleted performance obligation is recognized in the period in which such loss is determined. The Company regularly reviews the progress and performance of the performance obligation recognized over time under the cost-to-cost method. Any adjustments to net sales, cost of sales, and the related impact to operating income are recognized as necessary in the period they become known. Changes in estimates of net sales, cost of sales, and the related impact to operating income are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current or prior periods based on a performance obligation's cost-to-cost measure of progress. The Company also recognizes revenues from services contracts over time. For these contracts, the transaction price is determined for each contract based on the consideration the Company expects to receive for the promised service under the contract, which generally is the stated contract price. In order to estimate the standalone selling price of the performance obligation, the Company evaluates the market in which the promised service is sold and estimates the price that customers in the market would be willing to pay. Further, the Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's performance. Therefore due to control transferring over time, the Company recognizes revenue on a straight-line basis throughout the contract period. Remaining performance obligations As of December 31, 2018, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Therefore, any remaining performance obligations are not required to be disclosed. Contract assets Contract assets consist of costs in excess of billings. Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs in excess of billings are classified as current assets and are reported net of contract billings on a contract-by-contract basis at the end of each reporting period. Contract liabilities Contract liabilities consist of billings in excess of cost and unearned revenue. Billings in excess of cost includes billings in excess of revenue recognized and deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported net of contract cost on a contract-by-contract basis at the end of each reporting period and are classified as current liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract by contract basis when the Company incurs costs to satisfy the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. Unearned revenue relates to payments received in advance of performance under the contract and is recognized when the Company performs under the contract. Unearned revenue is presented within accrued expenses in the Company's consolidated balance sheets. Costs to obtain a contract with a customer The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year . As of December 31, 2018, the Company does not have any open contracts with an original expected duration of greater than one year, and therefore, we expense such costs as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Contract assets and contract liabilities The Company's contract assets and contract liabilities consist of costs in excess of billings, billings in excess of cost and unearned revenue, respectively. The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the year ended December 31, 2018: December 31, 2018 January 1, 2018 (1) Costs in excess of billings $ 22,634 $ 16,532 Billings in excess of cost (17,857 ) (12,779 ) Unearned revenue (12,028 ) (3,336 ) Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period 10,097 Amounts included in unearned revenue at the beginning of the period 2,988 (1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" and "Unearned revenue" at January 1, 2018, respectively. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606. Transition disclosures On January 1, 2018, the Company adopted the accounting standard ASC 606, Revenue from Contracts with Customers, only for contracts that were not completed at the date of initial application using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative period information has not been restated and continues to be reported under the accounting standards in effect for that period. The Company does not expect the adoption of this standard to have a material impact to the Company's net income on an ongoing basis. A majority of the Company's revenues continue to be recognized when products are shipped or service is provided and the customer takes ownership and assumes the risk of loss. For certain custom fabricated products for which there is no alternative use and the Company has enforceable rights to payment for performance to date where revenue was previously recognized upon transfer of title and risk of loss, the Company now recognizes revenue as the Company satisfies its performance over time in accordance with ASC 606. The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands): Balance at December 31, 2017 Adjustments Balance at January 1, 2018 Assets Accounts receivable, net $ 145,385 $ 4,922 $ 150,307 Costs in excess of billings (1) $ 11,610 $ 4,922 $ 16,532 Inventories $ 86,372 $ (4,735 ) $ 81,637 Total current assets $ 462,764 $ 187 $ 462,951 Total assets $ 991,385 $ 187 $ 991,572 Liabilities Accrued expenses (2) $ 75,467 $ (87 ) $ 75,380 Total current liabilities $ 171,033 $ (87 ) $ 170,946 Shareholders' equity Retained earnings $ 274,562 $ 274 $ 274,836 Total shareholders' equity $ 531,719 $ 274 $ 531,993 Total liabilities and shareholders' equity $ 991,385 $ 187 $ 991,572 (1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 2 of this Form 10-K for the year ended December 31, 2018. (2) Included in "Accrued expenses" at December 31, 2017 was "Unearned revenue" in the amount of $3.681 million presented in "Other" balance reported in Note 7 of the Company's annual report on Form 10-K for the year ended December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment in the amount of $0.3 million to reduce the opening balance of "Unearned revenue" at January 1, 2018 that is included in "Accrued expense" line item presented on the Company's Consolidated Balance Sheet and disclosed in "Other" in Note 8 of this Form 10-K for the year ended December 31, 2018. In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of operations and balance sheet for the periods ended December 31, 2018 is as follows (in thousands): Consolidated Statement of Operations Twelve Months Ended December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 1,002,372 $ 1,000,882 $ 1,490 Cost of sales 760,012 759,165 847 Gross profit 242,360 241,717 643 Provision for income taxes 16,136 15,956 180 Net income $ 63,809 $ 63,346 $ 463 Consolidated Balance Sheet December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Assets Accounts receivable, net $ 140,283 $ 133,526 $ 6,757 Inventories 98,913 104,592 (5,679 ) Total current assets 544,553 543,475 1,078 Total assets 1,061,645 1,060,567 1,078 Liabilities Accrued expenses 87,074 86,733 341 Total current liabilities 392,872 392,531 341 Shareholders' equity Retained earnings 338,995 338,258 737 Total shareholders' equity 596,693 595,956 737 Total liabilities and shareholders' equity $ 1,061,645 $ 1,060,567 $ 1,078 |
Cash and cash equivalents | Cash and cash equivalents All highly liquid investments with a maturity of three months or less are considered cash equivalents. |
Accounts receivable | Accounts receivable and allowance for doubtful accounts Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of uncollectible accounts in the Company’s existing accounts receivable. The Company determines the allowance based on a number of factors, including historical experience, credit worthiness of customers, and current market and economic conditions. The Company reviews the allowance for doubtful accounts on a regular basis. Account balances are charged against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The following table summarizes activity recorded within the allowance for doubtful accounts balances for the years ended December 31 (in thousands): 2018 2017 2016 Beginning balance $ 6,434 $ 5,272 $ 4,868 Bad debt expense 1,150 1,253 2,519 Accounts written off and other adjustments (624 ) (91 ) (2,115 ) Ending balance $ 6,960 $ 6,434 $ 5,272 Concentrations of credit risk on accounts receivable are limited to those from significant customers that are believed to be financially sound. As of December 31, 2018 and 2017 , the Company's most significant customer is a home improvement retailer. The home improvement retailer purchases from the Residential Products and the Renewable Energy and Conservation segmen |
Inventories | Inventories Inventories are valued at the lower of cost, determined using the first-in, first-out method, or net realizable value. Shipping and handling costs are recognized as a component of cost of sales. |
Property, plant, and equipment | Property, plant, and equipment Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Interest is capitalized in connection with construction of qualified assets. Expenditures that exceed an established dollar threshold and that extend the useful lives of assets are capitalized, while repair and maintenance costs are expensed as incurred. The estimated useful lives of land improvements, buildings, and building improvements are 15 to 40 years, while the estimated useful lives for machinery and equipment are 3 to 20 years. |
Acquisition related assets and liabilities | Acquisition related assets and liabilities Accounting for the acquisition of a business as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most complex estimations of individual fair values are those involving long-lived assets, such as property, plant, and equipment and intangible assets. The Company uses all available information to make these fair value determinations and, for major business acquisitions, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. |
Goodwill and other intangible assets | Goodwill and other intangible assets The Company tests goodwill for impairment at the reporting unit level on an annual basis at October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of a reporting unit could be below its carrying value. The reporting units are at the component level, or one level below the operating segment level. Goodwill is assigned to each reporting unit as of the date the reporting unit is acquired and based upon the expected synergies of the acquisition. The Company may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for some or all of our selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test for any or all of the Company's reporting units. The quantitative impairment test consists of comparing the fair value of a reporting unit, determined using two valuation techniques, to its carrying value. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired, and a loss measured by the excess of the carrying value of the reporting unit over the fair value of the reporting unit must be recorded. The Company also tests its indefinite-lived intangible assets for impairment on an annual basis as of October 31, or more frequently if an event occurs, or circumstances change, that indicate that the fair value of an indefinite-lived intangible asset could be below its carrying value. The impairment test consists of comparing the fair value of the indefinite-lived intangible asset, determined using discounted cash flows on a relief-from-royalty basis, with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. Acquired identifiable intangible assets are recorded at cost. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets, including acquired identifiable intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. In specific situations, when the Company has selected individual assets to be sold or scrapped, the Company obtains market value data for those specific assets and measures and records the impairment loss based on such data. Otherwise, the Company uses undiscounted cash flows to determine whether impairment exists and measures any impairment loss by approximating fair value using acceptable valuation techniques, including discounted cash flow models and third-party appraisals. The Company recognized impairment charges related to intangible assets during the years ended December 31, 2018, 2017 and 2016. Several of these impairment charges related to exit activities during the three year period ended December 31, 2018 as described in Note 14 of the consolidated financial statements. |
Deferred charges | Deferred charges Deferred charges associated with initial costs incurred to enter into new debt arrangements are included as a component of long-term debt and are amortized as a part of interest expense over the terms of the associated debt agreements. |
Advertising | Advertising The Company expenses advertising costs as incurred. |
Foreign currency transactions and translation | Foreign currency transactions and translation The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. |
Income taxes | Income taxes The provision for income taxes is determined using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. The Company records a valuation allowance to reduce deferred tax assets when uncertainty exists regarding their realization. |
Equity-based compensation | Equity-based compensation The Company measures the cost of equity-based compensation based on grant date fair value and recognizes the cost over the period in which the employee is required to provide service in exchange for the award reduced by forfeitures. Equity-based compensation consists of grants of stock options, deferred stock units, restricted stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. The Company’s equity-based compensation plans are discussed in more detail in Note 12 of the consolidated financial statements. |
Recent accounting pronouncements | Recent accounting pronouncements Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) And All Related ASUs The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach. The Company has adopted this standard using the modified retrospective method. The Company recognized the cumulative- effect adjustment of initially applying this standard of $274,000 to the opening balance of retained earnings. The comparative 2017 and 2016 information has not been restated and continues to be reported under the accounting standard in effect for that period. Refer to Note 3 for further disclosure of the financial statement effect and other significant matters as a result of the adoption of this standard. ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard provides guidance on eight specific cash flow issues to reduce diversity in reporting. The provisions of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2016-16 Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory The standard allows an entity to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of this standard are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company has adopted this standard and it did not have any impact on the Company's consolidated financial statements. Date of adoption: Q1 2018 ASU No. 2018-02 Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The provisions of this standard are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the standard is permitted, including adoption in any interim period. The Company has early adopted this standard. As a result of adopting this standard, the Company recorded an adjustment of $350,000 from accumulated other comprehensive income to retained earnings in the consolidated statement of shareholders' equity as of January 1, 2018. Date of adoption: Q1 2018 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-02 Leases (Topic 842) The standard requires lessees to recognize most leases as assets and liabilities on the balance sheet, but record expenses on the statement of operations in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The standard also requires additional disclosures about leasing arrangements and requires a modified retrospective transition approach for existing leases, whereby the standard will be applied to the earliest year presented. The provisions of the standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The standard is effective for the Company as of January 1, 2019. The Company will adopt the new leasing standard using the modified retrospective transition approach and will elect the transition method to initially apply the new leases standard to leases that exist at January 1, 2019 (i.e., adoption date). Under this transition method, the date of initial application, and the consolidated financial statements which the Company will first apply the new standard will be January 1, 2019, rather than the later of January 1, 2017 or the Company's underlying leases commencements dates. Further under this approach, the Company will continue reporting and presenting comparative periods in accordance with ASC 840, including disclosures. In addition, the Company will elect the package of practical expedients permitted under the transition guidance within the standard, which among other things, allows the Company to carry-forward the historical lease classification assessed under ASC 840. The Company will make an accounting policy election to keep leases with an initial term of 12 months or less off of the consolidated balance sheet. The Company will recognize operating lease costs in the consolidated statements of operations on a straight-line basis over the lease term. The Company estimates the adoption of the standard will result in recognition of operating lease assets and operating lease liabilities of approximately $29 million, respectively, as of January 1, 2019. The Company expects the standard will have no impact to the Company's lease expense presentation in the consolidated statement of operations nor the Company's liquidity. The standard will have no impact on the Company's debt covenant compliance under the Company's current agreements. Also, the Company has identified and will be implementing appropriate changes to the Company's business processes, systems and internal controls to support recognition and disclosure under this standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Activity Recorded Within The Allowance For Doubtful Accounts | The following table summarizes activity recorded within the allowance for doubtful accounts balances for the years ended December 31 (in thousands): 2018 2017 2016 Beginning balance $ 6,434 $ 5,272 $ 4,868 Bad debt expense 1,150 1,253 2,519 Accounts written off and other adjustments (624 ) (91 ) (2,115 ) Ending balance $ 6,960 $ 6,434 $ 5,272 |
Summary Of Interest Capitalized And Depreciation Expense | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2018 2017 2016 Depreciation expense $ 12,152 $ 12,929 $ 14,477 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the year ended December 31, 2018: December 31, 2018 January 1, 2018 (1) Costs in excess of billings $ 22,634 $ 16,532 Billings in excess of cost (17,857 ) (12,779 ) Unearned revenue (12,028 ) (3,336 ) Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period 10,097 Amounts included in unearned revenue at the beginning of the period 2,988 (1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" and "Unearned revenue" at January 1, 2018, respectively. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands): Balance at December 31, 2017 Adjustments Balance at January 1, 2018 Assets Accounts receivable, net $ 145,385 $ 4,922 $ 150,307 Costs in excess of billings (1) $ 11,610 $ 4,922 $ 16,532 Inventories $ 86,372 $ (4,735 ) $ 81,637 Total current assets $ 462,764 $ 187 $ 462,951 Total assets $ 991,385 $ 187 $ 991,572 Liabilities Accrued expenses (2) $ 75,467 $ (87 ) $ 75,380 Total current liabilities $ 171,033 $ (87 ) $ 170,946 Shareholders' equity Retained earnings $ 274,562 $ 274 $ 274,836 Total shareholders' equity $ 531,719 $ 274 $ 531,993 Total liabilities and shareholders' equity $ 991,385 $ 187 $ 991,572 (1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 2 of this Form 10-K for the year ended December 31, 2018. (2) Included in "Accrued expenses" at December 31, 2017 was "Unearned revenue" in the amount of $3.681 million presented in "Other" balance reported in Note 7 of the Company's annual report on Form 10-K for the year ended December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment in the amount of $0.3 million to reduce the opening balance of "Unearned revenue" at January 1, 2018 that is included in "Accrued expense" line item presented on the Company's Consolidated Balance Sheet and disclosed in "Other" in Note 8 of this Form 10-K for the year ended December 31, 2018. In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of operations and balance sheet for the periods ended December 31, 2018 is as follows (in thousands): Consolidated Statement of Operations Twelve Months Ended December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Net sales $ 1,002,372 $ 1,000,882 $ 1,490 Cost of sales 760,012 759,165 847 Gross profit 242,360 241,717 643 Provision for income taxes 16,136 15,956 180 Net income $ 63,809 $ 63,346 $ 463 Consolidated Balance Sheet December 31, 2018 As Reported Without Adoption of ASC 606 Effect of Change Higher (Lower) Assets Accounts receivable, net $ 140,283 $ 133,526 $ 6,757 Inventories 98,913 104,592 (5,679 ) Total current assets 544,553 543,475 1,078 Total assets 1,061,645 1,060,567 1,078 Liabilities Accrued expenses 87,074 86,733 341 Total current liabilities 392,872 392,531 341 Shareholders' equity Retained earnings 338,995 338,258 737 Total shareholders' equity 596,693 595,956 737 Total liabilities and shareholders' equity $ 1,061,645 $ 1,060,567 $ 1,078 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable at December 31 consisted of the following (in thousands): 2018 2017 Trade accounts receivable $ 124,609 $ 140,209 Costs in excess of billings 22,634 11,610 Total accounts receivables 147,243 151,819 Less allowance for doubtful accounts (6,960 ) (6,434 ) Accounts receivable $ 140,283 $ 145,385 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at December 31 consisted of the following (in thousands): 2018 2017 Raw material $ 57,845 $ 42,661 Work-in-process 6,930 10,598 Finished goods 34,138 33,113 Total inventories $ 98,913 $ 86,372 |
Summary of Activity within the Reserve for Excess, Obsolete, and Slow Moving Inventory | The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2018 2017 2016 Beginning balance $ 3,695 $ 3,801 $ 7,428 Excess, obsolete and slow moving inventory expense 729 1,276 (239 ) Scrapped inventory and other adjustments (252 ) (1,382 ) (3,388 ) Ending balance $ 4,172 $ 3,695 $ 3,801 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant, and Equipment | Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2018 2017 Land and land improvements $ 6,061 $ 6,301 Building and improvements 46,678 46,562 Machinery and equipment 204,326 195,301 Construction in progress 7,690 8,522 Property, plant, and equipment, gross 264,755 256,686 Less: accumulated depreciation (168,925 ) (159,588 ) Property, plant, and equipment, net $ 95,830 $ 97,098 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed | The allocation of the preliminary purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 3,051 Fair value of purchase consideration $ 6,541 The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 590 Working capital (1,998 ) Property, plant, and equipment 55 Acquired intangible assets 3,600 Other assets 8 Deferred income taxes (128 ) Goodwill 16,790 Fair value of purchase consideration $ 18,917 The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands): Cash $ 2,495 Working capital (1,109 ) Property, plant, and equipment 4,702 Acquired intangible assets 6,200 Other assets 23 Goodwill 11,451 Fair value of purchase consideration $ 23,762 |
Schedule of Acquired Intangible Assets | The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 3,200 Indefinite Technology 1,300 15 years Customer relationships 800 11 years Backlog 900 0.25 years Total $ 6,200 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Estimated Trademarks $ 600 Indefinite Technology 1,300 10 years Customer relationships 1,700 7 years Total $ 3,600 |
Schedule of Business Combination Costs | All acquisition related costs consisted of the following for the years ended December 31 (in thousands): 2018 2017 2016 Selling, general and administrative costs $ 497 $ 146 $ 228 Cost of sales — — 81 Total acquisition related costs $ 497 $ 146 $ 309 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31 were as follows (in thousands): Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Balance at December 31, 2016 $ 181,285 $ 53,884 $ 68,863 $ 304,032 Acquired goodwill 16,790 — — 16,790 Adjustments to prior year acquisitions — — (832 ) (832 ) Foreign currency translation — 396 688 1,084 Balance at December 31, 2017 $ 198,075 $ 54,280 $ 68,719 $ 321,074 Acquired goodwill — — 3,051 3,051 Adjustments to prior year acquisitions — (38 ) — (38 ) Foreign currency translation — (473 ) 57 (416 ) Balance at December 31, 2018 $ 198,075 $ 53,769 $ 71,827 $ 323,671 |
Schedule of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): December 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Estimated Indefinite-lived intangible assets: Trademarks $ 43,870 $ — $ 45,107 $ — Indefinite Finite-lived intangible assets: Trademarks 6,094 3,518 5,876 3,062 3 to 15 Years Unpatented technology 28,644 13,881 28,107 12,033 5 to 20 Years Customer relationships 70,419 35,678 80,707 39,652 5 to 17 Years Non-compete agreements 1,649 1,224 1,649 931 4 to 10 Years 106,806 54,301 116,339 55,678 Total acquired intangible assets $ 150,676 $ 54,301 $ 161,446 $ 55,678 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the impairment charges for the years ended December 31 (in thousands): 2018 2017 2016 Indefinite-lived intangibles (1) Definite-lived intangibles (2) Indefinite-lived intangibles (3) Definite-lived intangibles Indefinite-lived intangibles (4) Definite-lived intangibles (5) Residential Products $ 200 $ — $ — $ — $ — $ — Industrial and Infrastructure Products — — — — 7,980 — Renewable Energy and Conservation 1,037 315 247 — 1,068 198 Impairment charges $ 1,237 $ 315 $ 247 $ — $ 9,048 $ 198 (1) Residential Products impairment charges due to annual testing. Renewable Energy and Conservation impairment charges due to the annual testing in its international solar racking business and restructuring in its domestic greenhouse business. (2) Renewable Energy and Conservation impairment charges due to the restructuring in its domestic greenhouse business. (3) Renewable Energy and Conservation impairment charges due to the discontinuation of its domestic greenhouse business in China. (4) Industrial and Infrastructure Products impairment charges due to discontinuation of U.S. bar grating product line and annual testing. Renewable Energy and Conservation impairment due to discontinuation of European residential solar racking business and annual testing. (5) Renewable Energy and Conservation impairment due to discontinuation of European residential solar racking business. |
Schedule of Intangible Assets Amortization Expense | The following table summarizes amortization expense for the years ended December 31 (in thousands): 2018 2017 2016 Amortization expense $ 8,222 $ 8,761 $ 9,637 |
Schedule of Amortization Expense | Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2019 2020 2021 2022 2023 Amortization expense $ 7,213 $ 6,921 $ 6,726 $ 6,248 $ 5,709 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued expenses at December 31 consist of the following (in thousands): 2018 2017 Compensation $ 32,927 $ 34,752 Interest and taxes 9,231 8,002 Customer rebates 10,300 10,517 Insurance 7,789 7,261 Unearned revenue 12,028 3,681 Other 14,799 11,254 Total accrued expenses $ 87,074 $ 75,467 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31 consists of the following (in thousands): 2018 2017 Senior Subordinated 6.25% Notes $ 210,000 $ 210,000 Other debt 2,000 2,400 Less unamortized debt issuance costs (1,595 ) (2,379 ) Total debt 210,405 210,021 Less current maturities 208,805 400 Total long-term debt $ 1,600 $ 209,621 |
Schedule of Aggregate Maturities of Long-Term Debt | The aggregate maturities of long-term debt for the next five years and thereafter are as follows (in thousands): 2019 2020 2021 2022 2023 Thereafter Long-term debt payments $ 210,400 $ 400 $ 400 $ 400 $ 400 $ — |
Schedule of Cash Paid for Interest | Total cash paid for interest in the years ended December 31 was (in thousands): 2018 2017 2016 Interest expense, net $ 12,064 $ 14,032 $ 14,577 Interest income 2,156 574 136 Other non-cash adjustments $ (529 ) $ (647 ) $ (671 ) Cash paid for interest $ 13,691 $ 13,959 $ 14,042 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Amounts Recognized in the Consolidated Financial Statements | Amounts recognized in the consolidated financial statements consisted of (in thousands): 2018 2017 Accrued postretirement benefit liability Current portion $ 331 $ 314 Long term portion 5,805 6,706 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (1,814 ) (2,809 ) Net amount recognized $ 4,322 $ 4,211 |
Schedule of Total Expense for All Retirement Plans | Total expense for all retirement plans for the years ended December 31 was (in thousands): 2018 2017 2016 Defined benefit pension plan $ 4 $ 28 $ 52 401(k) plan 2,262 2,248 1,952 Multiemployer defined benefit plans 234 292 296 Postretirement healthcare plan $ 427 $ 476 $ 587 Total retirement plan expense $ 2,927 $ 3,044 $ 2,887 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Changes in the Accumulated Postretirement Benefit Obligation | The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands): 2018 2017 Projected benefit obligation at January 1 $ 7,020 $ 7,202 Service cost 18 17 Interest cost 233 269 Actuarial gain (819 ) (150 ) Benefits paid, net of contributions (317 ) (318 ) Projected benefit obligation at December 31 6,135 7,020 Fair value of plan assets — — Under funded status (6,135 ) (7,020 ) Unamortized prior service cost 382 427 Unrecognized actuarial loss 1,431 2,382 Net amount recognized $ (4,322 ) $ (4,211 ) |
Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs | Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands): 2018 2017 2016 Service cost $ 18 $ 17 $ 22 Interest cost 233 269 272 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 132 146 134 Net periodic benefit cost $ 427 $ 476 $ 472 Assumptions used to calculate the benefit obligation: Discount rate 4.1 % 3.4 % 3.8 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 7.0 % 7.3 % 7.5 % Medical costs after age 65 ( 1) 5.0 % 6.3 % 6.5 % Prescription drug costs ( 1) 9.5 % 10.5 % 10.5 % (1) It was assumed that these rates would gradually decline to 3.8% by 2075. (2) Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan asset, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants. |
Schedule of 1% Change in Annual Medical Inflation Rate Issued | A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 as follows (in thousands): 2018 2017 Effect on accumulated postretirement benefit obligation 1% increase $ 831 $ 950 1% decrease $ (702 ) $ (803 ) Effect on annual service and interest costs 1% increase $ 36 $ 41 1% decrease $ (30 ) $ (34 ) |
Expected Benefit Payments from the Plan | Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2019 2020 2021 2022 2023 Years 2024 - 2028 Expected benefit payments $ 331 $ 349 $ 364 $ 379 $ 393 $ 2,102 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive (Loss) Income | The cumulative balance of each component of accumulated other comprehensive (loss) income is as follows (in thousands): Foreign Minimum pension and post retirement benefit plan adjustments Total Pre-Tax Amount Tax (Benefit) Expense Accumulated Balance at December 31, 2016 $ (5,848 ) $ (2,953 ) $ (8,801 ) $ (1,080 ) $ (7,721 ) Minimum pension and post retirement benefit plan adjustments — 315 315 110 205 Foreign currency translation adjustment 3,150 — 3,150 — 3,150 Balance at December 31, 2017 $ (2,698 ) $ (2,638 ) $ (5,336 ) $ (970 ) $ (4,366 ) Minimum pension and post retirement benefit plan adjustments — 948 948 225 723 Cumulative effect of accounting change (see Note 1) — (350 ) (350 ) — (350 ) Foreign currency translation adjustment (3,241 ) — (3,241 ) — (3,241 ) Balance at December 31, 2018 $ (5,939 ) $ (2,040 ) $ (7,979 ) $ (745 ) $ (7,234 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Summary of Compensation Expense Connection with Awards | The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands): 2018 2017 2016 Expense recognized under the Prior Plan $ 569 $ 1,059 $ 1,937 Expense recognized under the 2015 Plan 7,988 5,643 3,993 Expense recognized under the 2018 Plan 188 — — Expense recognized under the Non-Employee Directors Plan 444 420 443 Total stock compensation expense $ 9,189 $ 7,122 $ 6,373 Tax benefits recognized related to stock compensation expense $ 2,509 $ 2,133 $ 2,485 |
Schedule of Number of Awards and Weighted Average Grant Date Fair Value | The following table provides the number of stock options, stock units, and unrestricted shares granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2018 2017 2016 Awards Number of Weighted Number of Weighted Number of Weighted Options — $ — 25,000 $ 12.85 — $ — Deferred stock units 10,255 $ 35.96 10,170 $ 34.42 11,945 $ 29.30 Common shares 2,113 $ 35.50 2,034 $ 34.42 3,185 $ 29.30 Restricted stock units 116,174 $ 36.61 133,548 $ 36.56 141,982 $ 25.44 Performance stock units 135,929 $ 33.63 108,748 $ 42.72 — $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the weighted average assumptions used to value stock options issued during the year ended December 31: Year of Grant Fair Value Expected Life (in years) Expected Stock Volatility Risk-free Interest Rate Expected Dividend Yield 2017 $ 12.85 4.00 35.7 % 1.7 % — % |
Summary of Ranges of Outstanding and Exercisable Options | The following table summarizes the ranges of outstanding and exercisable options at December 31, 2018 : Range of Exercise Prices Options Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $8.90 – $9.32 18,938 1.70 $ 8.90 18,938 $ 8.90 $9.33 – $11.73 70,721 2.70 $ 9.74 70,721 $ 9.74 $11.74 – $19.58 20,100 0.70 $ 13.72 20,100 $ 13.72 $19.59 - $32.49 25,000 7.00 $ 25.44 25,000 $ 25.44 $32.50 - $43.05 25,000 8.14 $ 42.35 — $ — 159,759 134,759 |
Summary of Stock Options Transactions | The following table summarizes information about stock option transactions: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Balance at January 1, 2016 458,349 $ 16.57 Exercised (175,125 ) 19.08 Forfeited (6,000 ) 18.22 Balance at December 31, 2016 277,224 $ 14.95 Granted 25,000 42.35 Exercised (42,058 ) 16.02 Forfeited (12,500 ) 25.44 Balance at December 31, 2017 247,666 $ 17.01 Exercised (87,907 ) 15.75 Balance at December 31, 2018 159,759 $ 17.70 6.13 $ 3,026,930 |
Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value | The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common and restricted shares: Restricted Weighted Common and Restricted Weighted Performance Stock Units (1) Weighted Average Grant Date Fair Value Deferred Stock Units (2) Weighted Average Grant Date Fair Value Balance at December 31, 2017 441,816 $ 23.96 4,258 $ 17.30 480,462 $ 24.68 22,115 $ 31.65 Granted 116,174 36.61 2,113 35.50 135,929 33.63 10,255 35.96 Vested (137,020 ) 22.72 (6,371 ) 23.34 (323,118 ) 18.57 (5,127 ) 32.18 Forfeited (25,617 ) 31.70 — — (57,788 ) 41.59 — — Balance at December 31, 2018 395,353 $ 27.61 — $ — 235,485 $ 33.78 27,243 $ 33.18 |
Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested | The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands): 2018 2017 2016 Aggregate intrinsic value of options exercised $ 2,128 $ 628 $ 2,439 Aggregate fair value of vested restricted stock units $ 5,307 $ 6,756 $ 4,368 Aggregate fair value of vested common and restricted shares $ 149 $ 70 $ 247 Aggregate fair value of vested deferred stock units $ 369 $ 350 $ 443 |
PSUs Eligible for Conversion to Cash | The following table provides the number of PSUs which will convert to cash for the years ending December 31: 2016 Awards Number of Units (2) Grant Date Fair Value (in $000s) Performance stock units (1) 128,000 $ 3,100 (1) There were no performance stock units that convert to cash granted to participants in 2018 and 2017. (2) The participants earned 200% of target aggregating 256,000 PSUs earned. This award will be converted to cash and will be paid to participants in the first quarter of 2019 at the trailing 90 -day closing price of the Company's common stock as of December 31, 2018. |
Schedule of Compensation Expense Recognized from Change in Fair Value and Vesting of Performance Stock Units | The following table summarizes the compensation expense recognized from the change in fair value and vesting of cash settled performance stock units awarded for the years ended December 31 (in thousands): 2018 2017 2016 Performance stock unit compensation expense $ 2,846 $ 3,591 $ 10,377 |
Cash Paid to Settle Liability Awards | The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31: 2018 2017 2016 Restricted stock units credited 66,843 84,299 198,155 Restricted stock units balance, vested and unvested 387,870 389,189 646,669 Share-based liabilities paid, in thousands $ 5,232 $ 6,058 $ 3,137 MSPP expense, in thousands $ 4,809 $ 2,432 $ 8,565 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Exit Activity Costs and Asset Impairments Recorded in the Consolidated Statements of Operations | The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of operations for the years ended December 31 (in thousands): 2018 2017 2016 Cost of sales $ 1,906 $ 911 $ 9,922 Selling, general, and administrative expense 2,913 4,584 3,825 Total exit activity costs and asset impairments $ 4,819 $ 5,495 $ 13,747 |
Reconciliation of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts | The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2018 2017 Balance as of January 1 $ 961 $ 3,744 Exit activity costs recognized 3,475 7,125 Cash payments (2,513 ) (9,908 ) Balance as of December 31 $ 1,923 $ 961 The following table sets forth the asset impairment charges and exit activity costs incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands): 2018 2017 2016 Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs (recoveries), net Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs Total Inventory write-downs &/or asset impairment charges Exit activity costs Total Residential Products $ 1,586 $ 1,321 $ 2,907 $ 345 $ 1,058 $ 1,403 $ 1,459 $ 1,074 $ 2,533 Industrial & Infrastructure Products (347 ) 1,749 1,402 (2,484 ) 2,820 336 4,221 4,546 8,767 Renewable Energy & Conservation 105 (33 ) 72 509 2,986 3,495 1,850 539 2,389 Corporate — 438 438 — 261 261 — 58 58 Total exit activity costs & asset impairments $ 1,344 $ 3,475 $ 4,819 $ (1,630 ) $ 7,125 $ 5,495 $ 7,530 $ 6,217 $ 13,747 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Adjustments To Impact Of Tax Cuts And Jobs Act | The following table sets forth the components of the adjustment which were recorded in income tax expense from continuing operations during year ended December 31, 2018, (in thousands): Remeasurement of certain deferred tax balances (1) 174 One-time transition tax (1) (94 ) Non-deductible performance based compensation (2) 145 Net adjustment recorded to provisional income tax expense (3) 225 (1) Amounts primarily related to return to provision adjustments. (2) Amounts primarily related to further guidance of Notice 2018-68 (guidance on performance-based compensation issued in the third quarter ended September 30, 2018). (3) The impact of the adjustment to the provisional amounts recorded at December 31, 2017 is 0.3% . |
Components of Income (Loss) Before Taxes from Continuing Operations | The components of income (loss) before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2018 2017 2016 Domestic $ 76,953 $ 78,468 $ 37,316 Foreign 2,992 (560 ) 12,667 Income before taxes from continuing operations $ 79,945 $ 77,908 $ 49,983 |
Summary of Provision for Income Taxes for Continuing Operations | The provision for (benefit of) income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2018 2017 2016 Current: U.S. Federal $ 9,402 $ 16,882 $ 14,703 State 3,144 2,479 2,987 Foreign (1,191 ) 2,687 3,467 Total current 11,355 22,048 21,157 Deferred: U.S. Federal 4,158 (7,466 ) (5,404 ) State 1,047 1,246 1,595 Foreign (424 ) (885 ) (1,084 ) Total deferred 4,781 (7,105 ) (4,893 ) Provision for income taxes $ 16,136 $ 14,943 $ 16,264 |
(Benefit of) Provision for Income Taxes from Discontinued Operations | The benefit of income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2018 2017 2016 Current: U.S. Federal $ — $ 219 $ 24 State — 20 2 Foreign — — — Benefit of income taxes $ — $ 239 $ 26 |
Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate | The provision for income taxes from continuing operations differs from the federal statutory rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016 due to the following (in thousands): 2018 2017 2016 Statutory rate 16,788 21.0 % 27,268 35.0 % 17,494 35.0 % State taxes, less federal effect 3,242 4.1 % 2,442 3.1 % 3,033 6.1 % Federal tax credits (3,680 ) (4.6 )% (373 ) (0.5 )% (439 ) (0.9 )% Uncertain tax positions (3,051 ) (3.8 )% (148 ) (0.2 )% (154 ) (0.3 )% Excess tax benefit on stock based compensation (2,288 ) (2.9 )% (1,415 ) (1.8 )% — — % Net operating loss (NOL) write down 1,640 2.1 % — — % — — % Executive compensation 1,369 1.7 % 160 0.2 % 75 0.2 % Change in valuation allowance 844 1.1 % 660 0.8 % 685 1.4 % Change in Indemnification Asset 643 0.8 % — — % — — % Tax effect of Tax Reform Act — — % (12,535 ) (16.1 )% — — % Domestic manufacturer's deduction — — % (1,578 ) (2.0 )% (1,363 ) (2.7 )% Intercompany debt discharge — — % — — % (2,389 ) (4.8 )% Worthless stock deduction — — % — — % (868 ) (1.7 )% Other 629 0.7 % 462 0.7 % 190 0.2 % $ 16,136 20.2 % $ 14,943 19.2 % $ 16,264 32.5 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2018 2017 Depreciation $ 9,886 $ 9,563 Goodwill 35,813 32,662 Intangible assets 9,907 10,928 Foreign withholding tax 1,182 1,014 Other 696 652 Gross deferred tax liabilities 57,484 54,819 Equity compensation (10,420 ) (12,577 ) Other (13,529 ) (13,247 ) Gross deferred tax assets (23,949 ) (25,824 ) Valuation allowances 2,995 2,242 Deferred tax assets, net of valuation allowances (20,954 ) (23,582 ) Net deferred tax liabilities $ 36,530 $ 31,237 |
Summary of Valuation Allowance | The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2018 2017 2016 Balance as of January 1 $ 2,242 $ 1,362 $ 766 Cost charged to the tax provision 2,597 1,505 983 Reductions (1,750 ) (820 ) (338 ) Currency translation (94 ) 195 (49 ) Balance as of December 31 $ 2,995 $ 2,242 $ 1,362 |
Income Taxes Paid, Net of Tax Refunds | The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2018 2017 2016 Payments made for income taxes, net $ 15,167 $ 26,186 $ 17,700 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ 3,536 $ 3,466 $ 3,876 Additions for tax positions of the current year 15 99 33 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — (422 ) (256 ) Lapses of applicable statute of limitations (3,060 ) — — Divestitures and foreign currency translation (162 ) 393 (187 ) Balance as of December 31 $ 329 $ 3,536 $ 3,466 |
Interest (Net of Federal Tax Benefit) and Penalties Recognized | Interest (net of federal tax benefit) and penalties recognized during the years ended December 31 were (in thousands): 2018 2017 2016 Interest and penalties recognized as income $ 13 $ 130 $ 122 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | ears ended December 31 (in thousands): 2018 2017 2016 Numerator: Income from continuing operations $ 63,809 $ 62,965 $ 33,719 Loss from discontinued operations — (405 ) (44 ) Net income available to common shareholders $ 63,809 $ 62,560 $ 33,675 Denominator for basic earnings per share: Weighted average shares outstanding 31,979 31,701 31,536 Denominator for diluted earnings per share: Common stock options and stock units 555 549 533 Weighted average shares and conversions 32,534 32,250 32,069 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense under Operating Leases | Rent expense under operating leases for the years ended December 31 aggregated (in thousands): 2018 2017 2016 Rent expense $ 12,571 $ 11,964 $ 13,652 |
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | Future minimum lease payments under these noncancelable operating leases as of December 31, 2018 are as follows (in thousands): 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments 14,304 8,156 5,910 4,566 4,043 1,705 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Measurements Used by Management to Assess Performance of Segments | The following table illustrates certain measurements used by management to assess the performance of the segments described above as of and for the years ended December 31 (in thousands): 2018 2017 2016 Net sales: Residential Products $ 463,216 $ 466,603 $ 430,938 Industrial and Infrastructure Products 223,006 215,211 296,513 Less: Intersegment sales (1,103 ) (1,247 ) (1,495 ) 221,903 213,964 295,018 Renewable Energy and Conservation 317,253 306,351 282,025 Total consolidated net sales $ 1,002,372 $ 986,918 $ 1,007,981 Income from operations: Residential Products $ 69,838 $ 76,893 $ 65,241 Industrial and Infrastructure Products 15,336 8,159 1,306 Renewable Energy and Conservation 37,423 30,218 43,214 Segments income from operations 122,597 115,270 109,761 Unallocated corporate expenses (28,629 ) (22,421 ) (36,273 ) Total income from operations $ 93,968 $ 92,849 $ 73,488 Depreciation and Amortization Residential Products $ 8,217 $ 9,183 $ 9,297 Industrial and Infrastructure Products 6,035 6,529 8,237 Renewable Energy and Conservation 5,790 5,657 6,203 Unallocated corporate expenses 332 321 377 $ 20,374 $ 21,690 $ 24,114 Total assets Residential Products $ 361,499 $ 358,838 $ 331,975 Industrial and Infrastructure Products 210,482 203,455 225,691 Renewable Energy and Conservation 218,048 219,806 207,241 Unallocated corporate assets 271,616 209,286 153,338 $ 1,061,645 $ 991,385 $ 918,245 Capital expenditures Residential Products $ 7,921 $ 5,236 $ 5,182 Industrial and Infrastructure Products 3,016 2,094 2,060 Renewable Energy and Conservation 1,345 3,648 3,160 Unallocated corporate expenditures 175 421 377 $ 12,457 $ 11,399 $ 10,779 |
Disaggregation of Revenue | The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2018 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 460,513 $ 188,081 $ 33,427 $ 682,021 Over Time 2,703 33,822 283,826 320,351 Total $ 463,216 $ 221,903 $ 317,253 $ 1,002,372 2017 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 466,603 $ 213,964 $ 30,137 $ 710,704 Over Time — — 276,214 276,214 Total $ 466,603 $ 213,964 $ 306,351 $ 986,918 2016 Residential Products Industrial and Infrastructure Products Renewable Energy and Conservation Total Net sales: Point in Time $ 430,938 $ 295,018 $ 21,566 $ 747,522 Over Time — — 260,459 260,459 Total $ 430,938 $ 295,018 $ 282,025 $ 1,007,981 |
Net Sales by Region or Origin and Long-Lived Assets by Region of Domicile | Net sales by region or origin and long-lived assets by region of domicile for the years ended and as of December 31 are as follows (in thousands): 2018 2017 2016 Net sales North America $ 990,772 $ 977,942 $ 963,797 Europe — 1,131 19,447 Asia 11,600 7,845 24,737 Total $ 1,002,372 $ 986,918 $ 1,007,981 Long-lived assets North America $ 96,342 $ 97,956 $ 108,334 Europe — 3,222 2,900 Asia 704 601 992 Total $ 97,046 $ 101,779 $ 112,226 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Consolidating Statements of Operations | GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Net sales $ — $ 947,604 $ 52,738 $ (13,424 ) $ 986,918 Cost of sales — 719,587 43,187 (12,400 ) 750,374 Gross profit — 228,017 9,551 (1,024 ) 236,544 Selling, general, and administrative expense 147 133,409 9,892 — 143,448 Intangible asset impairment — 200 47 — 247 (Loss) income from operations (147 ) 94,408 (388 ) (1,024 ) 92,849 Interest expense (income) 13,609 512 (89 ) — 14,032 Other expense — 500 409 — 909 (Loss) income before taxes (13,756 ) 93,396 (708 ) (1,024 ) 77,908 (Benefit of) provision for income taxes (5,079 ) 19,787 235 — 14,943 (Loss) income from continuing operations (8,677 ) 73,609 (943 ) (1,024 ) 62,965 Discontinued operations: Loss before taxes — (644 ) — — (644 ) Benefit of income taxes — (239 ) — — (239 ) Loss from discontinued operations — (405 ) — — (405 ) Equity in earnings from subsidiaries 72,261 (943 ) — (71,318 ) — Net income (loss) $ 63,584 $ 72,261 $ (943 ) $ (72,342 ) $ 62,560 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2016 (in thousands) |
Consolidated Statements of Comprehensive Income | GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2018 Net income $ 64,637 $ 74,544 $ 3,591 $ (78,963 ) $ 63,809 Other comprehensive income: Foreign currency translation adjustment — — (3,241 ) — (3,241 ) Cumulative effect of accounting change (see Note 2) — (350 ) — — (350 ) Adjustment to pension and post-retirement benefit liability, net of tax — 723 — — 723 Other comprehensive income (loss) — 373 (3,241 ) — (2,868 ) Total comprehensive income $ 64,637 $ 74,917 $ 350 $ (78,963 ) $ 60,941 Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2017 Net income (loss) $ 63,584 $ 72,261 $ (943 ) $ (72,342 ) $ 62,560 Other comprehensive income: Foreign currency translation adjustment — — 3,150 — 3,150 Adjustment to pension and post-retirement benefit liability, net of tax — 205 — — 205 Other comprehensive income — 205 3,150 — 3,355 Total comprehensive income $ 63,584 $ 72,466 $ 2,207 $ (72,342 ) $ 65,915 Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Year ended December 31, 2016 Net income $ 32,998 $ 57,857 $ 3,699 $ (60,879 ) $ 33,675 Other comprehensive income: Foreign currency translation adjustment — — 6,945 — 6,945 Adjustment to pension and post-retirement benefit liability, net of tax — 750 — — 750 Other comprehensive income — 750 6,945 — 7,695 Total comprehensive income $ 32,998 $ 58,607 $ 10,644 $ (60,879 ) $ 41,370 |
Consolidating Balance Sheets | GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 262,716 $ 34,290 $ — $ 297,006 Accounts receivable, net — 132,841 7,442 — 140,283 Intercompany balances 1,183 2,439 (3,622 ) — — Inventories — 94,700 4,213 — 98,913 Other current assets 3,853 1,146 3,352 — 8,351 Total current assets 5,036 493,842 45,675 — 544,553 Property, plant, and equipment, net — 93,034 2,796 — 95,830 Goodwill — 301,309 22,362 — 323,671 Acquired intangibles — 89,556 6,819 — 96,375 Other assets — 1,047 169 — 1,216 Investment in subsidiaries 806,155 62,722 — (868,877 ) — $ 811,191 $ 1,041,510 $ 77,821 $ (868,877 ) $ 1,061,645 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 73,934 $ 5,202 $ — $ 79,136 Accrued expenses 5,493 77,282 4,299 — 87,074 Billings in excess of cost — 13,864 3,993 — 17,857 Current maturities of long-term debt 209,005 (200 ) — — 208,805 Total current liabilities 214,498 164,880 13,494 — 392,872 Long-term debt — 1,600 — — 1,600 Deferred income taxes — 34,925 1,605 — 36,530 Other non-current liabilities — 33,950 — — 33,950 Shareholders’ equity 596,693 806,155 62,722 (868,877 ) 596,693 $ 811,191 $ 1,041,510 $ 77,821 $ (868,877 ) $ 1,061,645 GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Assets Current assets: Cash and cash equivalents $ — $ 192,604 $ 29,676 $ — $ 222,280 Accounts receivable, net — 138,903 6,482 — 145,385 Intercompany balances 324 4,166 (4,490 ) — — Inventories — 82,457 3,915 — 86,372 Other current assets 5,415 (368 ) 3,680 — 8,727 Total current assets 5,739 417,762 39,263 — 462,764 Property, plant, and equipment, net — 93,906 3,192 — 97,098 Goodwill — 298,258 22,816 — 321,074 Acquired intangibles — 97,171 8,597 — 105,768 Other assets — 4,681 — — 4,681 Investment in subsidiaries 739,970 61,746 — (801,716 ) — $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ — $ 77,786 $ 4,601 $ — $ 82,387 Accrued expenses 5,469 67,746 2,252 — 75,467 Billings in excess of cost — 9,840 2,939 — 12,779 Current maturities of long-term debt — 400 — — 400 Total current liabilities 5,469 155,772 9,792 — 171,033 Long-term debt 208,521 1,100 — — 209,621 Deferred income taxes — 28,907 2,330 — 31,237 Other non-current liabilities — 47,775 — — 47,775 Shareholders’ equity 531,719 739,970 61,746 (801,716 ) 531,719 $ 745,709 $ 973,524 $ 73,868 $ (801,716 ) $ 991,385 |
Condensed Consolidating Statements of Cash Flows | GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2018 (in thousands) Gibraltar Industries, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (13,252 ) $ 103,543 $ 7,254 $ — $ 97,545 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (12,054 ) (403 ) — (12,457 ) Acquisitions, net of cash acquired — (5,241 ) — — (5,241 ) Net proceeds from sale of property and equipment — 3,063 86 — 3,149 Net cash used in investing activities — (14,232 ) (317 ) — (14,549 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (7,165 ) — — — (7,165 ) Intercompany financing 19,032 (18,799 ) (233 ) — — Net proceeds from issuance of common stock 1,385 — — — 1,385 Net cash provided by (used in) financing activities 13,252 (19,199 ) (233 ) — (6,180 ) Effect of exchange rate changes on cash — — (2,090 ) — (2,090 ) Net increase in cash and cash equivalents — 70,112 4,614 — 74,726 Cash and cash equivalents at beginning of year — 192,604 29,676 — 222,280 Cash and cash equivalents at end of year $ — $ 262,716 $ 34,290 $ — $ 297,006 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2017 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (15,172 ) $ 83,114 $ 2,128 $ — $ 70,070 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (11,026 ) (373 ) — (11,399 ) Acquisitions, net of cash acquired — (18,494 ) — — (18,494 ) Net proceeds from sale of property and equipment — 12,905 191 — 13,096 Net cash used in investing activities — (16,615 ) (182 ) — (16,797 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Purchase of treasury stock at market prices (2,872 ) — — — (2,872 ) Intercompany financing 17,370 (17,321 ) (49 ) — — Net proceeds from issuance of common stock 674 — — — 674 Net cash provided by (used in) financing activities 15,172 (17,721 ) (49 ) — (2,598 ) Effect of exchange rate changes on cash — — 1,428 — 1,428 Net increase in cash and cash equivalents — 48,778 3,325 — 52,103 Cash and cash equivalents at beginning of year — 143,826 26,351 — 170,177 Cash and cash equivalents at end of year $ — $ 192,604 $ 29,676 $ — $ 222,280 GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2016 (in thousands) Gibraltar Guarantor Non-Guarantor Eliminations Total Cash Flows from Operating Activities Net cash (used in) provided by operating activities $ (34,243 ) $ 140,890 $ 17,340 $ — $ 123,987 Cash Flows from Investing Activities Purchases of property, plant, and equipment — (10,321 ) (458 ) — (10,779 ) Acquisitions, net of cash acquired — (23,412 ) — — (23,412 ) Net proceeds from sale of property and equipment — 230 723 — 953 Net proceeds from sale of business — — 8,250 — 8,250 Other, net — 1,118 1,118 Net cash (used in) provided by investing activities — (32,385 ) 8,515 — (23,870 ) Cash Flows from Financing Activities Long-term debt payments — (400 ) — — (400 ) Payment of debt issuance costs — (54 ) — — (54 ) Purchase of treasury stock at market prices (1,539 ) — — — (1,539 ) Intercompany financing 32,441 (3,822 ) (28,619 ) — — Net proceeds from issuance of common stock 3,341 — — — 3,341 Net cash provided by (used in) financing activities 34,243 (4,276 ) (28,619 ) — 1,348 Effect of exchange rate changes on cash — — (146 ) — (146 ) Net increase (decrease) in cash and cash equivalents — 104,229 (2,910 ) — 101,319 Cash and cash equivalents at beginning of year — 39,597 29,261 — 68,858 Cash and cash equivalents at end of year $ — $ 143,826 $ 26,351 $ — $ 170,177 |
Quarterly Unaudited Financial_2
Quarterly Unaudited Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Unaudited Financial Information | GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA (in thousands, except per share data) 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 215,337 $ 266,036 $ 280,086 $ 240,913 $ 1,002,372 Gross profit $ 48,318 $ 70,503 $ 70,279 $ 53,260 $ 242,360 Income from operations $ 13,843 $ 32,274 $ 29,404 $ 18,447 $ 93,968 Interest expense $ 3,269 $ 3,130 $ 2,906 $ 2,759 $ 12,064 Net income from continuing operations $ 8,352 $ 22,837 $ 19,503 $ 13,117 $ 63,809 Total net income $ 8,352 $ 22,837 $ 19,503 $ 13,117 $ 63,809 Income per share from continuing operations: Basic $ 0.26 $ 0.72 $ 0.61 $ 0.41 $ 2.00 Diluted $ 0.26 $ 0.70 $ 0.60 $ 0.40 $ 1.96 2017 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 206,605 $ 247,627 $ 274,574 $ 258,112 $ 986,918 Gross profit $ 49,255 $ 61,825 $ 68,735 $ 56,729 $ 236,544 Income from operations $ 9,679 $ 24,930 $ 35,693 $ 22,547 $ 92,849 Interest expense $ 3,576 $ 3,550 $ 3,486 $ 3,420 $ 14,032 Net income from continuing operations $ 3,996 $ 13,174 $ 20,619 $ 25,176 $ 62,965 Net loss from discontinued operations $ — $ (405 ) $ — $ — $ (405 ) Total net income $ 3,996 $ 12,769 $ 20,619 $ 25,176 $ 62,560 Income per share from continuing operations: Basic $ 0.13 $ 0.41 $ 0.65 $ 0.79 $ 1.98 Diluted $ 0.12 $ 0.41 $ 0.64 $ 0.78 $ 1.95 Loss per share from discontinued operations: Basic $ — $ (0.01 ) $ — $ — $ (0.01 ) Diluted $ — $ (0.01 ) $ — $ — $ (0.01 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | Mar. 31, 2015 | |
Sale Leaseback Transaction [Line Items] | |||||||
Advertising costs | $ 5,200,000 | $ 4,900,000 | $ 5,100,000 | ||||
Research and development cost | 1,700,000 | 2,900,000 | 2,200,000 | ||||
Retained earnings | 338,995,000 | 274,562,000 | $ 274,836,000 | ||||
Accumulated other comprehensive loss | $ 7,234,000 | $ 4,366,000 | $ 7,721,000 | ||||
Minimum | Land, Buildings and Improvements | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Estimated useful lives | 15 years | ||||||
Minimum | Machinery and Equipment | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Estimated useful lives | 3 years | ||||||
Maximum | Land, Buildings and Improvements | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Estimated useful lives | 40 years | ||||||
Maximum | Machinery and Equipment | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Estimated useful lives | 20 years | ||||||
Residential Products | Home Improvement Retail Company | Accounts Receivable | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Concentrations of credit risk | 13.60% | 13.60% | |||||
Residential Products | Home Improvement Retail Company | Net sales | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Concentrations of credit risk | 12.00% | 12.00% | 11.00% | ||||
Sale-Leaseback Transaction First Quarter 2018 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Sale price | $ 3,000,000 | ||||||
Period of lease | 4 years | ||||||
Net present value of future minimum lease payments | $ 700,000 | ||||||
Deferred gain on sale | 1,400,000 | ||||||
Gain above minimum lease payments fair value | $ 700,000 | ||||||
Minimum lease payments, year 1 | $ 200,000 | ||||||
Minimum lease payments year 2 | $ 200,000 | ||||||
Minimum lease payments year 3 | 200,000 | ||||||
Minimum lease payments year 4 | $ 200,000 | ||||||
Accounting Standards Update 2014-09 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Retained earnings | 274,000 | ||||||
Accounting Standards Update 2018-02 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Retained earnings | $ 350,000 | ||||||
Accumulated other comprehensive loss | $ 350,000 | ||||||
Scenario, Forecast | Accounting Standards Update 2016-02 | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Right-of-use asset | $ 29,000,000 | ||||||
Operating lease liability | $ 29,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Activity Recorded within 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] | |||
Beginning balance | $ 6,434 | $ 5,272 | $ 4,868 |
Bad debt expense | 1,150 | 1,253 | 2,519 |
Accounts written off and other adjustments | (624) | (91) | (2,115) |
Ending balance | $ 6,960 | $ 6,434 | $ 5,272 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Summary of Interest Capitalized and Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 12,152 | $ 12,929 | $ 14,477 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract payment terms | 30 days |
Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract payment terms | 60 days |
Remaining performance obligation expected timing of satisfaction | 1 year |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs in excess of billings | $ 22,634 | $ 16,532 | $ 16,532 |
Contract with customer liability | (12,028) | (3,681) | |
Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer liability | (17,857) | (12,779) | |
Revenue recognized | 10,097 | ||
Unearned revenue | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer liability | (12,028) | $ (3,336) | |
Revenue recognized | $ 2,988 |
Revenue - Effects of Topic 606
Revenue - Effects of Topic 606 on Financial Statements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Assets | |||||||||||||
Accounts receivable, net | $ 140,283,000 | $ 145,385,000 | $ 140,283,000 | $ 145,385,000 | $ 150,307,000 | ||||||||
Costs in excess of billings | 22,634,000 | 16,532,000 | 22,634,000 | 16,532,000 | 16,532,000 | ||||||||
Inventories | 98,913,000 | 86,372,000 | 98,913,000 | 86,372,000 | 81,637,000 | ||||||||
Total current assets | 544,553,000 | 462,764,000 | 544,553,000 | 462,764,000 | 462,951,000 | ||||||||
Total assets | 1,061,645,000 | 991,385,000 | 1,061,645,000 | 991,385,000 | $ 918,245,000 | 991,572,000 | |||||||
Liabilities | |||||||||||||
Accrued expenses | 87,074,000 | 75,467,000 | 87,074,000 | 75,467,000 | 75,380,000 | ||||||||
Total current liabilities | 392,872,000 | 171,033,000 | 392,872,000 | 171,033,000 | 170,946,000 | ||||||||
Shareholders’ equity: | |||||||||||||
Retained earnings | 338,995,000 | 274,562,000 | 338,995,000 | 274,562,000 | 274,836,000 | ||||||||
Total shareholders’ equity | 596,693,000 | 531,719,000 | 596,693,000 | 531,719,000 | 460,880,000 | 531,993,000 | $ 410,086,000 | ||||||
Liabilities and Equity | 1,061,645,000 | 991,385,000 | 1,061,645,000 | 991,385,000 | 991,572,000 | ||||||||
Consolidated Statement of Operations | |||||||||||||
Net sales: | 240,913,000 | $ 280,086,000 | $ 266,036,000 | $ 215,337,000 | 258,112,000 | $ 274,574,000 | $ 247,627,000 | $ 206,605,000 | 1,002,372,000 | 986,918,000 | 1,007,981,000 | ||
Cost of sales | 760,012,000 | 750,374,000 | 763,219,000 | ||||||||||
Gross profit | 53,260,000 | 70,279,000 | 70,503,000 | 48,318,000 | 56,729,000 | 68,735,000 | 61,825,000 | 49,255,000 | 242,360,000 | 236,544,000 | 244,762,000 | ||
Provision for income taxes | 16,136,000 | 14,943,000 | 16,264,000 | ||||||||||
Net income | 13,117,000 | $ 19,503,000 | $ 22,837,000 | $ 8,352,000 | 25,176,000 | $ 20,619,000 | $ 12,769,000 | $ 3,996,000 | 63,809,000 | 62,560,000 | $ 33,675,000 | ||
Accounting Standards Update 2014-09 | |||||||||||||
Shareholders’ equity: | |||||||||||||
Retained earnings | 274,000 | ||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||||
Assets | |||||||||||||
Accounts receivable, net | 133,526,000 | 145,385,000 | 133,526,000 | 145,385,000 | |||||||||
Costs in excess of billings | 11,610,000 | 11,610,000 | |||||||||||
Inventories | 104,592,000 | 86,372,000 | 104,592,000 | 86,372,000 | |||||||||
Total current assets | 543,475,000 | 462,764,000 | 543,475,000 | 462,764,000 | |||||||||
Total assets | 1,060,567,000 | 991,385,000 | 1,060,567,000 | 991,385,000 | |||||||||
Liabilities | |||||||||||||
Accrued expenses | 86,733,000 | 75,467,000 | 86,733,000 | 75,467,000 | |||||||||
Total current liabilities | 392,531,000 | 171,033,000 | 392,531,000 | 171,033,000 | |||||||||
Shareholders’ equity: | |||||||||||||
Retained earnings | 338,258,000 | 274,562,000 | 338,258,000 | 274,562,000 | |||||||||
Total shareholders’ equity | 595,956,000 | 531,719,000 | 595,956,000 | 531,719,000 | |||||||||
Liabilities and Equity | 1,060,567,000 | $ 991,385,000 | 1,060,567,000 | $ 991,385,000 | |||||||||
Consolidated Statement of Operations | |||||||||||||
Net sales: | 1,000,882,000 | ||||||||||||
Cost of sales | 759,165,000 | ||||||||||||
Gross profit | 241,717,000 | ||||||||||||
Provision for income taxes | 15,956,000 | ||||||||||||
Net income | 63,346,000 | ||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||||||||||
Assets | |||||||||||||
Accounts receivable, net | 6,757,000 | 6,757,000 | 4,922,000 | ||||||||||
Costs in excess of billings | 4,922,000 | ||||||||||||
Inventories | (5,679,000) | (5,679,000) | (4,735,000) | ||||||||||
Total current assets | 1,078,000 | 1,078,000 | 187,000 | ||||||||||
Total assets | 1,078,000 | 1,078,000 | 187,000 | ||||||||||
Liabilities | |||||||||||||
Accrued expenses | 341,000 | 341,000 | (87,000) | ||||||||||
Total current liabilities | 341,000 | 341,000 | (87,000) | ||||||||||
Shareholders’ equity: | |||||||||||||
Retained earnings | 737,000 | 737,000 | 274,000 | ||||||||||
Total shareholders’ equity | 737,000 | 737,000 | 274,000 | ||||||||||
Liabilities and Equity | $ 1,078,000 | 1,078,000 | $ 187,000 | ||||||||||
Consolidated Statement of Operations | |||||||||||||
Net sales: | 1,490,000 | ||||||||||||
Cost of sales | 847,000 | ||||||||||||
Gross profit | 643,000 | ||||||||||||
Provision for income taxes | 180,000 | ||||||||||||
Net income | $ 463,000 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | |||||
Trade accounts receivable | $ 124,609 | $ 140,209 | |||
Costs in excess of billings | 22,634 | 11,610 | |||
Total contract receivables | 147,243 | 151,819 | |||
Less allowance for doubtful accounts | (6,960) | (6,434) | $ (5,272) | $ (4,868) | |
Accounts receivable | $ 140,283 | $ 150,307 | $ 145,385 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Raw material | $ 57,845 | $ 42,661 | |
Work-in-process | 6,930 | 10,598 | |
Finished goods | 34,138 | 33,113 | |
Total inventories | $ 98,913 | $ 81,637 | $ 86,372 |
Inventories (Summary of Activit
Inventories (Summary of Activity within the Reserve for Excess, Obsolete, and Slow Moving Inventory) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Roll Forward] | |||
Beginning balance | $ 3,695 | $ 3,801 | $ 7,428 |
Excess, obsolete and slow moving inventory expense | 729 | 1,276 | (239) |
Scrapped inventory and other adjustments | (252) | (1,382) | (3,388) |
Ending balance | $ 4,172 | $ 3,695 | $ 3,801 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 6,061 | $ 6,301 |
Building and improvements | 46,678 | 46,562 |
Machinery and equipment | 204,326 | 195,301 |
Construction in progress | 7,690 | 8,522 |
Property, plant, and equipment, gross | 264,755 | 256,686 |
Less: accumulated depreciation | (168,925) | (159,588) |
Property, plant, and equipment, net | $ 95,830 | $ 97,098 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Aug. 21, 2018 | Feb. 22, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 11, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 304,032 | $ 323,671 | $ 321,074 | |||
SolarBOS | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 6,500 | |||||
Goodwill | 3,051 | |||||
Fair value of purchase consideration | $ 6,541 | |||||
Package Concierge | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 18,900 | |||||
Goodwill | 16,790 | |||||
Fair value of purchase consideration | $ 18,917 | |||||
Nexus | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 23,800 | |||||
Goodwill | $ 11,451 | |||||
Fair value of purchase consideration | $ 23,762 |
Acquisitions (Schedule of Alloc
Acquisitions (Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Aug. 21, 2018 | Dec. 31, 2017 | Feb. 22, 2017 | Dec. 31, 2016 | Oct. 11, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 323,671 | $ 321,074 | $ 304,032 | |||
SolarBOS | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 915 | |||||
Working capital | 680 | |||||
Property, plant, and equipment | 483 | |||||
Acquired intangible assets | 1,450 | |||||
Other assets | 13 | |||||
Other liabilities | (51) | |||||
Goodwill | 3,051 | |||||
Fair value of purchase consideration | $ 6,541 | |||||
Package Concierge | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 590 | |||||
Working capital | (1,998) | |||||
Property, plant, and equipment | 55 | |||||
Acquired intangible assets | 3,600 | |||||
Other assets | 8 | |||||
Deferred income taxes | (128) | |||||
Goodwill | 16,790 | |||||
Fair value of purchase consideration | $ 18,917 | |||||
Nexus | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 2,495 | |||||
Working capital | (1,109) | |||||
Property, plant, and equipment | 4,702 | |||||
Acquired intangible assets | 6,200 | |||||
Other assets | 23 | |||||
Goodwill | 11,451 | |||||
Fair value of purchase consideration | $ 23,762 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Aug. 21, 2018 | Feb. 22, 2017 | Oct. 11, 2016 | Dec. 31, 2018 |
SolarBOS | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 1,450 | |||
SolarBOS | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 300 | |||
Estimated Useful Life | 3 years | |||
SolarBOS | Technology | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 450 | |||
Estimated Useful Life | 9 years | |||
SolarBOS | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 700 | |||
Estimated Useful Life | 9 years | |||
Package Concierge | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 3,600 | |||
Package Concierge | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Fair Value | 600 | |||
Package Concierge | Technology | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 1,300 | |||
Estimated Useful Life | 10 years | |||
Package Concierge | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 1,700 | |||
Estimated Useful Life | 7 years | |||
Nexus | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 6,200 | |||
Estimated Useful Life | 3 months | |||
Nexus | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Fair Value | 3,200 | |||
Nexus | Technology | ||||
Business Acquisition [Line Items] | ||||
Fair Value | 1,300 | |||
Estimated Useful Life | 15 years | |||
Nexus | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Fair Value | 800 | |||
Estimated Useful Life | 11 years | |||
Nexus | Backlog | ||||
Business Acquisition [Line Items] | ||||
Fair Value | $ 900 |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 497 | $ 146 | $ 309 |
Selling, general and administrative costs | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | 497 | 146 | 228 |
Cost of sales | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 0 | $ 0 | $ 81 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance at | $ 321,074,000 | $ 304,032,000 |
Acquired goodwill | 3,051,000 | 16,790,000 |
Adjustments to prior year acquisitions | 38,000 | 832,000 |
Adjustments to prior year acquisitions | 0 | |
Foreign currency translation | (416,000) | 1,084,000 |
Balance at | 323,671,000 | 321,074,000 |
Residential Products | ||
Goodwill [Roll Forward] | ||
Balance at | 198,075,000 | 181,285,000 |
Acquired goodwill | 0 | 16,790,000 |
Adjustments to prior year acquisitions | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at | 198,075,000 | 198,075,000 |
Industrial and Infrastructure Products | ||
Goodwill [Roll Forward] | ||
Balance at | 54,280,000 | 53,884,000 |
Acquired goodwill | 0 | 0 |
Adjustments to prior year acquisitions | 38,000 | 0 |
Foreign currency translation | (473,000) | 396,000 |
Balance at | 53,769,000 | 54,280,000 |
Renewable Energy & Conservation | ||
Goodwill [Roll Forward] | ||
Balance at | 68,719,000 | 68,863,000 |
Acquired goodwill | 3,051,000 | 0 |
Adjustments to prior year acquisitions | 0 | 832,000 |
Foreign currency translation | 57,000 | 688,000 |
Balance at | $ 71,827,000 | $ 68,719,000 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Narrative) (Details) | Oct. 31, 2017reporting_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Goodwill [Line Items] | ||||
Goodwill | $ 323,671,000 | $ 321,074,000 | $ 304,032,000 | |
Accumulated impairment losses | 235,400,000 | 235,400,000 | ||
Number of reporting units tested | reporting_unit | 12 | |||
Goodwill impairment | 0 | |||
Impairment of indefinite-lived intangibles | 1,237,000 | 247,000 | 9,048,000 | |
Impairment of definite-lived intangibles | 315,000 | 0 | 198,000 | |
Industrial and Infrastructure Products | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite-lived intangibles | 0 | 0 | 7,980,000 | |
Impairment of definite-lived intangibles | 0 | 0 | 0 | |
Residential Products | ||||
Goodwill [Line Items] | ||||
Impairment of indefinite-lived intangibles | 200,000 | 0 | 0 | |
Impairment of definite-lived intangibles | 0 | $ 0 | $ 0 | |
Solar | Residential Products | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $ (900,000) |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 106,806 | $ 116,339 |
Total acquired intangible assets, Gross Carrying Amount | 150,676 | 161,446 |
Accumulated Amortization, Finite-lived intangible assets | 54,301 | 55,678 |
Total acquired intangible assets, Accumulated Amortization | 54,301 | 55,678 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,094 | 5,876 |
Accumulated Amortization, Finite-lived intangible assets | 3,518 | 3,062 |
Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 28,644 | 28,107 |
Accumulated Amortization, Finite-lived intangible assets | 13,881 | 12,033 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 70,419 | 80,707 |
Accumulated Amortization, Finite-lived intangible assets | 35,678 | 39,652 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 1,649 | 1,649 |
Accumulated Amortization, Finite-lived intangible assets | 1,224 | 931 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 43,870 | 45,107 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Minimum | Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Minimum | Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Minimum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Minimum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 4 years | |
Maximum | Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years | |
Maximum | Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Maximum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 17 years | |
Maximum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years |
Goodwill and Related Intangib_6
Goodwill and Related Intangible Assets (Schedule of Impairment Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | $ 1,237 | $ 247 | $ 9,048 |
Impairment of definite-lived intangibles | 315 | 0 | 198 |
Residential Products | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | 200 | 0 | 0 |
Impairment of definite-lived intangibles | 0 | 0 | 0 |
Industrial and Infrastructure Products | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | 0 | 0 | 7,980 |
Impairment of definite-lived intangibles | 0 | 0 | 0 |
Renewable Energy & Conservation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | 1,037 | 247 | 1,068 |
Impairment of definite-lived intangibles | $ 315 | $ 0 | $ 198 |
Goodwill and Related Intangib_7
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 8,222 | $ 8,761 | $ 9,637 |
Goodwill and Related Intangib_8
Goodwill and Related Intangible Assets (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,018 | $ 7,213 |
2,019 | 6,921 |
2,020 | 6,726 |
2,021 | 6,248 |
2,022 | $ 5,709 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 32,927 | $ 34,752 |
Interest and taxes | 9,231 | 8,002 |
Customer rebates | 10,300 | 10,517 |
Insurance | 7,789 | 7,261 |
Unearned revenue | 12,028 | 3,681 |
Other | 14,799 | 11,254 |
Total accrued expenses | $ 87,074 | $ 75,467 |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2013 |
Debt Instrument [Line Items] | |||
Total debt | $ 210,405 | $ 210,021 | |
Unamortized original issue discount | (1,595) | (2,379) | |
Less current maturities | 208,805 | 400 | |
Total long-term debt | 1,600 | 209,621 | |
Senior Subordinated 6.25% Notes | |||
Debt Instrument [Line Items] | |||
Total debt | $ 210,000 | $ 210,000 | |
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Other debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 2,000 | $ 2,400 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jan. 24, 2019 | Dec. 09, 2015 | Jan. 31, 2013 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||||
Standby letters of credit | $ 9,200,000 | |||||
Availability amount | 290,800,000 | $ 288,800,000 | ||||
Carrying value of outstanding debt | $ 210,405,000 | $ 210,021,000 | ||||
Senior Subordinated 6.25% Notes | ||||||
Debt Instrument [Line Items] | ||||||
Notes issued | $ 210,000,000 | |||||
Interest rate | 6.25% | 6.25% | 6.25% | |||
Carrying value of outstanding debt | $ 210,000,000 | $ 210,000,000 | ||||
Revolving Credit Facility | Senior Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 300,000,000 | |||||
Maximum borrowing capacity under the revolving credit facility | $ 500,000,000 | |||||
Revolving Credit Facility | Senior Credit Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Annual commitment fee | 0.20% | |||||
Revolving Credit Facility | Senior Credit Agreement | Minimum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR floor, plus | 1.25% | |||||
Revolving Credit Facility | Senior Credit Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Annual commitment fee | 0.30% | |||||
Revolving Credit Facility | Senior Credit Agreement | Maximum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR floor, plus | 2.25% | |||||
Term Loan | Senior Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Term loan (up to) | $ 200,000,000 | |||||
Subsequent Event | Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 400,000,000 | |||||
Maximum borrowing capacity under the revolving credit facility | $ 700,000,000 | |||||
Subsequent Event | Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Annual commitment fee | 0.15% | |||||
Subsequent Event | Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Minimum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR floor, plus | 1.125% | |||||
Subsequent Event | Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Annual commitment fee | 0.25% | |||||
Subsequent Event | Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Maximum | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR floor, plus | 2.00% | |||||
Subsequent Event | Term Loan | 2019 Senior Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term loan (up to) | $ 300,000,000 | |||||
Scenario, Forecast | Senior Subordinated 6.25% Notes | ||||||
Debt Instrument [Line Items] | ||||||
Write off of deferred debt issuance cost | $ 1,000,000 |
Debt (Schedule of Aggregate Mat
Debt (Schedule of Aggregate Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Debt, Unclassified [Abstract] | |
2,018 | $ 210,400 |
2,019 | 400 |
2,020 | 400 |
2,021 | 400 |
2,022 | 400 |
Thereafter | $ 0 |
Debt (Schedule of Cash Paid for
Debt (Schedule of Cash Paid for Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |||
Interest expense, net | $ 12,064 | $ 14,032 | $ 14,577 |
Interest income | 2,156 | 574 | 136 |
Other non-cash adjustments | (529) | (647) | (671) |
Cash paid for interest | $ 13,691 | $ 13,959 | $ 14,042 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Changes in the Accumulated Postretirement Benefit Obligation) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at | $ 7,020 | $ 7,202 | |
Service cost | 18 | 17 | $ 22 |
Interest cost | 233 | 269 | 272 |
Actuarial losses (gains) | (819) | (150) | |
Benefits paid | (317) | (318) | |
Projected benefit obligation at | 6,135 | 7,020 | $ 7,202 |
Fair value of plan assets | 0 | 0 | |
Under funded status | (6,135) | (7,020) | |
Unamortized prior service cost | 382 | 427 | |
Unrecognized actuarial gain | 1,431 | 2,382 | |
Net amount recognized | $ (4,322) | $ (4,211) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Amounts Recognized in the Consolidated Financial Statements) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued post retirement liability: Current portion | $ 331 | $ 314 |
Accrued post retirement liability: Long term portion | 5,805 | 6,706 |
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs | 1,814 | 2,809 |
Net amount recognized | $ 4,322 | $ 4,211 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Components of Net Periodic Postretirement Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate healthcare trend rates | 3.80% | ||
Other Postretirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 18 | $ 17 | $ 22 |
Interest cost | 233 | 269 | 272 |
Amortization of unrecognized prior service cost | 44 | 44 | 44 |
Loss amortization (2) | 132 | 146 | 134 |
Net periodic pension cost | $ 427 | $ 476 | $ 472 |
Discount rate | 4.10% | 3.40% | 3.80% |
Annual rate of increase in the per capita cost of: Medical costs before age 65 | 7.00% | 7.30% | 7.50% |
Annual rate of increase in the per capita cost of: Medical costs after age 65 | 5.00% | 6.30% | 6.50% |
Annual rate of increase in the per capita cost of: Prescription drug costs | 9.50% | 10.50% | 10.50% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Impact on Amounts Reported Due to a 1% Change in the Annual Medical Inflation Rate Issued) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Postretirement Benefits [Abstract] | ||
Effect on accumulated postretirement benefit obligation, 1% increase | $ 831 | $ 950 |
Effect on accumulated postretirement benefit obligation, 1% decrease | (702) | (803) |
Effect on annual service and interest costs, 1% increase | 36 | 41 |
Effect on annual service and interest costs, 1% decrease | $ (30) | $ (34) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Expected Benefit Payments from the Plan) (Details) - Unamortized Post-Retirement Health Care Costs $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 331 |
2,020 | 349 |
2,021 | 364 |
2,022 | 379 |
2,023 | 393 |
Years 2024 - 2028 | $ 2,102 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Schedule of Total Expense for All Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 2,927 | $ 3,044 | $ 2,887 |
Defined benefit pension plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 4 | 28 | 52 |
401(k) plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 2,262 | 2,248 | 1,952 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 427 | 476 | 587 |
Multiemployer defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 234 | $ 292 | $ 296 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (5,336) | $ (8,801) | |||
Balance at end of period | (7,979) | (5,336) | $ (8,801) | ||
Tax (Benefit) Expense | |||||
Balance at beginning of period | (970) | (1,080) | |||
Minimum pension and post retirement benefit plan adjustments | 225 | 110 | |||
Balance at end of period | (745) | (970) | (1,080) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at beginning of period | (4,366) | (7,721) | |||
Minimum pension and post retirement benefit plan adjustments | 723 | 205 | |||
Cumulative effect of new accounting principle in period of adoption | $ 274 | $ 0 | |||
Foreign currency translation adjustment | 2,868 | (3,355) | (7,695) | ||
Balance at end of period | (7,234) | (4,366) | (7,721) | ||
Foreign Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (2,698) | (5,848) | |||
Other Comprehensive Income (Loss), before Tax | (3,241) | 3,150 | |||
Balance at end of period | (5,939) | (2,698) | (5,848) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Foreign currency translation adjustment | (3,241) | 3,150 | |||
Minimum pension and post retirement benefit plan adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (2,638) | (2,953) | |||
Other Comprehensive Income (Loss), before Tax | (948) | (315) | |||
Balance at end of period | (2,040) | $ (2,638) | $ (2,953) | ||
Accounting Standards Update 2018-02 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Cumulative effect of new accounting principle in period of adoption | $ (350) | ||||
Balance at end of period | $ (350) |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | May 04, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Market price of common stock, per share | $ 35.59 | ||||
Unrecognized compensation cost | $ 8.3 | ||||
Weighted average cost recognition period, in years | 1 year 11 months 1 day | ||||
Accrued equity based compensation | $ 38.4 | $ 48 | |||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Typical vesting period, in years | 4 years | ||||
Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Typical vesting period, in years | 3 years | ||||
Shares awarded (in shares) | 135,929 | 108,748 | 0 | ||
Award performance period | 1 year | ||||
Forfeited in period (in shares) | 57,788 | ||||
Performance stock units outstanding (in shares) | 235,485 | 480,462 | |||
Percent of targeted performance stock units earned | 200.00% | ||||
Units vested (in shares) | 256,000 | ||||
Number of days trailing for closing price | 90 days | ||||
2018 Plan | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 1,000,000 | ||||
2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance under the Plan | 946,000 | ||||
2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance under the Plan | 73,000 | ||||
Non-Employee Directors Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for issuance under the Plan | 60,000 | ||||
Non Current Liabilities | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accrued equity based compensation | $ 23.6 | $ 29.3 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Compensation Expense Connection with Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Prior Plan | $ 569 | $ 1,059 | $ 1,937 |
Expense recognized under the Non-Employee Directors Plan | 444 | 420 | 443 |
Total stock compensation expense | 9,189 | 7,122 | 6,373 |
Tax benefits recognized related to stock compensation expense | 2,509 | 2,133 | 2,485 |
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | 7,988 | 5,643 | 3,993 |
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | $ 188 | $ 0 | $ 0 |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 0 | 25,000 | 0 |
Weighted Average Grant DAte Fair Value (in USD per share) | $ 0 | $ 12.85 | $ 0 |
Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 10,255 | 10,170 | 11,945 |
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.96 | $ 34.42 | $ 29.30 |
Common shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,113 | 2,034 | 3,185 |
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.50 | $ 34.42 | $ 29.30 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 116,174 | 133,548 | 141,982 |
Weighted Average Grant Date Fair Value (in USD per share) | $ 36.61 | $ 36.56 | $ 25.44 |
Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 135,929 | 108,748 | 0 |
Weighted Average Grant Date Fair Value (in USD per share) | $ 33.63 | $ 42.72 | $ 0 |
Equity-Based Compensation (Weig
Equity-Based Compensation (Weighted Average Assumptions Used to Measure Fair Value of Stock Options) (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value | $ 12.85 |
Expected Life (in years) | 4 years |
Expected Stock Volatility | 35.70% |
Risk-free Interest Rate | 1.70% |
Expected Dividend Yield | 0.00% |
Equity-Based Compensation (Su_2
Equity-Based Compensation (Summary of Ranges of Outstanding and Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding | 159,759 | 247,666 | 277,224 | 458,349 |
Weighted Average Remaining Contractual Life (in years) | 6 years 1 month 17 days | |||
Weighted Average Exercise Price | $ 15.75 | $ 16.02 | $ 19.08 | |
Options Exercisable | 134,759 | |||
$8.90 – $9.32 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | $ 8.90 | |||
Exercise Price Range, Upper Range Limit | $ 9.32 | |||
Options Outstanding | 18,938 | |||
Weighted Average Remaining Contractual Life (in years) | 1 year 8 months 12 days | |||
Weighted Average Exercise Price | $ 8.90 | |||
Options Exercisable | 18,938 | |||
Weighted Average Exercise Price | $ 8.90 | |||
$9.33 – $11.73 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 9.33 | |||
Exercise Price Range, Upper Range Limit | $ 11.73 | |||
Options Outstanding | 70,721 | |||
Weighted Average Remaining Contractual Life (in years) | 2 years 8 months 12 days | |||
Weighted Average Exercise Price | $ 9.74 | |||
Options Exercisable | 70,721 | |||
Weighted Average Exercise Price | $ 9.74 | |||
$11.74 – $19.58 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 11.74 | |||
Exercise Price Range, Upper Range Limit | $ 19.58 | |||
Options Outstanding | 20,100 | |||
Weighted Average Remaining Contractual Life (in years) | 8 months 12 days | |||
Weighted Average Exercise Price | $ 13.72 | |||
Options Exercisable | 20,100 | |||
Weighted Average Exercise Price | $ 13.72 | |||
$19.59 - $32.49 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 19.59 | |||
Exercise Price Range, Upper Range Limit | $ 32.49 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life (in years) | 7 years | |||
Weighted Average Exercise Price | $ 25.44 | |||
Options Exercisable | 25,000 | |||
Weighted Average Exercise Price | $ 25.44 | |||
$32.50 - $43.05 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 32.50 | |||
Exercise Price Range, Upper Range Limit | $ 43.05 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life (in years) | 8 years 1 month 21 days | |||
Weighted Average Exercise Price | $ 42.35 | |||
Options Exercisable | 0 | |||
Weighted Average Exercise Price | $ 0 |
Equity-Based Compensation (Su_3
Equity-Based Compensation (Summary of Stock Option Transactions) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options (in shares): | |||
Beginning balance (in shares) | 247,666 | 277,224 | 458,349 |
Granted (in shares) | 0 | 25,000 | 0 |
Exercised (in shares) | (87,907) | (42,058) | (175,125) |
Forfeited (in shares) | (12,500) | (6,000) | |
Ending balance (in shares) | 159,759 | 247,666 | 277,224 |
Weighted Average Exercise Price (in dollars per share) | |||
Begininng balance (in dollars per share) | $ 17.01 | $ 14.95 | $ 16.57 |
Granted (in dollars per share) | 42.35 | ||
Exercised (in dollars per share) | 15.75 | 16.02 | 19.08 |
Forfeited (in dollars per share) | 25.44 | 18.22 | |
Ending balance (in dollars per share) | $ 17.70 | $ 17.01 | $ 14.95 |
Weighted Average Remaining Contractual Life (in years) | 6 years 1 month 17 days | ||
Aggregate Intrinsic Value | $ 3,026,930 |
Equity-Based Compensation (Su_4
Equity-Based Compensation (Summary of Information about Restricted Stock Units and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted stock units | |||
Restricted Stock Units / Restricted Stock (in shares) | |||
Balance at beginning of period (in shares) | 441,816 | ||
Granted (in shares) | 116,174 | 133,548 | 141,982 |
Vested (in shares) | (137,020) | ||
Forfeited (in shares) | (25,617) | ||
Balance at end of period (in shares) | 395,353 | 441,816 | |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of period (in USD per share) | $ 23.96 | ||
Granted (in USD per share) | 36.61 | $ 36.56 | $ 25.44 |
Vested (in USD per share) | 22.72 | ||
Forfeited (in USD per share) | 31.70 | ||
Balance at end of period (in USD per share) | $ 27.61 | $ 23.96 | |
Common shares | |||
Restricted Stock Units / Restricted Stock (in shares) | |||
Balance at beginning of period (in shares) | 4,258 | ||
Granted (in shares) | 2,113 | 2,034 | 3,185 |
Vested (in shares) | (6,371) | ||
Forfeited (in shares) | 0 | ||
Balance at end of period (in shares) | 0 | 4,258 | |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of period (in USD per share) | $ 17.30 | ||
Granted (in USD per share) | 35.50 | $ 34.42 | $ 29.30 |
Vested (in USD per share) | 23.34 | ||
Forfeited (in USD per share) | 0 | ||
Balance at end of period (in USD per share) | $ 0 | $ 17.30 | |
Performance stock units | |||
Restricted Stock Units / Restricted Stock (in shares) | |||
Balance at beginning of period (in shares) | 480,462 | ||
Granted (in shares) | 135,929 | 108,748 | 0 |
Vested (in shares) | (323,118) | ||
Forfeited (in shares) | (57,788) | ||
Balance at end of period (in shares) | 235,485 | 480,462 | |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of period (in USD per share) | $ 24.68 | ||
Granted (in USD per share) | 33.63 | $ 42.72 | $ 0 |
Vested (in USD per share) | 18.57 | ||
Forfeited (in USD per share) | 41.59 | ||
Balance at end of period (in USD per share) | $ 33.78 | $ 24.68 | |
Award performance period | 1 year | ||
Deferred stock units | |||
Restricted Stock Units / Restricted Stock (in shares) | |||
Balance at beginning of period (in shares) | 22,115 | ||
Granted (in shares) | 10,255 | 10,170 | 11,945 |
Vested (in shares) | (5,127) | ||
Forfeited (in shares) | 0 | ||
Balance at end of period (in shares) | 27,243 | 22,115 | |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of period (in USD per share) | $ 31.65 | ||
Granted (in USD per share) | 35.96 | $ 34.42 | $ 29.30 |
Vested (in USD per share) | 32.18 | ||
Forfeited (in USD per share) | 0 | ||
Balance at end of period (in USD per share) | $ 33.18 | $ 31.65 | |
Minimum | Performance stock units | |||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Percent of grants awarded based on target threshold | 0.00% | ||
Maximum | Performance stock units | |||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Percent of grants awarded based on target threshold | 200.00% | ||
2015 Equity Incentive Plan | Return On Invested Capital | Performance stock units | |||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Award performance period | 1 year | ||
2015 Equity Incentive Plan | Gross Profit Threshold | Performance stock units | |||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Award performance period | 2 years | ||
2015 Equity Incentive Plan | Total Shareholder Return | Performance stock units | |||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Award performance period | 3 years |
Equity-Based Compensation (Aggr
Equity-Based Compensation (Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 2,128 | $ 628 | $ 2,439 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 5,307 | 6,756 | 4,368 |
Common shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 149 | 70 | 247 |
Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 369 | $ 350 | $ 443 |
Equity-Based Compensation (Sc_2
Equity-Based Compensation (Schedule of Compensation Expense Recognized from Change in Fair Value and Vesting of Performance Stock Units) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock unit compensation expense | $ 2,846 | $ 3,591 | $ 10,377 |
Equity-Based Compensation (PSUs
Equity-Based Compensation (PSUs Eligible for Conversion to Cash) (Details) - Performance stock units - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of units (in shares) | 128,000 | |
Grant date fair value | $ 3,100 | |
Percent of targeted performance stock units earned | 200.00% | |
Units vested (in shares) | 256,000 |
Equity-Based Compensation (Cash
Equity-Based Compensation (Cash Paid to Settle Liability Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
MSPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited | $ 5,232 | $ 6,058 | $ 3,137 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited | $ 66,843 | $ 84,299 | $ 198,155 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 387,870,000 | 389,189,000 | 646,669,000 |
Restricted stock units balance, vested and unvested | 395,353 | 441,816 | |
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MSPP expense, in thousands | $ 4,809 | $ 2,432 | $ 8,565 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2013 |
Extinguishment of Debt [Line Items] | |||
Carrying value of outstanding debt | $ 210,405 | $ 210,021 | |
Senior Subordinated 6.25% Notes | |||
Extinguishment of Debt [Line Items] | |||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Carrying value of outstanding debt | $ 210,000 | $ 210,000 | |
Fair Value | |||
Extinguishment of Debt [Line Items] | |||
Fair value of debt, gross | $ 210,800 | $ 213,800 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility | |
Restructuring and Related Activities [Abstract] | |||
Exit activity charges | $ 4,819 | $ 5,495 | $ 13,747 |
Restructuring impairment charges | 1,344 | (1,630) | 7,530 |
Exit activity costs (recoveries), net | $ 3,475 | $ 7,125 | $ 6,217 |
Number of consolidated facilities to be closed | facility | 4 | 3 | 7 |
Exit Activity Costs and Asset_4
Exit Activity Costs and Asset Impairments (Schedule Of Asset Impairment Charges Related To Restructuring Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | $ 1,344 | $ (1,630) | $ 7,530 |
Exit activity costs (recoveries), net | 3,475 | 7,125 | 6,217 |
Total exit activity costs & asset impairments | 4,819 | 5,495 | 13,747 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | 0 | 0 | 0 |
Exit activity costs (recoveries), net | 438 | 261 | 58 |
Total exit activity costs & asset impairments | 438 | 261 | 58 |
Residential Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | 1,586 | 345 | 1,459 |
Exit activity costs (recoveries), net | 1,321 | 1,058 | 1,074 |
Total exit activity costs & asset impairments | 2,907 | 1,403 | 2,533 |
Industrial and Infrastructure Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | (347) | (2,484) | 4,221 |
Exit activity costs (recoveries), net | 1,749 | 2,820 | 4,546 |
Total exit activity costs & asset impairments | $ 1,402 | $ 336 | $ 8,767 |
Exit Activity Costs and Asset_5
Exit Activity Costs and Asset Impairments (Summary Of Exit Activity Costs And Asset Impairments by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | $ 1,344 | $ (1,630) | $ 7,530 |
Exit activity costs (recoveries), net | 3,475 | 7,125 | 6,217 |
Total exit activity costs & asset impairments | 4,819 | 5,495 | 13,747 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | 0 | 0 | 0 |
Exit activity costs (recoveries), net | 438 | 261 | 58 |
Total exit activity costs & asset impairments | 438 | 261 | 58 |
Residential Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | 1,586 | 345 | 1,459 |
Exit activity costs (recoveries), net | 1,321 | 1,058 | 1,074 |
Total exit activity costs & asset impairments | 2,907 | 1,403 | 2,533 |
Industrial and Infrastructure Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | (347) | (2,484) | 4,221 |
Exit activity costs (recoveries), net | 1,749 | 2,820 | 4,546 |
Total exit activity costs & asset impairments | 1,402 | 336 | 8,767 |
Renewable Energy & Conservation | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment charges (recoveries), net | 105 | 509 | 1,850 |
Exit activity costs (recoveries), net | (33) | 2,986 | 539 |
Total exit activity costs & asset impairments | $ 72 | $ 3,495 | $ 2,389 |
Exit Activity Costs and Asset_6
Exit Activity Costs and Asset Impairments (Summary Of Exit Activity Costs And Asset Impairments Recorded in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 4,819 | $ 5,495 | $ 13,747 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | 1,906 | 911 | 9,922 |
Selling, general, and administrative expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 2,913 | $ 4,584 | $ 3,825 |
Exit Activity Costs and Asset_7
Exit Activity Costs and Asset Impairments (Reconciles Of Liability For Exit Activity Costs Relating To Facility Consolidation Efforts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Balance as of | $ 961 | $ 3,744 | |
Exit activity costs recognized | 3,475 | 7,125 | $ 6,217 |
Cash payments | (2,513) | (9,908) | |
Balance as of | $ 1,923 | $ 961 | $ 3,744 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
GILTI income tax expense (benefit) | $ 0.1 | ||
Provisional tax benefit from remeasurement of deferred tax liabilities | $ 16.2 | ||
Transition tax for foreign earnings | $ 3.9 | ||
Statutory tax rate, percentage | 21.00% | 35.00% | 35.00% |
Deferred tax assets, net of operating losses | $ 11.9 | ||
Deferred tax assets, net of operating losses | 1.2 | ||
Undistributed earnings of foreign subsidiaries | 30 | ||
Cash held in foreign operations | 22.5 | ||
Unrecognized tax benefits that would affect the effective tax rate | $ 0.3 | $ 3.5 | |
Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Statute of limitations expiration period, in years | 4 years | ||
Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Statute of limitations expiration period, in years | 10 years | ||
RBI | |||
Operating Loss Carryforwards [Line Items] | |||
Unrecognized tax benefits that would affect the effective tax rate | $ 3.1 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 0.6 | ||
Deferred tax assets, net of operating losses | 0.1 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 9.6 | ||
Deferred tax assets, net of operating losses | 0.6 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 1.7 | ||
Deferred tax assets, net of operating losses | $ 0.5 |
Income Taxes (Impact of Tax Cut
Income Taxes (Impact of Tax Cuts And Jobs Act) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Remeasurement of certain deferred tax balances | $ 174 |
One-time transition tax | (94) |
Non-deductible performance based compensation | 145 |
Net adjustment recorded to provisional income tax expense | $ 225 |
Impact of Tax Act on effective tax rate | 0.30% |
Income Taxes (Components of Inc
Income Taxes (Components of Income (Loss) before Taxes from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 76,953 | $ 78,468 | $ 37,316 |
Foreign | 2,992 | (560) | 12,667 |
Income before taxes | $ 79,945 | $ 77,908 | $ 49,983 |
Income Taxes (Benefit of) Provi
Income Taxes (Benefit of) Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Benefit of income taxes | $ 0 | $ (239) | $ (26) |
Deferred: | |||
Total deferred | 4,781 | (7,105) | (4,893) |
Provision for income taxes | 16,136 | 14,943 | 16,264 |
Continuing Operations | |||
Current: | |||
U.S. Federal | 9,402 | 16,882 | 14,703 |
State | 3,144 | 2,479 | 2,987 |
Foreign | (1,191) | 2,687 | 3,467 |
Total current | 11,355 | 22,048 | 21,157 |
Deferred: | |||
U.S. Federal | 4,158 | (7,466) | (5,404) |
State | 1,047 | 1,246 | 1,595 |
Foreign | (424) | (885) | (1,084) |
Total deferred | 4,781 | (7,105) | (4,893) |
Provision for income taxes | 16,136 | 14,943 | 16,264 |
Discontinued Operations | |||
Current: | |||
U.S. Federal | 0 | 219 | 24 |
State | 0 | 20 | 2 |
Foreign | 0 | 0 | 0 |
Benefit of income taxes | $ 0 | $ 239 | $ 26 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate | $ 16,788 | $ 27,268 | $ 17,494 |
State taxes, less federal effect | 3,242 | 2,442 | 3,033 |
Federal tax credits | (3,680) | (373) | (439) |
Uncertain tax positions | (3,051) | (148) | (154) |
Excess tax benefit on stock based compensation | 2,288 | 1,415 | 0 |
Net operating loss (NOL) write down | 1,640 | 0 | 0 |
Executive compensation | 1,369 | 160 | 75 |
Change in valuation allowance | 844 | 660 | 685 |
Change in Indemnification Asset | 643 | 0 | 0 |
Tax effect of Tax Reform Act | 0 | 12,535 | 0 |
Domestic manufacturer's deduction | 0 | (1,578) | (1,363) |
Intercompany debt discharge | 0 | 0 | (2,389) |
Worthless stock deduction | 0 | 0 | (868) |
Other | 629 | 462 | 190 |
Provision for income taxes | $ 16,136 | $ 14,943 | $ 16,264 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate | 21.00% | 35.00% | 35.00% |
State taxes, less federal effect | 4.10% | 3.10% | 6.10% |
Federal tax credits | (4.60%) | (0.50%) | (0.90%) |
Uncertain tax positions | (3.80%) | (0.20%) | (0.30%) |
Excess tax benefit on stock based compensation | (2.90%) | (1.80%) | 0.00% |
Net operating loss (NOL) write down | 2.10% | 0.00% | 0.00% |
Executive compensation | 1.70% | 0.20% | 0.20% |
Change in valuation allowance | 1.10% | 0.80% | 1.40% |
Change in Indemnification Asset | 0.80% | 0.00% | 0.00% |
Tax effect of Tax Reform Act | (0.00%) | 16.10% | (0.00%) |
Domestic manufacturer's deduction | (0.00%) | (2.00%) | (2.70%) |
Intercompany debt discharge | (0.00%) | (0.00%) | (4.80%) |
Worthless stock deduction | (0.00%) | (0.00%) | (1.70%) |
Other | 0.70% | 0.70% | 0.20% |
Effective income tax rate, percentage | 20.20% | 19.20% | 32.50% |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 9,886 | $ 9,563 |
Goodwill | 35,813 | 32,662 |
Intangible assets | 9,907 | 10,928 |
Foreign withholding tax | 1,182 | 1,014 |
Other | 696 | 652 |
Gross deferred tax liabilities | 57,484 | 54,819 |
Equity compensation | (10,420) | (12,577) |
Other | (13,529) | (13,247) |
Gross deferred tax assets | (23,949) | (25,824) |
Valuation allowances | 2,995 | 2,242 |
Deferred tax assets, net of valuation allowances | (20,954) | (23,582) |
Net deferred tax liabilities | $ 36,530 | $ 31,237 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - Deferred Tax Valuation Allowance - 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 as of January 1 | $ 2,242 | $ 1,362 | $ 766 |
Cost charged to the tax provision | 2,597 | 1,505 | 983 |
Currency translation | 1,750 | 820 | 338 |
Currency translation | (94) | 195 | (49) |
Balance as of December 31 | $ 2,995 | $ 2,242 | $ 1,362 |
Income Taxes (Income Taxes Paid
Income Taxes (Income Taxes Paid, Net of Tax Refunds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Payments made for income taxes, net | $ 15,167 | $ 26,186 | $ 17,700 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $ 3,536 | $ 3,466 | $ 3,876 |
Additions for tax positions of the current year | 15 | 99 | 33 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Settlements and changes in judgment | 0 | (422) | (256) |
Lapses of applicable statute of limitations | (3,060) | 0 | 0 |
Divestitures and foreign currency translation | (162) | 393 | (187) |
Balance as of December 31 | $ 329 | $ 3,536 | $ 3,466 |
Income Taxes (Interest (Net of
Income Taxes (Interest (Net of Federal Tax Benefit) and Penalties Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Interest and penalties recognized as income | $ 13 | $ 130 | $ 122 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive number of shares | 303,000 | 468,000 | 653,000 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 13,174 | $ 3,996 | $ 63,809 | $ 62,965 | $ 33,719 |
Loss from discontinued operations | 0 | 0 | (405) | 0 | 0 | (405) | (44) | ||||
Net income | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 12,769 | $ 3,996 | $ 63,809 | $ 62,560 | $ 33,675 |
Weighted average shares outstanding (in shares) | 31,979 | 31,701 | 31,536 | ||||||||
Common stock options and restricted stock (in shares) | 555 | 549 | 533 | ||||||||
Weighted average shares and conversions (in shares) | 32,534 | 32,250 | 32,069 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Rent Expense under Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 12,571 | $ 11,964 | $ 13,652 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 14,304 |
2,020 | 8,156 |
2,021 | 5,910 |
2,022 | 4,566 |
2,023 | 4,043 |
Thereafter | $ 1,705 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of reportable segments | 3 |
Segment Information (Measuremen
Segment Information (Measurements Used by Management to Assess Performance of Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 258,112 | $ 274,574 | $ 247,627 | $ 206,605 | $ 1,002,372 | $ 986,918 | $ 1,007,981 | |
Income from operations: | 18,447 | $ 29,404 | $ 32,274 | $ 13,843 | 22,547 | $ 35,693 | $ 24,930 | $ 9,679 | 93,968 | 92,849 | 73,488 | |
Depreciation and amortization | 20,374 | 21,690 | 24,114 | |||||||||
Total assets | 1,061,645 | 991,385 | 1,061,645 | 991,385 | 918,245 | $ 991,572 | ||||||
Capital expenditures | 12,457 | 11,399 | 10,779 | |||||||||
Operating Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Income from operations: | 122,597 | 115,270 | 109,761 | |||||||||
Intersegment sales | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | (1,103) | (1,247) | (1,495) | |||||||||
Unallocated Corporate Expenses | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Income from operations: | (28,629) | (22,421) | (36,273) | |||||||||
Depreciation and amortization | 332 | 321 | 377 | |||||||||
Total assets | 271,616 | 209,286 | 271,616 | 209,286 | 153,338 | |||||||
Capital expenditures | 175 | 421 | 377 | |||||||||
Residential Products | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 463,216 | 466,603 | 430,938 | |||||||||
Residential Products | Operating Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 463,216 | 466,603 | 430,938 | |||||||||
Income from operations: | 69,838 | 76,893 | 65,241 | |||||||||
Depreciation and amortization | 8,217 | 9,183 | 9,297 | |||||||||
Total assets | 361,499 | 358,838 | 361,499 | 358,838 | 331,975 | |||||||
Capital expenditures | 7,921 | 5,236 | 5,182 | |||||||||
Industrial and Infrastructure Products | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 221,903 | 213,964 | 295,018 | |||||||||
Industrial and Infrastructure Products | Operating Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 223,006 | 215,211 | 296,513 | |||||||||
Income from operations: | 15,336 | 8,159 | 1,306 | |||||||||
Depreciation and amortization | 6,035 | 6,529 | 8,237 | |||||||||
Total assets | 210,482 | 203,455 | 210,482 | 203,455 | 225,691 | |||||||
Capital expenditures | 3,016 | 2,094 | 2,060 | |||||||||
Renewable Energy & Conservation | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 317,253 | 306,351 | 282,025 | |||||||||
Renewable Energy & Conservation | Operating Segments | ||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||
Net sales: | 317,253 | 306,351 | 282,025 | |||||||||
Income from operations: | 37,423 | 30,218 | 43,214 | |||||||||
Depreciation and amortization | 5,790 | 5,657 | 6,203 | |||||||||
Total assets | $ 218,048 | $ 219,806 | 218,048 | 219,806 | 207,241 | |||||||
Capital expenditures | $ 1,345 | $ 3,648 | $ 3,160 |
Segment Information (Net Sales
Segment Information (Net Sales by Region or Origin and Long-Lived Assets by Region of Domicile) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 258,112 | $ 274,574 | $ 247,627 | $ 206,605 | $ 1,002,372 | $ 986,918 | $ 1,007,981 |
Long-lived assets | 97,046 | 101,779 | 97,046 | 101,779 | 112,226 | ||||||
North America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 990,772 | 977,942 | 963,797 | ||||||||
Long-lived assets | 96,342 | 97,956 | 96,342 | 97,956 | 108,334 | ||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 0 | 1,131 | 19,447 | ||||||||
Long-lived assets | 0 | 3,222 | 0 | 3,222 | 2,900 | ||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 11,600 | 7,845 | 24,737 | ||||||||
Long-lived assets | $ 704 | $ 601 | $ 704 | $ 601 | $ 992 |
Segment Information (Net Sale_2
Segment Information (Net Sales by Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 258,112 | $ 274,574 | $ 247,627 | $ 206,605 | $ 1,002,372 | $ 986,918 | $ 1,007,981 |
Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 463,216 | 466,603 | 430,938 | ||||||||
Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 221,903 | 213,964 | 295,018 | ||||||||
Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 317,253 | 306,351 | 282,025 | ||||||||
Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 682,021 | 710,704 | 747,522 | ||||||||
Point in Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 460,513 | 466,603 | 430,938 | ||||||||
Point in Time | Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 188,081 | 213,964 | 295,018 | ||||||||
Point in Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 33,427 | 30,137 | 21,566 | ||||||||
Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 320,351 | 276,214 | 260,459 | ||||||||
Over Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 2,703 | 0 | 0 | ||||||||
Over Time | Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 33,822 | 0 | 0 | ||||||||
Over Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 283,826 | $ 276,214 | $ 260,459 |
Supplemental Financial Inform_3
Supplemental Financial Information (Narrative) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2013 |
Senior Subordinated 6.25% Notes | |||
Debt Instrument [Line Items] | |||
Senior Subordinated Notes, interest rate | 6.25% | 6.25% | 6.25% |
Supplemental Financial Inform_4
Supplemental Financial Information (Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales: | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 258,112 | $ 274,574 | $ 247,627 | $ 206,605 | $ 1,002,372 | $ 986,918 | $ 1,007,981 |
Cost of sales | 760,012 | 750,374 | 763,219 | ||||||||
Gross profit | 53,260 | 70,279 | 70,503 | 48,318 | 56,729 | 68,735 | 61,825 | 49,255 | 242,360 | 236,544 | 244,762 |
Selling, general, and administrative expense | 146,840 | 143,448 | 161,099 | ||||||||
Intangible asset impairment | 1,552 | 247 | 10,175 | ||||||||
Income from operations | 18,447 | 29,404 | 32,274 | 13,843 | 22,547 | 35,693 | 24,930 | 9,679 | 93,968 | 92,849 | 73,488 |
Interest expense, net | 2,759 | 2,906 | 3,130 | 3,269 | 3,420 | 3,486 | 3,550 | 3,576 | 12,064 | 14,032 | 14,577 |
Other expense | 1,959 | 909 | 8,928 | ||||||||
Income before taxes | 79,945 | 77,908 | 49,983 | ||||||||
Provision for income taxes | 16,136 | 14,943 | 16,264 | ||||||||
Income from continuing operations | 13,117 | 19,503 | 22,837 | 8,352 | 25,176 | 20,619 | 13,174 | 3,996 | 63,809 | 62,965 | 33,719 |
Loss before taxes | 0 | (644) | (70) | ||||||||
Benefit of income taxes | 0 | (239) | (26) | ||||||||
Loss from discontinued operations | 0 | 0 | (405) | 0 | 0 | (405) | (44) | ||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | ||||||||
Net income | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 12,769 | $ 3,996 | 63,809 | 62,560 | 33,675 |
Gibraltar Industries, Inc. | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales: | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general, and administrative expense | 151 | 147 | 14,302 | ||||||||
Intangible asset impairment | 0 | 0 | 0 | ||||||||
Income from operations | (151) | (147) | (14,302) | ||||||||
Interest expense, net | 13,609 | 13,609 | 13,609 | ||||||||
Other expense | 0 | 0 | 8,716 | ||||||||
Income before taxes | (13,760) | (13,756) | (36,627) | ||||||||
Provision for income taxes | (3,853) | (5,079) | (11,768) | ||||||||
Income from continuing operations | (8,677) | (24,859) | |||||||||
Loss before taxes | 0 | 0 | |||||||||
Benefit of income taxes | 0 | 0 | |||||||||
Loss from discontinued operations | 0 | 0 | |||||||||
Equity in earnings from subsidiaries | 74,544 | 72,261 | 57,857 | ||||||||
Net income | 64,637 | 63,584 | 32,998 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales: | 960,142 | 947,604 | 950,945 | ||||||||
Cost of sales | 728,187 | 719,587 | 722,315 | ||||||||
Gross profit | 231,955 | 228,017 | 228,630 | ||||||||
Selling, general, and administrative expense | 139,726 | 133,409 | 137,343 | ||||||||
Intangible asset impairment | 615 | 200 | 7,980 | ||||||||
Income from operations | 91,614 | 94,408 | 83,307 | ||||||||
Interest expense, net | (1,279) | 512 | 1,042 | ||||||||
Other expense | 3,396 | 500 | 512 | ||||||||
Income before taxes | 89,497 | 93,396 | 81,753 | ||||||||
Provision for income taxes | 18,544 | 19,787 | 27,551 | ||||||||
Income from continuing operations | 73,609 | 54,202 | |||||||||
Loss before taxes | (644) | (70) | |||||||||
Benefit of income taxes | (239) | (26) | |||||||||
Loss from discontinued operations | (405) | (44) | |||||||||
Equity in earnings from subsidiaries | 3,591 | (943) | 3,699 | ||||||||
Net income | 74,544 | 72,261 | 57,857 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales: | 64,090 | 52,738 | 78,184 | ||||||||
Cost of sales | 52,857 | 43,187 | 62,729 | ||||||||
Gross profit | 11,233 | 9,551 | 15,455 | ||||||||
Selling, general, and administrative expense | 6,963 | 9,892 | 9,454 | ||||||||
Intangible asset impairment | 937 | 47 | 2,195 | ||||||||
Income from operations | 3,333 | (388) | 3,806 | ||||||||
Interest expense, net | (266) | (89) | (74) | ||||||||
Other expense | (1,437) | 409 | (300) | ||||||||
Income before taxes | 5,036 | (708) | 4,180 | ||||||||
Provision for income taxes | 1,445 | 235 | 481 | ||||||||
Income from continuing operations | (943) | 3,699 | |||||||||
Loss before taxes | 0 | 0 | |||||||||
Benefit of income taxes | 0 | 0 | |||||||||
Loss from discontinued operations | 0 | 0 | |||||||||
Equity in earnings from subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 3,591 | (943) | 3,699 | ||||||||
Eliminations | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales: | (21,860) | (13,424) | (21,148) | ||||||||
Cost of sales | (21,032) | (12,400) | (21,825) | ||||||||
Gross profit | (828) | (1,024) | 677 | ||||||||
Selling, general, and administrative expense | 0 | 0 | 0 | ||||||||
Intangible asset impairment | 0 | 0 | 0 | ||||||||
Income from operations | (828) | (1,024) | 677 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Income before taxes | (828) | (1,024) | 677 | ||||||||
Provision for income taxes | 0 | 0 | 0 | ||||||||
Income from continuing operations | (1,024) | 677 | |||||||||
Loss before taxes | 0 | 0 | |||||||||
Benefit of income taxes | 0 | 0 | |||||||||
Loss from discontinued operations | 0 | 0 | |||||||||
Equity in earnings from subsidiaries | (78,135) | (71,318) | (61,556) | ||||||||
Net income | $ (78,963) | $ (72,342) | $ (60,879) |
Supplemental Financial Inform_5
Supplemental Financial Information (Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 12,769 | $ 3,996 | $ 63,809 | $ 62,560 | $ 33,675 |
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | (3,241) | 3,150 | 6,945 | ||||||||
Cumulative effect of accounting change (see Note 1) | (350) | 0 | 0 | ||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 723 | 205 | 750 | ||||||||
Other comprehensive (loss) income | (2,868) | 3,355 | 7,695 | ||||||||
Total comprehensive income | 60,941 | 65,915 | 41,370 | ||||||||
Gibraltar Industries, Inc. | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 64,637 | 63,584 | 32,998 | ||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Cumulative effect of accounting change (see Note 1) | 0 | ||||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | ||||||||
Total comprehensive income | 64,637 | 63,584 | 32,998 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 74,544 | 72,261 | 57,857 | ||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Cumulative effect of accounting change (see Note 1) | (350) | ||||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 723 | 205 | 750 | ||||||||
Other comprehensive (loss) income | 373 | 205 | 750 | ||||||||
Total comprehensive income | 74,917 | 72,466 | 58,607 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 3,591 | (943) | 3,699 | ||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | (3,241) | 3,150 | 6,945 | ||||||||
Cumulative effect of accounting change (see Note 1) | 0 | ||||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | (3,241) | 3,150 | 6,945 | ||||||||
Total comprehensive income | 350 | 2,207 | 10,644 | ||||||||
Eliminations | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | (78,963) | (72,342) | (60,879) | ||||||||
Other comprehensive income: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Cumulative effect of accounting change (see Note 1) | 0 | ||||||||||
Adjustment to pension and post-retirement benefit liability, net of tax | 0 | 0 | 0 | ||||||||
Other comprehensive (loss) income | 0 | 0 | 0 | ||||||||
Total comprehensive income | $ (78,963) | $ (72,342) | $ (60,879) |
Supplemental Financial Inform_6
Supplemental Financial Information (Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | |||||
Cash and cash equivalents | $ 297,006 | $ 222,280 | $ 170,177 | $ 68,858 | |
Accounts receivable, net | 140,283 | $ 150,307 | 145,385 | ||
Intercompany balances | 0 | 0 | |||
Inventories | 98,913 | 81,637 | 86,372 | ||
Other current assets | 8,351 | 8,727 | |||
Total current assets | 544,553 | 462,951 | 462,764 | ||
Property, plant, and equipment, net | 95,830 | 97,098 | |||
Goodwill | 323,671 | 321,074 | 304,032 | ||
Acquired intangibles | 96,375 | 105,768 | |||
Other assets | 1,216 | 4,681 | |||
Investment in subsidiaries | 0 | 0 | |||
Total assets | 1,061,645 | 991,572 | 991,385 | 918,245 | |
Current liabilities: | |||||
Accounts payable | 79,136 | 82,387 | |||
Accrued expenses | 87,074 | 75,380 | 75,467 | ||
Billings in Excess of Cost | 17,857 | 12,779 | |||
Current maturities of long-term debt | 208,805 | 400 | |||
Total current liabilities | 392,872 | 170,946 | 171,033 | ||
Long-term debt | 1,600 | 209,621 | |||
Deferred income taxes | 36,530 | 31,237 | |||
Other non-current liabilities | 33,950 | 47,775 | |||
Total shareholders’ equity | 596,693 | 531,993 | 531,719 | 460,880 | 410,086 |
Total liabilities and shareholders' equity | 1,061,645 | $ 991,572 | 991,385 | ||
Gibraltar Industries, Inc. | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Intercompany balances | 1,183 | 324 | |||
Inventories | 0 | 0 | |||
Other current assets | 3,853 | 5,415 | |||
Total current assets | 5,036 | 5,739 | |||
Property, plant, and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Acquired intangibles | 0 | 0 | |||
Other assets | 0 | 0 | |||
Investment in subsidiaries | 806,155 | 739,970 | |||
Total assets | 811,191 | 745,709 | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Accrued expenses | 5,493 | 5,469 | |||
Billings in Excess of Cost | 0 | 0 | |||
Current maturities of long-term debt | 209,005 | 0 | |||
Total current liabilities | 214,498 | 5,469 | |||
Long-term debt | 0 | 208,521 | |||
Deferred income taxes | 0 | 0 | |||
Other non-current liabilities | 0 | 0 | |||
Total shareholders’ equity | 596,693 | 531,719 | |||
Total liabilities and shareholders' equity | 811,191 | 745,709 | |||
Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 262,716 | 192,604 | 143,826 | 39,597 | |
Accounts receivable, net | 132,841 | 138,903 | |||
Intercompany balances | 2,439 | 4,166 | |||
Inventories | 94,700 | 82,457 | |||
Other current assets | 1,146 | (368) | |||
Total current assets | 493,842 | 417,762 | |||
Property, plant, and equipment, net | 93,034 | 93,906 | |||
Goodwill | 301,309 | 298,258 | |||
Acquired intangibles | 89,556 | 97,171 | |||
Other assets | 1,047 | 4,681 | |||
Investment in subsidiaries | 62,722 | 61,746 | |||
Total assets | 1,041,510 | 973,524 | |||
Current liabilities: | |||||
Accounts payable | 73,934 | 77,786 | |||
Accrued expenses | 77,282 | 67,746 | |||
Billings in Excess of Cost | 13,864 | 9,840 | |||
Current maturities of long-term debt | (200) | 400 | |||
Total current liabilities | 164,880 | 155,772 | |||
Long-term debt | 1,600 | 1,100 | |||
Deferred income taxes | 34,925 | 28,907 | |||
Other non-current liabilities | 33,950 | 47,775 | |||
Total shareholders’ equity | 806,155 | 739,970 | |||
Total liabilities and shareholders' equity | 1,041,510 | 973,524 | |||
Non-Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 34,290 | 29,676 | 26,351 | 29,261 | |
Accounts receivable, net | 7,442 | 6,482 | |||
Intercompany balances | (3,622) | (4,490) | |||
Inventories | 4,213 | 3,915 | |||
Other current assets | 3,352 | 3,680 | |||
Total current assets | 45,675 | 39,263 | |||
Property, plant, and equipment, net | 2,796 | 3,192 | |||
Goodwill | 22,362 | 22,816 | |||
Acquired intangibles | 6,819 | 8,597 | |||
Other assets | 169 | 0 | |||
Investment in subsidiaries | 0 | 0 | |||
Total assets | 77,821 | 73,868 | |||
Current liabilities: | |||||
Accounts payable | 5,202 | 4,601 | |||
Accrued expenses | 4,299 | 2,252 | |||
Billings in Excess of Cost | 3,993 | 2,939 | |||
Current maturities of long-term debt | 0 | 0 | |||
Total current liabilities | 13,494 | 9,792 | |||
Long-term debt | 0 | 0 | |||
Deferred income taxes | 1,605 | 2,330 | |||
Other non-current liabilities | 0 | 0 | |||
Total shareholders’ equity | 62,722 | 61,746 | |||
Total liabilities and shareholders' equity | 77,821 | 73,868 | |||
Eliminations | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Accounts receivable, net | 0 | 0 | |||
Intercompany balances | 0 | 0 | |||
Inventories | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property, plant, and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Acquired intangibles | 0 | 0 | |||
Other assets | 0 | 0 | |||
Investment in subsidiaries | (868,877) | (801,716) | |||
Total assets | (868,877) | (801,716) | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Accrued expenses | 0 | 0 | |||
Billings in Excess of Cost | 0 | 0 | |||
Current maturities of long-term debt | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other non-current liabilities | 0 | 0 | |||
Total shareholders’ equity | (868,877) | (801,716) | |||
Total liabilities and shareholders' equity | $ (868,877) | $ (801,716) |
Supplemental Financial Inform_7
Supplemental Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 97,545 | $ 70,070 | $ 123,987 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (12,457) | (11,399) | (10,779) |
Acquisitions, net of cash acquired | (5,241) | (18,494) | (23,412) |
Net proceeds from sale of property and equipment | 3,149 | 13,096 | 953 |
Net proceeds from sale of business | 0 | 0 | 8,250 |
Net cash used in investing activities | (14,549) | (16,797) | (23,870) |
Other, net | 0 | 0 | 1,118 |
Cash Flows from Financing Activities | |||
Long-term debt payments | (400) | (400) | (400) |
Payment of debt issuance costs | 0 | 0 | (54) |
Purchase of treasury stock at market prices | (7,165) | (2,872) | (1,539) |
Intercompany financing | 0 | 0 | 0 |
Net proceeds from issuance of common stock | 1,385 | 674 | 3,341 |
Net cash (used in) provided by financing activities | (6,180) | (2,598) | 1,348 |
Effect of exchange rate changes on cash | (2,090) | 1,428 | (146) |
Net increase in cash and cash equivalents | 74,726 | 52,103 | 101,319 |
Cash and cash equivalents at beginning of year | 222,280 | 170,177 | 68,858 |
Cash and cash equivalents at end of year | 297,006 | 222,280 | 170,177 |
Gibraltar Industries, Inc. | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (13,252) | (15,172) | (34,243) |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Net proceeds from sale of property and equipment | 0 | 0 | 0 |
Net proceeds from sale of business | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Other, net | 0 | ||
Cash Flows from Financing Activities | |||
Long-term debt payments | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ||
Purchase of treasury stock at market prices | (7,165) | (2,872) | (1,539) |
Intercompany financing | 19,032 | 17,370 | 32,441 |
Net proceeds from issuance of common stock | 1,385 | 674 | 3,341 |
Net cash (used in) provided by financing activities | 13,252 | 15,172 | 34,243 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 103,543 | 83,114 | 140,890 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (12,054) | (11,026) | (10,321) |
Acquisitions, net of cash acquired | (5,241) | (18,494) | (23,412) |
Net proceeds from sale of property and equipment | 3,063 | 12,905 | 230 |
Net proceeds from sale of business | 0 | ||
Net cash used in investing activities | (14,232) | (16,615) | (32,385) |
Other, net | 1,118 | ||
Cash Flows from Financing Activities | |||
Long-term debt payments | (400) | (400) | (400) |
Payment of debt issuance costs | (54) | ||
Purchase of treasury stock at market prices | 0 | 0 | 0 |
Intercompany financing | (18,799) | (17,321) | (3,822) |
Net proceeds from issuance of common stock | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (19,199) | (17,721) | (4,276) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 70,112 | 48,778 | 104,229 |
Cash and cash equivalents at beginning of year | 192,604 | 143,826 | 39,597 |
Cash and cash equivalents at end of year | 262,716 | 192,604 | 143,826 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 7,254 | 2,128 | 17,340 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (403) | (373) | (458) |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Net proceeds from sale of property and equipment | 86 | 191 | 723 |
Net proceeds from sale of business | 8,250 | ||
Net cash used in investing activities | (317) | (182) | 8,515 |
Cash Flows from Financing Activities | |||
Long-term debt payments | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ||
Purchase of treasury stock at market prices | 0 | 0 | 0 |
Intercompany financing | (233) | (49) | (28,619) |
Net proceeds from issuance of common stock | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (233) | (49) | (28,619) |
Effect of exchange rate changes on cash | (2,090) | 1,428 | (146) |
Net increase in cash and cash equivalents | 4,614 | 3,325 | (2,910) |
Cash and cash equivalents at beginning of year | 29,676 | 26,351 | 29,261 |
Cash and cash equivalents at end of year | 34,290 | 29,676 | 26,351 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Net proceeds from sale of property and equipment | 0 | 0 | 0 |
Net proceeds from sale of business | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Cash Flows from Financing Activities | |||
Long-term debt payments | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ||
Purchase of treasury stock at market prices | 0 | 0 | 0 |
Intercompany financing | 0 | 0 | 0 |
Net proceeds from issuance of common stock | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 |
Quarterly Unaudited Financial_3
Quarterly Unaudited Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales: | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 258,112 | $ 274,574 | $ 247,627 | $ 206,605 | $ 1,002,372 | $ 986,918 | $ 1,007,981 |
Gross profit | 53,260 | 70,279 | 70,503 | 48,318 | 56,729 | 68,735 | 61,825 | 49,255 | 242,360 | 236,544 | 244,762 |
Income from operations: | 18,447 | 29,404 | 32,274 | 13,843 | 22,547 | 35,693 | 24,930 | 9,679 | 93,968 | 92,849 | 73,488 |
Interest expense, net | 2,759 | 2,906 | 3,130 | 3,269 | 3,420 | 3,486 | 3,550 | 3,576 | 12,064 | 14,032 | 14,577 |
Income from continuing operations | 13,117 | 19,503 | 22,837 | 8,352 | 25,176 | 20,619 | 13,174 | 3,996 | 63,809 | 62,965 | 33,719 |
Loss from discontinued operations | 0 | 0 | (405) | 0 | 0 | (405) | (44) | ||||
Net income | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 25,176 | $ 20,619 | $ 12,769 | $ 3,996 | $ 63,809 | $ 62,560 | $ 33,675 |
(Loss) income per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 0.41 | $ 0.61 | $ 0.72 | $ 0.26 | $ 0.79 | $ 0.65 | $ 0.41 | $ 0.13 | $ 2 | $ 1.98 | $ 1.07 |
Diluted (in dollars per share) | $ 0.40 | $ 0.60 | $ 0.70 | $ 0.26 | 0.78 | 0.64 | 0.41 | 0.12 | 1.96 | 1.95 | 1.05 |
Loss per share from discontinued operations: | |||||||||||
Basic (in dollars per share) | 0 | 0 | (0.01) | 0 | 0 | (0.01) | 0 | ||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ (0.01) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Uncategorized Items - rock-2018
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (254,000) |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (350,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 254,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 624,000 |