Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 27, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-22462 | ||
Entity Registrant Name | GIBRALTAR INDUSTRIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 16-1445150 | ||
Entity Address, Address Line One | 3556 Lake Shore Road | ||
Entity Address, Address Line Two | P.O. Box 2028 | ||
Entity Address, City or Town | Buffalo , | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14219-0228 | ||
City Area Code | 716 | ||
Local Phone Number | 826-6500 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | ROCK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 32,358,728 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement to be filed for its 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000912562 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales: | $ 1,047,439 | $ 1,002,372 | $ 986,918 |
Cost of sales | 802,548 | 760,012 | 750,374 |
Gross profit | 244,891 | 242,360 | 236,544 |
Selling, general, and administrative expense | 157,052 | 146,840 | 143,448 |
Intangible asset impairment | 0 | 1,552 | 247 |
Income from operations | 87,839 | 93,968 | 92,849 |
Interest expense, net | 2,205 | 12,064 | 14,032 |
Other expense | 871 | 1,959 | 909 |
Income before taxes | 84,763 | 79,945 | 77,908 |
Provision for income taxes | 19,672 | 16,136 | 14,943 |
Income from continuing operations | 65,091 | 63,809 | 62,965 |
Discontinued operations: | |||
Loss before taxes | 0 | 0 | (644) |
Benefit of income taxes | 0 | 0 | (239) |
Loss from discontinued operations | 0 | 0 | (405) |
Net income | $ 65,091 | $ 63,809 | $ 62,560 |
Net earnings per share – Basic: | |||
Income from continuing operations (in dollars per share) | $ 2.01 | $ 2 | $ 1.98 |
Loss from discontinued operations (in dollars per share) | 0 | 0 | (0.01) |
Net (loss) income (in dollars per share) | $ 2.01 | $ 2 | $ 1.97 |
Weighted average shares outstanding – Basic (in shares) | 32,389 | 31,979 | 31,701 |
Net earnings per share – Diluted: | |||
Income from continuing operations (in dollars per share) | $ 1.99 | $ 1.96 | $ 1.95 |
Loss from discontinued operations (in dollars per share) | 0 | 0 | (0.01) |
Net (loss) income (in dollars per share) | $ 1.99 | $ 1.96 | $ 1.94 |
Weighted average shares outstanding – Diluted (in shares) | 32,722 | 32,534 | 32,250 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net income | $ 65,091 | $ 63,809 | $ 62,560 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 1,766 | (3,241) | 3,150 |
Cumulative effect of accounting change | 0 | (350) | 0 |
Adjustment to pension and post-retirement benefit liability, net of tax | 77 | 723 | 205 |
Other comprehensive income (loss) | 1,843 | (2,868) | 3,355 |
Total comprehensive income | $ 66,934 | $ 60,941 | $ 65,915 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 191,363 | $ 297,006 |
Accounts receivable, net | 147,515 | 140,283 |
Inventories | 78,476 | 98,913 |
Prepaid expenses and other current assets | 19,748 | 8,351 |
Total current assets | 437,102 | 544,553 |
Property, plant, and equipment, net | 95,409 | 95,830 |
Operating lease assets | 27,662 | |
Goodwill | 329,705 | 323,671 |
Acquired intangibles | 92,592 | 96,375 |
Other assets | 1,980 | 1,216 |
Total assets | 984,450 | 1,061,645 |
Current liabilities: | ||
Accounts payable | 83,136 | 79,136 |
Accrued expenses | 98,463 | 87,074 |
Billings in excess of cost | 47,598 | 17,857 |
Current maturities of long-term debt | 0 | 208,805 |
Total current liabilities | 229,197 | 392,872 |
Long-term debt | 0 | 1,600 |
Deferred income taxes | 40,334 | 36,530 |
Non-current operating lease liabilities | 19,669 | |
Other non-current liabilities | 21,286 | 33,950 |
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; 33,192 and 32,887 shares issued in 2019 and 2018 | 332 | 329 |
Additional paid-in capital | 295,582 | 282,525 |
Retained earnings | 405,668 | 338,995 |
Accumulated other comprehensive loss | (5,391) | (7,234) |
Cost of 906 and 796 common shares held in treasury in 2019 and 2018 | (22,227) | (17,922) |
Total shareholders’ equity | 673,964 | 596,693 |
Total liabilities and shareholders' equity | $ 984,450 | $ 1,061,645 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 33,192,000 | 32,887,000 |
Treasury stock, shares (in shares) | 906,000 | 796,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||
Net income | $ 65,091 | $ 63,809 | $ 62,560 |
Loss from discontinued operations | 0 | 0 | (405) |
Income from continuing operations | 65,091 | 63,809 | 62,965 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 19,949 | 20,374 | 21,690 |
Intangible asset impairment | 0 | 1,552 | 247 |
Stock compensation expense | 12,570 | 9,189 | 7,122 |
Exit activity costs (recoveries), non-cash | 408 | 1,344 | (1,877) |
Provision for (benefit of) deferred income taxes | 3,303 | 4,781 | (7,105) |
Other, net | 5,296 | 1,243 | 1,995 |
Changes in operating assets and liabilities (excluding the effects of acquisitions): | |||
Accounts receivable | (9,418) | 9,737 | (21,806) |
Inventories | 23,105 | (16,951) | 870 |
Other current assets and other assets | (9,118) | (22) | (2,629) |
Accounts payable | 2,571 | (4,828) | 11,332 |
Accrued expenses and other non-current liabilities | 16,178 | 7,317 | (2,734) |
Net cash provided by operating activities | 129,935 | 97,545 | 70,070 |
Cash Flows from Investing Activities | |||
Purchases of property, plant, and equipment | (11,184) | (12,457) | (11,399) |
Acquisitions, net of cash acquired | (8,595) | (5,241) | (18,494) |
Net proceeds from sale of property and equipment | 106 | 3,149 | 13,096 |
Net cash used in investing activities | (19,673) | (14,549) | (16,797) |
Cash Flows from Financing Activities | |||
Long-term debt payments | (212,000) | (400) | (400) |
Payment of debt issuance costs | (1,235) | 0 | 0 |
Purchase of treasury stock at market prices | (4,305) | (7,165) | (2,872) |
Net proceeds from issuance of common stock | 490 | 1,385 | 674 |
Net cash used in financing activities | (217,050) | (6,180) | (2,598) |
Effect of exchange rate changes on cash | 1,145 | (2,090) | 1,428 |
Net (decrease) increase in cash and cash equivalents | (105,643) | 74,726 | 52,103 |
Cash and cash equivalents at beginning of year | 297,006 | 222,280 | 170,177 |
Cash and cash equivalents at end of year | $ 191,363 | $ 297,006 | $ 222,280 |
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, 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 | 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 | 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 65,091 | 65,091 | ||||
Foreign currency translation adjustment | 1,766 | 1,766 | ||||
Adjustment to post-retirement healthcare benefit liability, net of taxes | 77 | 77 | ||||
Stock compensation expense | 12,570 | 12,570 | ||||
Net settlement of restricted stock units, shares | 255,000 | 110,000 | ||||
Net settlement of restricted stock units | $ (4,305) | $ 3 | (3) | $ (4,305) | ||
Issuance of restricted stock, shares | 8,000 | |||||
Stock options exercised, shares | 42,350 | 42,000 | ||||
Stock options exercised | $ 490 | 490 | ||||
Balance, shares at Dec. 31, 2019 | 33,192,000 | 906,000 | ||||
Balance at Dec. 31, 2019 | $ 673,964 | $ 332 | $ 295,582 | $ 405,668 | $ (5,391) | $ (22,227) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Minimum Pension and Post Retirement Benefit Plan Adjustments, tax | $ (24) | $ (225) | $ (110) |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures; extraction systems; 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. Refer to Note 19 "Segment Information" 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. As of December 31, 2019, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Additionally, as of December 31, 2019 and 2018, there were no assets recognized related to incremental costs of obtaining a contract with a customer as the benefits of these costs are not expected to exceed one year . Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue, respectively. The following table presents the beginning and ending balances of costs in excess of billings, billings in excess of cost and unearned revenue as of December 31, 2019 and 2018, respectively, and revenue recognized during the years ended December 31, 2019 and 2018, respectively, that was included in billings in excess of cost and unearned revenue at the beginning of the period, respectively (in thousands): December 31, 2019 December 31, 2018 January 1, 2018 Costs in excess of billings $ 20,607 $ 22,634 $ 16,532 Billings in excess of cost (47,598 ) (17,857 ) (12,779 ) Unearned revenue (17,311 ) (12,028 ) (3,336 ) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period $ 17,371 $ 10,097 Amounts included in unearned revenue at the beginning of the period $ 11,092 $ 2,988 The increase in contract liabilities as of December 31, 2019 compared with December 31, 2018 was primarily due to the timing of significant advanced and up-fronts payments in the Renewable Energy and Conservation segment near the end of December 31, 2019 from contracts with customers for which the performance obligations have not been satisfied. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 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. 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 a contract to construct an 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 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 for 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. Contract assets and contract liabilities 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 do 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. 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. If the amortization period of the asset is one year or less, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. 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): 2019 2018 2017 Beginning balance $ 6,960 $ 6,434 $ 5,272 Bad debt expense 2,862 1,150 1,253 Accounts written off and other adjustments (3,492 ) (624 ) (91 ) Ending balance $ 6,330 $ 6,960 $ 6,434 Concentrations of credit risk in accounts receivable are limited to those from significant customers that are believed to be financially sound. As of December 31, 2019 and 2018 , 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% and 14% as of December 31, 2019 and 2018 , respectively. Net sales as a percentage of consolidated net sales to the home improvement retailer were 12% in each of the years ended December 31, 2019 , 2018 and 2017 , with the majority of those sales within the Company's Residential Products segment. 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): 2019 2018 2017 Depreciation expense $ 12,678 $ 12,152 $ 12,929 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 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. While the Company did not recognize any impairment charges related to intangible assets and other long-lived assets during the year ended December 31, 2019, impairment charges related to intangible assets and other long-lived assets were recognized during the years ended December 31, 2018 and 2017. Several of these impairment charges related to exit activities during the years ended December 31, 2018 and 2017, as described in Note 14 of the consolidated financial statements. Leases The Company determines if an agreement is, or contains, a lease at the inception of the agreement. Effective January 1, 2019, upon the adoption of ASC 842 - Leases, at lease commencement, the Company recognizes a right-of-use asset and a lease liability for leases with terms greater than twelve months. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's consolidated balance sheet. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company combines lease and non-lease components, such as common area maintenance costs, in calculating the related asset and lease liabilities for all underlying asset groups. Operating lease cost is included in income from operations and includes short-term leases and variable lease costs which are immaterial. Deferred charges Deferred charges associated with initial costs incurred to enter into new debt arrangements are included in other assets 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, 2019 , 2018 and 2017 , advertising costs were $5.9 million, $5.2 million, and $4.9 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. 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, common stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. Recent accounting pronouncements Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 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 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. 2016-02 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 Company has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows. Date of adoption: Q1 2019 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326) The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach. The standard is effective for the Company as of January 1, 2020. The Company will adopt the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and will be implementing appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Based on the Company's current portfolio of financial assets and forecasts of future macroeconomic conditions, the Company does not anticipate that the adoption of the amendments will have a significant impact on our operating results, financial position or cash flows. Planned date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2020 ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2021 The Company considers 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. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE, NET Accounts receivable at December 31 consisted of the following (in thousands): 2019 2018 Trade accounts receivable $ 133,238 $ 124,609 Costs in excess of billings 20,607 22,634 Total accounts receivables 153,845 147,243 Less allowance for doubtful accounts (6,330 ) (6,960 ) Accounts receivable $ 147,515 $ 140,283 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories at December 31 consisted of the following (in thousands): 2019 2018 Raw material $ 45,700 $ 57,845 Work-in-process 5,988 6,930 Finished goods 26,788 34,138 Total inventories $ 78,476 $ 98,913 The following table summarizes activity recorded within the reserve for excess, obsolete and slow moving inventory for the years ended December 31 (in thousands): 2019 2018 2017 Beginning balance $ 4,172 $ 3,695 $ 3,801 Excess, obsolete and slow moving inventory expense 659 729 1,276 Scrapped inventory and other adjustments (639 ) (252 ) (1,382 ) Ending balance $ 4,192 $ 4,172 $ 3,695 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 Land and land improvements $ 6,108 $ 6,061 Building and improvements 49,804 46,678 Machinery and equipment 213,550 204,326 Construction in progress 5,977 7,690 Property, plant, and equipment, gross 275,439 264,755 Less: accumulated depreciation (180,030 ) (168,925 ) Property, plant, and equipment, net $ 95,409 $ 95,830 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2019 Acquisition On August 30, 2019, the Company acquired all of the outstanding membership interests of Apeks LLC ("Apeks"), a designer and manufacturer of botanical oil extraction systems and equipment. The results of Apeks 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 purchase consideration for the acquisition of Apeks was $12.5 million , which includes a working capital adjustment and certain other adjustments provided for in the stock purchase agreement expected to be remitted in the next three to six months , at which time a final purchase price will be determined. 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 $5.9 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 presence in the extraction processing 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 $ 4,154 Working capital (1,412 ) Property, plant and equipment 1,059 Acquired intangible assets 3,400 Other assets 508 Other liabilities (1,081 ) Goodwill 5,857 Fair value of purchase consideration $ 12,485 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 1,900 Indefinite Technology 900 7 years Customer relationships 600 6 years Total $ 3,400 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. 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 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 aggregate purchase consideration for the acquisition of SolarBOS was $6.4 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 $2.9 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 renewable energy 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 $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,879 Fair value of purchase consideration $ 6,369 The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period 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 Weighted-Average Amortization Period Trademarks $ 600 Indefinite Technology 1,300 10 years Customer relationships 1,700 7 years Total $ 3,600 The acquisitions of Apeks, SolarBOS and Package Concierge 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 operations. 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): 2019 2018 2017 Cost of sales $ 401 $ — $ — Selling, general and administrative costs 1,517 497 146 Total acquisition related costs $ 1,918 $ 497 $ 146 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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): Renewable Energy & Conservation Residential Products Industrial and Infrastructure Products Total Balance at December 31, 2017 $ 68,719 $ 198,075 $ 54,280 $ 321,074 Acquired goodwill 3,051 — — 3,051 Adjustments to prior year acquisitions — — (38 ) (38 ) Foreign currency translation 57 — (473 ) (416 ) Balance at December 31, 2018 $ 71,827 $ 198,075 $ 53,769 $ 323,671 Acquired goodwill 5,857 — — 5,857 Adjustments to prior year acquisitions (172 ) — — (172 ) Foreign currency translation 90 — 259 349 Balance at December 31, 2019 $ 77,602 $ 198,075 $ 54,028 $ 329,705 Goodwill is recognized net of accumulated impairment losses of $235.4 million as of December 31, 2019 and 2018 , respectively. No goodwill impairment charges were recognized by the Company during 2019 or 2018. Annual Impairment Testing The Company performed its annual goodwill impairment test as of October 31, 2019 , 2018 , and 2017 . During the October 31, 2019 impairment test, the Company conducted a quantitative analysis for all ten 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 2019 and 2018, none of the reporting units with goodwill as of our testing date had carrying values in excess of their fair values. Interim Impairment Testing The Company tests 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 2019, 2018 and 2017, 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, 2019 December 31, 2018 Gross Accumulated Gross Accumulated Estimated Indefinite-lived intangible assets: Trademarks $ 45,770 $ — $ 43,870 $ — Indefinite Finite-lived intangible assets: Trademarks 6,139 4,105 6,094 3,518 3 to 15 Years Unpatented technology 29,544 15,807 28,644 13,881 5 to 20 Years Customer relationships 71,195 40,294 70,419 35,678 5 to 17 Years Non-compete agreements 1,649 1,499 1,649 1,224 4 to 10 Years 108,527 61,705 106,806 54,301 Total acquired intangible assets $ 154,297 $ 61,705 $ 150,676 $ 54,301 The Company did not recognize impairment charges related to indefinite-lived trademark intangible assets for the year ended December 31, 2019 . During the years ended December 31, 2018 and 2017, the Company recognized impairment charges related to indefinite-lived trademark intangible assets. The Company also recognized impairment charges related to finite-lived intangible assets for the year ended December 31, 2018. The following table summarizes the impairment charges for the years ended December 31 (in thousands): 2019 2018 2017 Indefinite-lived intangibles Definite-lived intangibles Indefinite-lived intangibles (1) Definite-lived intangibles (2) Indefinite-lived intangibles (3) Definite-lived intangibles Renewable Energy and Conservation $ — $ — $ 1,037 $ 315 $ 247 $ — Residential Products — — 200 — — — Industrial and Infrastructure Products — — — — — — Impairment charges $ — $ — $ 1,237 $ 315 $ 247 $ — (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. 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): 2019 2018 2017 Amortization expense $ 7,271 $ 8,222 $ 8,761 Amortization expense related to acquired intangible assets for the next five years ended December 31 is estimated as follows (in thousands): 2020 2021 2022 2023 2024 Amortization expense $ 7,133 $ 6,938 $ 6,460 $ 5,922 $ 5,666 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses at December 31 consist of the following (in thousands): 2019 2018 Compensation $ 15,673 $ 17,572 Current portion of cash-settled share-based liabilities 14,817 14,777 Interest and taxes 3,593 9,231 Customer rebates 11,003 10,300 Insurance 8,367 7,789 Current operating lease liability 8,309 — Unearned revenue 17,311 12,028 Other 19,390 15,377 Total accrued expenses $ 98,463 $ 87,074 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Debt | DEBT As of December 31, 2019, the Company had no outstanding debt. At December 31, 2018, the Company's total outstanding debt was $210.4 million , which included $210.0 million of Senior Subordinated 6.25% Notes and $2.0 million of other debt, net of $1.6 million in unamortized debt issuance costs. $208.8 million of total debt at December 31, 2018 was included in current liabilities. Senior Credit Agreement On January 24, 2019, the Company entered into the Sixth Amended and Restated Credit Agreement ("Senior Credit Agreement"), which amended and restated the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015, and provided a revolving credit facility and letters of credit in an aggregate amount equal to $400 million . The Company can request additional financing 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 Senior Credit Agreement contains three financial covenants. As of December 31, 2019, the Company was in compliance with all three covenants. Interest rates on the revolving credit facility are based on 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 Senior Credit Agreement terminates on January 23, 2024. Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Standby letters of credit of $6.0 million have been issued under the Senior Credit Agreement to third parties on behalf of the Company as of December 31, 2019. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $394.0 million and $290.8 million of availability under the revolving credit facility as of December 31, 2019 and 2018, respectively. 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 . On December 20, 2018, the Company announced its redemption of its $210 million outstanding 6.25% Notes, effective February 1, 2019. The 6.25% Notes were redeemed in accordance with the provisions of the indenture governing the 6.25% Notes on February 1, 2019. The Company recorded a charge of $1.1 million for the write-off of deferred financing fees relating to the 6.25% Notes during 2019. Total cash paid for interest in the years ended December 31 was (in thousands): 2019 2018 2017 Interest expense, net $ 2,205 $ 12,064 $ 14,032 Interest income 764 2,156 574 Other non-cash adjustments $ (380 ) $ (529 ) $ (647 ) Cash paid for interest $ 2,589 $ 13,691 $ 13,959 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Supplemental Pension and Multiemployer Pension Plans The Company 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. The Company also 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. Total expense for all retirement plans for the years ended December 31 was (in thousands): 2019 2018 2017 401(k) plan $ 2,419 $ 2,262 $ 2,248 Multiemployer and other defined benefit and pension plans 195 238 320 Postretirement healthcare plan 346 427 476 Total retirement plan expense $ 2,960 $ 2,927 $ 3,044 During 2019, the Company withdrew from two of its three mutliemployer plans, the result of restructuring initiatives executed during the year. The resulting obligations of approximately $4.2 million were recorded on the Company's balance sheet as of December 31, 2019. These obligations are expected to be settled during the year ending December 31, 2020. The Company's one remaining multiemployer plan is underfunded and has a rehabilitation plan in place. The rehabilitation plan requires minimum contributions from the Company. Given the status of this plan, it is reasonably possible that future contributions to the plan will increase although the Company cannot reasonably estimate a possible range of increased contributions as of December 31, 2019. 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): 2019 2018 Projected benefit obligation at January 1 $ 6,135 $ 7,020 Service cost 17 18 Interest cost 234 233 Actuarial gain (52 ) (819 ) Benefits paid, net of contributions (310 ) (317 ) Projected benefit obligation at December 31 6,024 6,135 Fair value of plan assets — — Under funded status (6,024 ) (6,135 ) Unamortized prior service cost 338 382 Unrecognized actuarial loss 1,328 1,431 Net amount recognized $ (4,358 ) $ (4,322 ) Amounts recognized in the consolidated financial statements consisted of (in thousands): 2019 2018 Accrued postretirement benefit liability Current portion $ 330 $ 331 Long term portion 5,694 5,805 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (1,666 ) (1,814 ) Net amount recognized $ 4,358 $ 4,322 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): 2019 2018 2017 Service cost $ 17 $ 18 $ 17 Interest cost 234 233 269 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 51 132 146 Net periodic benefit cost $ 346 $ 427 $ 476 Assumptions used to calculate the benefit obligation: Discount rate 2.9 % 4.1 % 3.4 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 6.8 % 7.0 % 7.3 % Medical costs after age 65 ( 1) 4.5 % 5.0 % 6.3 % Prescription drug costs ( 1) 7.0 % 9.5 % 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 assets, 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): 2019 2018 Effect on accumulated postretirement benefit obligation 1% increase $ 716 $ 831 1% decrease $ (614 ) $ (702 ) Effect on annual service and interest costs 1% increase $ 31 $ 36 1% decrease $ (26 ) $ (30 ) Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2020 2021 2022 2023 2024 Years 2025 - 2029 Expected benefit payments $ 330 $ 335 $ 346 $ 357 $ 364 $ 1,892 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 — (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 ) Minimum pension and post retirement benefit plan adjustments — 101 101 24 77 Foreign currency translation adjustment 1,766 — 1,766 — 1,766 Balance at December 31, 2019 $ (4,173 ) $ (1,939 ) $ (6,112 ) $ (721 ) $ (5,391 ) |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [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, 2019 , 699,000 and 157,000 shares were available for issuance under the 2018 Plan and 2015 Plan, respectively, as incentive stock options or other stock awards, and 45,000 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): 2019 2018 2017 Expense recognized under the Prior Plan $ 192 $ 569 $ 1,059 Expense recognized under the 2015 Plan 5,077 7,988 5,643 Expense recognized under the 2018 Plan 6,731 188 — Expense recognized under the Non-Employee Directors Plan 570 444 420 Total stock compensation expense $ 12,570 $ 9,189 $ 7,122 Tax benefits recognized related to stock compensation expense $ 3,136 $ 2,509 $ 2,133 Equity Based Awards - Settled in Stock The following table provides the number of stock options, stock units, and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2019 2018 2017 Awards Number of Weighted Number of Weighted Number of Weighted Options — $ — — $ — 25,000 $ 12.85 Deferred stock units 7,509 $ 37.95 10,255 $ 35.96 10,170 $ 34.42 Common stock 7,509 $ 37.95 2,113 $ 35.50 2,034 $ 34.42 Restricted stock units 152,472 $ 39.73 116,174 $ 36.61 133,548 $ 36.56 Performance stock units 183,908 $ 40.49 135,929 $ 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 2019 and 2018. 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, 2019 : 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 – $9.50 15,938 0.71 $ 8.90 15,938 $ 8.90 $9.51 – $24.00 51,471 1.71 $ 9.74 51,471 $ 9.74 $24.01 – $25.50 25,000 6.01 $ 25.44 25,000 $ 25.44 $25.51 - $43.05 25,000 7.13 $ 42.35 — $ — 117,409 92,409 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, 2017 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 Exercised (42,350 ) 11.57 Balance at December 31, 2019 117,409 $ 19.91 3.64 $ 3,584,000 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the $50.44 per share market price of the Company’s common stock as of December 31, 2019 , 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, 2019 , exercised their options as of that date. Stock Units and Common Stock The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common stock: Restricted Weighted Common Stock 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, 2018 395,353 $ 27.61 — $ — 235,485 $ 33.78 27,243 $ 33.18 Granted 152,972 39.73 7,509 37.95 194,658 40.49 7,509 37.95 Vested (162,690 ) 24.31 (7,509 ) 37.95 (92,696 ) 28.99 — — Forfeited (11,203 ) 35.72 — — (8,190 ) 46.05 — — Balance at December 31, 2019 374,432 $ 33.74 — $ — 329,257 $ 38.53 34,752 $ 34.21 (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 revenue and 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 termination from service as a member of the Company's Board of Directors. The fair value of the common stock, 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, 2019 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, 2019 were determined using a Monte Carlo simulation as of the grant date of the award, however, no such awards were granted in 2019 and 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): 2019 2018 2017 Aggregate intrinsic value of options exercised $ 1,371 $ 2,128 $ 628 Aggregate fair value of vested restricted stock units $ 10,017 $ 5,307 $ 6,756 Aggregate fair value of vested common and restricted shares $ 285 $ 149 $ 70 Aggregate fair value of vested deferred stock units $ 285 $ 369 $ 350 As of December 31, 2019 , there was $10.9 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 2.2 years . Equity Based Awards - Settled in Cash As of December 31, 2019 , the Company's total share-based liabilities recorded on the consolidated balance sheet was $28.0 million , of which $14.8 million was included in current accrued expenses and $13.2 million was included in non-current liabilities. Total share-based liabilities as of December 31, 2018 were $38.4 million , of which $23.6 million was included in non-current liabilities. At December 31, 2019, the Company's equity based awards that are settled in cash are the awards under the management stock purchase plan. During the year ended December 31, 2019, the Company paid $8.9 million to participants that were awarded cash-settled performance stock units in 2016. The participants earned 200% of target, or 256,000 units, which were converted to cash and valued at the trailing 90 -day closing price of the Company's common stock as of December 31, 2018. Management Stock Purchase Plan The Management Stock Purchase Plan ("MSPP") provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their Directors’ fees, convertible to restricted stock units. 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 deferred compensation. The deferrals and related company match are credited to an account that represents a share-based liability. The portion of the account deferred to unrestricted investments is measured at fair market value of the unrestricted investments, and the portion of the account deferred to restricted stock units and company-matching restricted stock units is measured at a 200-day average of the Company stock price. The account will be 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: 2019 2018 2017 Restricted stock units credited 61,369 66,843 84,299 Restricted stock units balance, vested and unvested 415,760 387,870 389,189 Share-based liabilities paid, in thousands $ 6,543 $ 5,232 $ 6,058 MSPP expense, in thousands $ 2,699 $ 4,809 $ 2,432 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018. As of December 31, 2019, the Company did not have any financial instrument for which carrying value differs from its fair value. At December 31, 2018, the fair value of the outstanding debt, net of unamortized debt issuance costs, was $210.8 million compared to its carrying value of $210.4 million . The Company’s other financial instruments primarily consist of cash and cash equivalents, accounts receivable, notes receivable, and accounts payable. The carrying values for these 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, 2019 and 2018 . Other non-recurring fair value measurements While the Company did not recognize any impairment changes related to certain intangible assets and property, plant, and equipment during the year ended December 31, 2019, the Company did recognize impairment of certain intangible assets and property, plant, and equipment during the years ended December 31, 2018 and 2017 . The Company uses unobservable inputs, classified as Level 3 inputs, in determining the fair value of these assets. See Note 7 "Goodwill and Related Intangible Assets" and Note 14 "Exit Activity Costs and Asset Impairments" 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 2019 , 2018 , and 2017 . 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. |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 12 Months Ended |
Dec. 31, 2019 | |
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, in the sale and exiting of less profitable businesses or products lines, and the reduction in our manufacturing footprint. Exit activity costs were incurred during 2019 related to contract terminations, severance, and other moving and closing costs incurred as a result of process simplification initiatives. In conjunction with these initiatives, the Company closed and consolidated one facility in 2019. In 2018, the Company sold and leased back a facility which resulted in a gain, and closed four other facilities. The Company closed three facilities during 2017. These closures resulted in asset impairment charges and exit activity costs. 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): 2019 2018 2017 Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity costs Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity (recoveries) costs, net Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs Total Renewable Energy & Conservation $ (9 ) $ 66 $ 57 $ 105 $ (33 ) $ 72 $ 509 $ 2,986 $ 3,495 Residential Products 417 3,440 3,857 1,586 1,321 2,907 345 1,058 1,403 Industrial & Infrastructure Products — 4,978 4,978 (347 ) 1,749 1,402 (2,484 ) 2,820 336 Corporate — 1,660 1,660 — 438 438 — 261 261 Total exit activity costs & asset impairments $ 408 $ 10,144 $ 10,552 $ 1,344 $ 3,475 $ 4,819 $ (1,630 ) $ 7,125 $ 5,495 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): 2019 2018 2017 Cost of sales $ 4,255 $ 1,906 $ 911 Selling, general, and administrative expense 6,297 2,913 4,584 Total exit activity costs and asset impairments $ 10,552 $ 4,819 $ 5,495 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2019 2018 Balance as of January 1 $ 1,923 $ 961 Exit activity costs recognized 10,144 3,475 Cash payments (4,629 ) (2,513 ) Non-cash charges (1,989 ) — Balance as of December 31 $ 5,449 $ 1,923 During the three years ended December 31, 2019, 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, 2019 | |
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 less than $0.1 million and $0.1 million of income tax expense as a result of GILTI for the years ended December 31, 2019 and 2018, respectively. 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. 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. The components of income (loss) before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands): 2019 2018 2017 Domestic $ 79,619 $ 76,953 $ 78,468 Foreign 5,144 2,992 (560 ) Income before taxes from continuing operations $ 84,763 $ 79,945 $ 77,908 The provision for (benefit of) income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands): 2019 2018 2017 Current: U.S. Federal $ 11,279 $ 9,402 $ 16,882 State 3,551 3,144 2,479 Foreign 1,539 (1,191 ) 2,687 Total current 16,369 11,355 22,048 Deferred: U.S. Federal 2,917 4,158 (7,466 ) State 509 1,047 1,246 Foreign (123 ) (424 ) (885 ) Total deferred 3,303 4,781 (7,105 ) Provision for income taxes $ 19,672 $ 16,136 $ 14,943 The benefit of income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands): 2019 2018 2017 Current: U.S. Federal $ — $ — $ 219 State — — 20 Foreign — — — Benefit of income taxes $ — $ — $ 239 The provision for income taxes from continuing operations differs from the federal statutory rate of 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 due to the following (in thousands): 2019 2018 2017 Statutory rate 17,800 21.0 % 16,788 21.0 % 27,268 35.0 % State taxes, less federal effect 3,219 3.8 % 3,242 4.1 % 2,442 3.1 % Federal tax credits (1,967 ) (2.3 )% (3,680 ) (4.6 )% (373 ) (0.5 )% Excess tax benefit on stock based compensation (961 ) (1.1 )% (2,288 ) (2.9 )% (1,415 ) (1.8 )% Uncertain tax positions (260 ) (0.3 )% (3,051 ) (3.8 )% (148 ) (0.2 )% Executive compensation 1,132 1.3 % 1,369 1.7 % 160 0.2 % Change in valuation allowance 88 0.1 % 844 1.1 % 660 0.8 % Net operating loss (NOL) write down — — % 1,640 2.1 % — — % 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 )% Other 621 0.7 % 629 0.7 % 462 0.7 % $ 19,672 23.2 % $ 16,136 20.2 % $ 14,943 19.2 % Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2019 2018 Depreciation $ 10,421 $ 9,886 Goodwill 38,540 35,813 Intangible assets 9,610 9,907 Foreign withholding tax 700 1,182 Other 7,826 696 Gross deferred tax liabilities 67,097 57,484 Equity compensation (9,963 ) (10,420 ) Other (20,049 ) (13,529 ) Gross deferred tax assets (30,012 ) (23,949 ) Valuation allowances 3,160 2,995 Deferred tax assets, net of valuation allowances (26,852 ) (20,954 ) Net deferred tax liabilities $ 40,245 $ 36,530 At December 31, 2019 , the Company had total net operating loss carry forwards of $11.5 million , which included $0.5 million for federal, $10.8 million for state, and $0.2 million for foreign income tax purposes. The federal and state net operating loss carry forwards expire between 2020 and 2039 . The foreign net operating loss carry forwards expire in 2022. The Company recognized a total of $0.7 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 and $0.6 million of state 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 Company derecognized net operating loss carry forwards, and the corresponding valuation allowances of $1.7 million in Germany and Brazil since it exited both markets in 2018. In 2019, a valuation allowance was recorded in China. The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2019 2018 2017 Balance as of January 1 $ 2,995 $ 2,242 $ 1,362 Cost charged to the tax provision 173 2,597 1,505 Reductions (10 ) (1,750 ) (820 ) Currency translation 2 (94 ) 195 Balance as of December 31 $ 3,160 $ 2,995 $ 2,242 Interest (net of federal tax benefit) and penalties recognized during the years ended December 31 were (in thousands): 2019 2018 2017 Interest and penalties recognized as income — 13 130 The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands): 2019 2018 2017 Payments made for income taxes, net $ 19,065 $ 15,167 $ 26,186 At December 31, 2019, the Company had approximately $35.1 million of undistributed earnings of foreign subsidiaries. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act “Tax Reform Act”. The legislation assessed a one-time tax on a deemed repatriation of non-previously taxed earnings of foreign subsidiaries. In 2019, $10.0 million , net of $0.5 million of withholding tax, of previously taxed income was repatriated. The Company expects to repatriate an additional $13.3 million in cash to the U.S., net of $0.7 million 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): 2019 2018 2017 Balance as of January 1 $ 329 $ 3,536 $ 3,466 Additions for tax positions of the current year — 15 99 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — — (422 ) Lapses of applicable statute of limitations (329 ) (3,060 ) — Divestitures and foreign currency translation — (162 ) 393 Balance as of December 31 $ — $ 329 $ 3,536 In 2019, the Company did not have any unrecognized tax benefits that would affect the effective tax rate, if recognized as of December 31, 2020. In 2018, the unrecognized tax benefit of $0.3 million would affect the effective tax rate, if recognized as of December 31, 2019. In 2019 and 2018, unrecognized tax benefits of $0.3 million and $3.1 million, respectively, were reversed as a result of the lapse of the statute of limitations in the respective period. In 2018, 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 through 2018. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 30,000 , 303,000 and 468,000 at December 31, 2019, 2018 and 2017, 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): 2019 2018 2017 Numerator: Income from continuing operations $ 65,091 $ 63,809 $ 62,965 Loss from discontinued operations — — (405 ) Net income available to common shareholders $ 65,091 $ 63,809 $ 62,560 Denominator for basic earnings per share: Weighted average shares outstanding 32,389 31,979 31,701 Denominator for diluted earnings per share: Common stock options and stock units 333 555 549 Weighted average shares and conversions 32,722 32,534 32,250 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company's leases are classified as operating leases and consist of manufacturing facilities, distribution centers, office space, vehicles and equipment. Most of the Company's leases include one or more options to renew, with renewal terms that can extend the respective lease term from one month to fifteen years . The exercise of lease renewal options is at the Company's sole discretion. As of December 31, 2019, the Company's renewal options are not part of the Company's operating lease assets and operating lease liabilities. Certain leases also include options to purchase at fair value the underlying leased asset at the Company's sole discretion. (In thousands) Classification December 31, 2019 Assets Operating lease assets $ 27,662 Liabilities Current Accrued expenses $ 8,309 Non-current Non-current operating lease liabilities 19,669 $ 27,978 Lease cost and Other information (in thousands) For the Year Ended December 31, 2019 Operating lease cost $ 12,989 Cash paid for amounts included in the measurement of operating liabilities $ 11,447 Right-of-use assets obtained in exchange for new lease liabilities $ 7,501 Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term - operating leases 3.8 years Weighted-average discount rate - operating leases 5.9 % Maturity of lease liabilities (In thousands) 2020 $ 9,700 2021 8,046 2022 6,018 2023 4,972 2024 1,777 After 2024 806 Total lease payments 31,319 Less: present value discount (3,341 ) Present value of lease liabilities $ 27,978 The Company uses the its incremental borrowing rate based on information available at the commencement date of a lease in determining the present value of lease payments as the rates implicit in most of the Company's leases are not readily determinable. Upon adoption of ASU 2016-02 on January 1, 2019, an unrecognized deferred gain of $1.6 million related to sale-leaseback transactions was recorded as a cumulative-effect adjustment to increase retained earnings, net of related income tax effects. Rent expense under operating leases aggregated to $12.6 million and $12.0 million for the years ended December 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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. The Company is a party to certain claims made under these indemnification provisions. As of December 31, 2019, 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, 2019 | |
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) Renewable Energy and Conservation, which primarily includes designing, engineering, manufacturing and installation of solar racking, electrical balance of systems, extraction systems and greenhouse structures; (ii) Residential Products, which primarily includes roof and foundation ventilation products, rain dispersion products and roofing accessories, centralized mail systems and electronic package solutions; and (iii) Industrial and Infrastructure Products, which primarily includes expanded and perforated metal, perimeter security systems, expansion joints, and structural bearings. 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): 2019 2018 2017 Net sales: Renewable Energy and Conservation $ 373,023 $ 317,253 $ 306,351 Residential Products 461,630 463,216 466,603 Industrial and Infrastructure Products 213,805 223,006 215,211 Less: Intersegment sales (1,019 ) (1,103 ) (1,247 ) Net Industrial and Infrastructure Products 212,786 221,903 213,964 Total consolidated net sales $ 1,047,439 $ 1,002,372 $ 986,918 Income from operations: Renewable Energy and Conservation $ 47,558 $ 37,423 $ 30,218 Residential Products 63,047 69,838 76,893 Industrial and Infrastructure Products 13,455 15,336 8,159 Segments income from operations 124,060 122,597 115,270 Unallocated corporate expenses (36,221 ) (28,629 ) (22,421 ) Total income from operations $ 87,839 $ 93,968 $ 92,849 Depreciation and Amortization Renewable Energy and Conservation $ 6,132 $ 5,790 $ 5,657 Residential Products 7,906 8,217 9,183 Industrial and Infrastructure Products 5,521 6,035 6,529 Unallocated corporate expenses 390 332 321 $ 19,949 $ 20,374 $ 21,690 Total assets Renewable Energy and Conservation $ 246,853 $ 218,048 $ 219,806 Residential Products 359,657 361,499 358,838 Industrial and Infrastructure Products 203,465 210,482 203,455 Unallocated corporate assets 174,475 271,616 209,286 $ 984,450 $ 1,061,645 $ 991,385 Capital expenditures Renewable Energy and Conservation $ 2,199 $ 1,345 $ 3,648 Residential Products 4,968 7,921 5,236 Industrial and Infrastructure Products 3,436 3,016 2,094 Unallocated corporate expenditures 581 175 421 $ 11,184 $ 12,457 $ 11,399 The following tables illustrate revenue disaggregated by timing of transfer of control to the customer for the years ended December 31 (in thousands): 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 42,596 $ 458,006 $ 175,696 $ 676,298 Over Time 330,427 3,624 37,090 371,141 Total $ 373,023 $ 461,630 $ 212,786 $ 1,047,439 2018 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 33,427 $ 460,513 $ 188,081 $ 682,021 Over Time 283,826 2,703 33,822 320,351 Total $ 317,253 $ 463,216 $ 221,903 $ 1,002,372 2017 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 30,137 $ 466,603 $ 213,964 $ 710,704 Over Time 276,214 — — 276,214 Total $ 306,351 $ 466,603 $ 213,964 $ 986,918 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): 2019 2018 2017 Net sales North America $ 1,030,638 $ 990,772 $ 977,942 Europe — — 1,131 Asia 16,801 11,600 7,845 Total $ 1,047,439 $ 1,002,372 $ 986,918 Long-lived assets North America $ 96,847 $ 96,342 $ 97,956 Europe — — 3,222 Asia 542 704 601 Total $ 97,389 $ 97,046 $ 101,779 |
Quarterly Unaudited Financial D
Quarterly Unaudited Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 227,417 $ 262,655 $ 299,236 $ 258,131 $ 1,047,439 Gross profit $ 43,900 $ 63,558 $ 76,578 $ 60,855 $ 244,891 Income from operations $ 10,566 $ 26,606 $ 31,420 $ 19,247 $ 87,839 Interest expense (income) $ 2,061 $ 219 $ 17 $ (92 ) $ 2,205 Net income from continuing operations $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Total net income $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Income per share from continuing operations: Basic $ 0.20 $ 0.62 $ 0.75 $ 0.44 $ 2.01 Diluted $ 0.19 $ 0.61 $ 0.75 $ 0.44 $ 1.99 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 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 17, 2020, the Company announced on Form 8-K its acquisition of the assets of Thermo Energy Systems, a privately held provider of commercial greenhouse solutions in North America in an all cash transaction for approximately $7 million , for which the preliminary purchase price allocation has not yet been determined. Thermo Energy Systems will be reported as a part of our Renewable Energy and Conservation segment. On February 19, 2020, the Company announced on Form 8-K that it has acquired the assets of California-based Delta Separations, a privately held engineering and manufacturing company of centrifugal ethanol-based extraction systems for $50 million in an all cash transaction for which the preliminary purchase price allocation has not yet been determined. The company sells direct to cannabis, hemp, and biomass processors focused on the production of botanical oil extracts for a variety of consumer products. Delta Separations will be reported as a part of our Renewable Energy and Conservation segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 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. 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 a contract to construct an 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 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 for 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. Contract assets and contract liabilities 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 do 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. 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. If the amortization period of the asset is one year or less, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. REVENUE Sales includes revenue from contracts with customers for designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures; extraction systems; 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. Refer to Note 19 "Segment Information" 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. As of December 31, 2019, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Additionally, as of December 31, 2019 and 2018, there were no assets recognized related to incremental costs of obtaining a contract with a customer as the benefits of these costs are not expected to exceed one year . Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue, respectively. The following table presents the beginning and ending balances of costs in excess of billings, billings in excess of cost and unearned revenue as of December 31, 2019 and 2018, respectively, and revenue recognized during the years ended December 31, 2019 and 2018, respectively, that was included in billings in excess of cost and unearned revenue at the beginning of the period, respectively (in thousands): December 31, 2019 December 31, 2018 January 1, 2018 Costs in excess of billings $ 20,607 $ 22,634 $ 16,532 Billings in excess of cost (47,598 ) (17,857 ) (12,779 ) Unearned revenue (17,311 ) (12,028 ) (3,336 ) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period $ 17,371 $ 10,097 Amounts included in unearned revenue at the beginning of the period $ 11,092 $ 2,988 |
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): 2019 2018 2017 Beginning balance $ 6,960 $ 6,434 $ 5,272 Bad debt expense 2,862 1,150 1,253 Accounts written off and other adjustments (3,492 ) (624 ) (91 ) Ending balance $ 6,330 $ 6,960 $ 6,434 Concentrations of credit risk in accounts receivable are limited to those from significant customers that are believed to be financially sound. As of December 31, 2019 and 2018 |
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 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. While the Company did not recognize any impairment charges related to intangible assets and other long-lived assets during the year ended December 31, 2019, impairment charges related to intangible assets and other long-lived assets were recognized during the years ended December 31, 2018 and 2017. Several of these impairment charges related to exit activities during the years ended December 31, 2018 and 2017, as described in Note 14 of the consolidated financial statements. |
Leases | Leases The Company determines if an agreement is, or contains, a lease at the inception of the agreement. Effective January 1, 2019, upon the adoption of ASC 842 - Leases, at lease commencement, the Company recognizes a right-of-use asset and a lease liability for leases with terms greater than twelve months. The initial lease liability is recognized at the present value of remaining lease payments over the lease term. Leases with an initial term of twelve months or less are not recorded on the Company's consolidated balance sheet. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company combines lease and non-lease components, such as common area maintenance costs, in calculating the related asset and lease liabilities for all underlying asset groups. Operating lease cost is included in income from operations and includes short-term leases and variable lease costs which are immaterial. |
Deferred charges | Deferred charges Deferred charges associated with initial costs incurred to enter into new debt arrangements are included in other assets and are amortized as a part of interest expense over the terms of the associated debt agreements. |
Advertising | Advertising |
Foreign currency transactions and translation | Foreign currency transactions and translation |
Income taxes | Income taxes |
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, common stock, restricted stock units, and performance stock units. Equity-based compensation expense is included as a component of selling, general, and administrative expenses. |
Recent accounting pronouncements | Recent accounting pronouncements Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 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 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. 2016-02 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 Company has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows. Date of adoption: Q1 2019 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326) The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach. The standard is effective for the Company as of January 1, 2020. The Company will adopt the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and will be implementing appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Based on the Company's current portfolio of financial assets and forecasts of future macroeconomic conditions, the Company does not anticipate that the adoption of the amendments will have a significant impact on our operating results, financial position or cash flows. Planned date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2020 ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2021 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table presents the beginning and ending balances of costs in excess of billings, billings in excess of cost and unearned revenue as of December 31, 2019 and 2018, respectively, and revenue recognized during the years ended December 31, 2019 and 2018, respectively, that was included in billings in excess of cost and unearned revenue at the beginning of the period, respectively (in thousands): December 31, 2019 December 31, 2018 January 1, 2018 Costs in excess of billings $ 20,607 $ 22,634 $ 16,532 Billings in excess of cost (47,598 ) (17,857 ) (12,779 ) Unearned revenue (17,311 ) (12,028 ) (3,336 ) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Revenue recognized in the period from: Amounts included in billings in excess of cost at the beginning of the period $ 17,371 $ 10,097 Amounts included in unearned revenue at the beginning of the period $ 11,092 $ 2,988 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 2017 Beginning balance $ 6,960 $ 6,434 $ 5,272 Bad debt expense 2,862 1,150 1,253 Accounts written off and other adjustments (3,492 ) (624 ) (91 ) Ending balance $ 6,330 $ 6,960 $ 6,434 |
Property, Plant and Equipment | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2019 2018 2017 Depreciation expense $ 12,678 $ 12,152 $ 12,929 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2019 2018 Land and land improvements $ 6,108 $ 6,061 Building and improvements 49,804 46,678 Machinery and equipment 213,550 204,326 Construction in progress 5,977 7,690 Property, plant, and equipment, gross 275,439 264,755 Less: accumulated depreciation (180,030 ) (168,925 ) Property, plant, and equipment, net $ 95,409 $ 95,830 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2014-09 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 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. 2016-02 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 Company has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows. Date of adoption: Q1 2019 Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326) The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach. The standard is effective for the Company as of January 1, 2020. The Company will adopt the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and will be implementing appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Based on the Company's current portfolio of financial assets and forecasts of future macroeconomic conditions, the Company does not anticipate that the adoption of the amendments will have a significant impact on our operating results, financial position or cash flows. Planned date of adoption: Q1 2020 ASU 2018-15 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2020 ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements. Planned date of adoption: Q1 2021 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable at December 31 consisted of the following (in thousands): 2019 2018 Trade accounts receivable $ 133,238 $ 124,609 Costs in excess of billings 20,607 22,634 Total accounts receivables 153,845 147,243 Less allowance for doubtful accounts (6,330 ) (6,960 ) Accounts receivable $ 147,515 $ 140,283 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories at December 31 consisted of the following (in thousands): 2019 2018 Raw material $ 45,700 $ 57,845 Work-in-process 5,988 6,930 Finished goods 26,788 34,138 Total inventories $ 78,476 $ 98,913 |
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): 2019 2018 2017 Beginning balance $ 4,172 $ 3,695 $ 3,801 Excess, obsolete and slow moving inventory expense 659 729 1,276 Scrapped inventory and other adjustments (639 ) (252 ) (1,382 ) Ending balance $ 4,192 $ 4,172 $ 3,695 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant, and Equipment | The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands): 2019 2018 2017 Depreciation expense $ 12,678 $ 12,152 $ 12,929 Components of property, plant, and equipment at December 31 consisted of the following (in thousands): 2019 2018 Land and land improvements $ 6,108 $ 6,061 Building and improvements 49,804 46,678 Machinery and equipment 213,550 204,326 Construction in progress 5,977 7,690 Property, plant, and equipment, gross 275,439 264,755 Less: accumulated depreciation (180,030 ) (168,925 ) Property, plant, and equipment, net $ 95,409 $ 95,830 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 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 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 $ 4,154 Working capital (1,412 ) Property, plant and equipment 1,059 Acquired intangible assets 3,400 Other assets 508 Other liabilities (1,081 ) Goodwill 5,857 Fair value of purchase consideration $ 12,485 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 $ 915 Working capital 680 Property, plant and equipment 483 Acquired intangible assets 1,450 Other assets 13 Other liabilities (51 ) Goodwill 2,879 Fair value of purchase consideration $ 6,369 |
Schedule of Acquired Intangible Assets | The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 1,900 Indefinite Technology 900 7 years Customer relationships 600 6 years Total $ 3,400 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): The intangible assets acquired in this acquisition consisted of the following (in thousands): Fair Value Weighted-Average Amortization Period Trademarks $ 300 3 years Technology 450 9 years Customer relationships 700 9 years Total $ 1,450 |
Schedule of Business Combination Costs | All acquisition related costs consisted of the following for the years ended December 31 (in thousands): 2019 2018 2017 Cost of sales $ 401 $ — $ — Selling, general and administrative costs 1,517 497 146 Total acquisition related costs $ 1,918 $ 497 $ 146 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): Renewable Energy & Conservation Residential Products Industrial and Infrastructure Products Total Balance at December 31, 2017 $ 68,719 $ 198,075 $ 54,280 $ 321,074 Acquired goodwill 3,051 — — 3,051 Adjustments to prior year acquisitions — — (38 ) (38 ) Foreign currency translation 57 — (473 ) (416 ) Balance at December 31, 2018 $ 71,827 $ 198,075 $ 53,769 $ 323,671 Acquired goodwill 5,857 — — 5,857 Adjustments to prior year acquisitions (172 ) — — (172 ) Foreign currency translation 90 — 259 349 Balance at December 31, 2019 $ 77,602 $ 198,075 $ 54,028 $ 329,705 |
Schedule of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Gross Accumulated Estimated Indefinite-lived intangible assets: Trademarks $ 45,770 $ — $ 43,870 $ — Indefinite Finite-lived intangible assets: Trademarks 6,139 4,105 6,094 3,518 3 to 15 Years Unpatented technology 29,544 15,807 28,644 13,881 5 to 20 Years Customer relationships 71,195 40,294 70,419 35,678 5 to 17 Years Non-compete agreements 1,649 1,499 1,649 1,224 4 to 10 Years 108,527 61,705 106,806 54,301 Total acquired intangible assets $ 154,297 $ 61,705 $ 150,676 $ 54,301 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the impairment charges for the years ended December 31 (in thousands): 2019 2018 2017 Indefinite-lived intangibles Definite-lived intangibles Indefinite-lived intangibles (1) Definite-lived intangibles (2) Indefinite-lived intangibles (3) Definite-lived intangibles Renewable Energy and Conservation $ — $ — $ 1,037 $ 315 $ 247 $ — Residential Products — — 200 — — — Industrial and Infrastructure Products — — — — — — Impairment charges $ — $ — $ 1,237 $ 315 $ 247 $ — (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. |
Schedule of Intangible Assets Amortization Expense | The following table summarizes amortization expense for the years ended December 31 (in thousands): 2019 2018 2017 Amortization expense $ 7,271 $ 8,222 $ 8,761 |
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): 2020 2021 2022 2023 2024 Amortization expense $ 7,133 $ 6,938 $ 6,460 $ 5,922 $ 5,666 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued expenses at December 31 consist of the following (in thousands): 2019 2018 Compensation $ 15,673 $ 17,572 Current portion of cash-settled share-based liabilities 14,817 14,777 Interest and taxes 3,593 9,231 Customer rebates 11,003 10,300 Insurance 8,367 7,789 Current operating lease liability 8,309 — Unearned revenue 17,311 12,028 Other 19,390 15,377 Total accrued expenses $ 98,463 $ 87,074 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Cash Paid for Interest | Total cash paid for interest in the years ended December 31 was (in thousands): 2019 2018 2017 Interest expense, net $ 2,205 $ 12,064 $ 14,032 Interest income 764 2,156 574 Other non-cash adjustments $ (380 ) $ (529 ) $ (647 ) Cash paid for interest $ 2,589 $ 13,691 $ 13,959 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Total Expense for All Retirement Plans | Total expense for all retirement plans for the years ended December 31 was (in thousands): 2019 2018 2017 401(k) plan $ 2,419 $ 2,262 $ 2,248 Multiemployer and other defined benefit and pension plans 195 238 320 Postretirement healthcare plan 346 427 476 Total retirement plan expense $ 2,960 $ 2,927 $ 3,044 |
Amounts Recognized in the Consolidated Financial Statements | Amounts recognized in the consolidated financial statements consisted of (in thousands): 2019 2018 Accrued postretirement benefit liability Current portion $ 330 $ 331 Long term portion 5,694 5,805 Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs (1,666 ) (1,814 ) Net amount recognized $ 4,358 $ 4,322 |
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): 2019 2018 Projected benefit obligation at January 1 $ 6,135 $ 7,020 Service cost 17 18 Interest cost 234 233 Actuarial gain (52 ) (819 ) Benefits paid, net of contributions (310 ) (317 ) Projected benefit obligation at December 31 6,024 6,135 Fair value of plan assets — — Under funded status (6,024 ) (6,135 ) Unamortized prior service cost 338 382 Unrecognized actuarial loss 1,328 1,431 Net amount recognized $ (4,358 ) $ (4,322 ) |
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): 2019 2018 2017 Service cost $ 17 $ 18 $ 17 Interest cost 234 233 269 Amortization of unrecognized prior service cost 44 44 44 Loss amortization ( 2 ) 51 132 146 Net periodic benefit cost $ 346 $ 427 $ 476 Assumptions used to calculate the benefit obligation: Discount rate 2.9 % 4.1 % 3.4 % Annual rate of increase in the per capita cost of: Medical costs before age 65 ( 1) 6.8 % 7.0 % 7.3 % Medical costs after age 65 ( 1) 4.5 % 5.0 % 6.3 % Prescription drug costs ( 1) 7.0 % 9.5 % 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 assets, 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): 2019 2018 Effect on accumulated postretirement benefit obligation 1% increase $ 716 $ 831 1% decrease $ (614 ) $ (702 ) Effect on annual service and interest costs 1% increase $ 31 $ 36 1% decrease $ (26 ) $ (30 ) |
Expected Benefit Payments from the Plan | Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands): 2020 2021 2022 2023 2024 Years 2025 - 2029 Expected benefit payments $ 330 $ 335 $ 346 $ 357 $ 364 $ 1,892 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 — (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 ) Minimum pension and post retirement benefit plan adjustments — 101 101 24 77 Foreign currency translation adjustment 1,766 — 1,766 — 1,766 Balance at December 31, 2019 $ (4,173 ) $ (1,939 ) $ (6,112 ) $ (721 ) $ (5,391 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [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): 2019 2018 2017 Expense recognized under the Prior Plan $ 192 $ 569 $ 1,059 Expense recognized under the 2015 Plan 5,077 7,988 5,643 Expense recognized under the 2018 Plan 6,731 188 — Expense recognized under the Non-Employee Directors Plan 570 444 420 Total stock compensation expense $ 12,570 $ 9,189 $ 7,122 Tax benefits recognized related to stock compensation expense $ 3,136 $ 2,509 $ 2,133 |
Schedule of Number of Awards and Weighted Average Grant Date Fair Value | The following table provides the number of stock options, stock units, and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award: 2019 2018 2017 Awards Number of Weighted Number of Weighted Number of Weighted Options — $ — — $ — 25,000 $ 12.85 Deferred stock units 7,509 $ 37.95 10,255 $ 35.96 10,170 $ 34.42 Common stock 7,509 $ 37.95 2,113 $ 35.50 2,034 $ 34.42 Restricted stock units 152,472 $ 39.73 116,174 $ 36.61 133,548 $ 36.56 Performance stock units 183,908 $ 40.49 135,929 $ 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, 2019 : 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 – $9.50 15,938 0.71 $ 8.90 15,938 $ 8.90 $9.51 – $24.00 51,471 1.71 $ 9.74 51,471 $ 9.74 $24.01 – $25.50 25,000 6.01 $ 25.44 25,000 $ 25.44 $25.51 - $43.05 25,000 7.13 $ 42.35 — $ — 117,409 92,409 |
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, 2017 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 Exercised (42,350 ) 11.57 Balance at December 31, 2019 117,409 $ 19.91 3.64 $ 3,584,000 |
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 stock: Restricted Weighted Common Stock 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, 2018 395,353 $ 27.61 — $ — 235,485 $ 33.78 27,243 $ 33.18 Granted 152,972 39.73 7,509 37.95 194,658 40.49 7,509 37.95 Vested (162,690 ) 24.31 (7,509 ) 37.95 (92,696 ) 28.99 — — Forfeited (11,203 ) 35.72 — — (8,190 ) 46.05 — — Balance at December 31, 2019 374,432 $ 33.74 — $ — 329,257 $ 38.53 34,752 $ 34.21 |
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): 2019 2018 2017 Aggregate intrinsic value of options exercised $ 1,371 $ 2,128 $ 628 Aggregate fair value of vested restricted stock units $ 10,017 $ 5,307 $ 6,756 Aggregate fair value of vested common and restricted shares $ 285 $ 149 $ 70 Aggregate fair value of vested deferred stock units $ 285 $ 369 $ 350 |
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: 2019 2018 2017 Restricted stock units credited 61,369 66,843 84,299 Restricted stock units balance, vested and unvested 415,760 387,870 389,189 Share-based liabilities paid, in thousands $ 6,543 $ 5,232 $ 6,058 MSPP expense, in thousands $ 2,699 $ 4,809 $ 2,432 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Reconciliation of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts | 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): 2019 2018 2017 Inventory write-downs &/or asset impairment (recoveries) charges, net Exit activity costs Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity (recoveries) costs, net Total Inventory write-downs &/or asset impairment charges (recoveries), net Exit activity costs Total Renewable Energy & Conservation $ (9 ) $ 66 $ 57 $ 105 $ (33 ) $ 72 $ 509 $ 2,986 $ 3,495 Residential Products 417 3,440 3,857 1,586 1,321 2,907 345 1,058 1,403 Industrial & Infrastructure Products — 4,978 4,978 (347 ) 1,749 1,402 (2,484 ) 2,820 336 Corporate — 1,660 1,660 — 438 438 — 261 261 Total exit activity costs & asset impairments $ 408 $ 10,144 $ 10,552 $ 1,344 $ 3,475 $ 4,819 $ (1,630 ) $ 7,125 $ 5,495 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2019 2018 Balance as of January 1 $ 1,923 $ 961 Exit activity costs recognized 10,144 3,475 Cash payments (4,629 ) (2,513 ) Non-cash charges (1,989 ) — Balance as of December 31 $ 5,449 $ 1,923 |
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): 2019 2018 2017 Cost of sales $ 4,255 $ 1,906 $ 911 Selling, general, and administrative expense 6,297 2,913 4,584 Total exit activity costs and asset impairments $ 10,552 $ 4,819 $ 5,495 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
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): 2019 2018 2017 Domestic $ 79,619 $ 76,953 $ 78,468 Foreign 5,144 2,992 (560 ) Income before taxes from continuing operations $ 84,763 $ 79,945 $ 77,908 |
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): 2019 2018 2017 Current: U.S. Federal $ 11,279 $ 9,402 $ 16,882 State 3,551 3,144 2,479 Foreign 1,539 (1,191 ) 2,687 Total current 16,369 11,355 22,048 Deferred: U.S. Federal 2,917 4,158 (7,466 ) State 509 1,047 1,246 Foreign (123 ) (424 ) (885 ) Total deferred 3,303 4,781 (7,105 ) Provision for income taxes $ 19,672 $ 16,136 $ 14,943 |
(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): 2019 2018 2017 Current: U.S. Federal $ — $ — $ 219 State — — 20 Foreign — — — Benefit of income taxes $ — $ — $ 239 |
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 years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 due to the following (in thousands): 2019 2018 2017 Statutory rate 17,800 21.0 % 16,788 21.0 % 27,268 35.0 % State taxes, less federal effect 3,219 3.8 % 3,242 4.1 % 2,442 3.1 % Federal tax credits (1,967 ) (2.3 )% (3,680 ) (4.6 )% (373 ) (0.5 )% Excess tax benefit on stock based compensation (961 ) (1.1 )% (2,288 ) (2.9 )% (1,415 ) (1.8 )% Uncertain tax positions (260 ) (0.3 )% (3,051 ) (3.8 )% (148 ) (0.2 )% Executive compensation 1,132 1.3 % 1,369 1.7 % 160 0.2 % Change in valuation allowance 88 0.1 % 844 1.1 % 660 0.8 % Net operating loss (NOL) write down — — % 1,640 2.1 % — — % 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 )% Other 621 0.7 % 629 0.7 % 462 0.7 % $ 19,672 23.2 % $ 16,136 20.2 % $ 14,943 19.2 % |
Deferred Tax Liabilities (Assets) | Deferred tax liabilities (assets) at December 31 consist of the following (in thousands): 2019 2018 Depreciation $ 10,421 $ 9,886 Goodwill 38,540 35,813 Intangible assets 9,610 9,907 Foreign withholding tax 700 1,182 Other 7,826 696 Gross deferred tax liabilities 67,097 57,484 Equity compensation (9,963 ) (10,420 ) Other (20,049 ) (13,529 ) Gross deferred tax assets (30,012 ) (23,949 ) Valuation allowances 3,160 2,995 Deferred tax assets, net of valuation allowances (26,852 ) (20,954 ) Net deferred tax liabilities $ 40,245 $ 36,530 |
Summary of Valuation Allowance | The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): 2019 2018 2017 Balance as of January 1 $ 2,995 $ 2,242 $ 1,362 Cost charged to the tax provision 173 2,597 1,505 Reductions (10 ) (1,750 ) (820 ) Currency translation 2 (94 ) 195 Balance as of December 31 $ 3,160 $ 2,995 $ 2,242 |
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): 2019 2018 2017 Interest and penalties recognized as income — 13 130 |
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): 2019 2018 2017 Payments made for income taxes, net $ 19,065 $ 15,167 $ 26,186 |
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): 2019 2018 2017 Balance as of January 1 $ 329 $ 3,536 $ 3,466 Additions for tax positions of the current year — 15 99 Additions for tax positions of prior years — — — Reductions for tax positions of prior years for: Settlements and changes in judgment — — (422 ) Lapses of applicable statute of limitations (329 ) (3,060 ) — Divestitures and foreign currency translation — (162 ) 393 Balance as of December 31 $ — $ 329 $ 3,536 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | Basic earnings and diluted weighted-average shares outstanding are as follows for the years ended December 31 (in thousands): 2019 2018 2017 Numerator: Income from continuing operations $ 65,091 $ 63,809 $ 62,965 Loss from discontinued operations — — (405 ) Net income available to common shareholders $ 65,091 $ 63,809 $ 62,560 Denominator for basic earnings per share: Weighted average shares outstanding 32,389 31,979 31,701 Denominator for diluted earnings per share: Common stock options and stock units 333 555 549 Weighted average shares and conversions 32,722 32,534 32,250 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | (In thousands) Classification December 31, 2019 Assets Operating lease assets $ 27,662 Liabilities Current Accrued expenses $ 8,309 Non-current Non-current operating lease liabilities 19,669 $ 27,978 |
Lease, Cost | Lease cost and Other information (in thousands) For the Year Ended December 31, 2019 Operating lease cost $ 12,989 Cash paid for amounts included in the measurement of operating liabilities $ 11,447 Right-of-use assets obtained in exchange for new lease liabilities $ 7,501 Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term - operating leases 3.8 years Weighted-average discount rate - operating leases 5.9 % |
Lessee, Operating Lease, Liability, Maturity | Maturity of lease liabilities (In thousands) 2020 $ 9,700 2021 8,046 2022 6,018 2023 4,972 2024 1,777 After 2024 806 Total lease payments 31,319 Less: present value discount (3,341 ) Present value of lease liabilities $ 27,978 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 2017 Net sales: Renewable Energy and Conservation $ 373,023 $ 317,253 $ 306,351 Residential Products 461,630 463,216 466,603 Industrial and Infrastructure Products 213,805 223,006 215,211 Less: Intersegment sales (1,019 ) (1,103 ) (1,247 ) Net Industrial and Infrastructure Products 212,786 221,903 213,964 Total consolidated net sales $ 1,047,439 $ 1,002,372 $ 986,918 Income from operations: Renewable Energy and Conservation $ 47,558 $ 37,423 $ 30,218 Residential Products 63,047 69,838 76,893 Industrial and Infrastructure Products 13,455 15,336 8,159 Segments income from operations 124,060 122,597 115,270 Unallocated corporate expenses (36,221 ) (28,629 ) (22,421 ) Total income from operations $ 87,839 $ 93,968 $ 92,849 Depreciation and Amortization Renewable Energy and Conservation $ 6,132 $ 5,790 $ 5,657 Residential Products 7,906 8,217 9,183 Industrial and Infrastructure Products 5,521 6,035 6,529 Unallocated corporate expenses 390 332 321 $ 19,949 $ 20,374 $ 21,690 Total assets Renewable Energy and Conservation $ 246,853 $ 218,048 $ 219,806 Residential Products 359,657 361,499 358,838 Industrial and Infrastructure Products 203,465 210,482 203,455 Unallocated corporate assets 174,475 271,616 209,286 $ 984,450 $ 1,061,645 $ 991,385 Capital expenditures Renewable Energy and Conservation $ 2,199 $ 1,345 $ 3,648 Residential Products 4,968 7,921 5,236 Industrial and Infrastructure Products 3,436 3,016 2,094 Unallocated corporate expenditures 581 175 421 $ 11,184 $ 12,457 $ 11,399 |
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): 2019 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 42,596 $ 458,006 $ 175,696 $ 676,298 Over Time 330,427 3,624 37,090 371,141 Total $ 373,023 $ 461,630 $ 212,786 $ 1,047,439 2018 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 33,427 $ 460,513 $ 188,081 $ 682,021 Over Time 283,826 2,703 33,822 320,351 Total $ 317,253 $ 463,216 $ 221,903 $ 1,002,372 2017 Renewable Energy and Conservation Residential Products Industrial and Infrastructure Products Total Net sales: Point in Time $ 30,137 $ 466,603 $ 213,964 $ 710,704 Over Time 276,214 — — 276,214 Total $ 306,351 $ 466,603 $ 213,964 $ 986,918 |
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): 2019 2018 2017 Net sales North America $ 1,030,638 $ 990,772 $ 977,942 Europe — — 1,131 Asia 16,801 11,600 7,845 Total $ 1,047,439 $ 1,002,372 $ 986,918 Long-lived assets North America $ 96,847 $ 96,342 $ 97,956 Europe — — 3,222 Asia 542 704 601 Total $ 97,389 $ 97,046 $ 101,779 |
Quarterly Unaudited Financial_2
Quarterly Unaudited Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Unaudited Financial Information | GIBRALTAR INDUSTRIES, INC. QUARTERLY UNAUDITED FINANCIAL DATA (in thousands, except per share data) 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Net sales $ 227,417 $ 262,655 $ 299,236 $ 258,131 $ 1,047,439 Gross profit $ 43,900 $ 63,558 $ 76,578 $ 60,855 $ 244,891 Income from operations $ 10,566 $ 26,606 $ 31,420 $ 19,247 $ 87,839 Interest expense (income) $ 2,061 $ 219 $ 17 $ (92 ) $ 2,205 Net income from continuing operations $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Total net income $ 6,345 $ 19,913 $ 24,476 $ 14,357 $ 65,091 Income per share from continuing operations: Basic $ 0.20 $ 0.62 $ 0.75 $ 0.44 $ 2.01 Diluted $ 0.19 $ 0.61 $ 0.75 $ 0.44 $ 1.99 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 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Costs in excess of billings | $ 20,607 | $ 22,634 | $ 16,532 |
Contract with customer liability | (17,311) | (12,028) | |
Billings in excess of cost | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer liability | (47,598) | (17,857) | (12,779) |
Revenue recognized | 17,371 | 10,097 | |
Unearned revenue | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract with customer liability | (17,311) | (12,028) | $ (3,336) |
Revenue recognized | $ 11,092 | $ 2,988 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Summary of Activity Recorded within the Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 6,960 | $ 6,434 | $ 5,272 |
Bad debt expense | 2,862 | 1,150 | 1,253 |
Accounts written off and other adjustments | (3,492) | (624) | (91) |
Ending balance | $ 6,330 | $ 6,960 | $ 6,434 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Sale Leaseback Transaction [Line Items] | ||||||
Advertising costs | $ 5,900 | $ 5,200 | $ 4,900 | |||
Retained earnings | $ 405,668 | $ 338,995 | ||||
Cumulative effect of new accounting principle in period of adoption | $ 1,582 | $ 274 | $ 0 | |||
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 | 13.00% | 14.00% | ||||
Residential Products | Home Improvement Retail Company | Net sales | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Concentrations of credit risk | 12.00% | 12.00% | 12.00% | |||
Accounting Standards Update 2014-09 | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Retained earnings | 274 | |||||
Retained Earnings | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | 1,582 | $ 624 | $ 254 | |||
Retained Earnings | Accounting Standards Update 2016-02 | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 1,600 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 12,678 | $ 12,152 | $ 12,929 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Trade accounts receivable | $ 133,238 | $ 124,609 | ||
Costs in excess of billings | 20,607 | 22,634 | ||
Total contract receivables | 153,845 | 147,243 | ||
Less allowance for doubtful accounts | (6,330) | (6,960) | $ (6,434) | $ (5,272) |
Accounts receivable | $ 147,515 | $ 140,283 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 45,700 | $ 57,845 |
Work-in-process | 5,988 | 6,930 |
Finished goods | 26,788 | 34,138 |
Total inventories | $ 78,476 | $ 98,913 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory [Roll Forward] | |||
Beginning balance | $ 4,172 | $ 3,695 | $ 3,801 |
Excess, obsolete and slow moving inventory expense | 659 | 729 | 1,276 |
Scrapped inventory and other adjustments | (639) | (252) | (1,382) |
Ending balance | $ 4,192 | $ 4,172 | $ 3,695 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land and land improvements | $ 6,108 | $ 6,061 |
Building and improvements | 49,804 | 46,678 |
Machinery and equipment | 213,550 | 204,326 |
Construction in progress | 5,977 | 7,690 |
Property, plant, and equipment, gross | 275,439 | 264,755 |
Less: accumulated depreciation | (180,030) | (168,925) |
Property, plant, and equipment, net | $ 95,409 | $ 95,830 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Aug. 21, 2018 | Feb. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 329,705 | $ 323,671 | $ 321,074 | |||
Apeks | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 12,500 | |||||
Goodwill | $ 5,857 | |||||
SolarBOS | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 6,400 | |||||
Goodwill | $ 2,879 | |||||
Package Concierge | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 18,900 | |||||
Goodwill | $ 16,790 | |||||
Minimum | Apeks | ||||||
Business Acquisition [Line Items] | ||||||
Working capital adjustment period | 3 months | |||||
Maximum | Apeks | ||||||
Business Acquisition [Line Items] | ||||||
Working capital adjustment period | 6 months |
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, 2019 | Aug. 30, 2019 | Dec. 31, 2018 | Aug. 21, 2018 | Dec. 31, 2017 | Feb. 22, 2017 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 329,705 | $ 323,671 | $ 321,074 | |||
Apeks | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 4,154 | |||||
Working capital | (1,412) | |||||
Property, plant, and equipment | 1,059 | |||||
Acquired intangible assets | 3,400 | |||||
Other assets | 508 | |||||
Other liabilities | (1,081) | |||||
Goodwill | 5,857 | |||||
Fair value of purchase consideration | $ 12,485 | |||||
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 | 2,879 | |||||
Fair value of purchase consideration | $ 6,369 | |||||
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 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Aug. 21, 2018 | Feb. 22, 2017 |
Apeks | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 3,400 | ||
Apeks | Trademarks | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | 1,900 | ||
Apeks | Technology | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 900 | ||
Estimated Useful Life | 7 years | ||
Apeks | Customer relationships | |||
Business Acquisition [Line Items] | |||
Fair Value | $ 600 | ||
Estimated Useful Life | 6 years | ||
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 |
Acquisitions (Acquisition Relat
Acquisitions (Acquisition Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 1,918 | $ 497 | $ 146 |
Cost of sales | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | 401 | 0 | 0 |
Selling, general and administrative costs | |||
Business Acquisition [Line Items] | |||
Total acquisition related costs | $ 1,517 | $ 497 | $ 146 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance at | $ 323,671 | $ 321,074 |
Acquired goodwill | 5,857 | 3,051 |
Adjustments to prior year acquisitions | (172) | (38) |
Foreign currency translation | 349 | (416) |
Balance at | 329,705 | 323,671 |
Renewable Energy & Conservation | ||
Goodwill [Roll Forward] | ||
Balance at | 71,827 | 68,719 |
Acquired goodwill | 5,857 | 3,051 |
Adjustments to prior year acquisitions | (172) | 0 |
Foreign currency translation | 90 | 57 |
Balance at | 77,602 | 71,827 |
Residential Products | ||
Goodwill [Roll Forward] | ||
Balance at | 198,075 | 198,075 |
Acquired goodwill | 0 | 0 |
Adjustments to prior year acquisitions | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance at | 198,075 | 198,075 |
Industrial and Infrastructure Products | ||
Goodwill [Roll Forward] | ||
Balance at | 53,769 | 54,280 |
Acquired goodwill | 0 | 0 |
Adjustments to prior year acquisitions | 0 | (38) |
Foreign currency translation | 259 | (473) |
Balance at | $ 54,028 | $ 53,769 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Narrative) (Details) | Oct. 31, 2017reporting_unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Accumulated impairment losses | $ 235,400,000 | $ 235,400,000 | |
Goodwill impairment | $ 0 | $ 0 | |
Number of reporting units tested | reporting_unit | 10 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 108,527 | $ 106,806 |
Total acquired intangible assets, Gross Carrying Amount | 154,297 | 150,676 |
Accumulated Amortization, Finite-lived intangible assets | 61,705 | 54,301 |
Total acquired intangible assets, Accumulated Amortization | 61,705 | 54,301 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,139 | 6,094 |
Accumulated Amortization, Finite-lived intangible assets | 4,105 | 3,518 |
Unpatented technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 29,544 | 28,644 |
Accumulated Amortization, Finite-lived intangible assets | 15,807 | 13,881 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 71,195 | 70,419 |
Accumulated Amortization, Finite-lived intangible assets | 40,294 | 35,678 |
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 | 1,499 | 1,224 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 45,770 | 43,870 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | $ 0 | $ 1,237 | $ 247 |
Impairment of definite-lived intangibles | 0 | 315 | 0 |
Renewable Energy & Conservation | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | 0 | 1,037 | 247 |
Impairment of definite-lived intangibles | 0 | 315 | 0 |
Residential Products | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of indefinite-lived intangibles | 0 | 200 | 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 | 0 |
Impairment of definite-lived intangibles | $ 0 | $ 0 | $ 0 |
Goodwill and Related Intangib_7
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 7,271 | $ 8,222 | $ 8,761 |
Goodwill and Related Intangib_8
Goodwill and Related Intangible Assets (Schedule of Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 7,133 |
2021 | 6,938 |
2022 | 6,460 |
2023 | 5,922 |
2024 | $ 5,666 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Compensation | $ 15,673 | $ 17,572 |
Current portion of cash-settled share-based liabilities | 14,817 | 14,777 |
Interest and taxes | 3,593 | 9,231 |
Customer rebates | 11,003 | 10,300 |
Insurance | 8,367 | 7,789 |
Current operating lease liability | 8,309 | |
Unearned revenue | 17,311 | 12,028 |
Other | 19,390 | 15,377 |
Total accrued expenses | $ 98,463 | $ 87,074 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jan. 24, 2019 | Jan. 31, 2013 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||
Carrying value of outstanding debt | $ 0 | $ 210,400,000 | |||
Unamortized original issue discount | 1,600,000 | ||||
Current maturities of long-term debt | 0 | 208,805,000 | |||
Senior Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan (up to) | $ 210,000,000 | ||||
Interest rate | 6.25% | ||||
Other Debt Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of outstanding debt | $ 2,000,000 | ||||
Senior Subordinated 6.25% Notes | |||||
Debt Instrument [Line Items] | |||||
Carrying value of outstanding debt | 210,000,000 | ||||
Interest rate | 6.25% | ||||
Notes issued | $ 210,000,000 | ||||
Write off of deferred debt issuance cost | $ 1,100,000 | ||||
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 | ||||
Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Annual commitment fee | 0.15% | ||||
Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
LIBOR floor, plus | 1.125% | ||||
Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Annual commitment fee | 0.25% | ||||
Revolving Credit Facility | 2019 Senior Credit Agreement [Member] | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
LIBOR floor, plus | 2.00% | ||||
Term Loan | 2019 Senior Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan (up to) | $ 300,000,000 | ||||
Standby Letters of Credit | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under the revolving credit facility | 6,000,000 | ||||
Revolving Credit Facility | Senior Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Availability amount | $ 394,000,000 | $ 290,800,000 |
Debt (Schedule of Cash Paid for
Debt (Schedule of Cash Paid for Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |||||||||||
Interest expense, net | $ 92 | $ (17) | $ (219) | $ (2,061) | $ (2,759) | $ (2,906) | $ (3,130) | $ (3,269) | $ (2,205) | $ (12,064) | $ (14,032) |
Interest income | 764 | 2,156 | 574 | ||||||||
Other non-cash adjustments | (380) | (529) | (647) | ||||||||
Cash paid for interest | $ 2,589 | $ 13,691 | $ 13,959 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Schedule of Total Expense for All Retirement Plans) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)plan | Dec. 31, 2018USD ($)plan | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 2,960 | $ 2,927 | $ 3,044 |
Multiemployer plans withdrawal obligation | 4,200 | ||
401(k) plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 2,419 | 2,262 | 2,248 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | 346 | 427 | 476 |
Multiemployer and other defined benefit and pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total retirement plan expense | $ 195 | $ 238 | $ 320 |
Number of plans | plan | 1 | 3 | |
Multiemployer Plans Exited | Multiemployer and other defined benefit and pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of plans | plan | 2 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Changes in the Accumulated Postretirement Benefit Obligation) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at | $ 6,135 | $ 7,020 | |
Service cost | 17 | 18 | $ 17 |
Interest cost | 234 | 233 | 269 |
Actuarial losses (gains) | (52) | (819) | |
Benefits paid | (310) | (317) | |
Projected benefit obligation at | 6,024 | 6,135 | $ 7,020 |
Fair value of plan assets | 0 | 0 | |
Under funded status | (6,024) | (6,135) | |
Unamortized prior service cost | 338 | 382 | |
Unrecognized actuarial gain | 1,328 | 1,431 | |
Net amount recognized | $ (4,358) | $ (4,322) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Amounts Recognized in the Consolidated Financial Statements) (Details) - Other Postretirement Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued post retirement liability: Current portion | $ 330 | $ 331 |
Accrued post retirement liability: Long term portion | 5,694 | 5,805 |
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs | 1,666 | 1,814 |
Net amount recognized | $ 4,358 | $ 4,322 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Components of Net Periodic Postretirement Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 17 | $ 18 | $ 17 |
Interest cost | 234 | 233 | 269 |
Amortization of unrecognized prior service cost | 44 | 44 | 44 |
Loss amortization (2) | 51 | 132 | 146 |
Net periodic pension cost | $ 346 | $ 427 | $ 476 |
Discount rate | 2.90% | 4.10% | 3.40% |
Annual rate of increase in the per capita cost of: Medical costs before age 65 | 6.80% | 7.00% | 7.30% |
Annual rate of increase in the per capita cost of: Medical costs after age 65 | 4.50% | 5.00% | 6.30% |
Annual rate of increase in the per capita cost of: Prescription drug costs | 7.00% | 9.50% | 10.50% |
Pension and Other Postretirem_7
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, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefits [Abstract] | ||
Effect on accumulated postretirement benefit obligation, 1% increase | $ 716 | $ 831 |
Effect on accumulated postretirement benefit obligation, 1% decrease | (614) | (702) |
Effect on annual service and interest costs, 1% increase | 31 | 36 |
Effect on annual service and interest costs, 1% decrease | $ (26) | $ (30) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Expected Benefit Payments from the Plan) (Details) - Unamortized Post-Retirement Health Care Costs $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 330 |
2021 | 335 |
2022 | 346 |
2023 | 357 |
2024 | 364 |
Years 2025 - 2029 | $ 1,892 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | $ (7,979) | $ (5,336) | ||||
Balance at end of period | (6,112) | (7,979) | $ (5,336) | |||
Tax (Benefit) Expense | ||||||
Balance at beginning of period | (745) | (970) | ||||
Minimum pension and post retirement benefit plan adjustments | 24 | 225 | ||||
Balance at end of period | (721) | (745) | (970) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance at beginning of period | (7,234) | (4,366) | ||||
Minimum pension and post retirement benefit plan adjustments | 77 | 723 | ||||
Cumulative effect of new accounting principle in period of adoption | $ 1,582 | $ 274 | $ 0 | |||
Foreign currency translation adjustment | (1,843) | 2,868 | (3,355) | |||
Balance at end of period | (5,391) | (7,234) | (4,366) | |||
Foreign Currency Translation Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (5,939) | (2,698) | ||||
Other Comprehensive Income (Loss), before Tax | 1,766 | (3,241) | ||||
Balance at end of period | (4,173) | (5,939) | (2,698) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Foreign currency translation adjustment | 1,766 | (3,241) | ||||
Minimum pension and post retirement benefit plan adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (2,040) | (2,638) | ||||
Other Comprehensive Income (Loss), before Tax | (101) | (948) | ||||
Balance at end of period | $ (1,939) | $ (2,040) | $ (2,638) | |||
Accounting Standards Update 2018-02 | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (350) | |||||
Accounting Standards Update 2018-02 | Minimum pension and post retirement benefit plan adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ (350) |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2018 | Dec. 31, 2019 | May 04, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price of common stock, per share | $ 50.44 | ||
Unrecognized compensation cost | $ 10.9 | ||
Weighted average cost recognition period, in years | 2 years 2 months 12 days | ||
Accrued equity based compensation | $ 38.4 | $ 28 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock unit compensation expense | $ 8.9 | ||
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] | |||
Shares awarded (in shares) | 194,658 | ||
Forfeited in period (in shares) | 8,190 | ||
Performance stock units outstanding (in shares) | 235,485 | 329,257 | |
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 | 699,000 | ||
2015 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance under the Plan | 157,000 | ||
Non-Employee Directors Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance under the Plan | 45,000 | ||
Accrued Expenses, Current | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 14.8 | ||
Non Current Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 23.6 | $ 13.2 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of Compensation Expense Connection with Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Prior Plan | $ 192 | $ 569 | $ 1,059 |
Expense recognized under the Non-Employee Directors Plan | 570 | 444 | 420 |
Total stock compensation expense | 12,570 | 9,189 | 7,122 |
Tax benefits recognized related to stock compensation expense | 3,136 | 2,509 | 2,133 |
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | 5,077 | 7,988 | 5,643 |
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expense recognized under the Plan | $ 6,731 | $ 188 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 25,000 | ||
Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 152,972 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 39.73 | ||
Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 194,658 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 40.49 | ||
2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 0 | ||
Weighted Average Grant DAte Fair Value (in USD per share) | $ 0 | ||
2019 | Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
2019 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 7,509 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 37.95 | ||
2019 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 152,472 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 39.73 | ||
2019 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 183,908 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 40.49 | ||
2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 0 | ||
Weighted Average Grant DAte Fair Value (in USD per share) | $ 0 | ||
2018 | Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 10,255 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.96 | ||
2018 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,113 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 35.50 | ||
2018 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 116,174 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 36.61 | ||
2018 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 135,929 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 33.63 | ||
2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 25,000 | ||
Weighted Average Grant DAte Fair Value (in USD per share) | $ 12.85 | ||
2017 | Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 10,170 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 34.42 | ||
2017 | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 2,034 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 34.42 | ||
2017 | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 133,548 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 36.56 | ||
2017 | Performance stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Awards (in shares) | 108,748 | ||
Weighted Average Grant Date Fair Value (in USD per share) | $ 42.72 |
Equity-Based Compensation (Weig
Equity-Based Compensation (Weighted Average Assumptions Used to Measure Fair Value of Stock Options) (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Share-based Payment Arrangement [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, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding | 117,409 | 247,666 | 159,759 | 277,224 |
Weighted Average Remaining Contractual Life (in years) | 3 years 7 months 20 days | |||
Weighted Average Exercise Price | $ 11.57 | $ 16.02 | ||
Options Exercisable | 92,409 | |||
$8.90 – $9.50 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | $ 8.90 | |||
Exercise Price Range, Upper Range Limit | $ 9.50 | |||
Options Outstanding | 15,938 | |||
Weighted Average Remaining Contractual Life (in years) | 8 months 15 days | |||
Weighted Average Exercise Price | $ 8.90 | |||
Options Exercisable | 15,938 | |||
Weighted Average Exercise Price | $ 8.90 | |||
$9.51 – $24.00 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 9.51 | |||
Exercise Price Range, Upper Range Limit | $ 24 | |||
Options Outstanding | 51,471 | |||
Weighted Average Remaining Contractual Life (in years) | 1 year 8 months 15 days | |||
Weighted Average Exercise Price | $ 9.74 | |||
Options Exercisable | 51,471 | |||
Weighted Average Exercise Price | $ 9.74 | |||
$24.01 – $25.50 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 24.01 | |||
Exercise Price Range, Upper Range Limit | $ 25.50 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life (in years) | 6 years 3 days | |||
Weighted Average Exercise Price | $ 25.44 | |||
Options Exercisable | 25,000 | |||
Weighted Average Exercise Price | $ 25.44 | |||
$25.51 - $43.05 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Range Limit | 25.51 | |||
Exercise Price Range, Upper Range Limit | $ 43.05 | |||
Options Outstanding | 25,000 | |||
Weighted Average Remaining Contractual Life (in years) | 7 years 1 month 17 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 ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options (in shares): | |||
Beginning balance (in shares) | 159,759 | 247,666 | 277,224 |
Granted (in shares) | 25,000 | ||
Exercised (in shares) | (42,350) | (42,058) | |
Forfeited (in shares) | (87,907) | (12,500) | |
Ending balance (in shares) | 117,409 | 159,759 | 247,666 |
Weighted Average Exercise Price (in dollars per share) | |||
Begininng balance (in dollars per share) | $ 17.70 | $ 17.01 | $ 14.95 |
Granted (in dollars per share) | 42.35 | ||
Exercised (in dollars per share) | 11.57 | 16.02 | |
Forfeited (in dollars per share) | 15.75 | 25.44 | |
Ending balance (in dollars per share) | $ 19.91 | $ 17.70 | $ 17.01 |
Weighted Average Remaining Contractual Life (in years) | 3 years 7 months 20 days | ||
Aggregate Intrinsic Value | $ 3,584 |
Equity-Based Compensation (Su_4
Equity-Based Compensation (Summary of Information about Restricted Stock Units and Weighted Average Grant Date Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted stock units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 395,353 |
Granted (in shares) | shares | 152,972 |
Vested (in shares) | shares | (162,690) |
Forfeited (in shares) | shares | (11,203) |
Balance at end of period (in shares) | shares | 374,432 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 27.61 |
Granted (in USD per share) | $ / shares | 39.73 |
Vested (in USD per share) | $ / shares | 24.31 |
Forfeited (in USD per share) | $ / shares | 35.72 |
Balance at end of period (in USD per share) | $ / shares | $ 33.74 |
Common stock | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 7,509 |
Vested (in shares) | shares | (7,509) |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 0 |
Granted (in USD per share) | $ / shares | 37.95 |
Vested (in USD per share) | $ / shares | 37.95 |
Forfeited (in USD per share) | $ / shares | 0 |
Balance at end of period (in USD per share) | $ / shares | $ 0 |
Performance stock units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 235,485 |
Granted (in shares) | shares | 194,658 |
Vested (in shares) | shares | (92,696) |
Forfeited (in shares) | shares | (8,190) |
Balance at end of period (in shares) | shares | 329,257 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 33.78 |
Granted (in USD per share) | $ / shares | 40.49 |
Vested (in USD per share) | $ / shares | 28.99 |
Forfeited (in USD per share) | $ / shares | 46.05 |
Balance at end of period (in USD per share) | $ / shares | $ 38.53 |
Deferred stock units | |
Restricted Stock Units / Restricted Stock (in shares) | |
Balance at beginning of period (in shares) | shares | 27,243 |
Granted (in shares) | shares | 7,509 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 34,752 |
Weighted Average Grant Date Fair Value (in dollars per share) | |
Balance at beginning of period (in USD per share) | $ / shares | $ 33.18 |
Granted (in USD per share) | $ / shares | 37.95 |
Vested (in USD per share) | $ / shares | 0 |
Forfeited (in USD per share) | $ / shares | 0 |
Balance at end of period (in USD per share) | $ / shares | $ 34.21 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 1,371 | $ 2,128 | $ 628 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 10,017 | 5,307 | 6,756 |
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | 285 | 149 | 70 |
Deferred stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date fair value | $ 285 | $ 369 | $ 350 |
Equity-Based Compensation (Cash
Equity-Based Compensation (Cash Paid to Settle Liability Awards) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
MSPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited | $ 6,543 | $ 5,232 | $ 6,058 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units credited (in shares) | 61,369 | 66,843 | 84,299 |
Restricted stock units balance, vested and unvested (in shares) | 415,760 | 387,870 | 389,189 |
Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
MSPP expense, in thousands | $ 2,699 | $ 4,809 | $ 2,432 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Extinguishment of Debt [Line Items] | ||
Carrying value of outstanding debt | $ 0 | $ 210,400,000 |
Fair Value | ||
Extinguishment of Debt [Line Items] | ||
Fair value of debt, gross | $ 210,800,000 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) - facility | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | ||
Number of consolidated facilities to be closed | 1 | 3 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment (recoveries) charges, net | $ 408 | $ 1,344 | $ (1,630) |
Exit activity costs | 10,144 | 3,475 | 7,125 |
Total exit activity costs & asset impairments | 10,552 | 4,819 | 5,495 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment (recoveries) charges, net | 0 | 0 | 0 |
Exit activity costs | 1,660 | 438 | 261 |
Total exit activity costs & asset impairments | 1,660 | 438 | 261 |
Renewable Energy & Conservation | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment (recoveries) charges, net | (9) | 105 | 509 |
Exit activity costs | 66 | (33) | 2,986 |
Total exit activity costs & asset impairments | 57 | 72 | 3,495 |
Residential Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment (recoveries) charges, net | 417 | 1,586 | 345 |
Exit activity costs | 3,440 | 1,321 | 1,058 |
Total exit activity costs & asset impairments | 3,857 | 2,907 | 1,403 |
Industrial and Infrastructure Products | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Inventory write-downs &/or asset impairment (recoveries) charges, net | 0 | (347) | (2,484) |
Exit activity costs | 4,978 | 1,749 | 2,820 |
Total exit activity costs & asset impairments | $ 4,978 | $ 1,402 | $ 336 |
Exit Activity Costs and Asset_5
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 10,552 | $ 4,819 | $ 5,495 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | 4,255 | 1,906 | 911 |
Selling, general, and administrative expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Total exit activity costs & asset impairments | $ 6,297 | $ 2,913 | $ 4,584 |
Exit Activity Costs and Asset_6
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Balance as of | $ 1,923 | $ 961 | |
Exit activity costs recognized | 10,144 | 3,475 | $ 7,125 |
Cash payments | (4,629) | (2,513) | |
Non-cash charges | (1,989) | 0 | |
Balance as of | $ 5,449 | $ 1,923 | $ 961 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 79,619 | $ 76,953 | $ 78,468 |
Foreign | 5,144 | 2,992 | (560) |
Income before taxes | $ 84,763 | $ 79,945 | $ 77,908 |
Income Taxes (Benefit of) Provi
Income Taxes (Benefit of) Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Benefit of income taxes | $ 0 | $ 0 | $ (239) |
Deferred: | |||
Total deferred | 3,303 | 4,781 | (7,105) |
Provision for income taxes | 19,672 | 16,136 | 14,943 |
Continuing Operations | |||
Current: | |||
U.S. Federal | 11,279 | 9,402 | 16,882 |
State | 3,551 | 3,144 | 2,479 |
Foreign | 1,539 | (1,191) | 2,687 |
Total current | 16,369 | 11,355 | 22,048 |
Deferred: | |||
U.S. Federal | 2,917 | 4,158 | (7,466) |
State | 509 | 1,047 | 1,246 |
Foreign | (123) | (424) | (885) |
Total deferred | 3,303 | 4,781 | (7,105) |
Provision for income taxes | 19,672 | 16,136 | 14,943 |
Discontinued Operations | |||
Current: | |||
U.S. Federal | 0 | 0 | 219 |
State | 0 | 0 | 20 |
Foreign | 0 | 0 | 0 |
Benefit of income taxes | $ 0 | $ 0 | $ 239 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory rate | $ 17,800 | $ 16,788 | $ 27,268 |
State taxes, less federal effect | 3,219 | 3,242 | 2,442 |
Federal tax credits | (1,967) | (3,680) | (373) |
Excess tax benefit on stock based compensation | (961) | (2,288) | (1,415) |
Uncertain tax positions | (260) | (3,051) | (148) |
Executive compensation | 1,132 | 1,369 | 160 |
Change in valuation allowance | 88 | 844 | 660 |
Net operating loss (NOL) write down | 0 | 1,640 | 0 |
Change in Indemnification Asset | 0 | 643 | 0 |
Tax effect of Tax Reform Act | 0 | 0 | (12,535) |
Domestic manufacturer's deduction | 0 | 0 | (1,578) |
Other | 621 | 629 | 462 |
Provision for income taxes | $ 19,672 | $ 16,136 | $ 14,943 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 35.00% |
State taxes, less federal effect | 3.80% | 4.10% | 3.10% |
Federal tax credits | (2.30%) | (4.60%) | (0.50%) |
Excess tax benefit on stock based compensation | (1.10%) | (2.90%) | (1.80%) |
Uncertain tax positions | (0.30%) | (3.80%) | (0.20%) |
Executive compensation | 1.30% | 1.70% | 0.20% |
Change in valuation allowance | 0.10% | 1.10% | 0.80% |
Net operating loss (NOL) write down | 0.00% | 2.10% | 0.00% |
Change in Indemnification Asset | 0.00% | 0.80% | 0.00% |
Tax effect of Tax Reform Act | 0 | 0 | (0.161) |
Domestic manufacturer's deduction | 0.00% | 0.00% | (2.00%) |
Other | 0.70% | 0.70% | 0.70% |
Effective income tax rate, percentage | 23.20% | 20.20% | 19.20% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory tax rate, percentage | 21.00% | 21.00% | 35.00% |
Deferred tax assets, net of operating losses | $ 11,500 | ||
Deferred tax assets, net of operating losses | 700 | ||
Undistributed earnings of foreign subsidiaries | 35,100 | ||
Foreign earnings repatriated | 10,000 | ||
Foreign withholding tax | 500 | ||
Cash held in foreign operations | 13,300 | ||
Estimated future foreign withholding tax obligation | 700 | ||
Unrecognized tax benefits that would affect the effective tax rate | $ 300 | ||
Lapses of applicable statute of limitations | $ 329 | 3,060 | $ 0 |
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 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 500 | ||
Deferred tax assets, net of operating losses | 100 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | 10,800 | ||
Deferred tax assets, net of operating losses | 600 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 200 | ||
Germany and Brazil | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, net of operating losses | $ 1,700 |
Income Taxes (Deferred Tax Liab
Income Taxes (Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 10,421 | $ 9,886 |
Goodwill | 38,540 | 35,813 |
Intangible assets | 9,610 | 9,907 |
Foreign withholding tax | 700 | 1,182 |
Other | 7,826 | 696 |
Gross deferred tax liabilities | 67,097 | 57,484 |
Equity compensation | (9,963) | (10,420) |
Other | (20,049) | (13,529) |
Gross deferred tax assets | (30,012) | (23,949) |
Valuation allowances | 3,160 | 2,995 |
Deferred tax assets, net of valuation allowances | (26,852) | (20,954) |
Net deferred tax liabilities | $ 40,245 | $ 36,530 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance as of January 1 | $ 2,995 | $ 2,242 | $ 1,362 |
Cost charged to the tax provision | 173 | 2,597 | 1,505 |
Currency translation | (10) | (1,750) | (820) |
Currency translation | 2 | (94) | 195 |
Balance as of December 31 | $ 3,160 | $ 2,995 | $ 2,242 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Interest and penalties recognized as income | $ 0 | $ 13 | $ 130 |
Income Taxes (Income Taxes Paid
Income Taxes (Income Taxes Paid, Net of Tax Refunds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Payments made for income taxes, net | $ 19,065 | $ 15,167 | $ 26,186 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $ 329 | $ 3,536 | $ 3,466 |
Additions for tax positions of the current year | 0 | 15 | 99 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Settlements and changes in judgment | 0 | 0 | (422) |
Lapses of applicable statute of limitations | (329) | (3,060) | 0 |
Divestitures and foreign currency translation | 0 | (162) | 393 |
Balance as of December 31 | $ 0 | $ 329 | $ 3,536 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive number of shares | 30,000 | 303,000 | 468,000 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 14,357 | $ 24,476 | $ 19,913 | $ 6,345 | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 65,091 | $ 63,809 | $ 62,965 |
Loss from discontinued operations | 0 | 0 | (405) | ||||||||
Net income | $ 14,357 | $ 24,476 | $ 19,913 | $ 6,345 | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 65,091 | $ 63,809 | $ 62,560 |
Weighted average shares outstanding (in shares) | 32,389 | 31,979 | 31,701 | ||||||||
Common stock options and restricted stock (in shares) | 333 | 555 | 549 | ||||||||
Weighted average shares and conversions (in shares) | 32,722 | 32,534 | 32,250 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Lessee, Lease, Description [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 1,582 | $ 274 | $ 0 | |||
Rent expense | $ 12,600 | $ 12,000 | ||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease renewal term | 1 month | |||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease renewal term | 15 years | |||||
Retained Earnings | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | 1,582 | $ 624 | $ 254 | |||
Accounting Standards Update 2016-02 | Retained Earnings | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 1,600 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities of Lessee (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease assets | $ 27,662 |
Current operating lease liability | 8,309 |
Non-current operating lease liabilities | 19,669 |
Total operating lease liability | $ 27,978 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Assumptions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 12,989 |
Cash paid for amounts included in the measurement of operating liabilities | 11,447 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 7,501 |
Weighted-average remaining lease term - operating leases | 3 years 9 months 18 days |
Weighted-average discount rate - operating leases | 5.90% |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 9,700 |
2021 | 8,046 |
2022 | 6,018 |
2023 | 4,972 |
2024 | 1,777 |
After 2024 | 806 |
Total lease payments | 31,319 |
Less: present value discount | (3,341) |
Present value of lease liabilities | $ 27,978 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | $ 258,131 | $ 299,236 | $ 262,655 | $ 227,417 | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 1,047,439 | $ 1,002,372 | $ 986,918 |
Income from operations: | 19,247 | $ 31,420 | $ 26,606 | $ 10,566 | 18,447 | $ 29,404 | $ 32,274 | $ 13,843 | 87,839 | 93,968 | 92,849 |
Depreciation and amortization | 19,949 | 20,374 | 21,690 | ||||||||
Total assets | 984,450 | 1,061,645 | 984,450 | 1,061,645 | 991,385 | ||||||
Capital expenditures | 11,184 | 12,457 | 11,399 | ||||||||
Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Income from operations: | 124,060 | 122,597 | 115,270 | ||||||||
Intersegment sales | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | (1,019) | (1,103) | (1,247) | ||||||||
Unallocated Corporate Expenses | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Income from operations: | (36,221) | (28,629) | (22,421) | ||||||||
Depreciation and amortization | 390 | 332 | 321 | ||||||||
Total assets | 174,475 | 271,616 | 174,475 | 271,616 | 209,286 | ||||||
Capital expenditures | 581 | 175 | 421 | ||||||||
Renewable Energy & Conservation | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 373,023 | 317,253 | 306,351 | ||||||||
Renewable Energy & Conservation | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 373,023 | 317,253 | 306,351 | ||||||||
Income from operations: | 47,558 | 37,423 | 30,218 | ||||||||
Depreciation and amortization | 6,132 | 5,790 | 5,657 | ||||||||
Total assets | 246,853 | 218,048 | 246,853 | 218,048 | 219,806 | ||||||
Capital expenditures | 2,199 | 1,345 | 3,648 | ||||||||
Residential Products | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 461,630 | 463,216 | 466,603 | ||||||||
Residential Products | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 461,630 | 463,216 | 466,603 | ||||||||
Income from operations: | 63,047 | 69,838 | 76,893 | ||||||||
Depreciation and amortization | 7,906 | 8,217 | 9,183 | ||||||||
Total assets | 359,657 | 361,499 | 359,657 | 361,499 | 358,838 | ||||||
Capital expenditures | 4,968 | 7,921 | 5,236 | ||||||||
Industrial and Infrastructure Products | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 212,786 | 221,903 | 213,964 | ||||||||
Industrial and Infrastructure Products | Operating Segments | |||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||
Net sales: | 213,805 | 223,006 | 215,211 | ||||||||
Income from operations: | 13,455 | 15,336 | 8,159 | ||||||||
Depreciation and amortization | 5,521 | 6,035 | 6,529 | ||||||||
Total assets | $ 203,465 | $ 210,482 | 203,465 | 210,482 | 203,455 | ||||||
Capital expenditures | $ 3,436 | $ 3,016 | $ 2,094 |
Segment Information (Net Sales
Segment Information (Net Sales by Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 258,131 | $ 299,236 | $ 262,655 | $ 227,417 | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 1,047,439 | $ 1,002,372 | $ 986,918 |
Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 373,023 | 317,253 | 306,351 | ||||||||
Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 461,630 | 463,216 | 466,603 | ||||||||
Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 212,786 | 221,903 | 213,964 | ||||||||
Point in Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 676,298 | 682,021 | 710,704 | ||||||||
Point in Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 42,596 | 33,427 | 30,137 | ||||||||
Point in Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 458,006 | 460,513 | 466,603 | ||||||||
Point in Time | Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 175,696 | 188,081 | 213,964 | ||||||||
Over Time | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 371,141 | 320,351 | 276,214 | ||||||||
Over Time | Renewable Energy & Conservation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 330,427 | 283,826 | 276,214 | ||||||||
Over Time | Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | 3,624 | 2,703 | 0 | ||||||||
Over Time | Industrial and Infrastructure Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales: | $ 37,090 | $ 33,822 | $ 0 |
Segment Information (Net Sale_2
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | $ 258,131 | $ 299,236 | $ 262,655 | $ 227,417 | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 1,047,439 | $ 1,002,372 | $ 986,918 |
Long-lived assets | 97,389 | 97,046 | 97,389 | 97,046 | 101,779 | ||||||
North America | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 1,030,638 | 990,772 | 977,942 | ||||||||
Long-lived assets | 96,847 | 96,342 | 96,847 | 96,342 | 97,956 | ||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 0 | 0 | 1,131 | ||||||||
Long-lived assets | 0 | 0 | 0 | 0 | 3,222 | ||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales: | 16,801 | 11,600 | 7,845 | ||||||||
Long-lived assets | $ 542 | $ 704 | $ 542 | $ 704 | $ 601 |
Quarterly Unaudited Financial_3
Quarterly Unaudited Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales: | $ 258,131 | $ 299,236 | $ 262,655 | $ 227,417 | $ 240,913 | $ 280,086 | $ 266,036 | $ 215,337 | $ 1,047,439 | $ 1,002,372 | $ 986,918 |
Gross profit | 60,855 | 76,578 | 63,558 | 43,900 | 53,260 | 70,279 | 70,503 | 48,318 | 244,891 | 242,360 | 236,544 |
Income from operations: | 19,247 | 31,420 | 26,606 | 10,566 | 18,447 | 29,404 | 32,274 | 13,843 | 87,839 | 93,968 | 92,849 |
Interest expense, net | (92) | 17 | 219 | 2,061 | 2,759 | 2,906 | 3,130 | 3,269 | 2,205 | 12,064 | 14,032 |
Income from continuing operations | 14,357 | 24,476 | 19,913 | 6,345 | 13,117 | 19,503 | 22,837 | 8,352 | 65,091 | 63,809 | 62,965 |
Net income | $ 14,357 | $ 24,476 | $ 19,913 | $ 6,345 | $ 13,117 | $ 19,503 | $ 22,837 | $ 8,352 | $ 65,091 | $ 63,809 | $ 62,560 |
(Loss) income per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 0.44 | $ 0.75 | $ 0.62 | $ 0.20 | $ 0.41 | $ 0.61 | $ 0.72 | $ 0.26 | $ 2.01 | $ 2 | $ 1.98 |
Diluted (in dollars per share) | $ 0.44 | $ 0.75 | $ 0.61 | $ 0.19 | $ 0.40 | $ 0.60 | $ 0.70 | $ 0.26 | $ 1.99 | $ 1.96 | $ 1.95 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions | Feb. 19, 2020 | Jan. 17, 2020 |
Thermo Energy Systems | ||
Subsequent Event [Line Items] | ||
Acquisition purchase price | $ 7 | |
Delta Separations | ||
Subsequent Event [Line Items] | ||
Acquisition purchase price | $ 50 |
Uncategorized Items - rock-2019
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (350,000) |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (254,000) |