Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-22462 | |
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, $0.01 par value per share | |
Trading Symbol | ROCK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,627,767 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000912562 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 366,949 | $ 348,389 | $ 684,814 | $ 635,981 |
Cost of sales | 276,678 | 267,458 | 529,699 | 495,032 |
Gross profit | 90,271 | 80,931 | 155,115 | 140,949 |
Selling, general, and administrative expense | 50,132 | 49,522 | 93,781 | 96,725 |
Income from operations | 40,139 | 31,409 | 61,334 | 44,224 |
Interest expense | 656 | 245 | 1,141 | 689 |
Other expense (income) | 281 | (4,666) | 434 | (4,351) |
Income before taxes | 39,202 | 35,830 | 59,759 | 47,886 |
Provision for income taxes | 9,895 | 9,457 | 14,996 | 11,017 |
Income from continuing operations | 29,307 | 26,373 | 44,763 | 36,869 |
Discontinued operations: | ||||
(Loss) income before taxes | 0 | (502) | 0 | 2,068 |
(Benefit from) provision for income taxes | 0 | (78) | 0 | 226 |
(Loss) income from discontinued operations | 0 | (424) | 0 | 1,842 |
Net income | $ 29,307 | $ 25,949 | $ 44,763 | $ 38,711 |
Net earnings per share – Basic: | ||||
Income from continuing operations (in dollars per share) | $ 0.90 | $ 0.80 | $ 1.37 | $ 1.12 |
Income from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | 0.06 |
Net income (in dollars per share) | $ 0.90 | $ 0.79 | $ 1.37 | $ 1.18 |
Weighted average shares outstanding – Basic | 32,585 | 32,790 | 32,748 | 32,791 |
Net earnings per share – Diluted: | ||||
Income from continuing operations (in dollars per share) | $ 0.90 | $ 0.80 | $ 1.36 | $ 1.11 |
Income from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | 0.06 |
Net income (in dollars per share) | $ 0.90 | $ 0.79 | $ 1.36 | $ 1.17 |
Weighted average shares outstanding – Diluted | 32,660 | 33,056 | 32,843 | 33,071 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net income | $ 29,307 | $ 25,949 | $ 44,763 | $ 38,711 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (3,198) | 761 | (3,425) | 3,959 |
Minimum post retirement benefit plan adjustments, net of tax | (1) | (27) | (25) | (54) |
Other comprehensive (loss) income | (3,197) | 788 | (3,400) | 4,013 |
Total comprehensive income | $ 26,110 | $ 26,737 | $ 41,363 | $ 42,724 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 17,149 | $ 12,849 |
Accounts receivable, net of allowance of $3,901 and $3,738, respectively | 275,596 | 236,444 |
Inventories, net | 197,499 | 176,207 |
Prepaid expenses and other current assets | 39,333 | 21,467 |
Total current assets | 529,577 | 446,967 |
Property, plant, and equipment, net | 100,998 | 96,885 |
Operating lease assets | 26,206 | 18,120 |
Goodwill | 509,357 | 510,942 |
Acquired intangibles | 128,725 | 141,504 |
Other assets | 550 | 483 |
Total assets | 1,295,413 | 1,214,901 |
Current liabilities: | ||
Accounts payable | 160,058 | 172,286 |
Accrued expenses and other current liabilities | 77,606 | 67,993 |
Billings in excess of cost | 65,864 | 46,711 |
Total current liabilities | 303,528 | 286,990 |
Long-term debt | 93,454 | 23,781 |
Deferred income taxes | 40,150 | 40,278 |
Non-current operating lease liabilities | 19,252 | 11,390 |
Other non-current liabilities | 21,751 | 27,204 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding | 0 | 0 |
Common stock, $0.01 par value; authorized 100,000 shares in 2022 and 2021; 33,989 shares and 33,799 shares issued and outstanding in 2022 and 2021 | 340 | 338 |
Additional paid-in capital | 318,664 | 314,541 |
Retained earnings | 590,335 | 545,572 |
Accumulated other comprehensive (loss) income | (3,213) | 187 |
Treasury stock, at cost, 2,374 and 1,107 shares in 2022 and 2021 | (88,848) | (35,380) |
Total stockholders’ equity | 817,278 | 825,258 |
Total liabilities and shareholders' equity | $ 1,295,413 | $ 1,214,901 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 3,901 | $ 3,738 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 33,989,000 | 33,989,000 |
Common stock, shares outstanding (in shares) | 33,799,000 | 33,799,000 |
Treasury stock, shares (in shares) | 2,374,000 | 1,107,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net income available to common stockholders | $ 44,763 | $ 38,711 |
(Loss) income from discontinued operations | 0 | 1,842 |
Income from continuing operations | 44,763 | 36,869 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,677 | 16,014 |
Stock compensation expense | 4,125 | 4,935 |
Exit activity costs, non-cash | 1,198 | 1,193 |
Provision for (benefit of) deferred income taxes | 29 | (36) |
Other, net | 2,666 | 349 |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||
Accounts receivable | (40,473) | (29,150) |
Inventories | (33,616) | (42,686) |
Other current assets and other assets | (1,612) | (611) |
Accounts payable | (10,501) | 35,174 |
Accrued expenses and other non-current liabilities | 21,288 | (9,274) |
Net cash provided by operating activities of continuing operations | 544 | 12,777 |
Net cash used in operating activities of discontinued operations | 0 | (2,002) |
Net cash provided by operating activities | 544 | 10,775 |
Cash Flows from Investing Activities | ||
Purchases of property, plant, and equipment | (11,287) | (9,474) |
Acquisitions, net of cash acquired | 0 | (2) |
Net proceeds from sale of business | 0 | 39,991 |
Net proceeds from sale of property and equipment | 85 | 0 |
Net cash (used in) provided by investing activities of continuing operations | (11,202) | 30,515 |
Net cash used in investing activities of discontinued operations | 0 | (176) |
Net cash (used in) provided by investing activities | (11,202) | 30,339 |
Cash Flows from Financing Activities | ||
Proceeds from long-term debt | 120,500 | 31,200 |
Long-term debt payments | (51,000) | (83,636) |
Purchase of common stock at market prices | (53,468) | (4,780) |
Net proceeds from issuance of common stock | 0 | 924 |
Net cash provided by (used in) financing activities | 16,032 | (56,292) |
Effect of exchange rate changes on cash | (1,074) | 87 |
Net increase (decrease) in cash and cash equivalents | 4,300 | (15,091) |
Cash and cash equivalents at beginning of year | 12,849 | 32,054 |
Cash and cash equivalents at end of period | $ 17,149 | $ 16,963 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 33,568 | |||||
Balance, value at Dec. 31, 2020 | $ 743,805 | $ 336 | $ 304,870 | $ 469,943 | $ (2,461) | $ (28,883) |
Beginning balance (in shares) at Dec. 31, 2020 | (1,028) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,762 | 12,762 | ||||
Foreign currency translation adjustment | 3,198 | 3,198 | ||||
Minimum post retirement benefit plan adjustments, net of taxes | 27 | 27 | ||||
Stock compensation expense | 2,368 | 2,368 | ||||
Stock options exercised, shares | 25 | |||||
Stock options exercised | 910 | 910 | ||||
Net settlement of restricted stock units, shares | 118 | 54 | ||||
Net settlement of restricted stock units | (4,662) | $ 1 | (1) | $ (4,662) | ||
Ending balance (in shares) at Mar. 31, 2021 | 33,711 | |||||
Balance, value at Mar. 31, 2021 | 758,408 | $ 337 | 308,147 | 482,705 | 764 | $ (33,545) |
Ending balance (in shares) at Mar. 31, 2021 | (1,082) | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 33,568 | |||||
Balance, value at Dec. 31, 2020 | 743,805 | $ 336 | 304,870 | 469,943 | (2,461) | $ (28,883) |
Beginning balance (in shares) at Dec. 31, 2020 | (1,028) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,711 | |||||
Foreign currency translation adjustment | 3,959 | |||||
Ending balance (in shares) at Jun. 30, 2021 | 33,718 | |||||
Balance, value at Jun. 30, 2021 | 787,608 | $ 337 | 310,728 | 508,654 | 1,552 | $ (33,663) |
Ending balance (in shares) at Jun. 30, 2021 | (1,083) | |||||
Beginning balance (in shares) at Mar. 31, 2021 | 33,711 | |||||
Balance, value at Mar. 31, 2021 | 758,408 | $ 337 | 308,147 | 482,705 | 764 | $ (33,545) |
Beginning balance (in shares) at Mar. 31, 2021 | (1,082) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25,949 | 25,949 | ||||
Foreign currency translation adjustment | 761 | 761 | ||||
Minimum post retirement benefit plan adjustments, net of taxes | 27 | 27 | ||||
Stock compensation expense | 2,567 | 2,567 | ||||
Stock options exercised, shares | 1 | |||||
Stock options exercised | 14 | 14 | ||||
Awards of common shares (in shares) | 3 | |||||
Net settlement of restricted stock units, shares | 3 | 1 | ||||
Net settlement of restricted stock units | (118) | $ 0 | 0 | $ (118) | ||
Ending balance (in shares) at Jun. 30, 2021 | 33,718 | |||||
Balance, value at Jun. 30, 2021 | $ 787,608 | $ 337 | 310,728 | 508,654 | 1,552 | $ (33,663) |
Ending balance (in shares) at Jun. 30, 2021 | (1,083) | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 33,799 | 33,799 | ||||
Balance, value at Dec. 31, 2021 | $ 825,258 | $ 338 | 314,541 | 545,572 | 187 | $ (35,380) |
Beginning balance (in shares) at Dec. 31, 2021 | 1,107 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 15,456 | 15,456 | ||||
Foreign currency translation adjustment | (227) | (227) | ||||
Minimum post retirement benefit plan adjustments, net of taxes | 24 | 24 | ||||
Stock compensation expense | 1,352 | 1,352 | ||||
Net settlement of restricted stock units, shares | 173 | 72 | ||||
Net settlement of restricted stock units | (3,461) | $ 2 | (2) | $ (3,461) | ||
Ending balance (in shares) at Mar. 31, 2022 | 33,972 | |||||
Balance, value at Mar. 31, 2022 | $ 838,402 | $ 340 | 315,891 | 561,028 | (16) | $ (38,841) |
Ending balance (in shares) at Mar. 31, 2022 | 1,179 | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 33,799 | 33,799 | ||||
Balance, value at Dec. 31, 2021 | $ 825,258 | $ 338 | 314,541 | 545,572 | 187 | $ (35,380) |
Beginning balance (in shares) at Dec. 31, 2021 | 1,107 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,763 | |||||
Foreign currency translation adjustment | $ (3,425) | |||||
Ending balance (in shares) at Jun. 30, 2022 | 33,799 | 33,989 | ||||
Balance, value at Jun. 30, 2022 | $ 817,278 | $ 340 | 318,664 | 590,335 | (3,213) | $ (88,848) |
Ending balance (in shares) at Jun. 30, 2022 | 2,374 | |||||
Beginning balance (in shares) at Mar. 31, 2022 | 33,972 | |||||
Balance, value at Mar. 31, 2022 | 838,402 | $ 340 | 315,891 | 561,028 | (16) | $ (38,841) |
Beginning balance (in shares) at Mar. 31, 2022 | 1,179 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,307 | 29,307 | ||||
Foreign currency translation adjustment | (3,198) | (3,198) | ||||
Minimum post retirement benefit plan adjustments, net of taxes | 1 | 1 | ||||
Stock compensation expense | 2,773 | 2,773 | ||||
Awards of common shares (in shares) | 16 | |||||
Net settlement of restricted stock units, shares | 1 | 0 | ||||
Net settlement of restricted stock units | (7) | $ 0 | 0 | $ (7) | ||
Common stock repurchased (in shares) | 1,195 | |||||
Common stock repurchased under stock repurchase program | $ (50,000) | $ (50,000) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 33,799 | 33,989 | ||||
Balance, value at Jun. 30, 2022 | $ 817,278 | $ 340 | $ 318,664 | $ 590,335 | $ (3,213) | $ (88,848) |
Ending balance (in shares) at Jun. 30, 2022 | 2,374 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Adjustment to pension benefit liability, taxes | $ 0 | $ 10 | $ 10 | $ 10 |
Consolidated Financial Statemen
Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements of Gibraltar Industries, Inc. (the "Company") have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The Company's operations are seasonal; for this and other reasons, such as the impact of the COVID-19 pandemic, financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2021. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2020-04 The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued as a result of reference rate reform. The expedients and exceptions provided by the amendments in ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective as of March 12, 2020 through December 31, 2022, and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date the financial statements are available to be issued. The adoption of the amendments in these updates is not expected to have a material impact on the Company's financial statements. |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE, NET | ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the following (in thousands): June 30, 2022 December 31, 2021 Trade accounts receivable $ 231,076 $ 185,745 Costs in excess of billings 48,421 54,437 Total accounts receivables 279,497 240,182 Less allowance for doubtful accounts and contract assets (3,901) (3,738) Accounts receivable, net $ 275,596 $ 236,444 Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings. The following table provides a roll-forward of the allowance for credit losses, for the six month period ended June 30, 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Beginning balance as of January 1, 2022 $ 3,738 Bad debt expense, net of recoveries 772 Accounts written off against allowance and other adjustments (609) Ending balance as of June 30, 2022 $ 3,901 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
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; electrical balance of systems; roof and foundation ventilation products; centralized mail systems and electronic package solutions; retractable awnings; gutter guards; rain dispersion products; trims and flashings and other accessories; designing, engineering, manufacturing and installation of greenhouses; botanical extraction systems; structural bearings; expansion joints; pavement sealant; elastomeric concrete; and bridge cable protection systems. Refer to Note 14 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. As of June 30, 2022, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Contract assets consist of costs in excess of billings presented within accounts receivable in the Company's consolidated balance sheets. Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets. Unearned revenue as of June 30, 2022 and December 31, 2021 was $3.4 million and $3.7 million, respectively. Revenue recognized during the six months ended June 30, 2022 and 2021 that was in contract liabilities at the beginning of the respective periods was $38.6 million and $49.2 million, respectively. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following (in thousands): June 30, 2022 December 31, 2021 Raw material $ 141,877 $ 135,558 Work-in-process 9,152 5,858 Finished goods 53,090 39,256 Gross inventory 204,119 180,672 Less reserves (6,620) (4,465) Total inventories, net $ 197,499 $ 176,207 |
Goodwill and Related Intangible
Goodwill and Related Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 are as follows (in thousands): Renewables Residential Agtech Infrastructure Total Balance at December 31, 2021 $ 188,680 $ 205,452 $ 85,132 $ 31,678 $ 510,942 Adjustments to prior year acquisitions 904 — — — 904 Foreign currency translation (1,980) — (509) — (2,489) Balance at June 30, 2022 $ 187,604 $ 205,452 $ 84,623 $ 31,678 $ 509,357 The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of June 30, 2022 which would require an interim impairment test to be performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands): June 30, 2022 December 31, 2021 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 52,700 $ — $ 52,700 $ — Finite-lived intangible assets: Trademarks 5,504 4,268 5,521 4,011 Unpatented technology 34,322 20,941 38,474 20,656 Customer relationships 103,160 42,201 108,591 39,832 Non-compete agreements 2,382 1,933 2,686 1,969 Backlog 6,891 6,891 7,200 7,200 152,259 76,234 162,472 73,668 Total acquired intangible assets $ 204,959 $ 76,234 $ 215,172 $ 73,668 The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Amortization expense $ 2,819 $ 4,736 $ 5,917 $ 9,479 Amortization expense related to acquired intangible assets for the remainder of fiscal 2022 and the next five years thereafter is estimated as follows (in thousands): 2022 2023 2024 2025 2026 2027 Amortization expense $ 5,412 $ 10,177 $ 9,996 $ 9,856 $ 8,415 $ 6,754 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 94,000 $ 24,500 Less unamortized debt issuance costs (546) (719) Total debt $ 93,454 $ 23,781 Senior Credit Agreement On January 24, 2019, the Company entered into a 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 provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing from the lenders 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 June 30, 2022, 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 (as defined in the Senior Credit Agreement) 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. Capital distributions under the Senior Credit Agreement are capped at an annual aggregate limit of $75 million if the Company's leverage ratio is over 3.0 times. Standby letters of credit of $4.5 million have been issued under the Senior Credit Agreement on behalf of the Company as of June 30, 2022. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $301.5 million and $369.3 million of availability under the revolving credit facility at June 30, 2022 and December 31, 2021, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize the cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, (in thousands): Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan Total Pre-Tax Amount Tax Benefit (Expense) Accumulated Other Balance at December 31, 2021 $ 1,640 $ (2,247) $ (607) $ 794 $ 187 Minimum post retirement health care plan adjustments — 34 34 (10) 24 Foreign currency translation adjustment (227) — (227) — (227) Balance at March 31, 2022 1,413 (2,213) (800) 784 (16) Minimum post retirement health care plan adjustments — 1 1 — 1 Foreign currency translation adjustment (3,198) — (3,198) — (3,198) Balance at June 30, 2022 $ (1,785) $ (2,212) $ (3,997) $ 784 $ (3,213) Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan Total Pre-Tax Amount Tax Benefit (Expense) Accumulated Other Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ 837 $ (2,461) Minimum post retirement health care plan adjustments — 37 37 (10) 27 Foreign currency translation adjustment 3,198 — 3,198 — 3,198 Balance at March 31, 2021 2,326 (2,389) (63) 827 764 Minimum post retirement health care plan adjustments — 37 37 (10) 27 Foreign currency translation adjustment 761 — 761 — 761 Balance at June 30, 2021 $ 3,087 $ (2,352) $ 735 $ 817 $ 1,552 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION On May 4, 2022, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. Amended and Restated 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which increases the total number of shares for issuance by the Company thereunder from 100,000 shares to 200,000 shares, allows the Company to grant awards of shares of the Company's common stock to current 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. On May 4, 2018, the stockholders 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 Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 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. Equity Based Awards - Settled in Stock The following table sets forth the number of equity-based awards granted during the six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2022 2021 Awards Number of Weighted Number of Weighted Performance stock units (1) 108,464 $ 47.00 62,778 $ 87.84 Restricted stock units 67,158 $ 45.84 33,187 $ 87.91 Deferred stock units 2,460 $ 42.69 7,536 $ 83.58 Common shares 15,652 $ 42.49 2,512 $ 83.58 (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 PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on the Company’s return on invested capital (“ROIC”) over a one-year performance period. (2) All PSUs granted in the first quarter of 2021 were forfeited in the first quarter of 2022 as the threshold level of achievement was not met based on the Company's actual ROIC achievement level for the performance period ended December 31, 2021. Equity Based Awards - Settled in Cash The Company's equity-based awards that are settled in cash are the awards under the Management Stock Purchase Plan (the “MSPP”) which is authorized under the Company's equity incentive plans. The total of these share-based liabilities recorded on the consolidated balance sheet as of June 30, 2022 was $17.6 million, of which $3.0 million was included in current accrued expenses and $14.6 million was included in non-current liabilities. Total share-based liabilities as of December 31, 2021 were $22.6 million, of which $2.9 million was included in current accrued expenses and $19.7 million was included in non-current liabilities. The Company's 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 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’s 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 and the payments made with respect to restricted stock units issued under the MSPP during the six months ended June 30,: 2022 2021 Restricted stock units credited 6,234 26,240 Share-based liabilities paid (in thousands) $ 2,545 $ 3,510 |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
HELD FOR SALE AND DISCONTINUED OPERATIONS | HELD FOR SALE AND DISCONTINUED OPERATIONS Held for Sale During the first quarter of 2022, the Company committed to a plan to sell its Processing business (the "disposal group") which is a business within the Company's Agtech reportable segment. The planned sale does not meet the criteria to be classified as a discontinued operation. As a result, the Company will continue reporting the operating results of the disposal group in the Company's consolidated operating results from continuing operations until the sale of the business is completed. The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer and (iv) the sale and transfer of the net assets is probable within one year. Assets and liabilities held for sale are presented separately on our consolidated balance sheets with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less costs to sell. As of June 30, 2022, the assets and liabilities of the disposal group have been classified as held for sale. The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell. (in thousands) June 30, 2022 Assets held for sale Accounts receivable, net of allowance $ 561 Inventories, net of reserves 8,563 Other current assets 1,926 Property, plant, and equipment, net 331 Operating lease asset 710 Goodwill (1) — Acquired intangibles, net 6,213 Total assets held for sale $ 18,304 Liabilities held for sale Accounts payable $ 1,731 Accrued expenses 1,127 Non-current operating lease liabilities 299 Total liabilities held for sale $ 3,157 (1) The assignment of goodwill was based on the relative fair value of the disposal group compared to the fair value of the total reporting unit it was included in prior to being reclassified as held for sale. Net sales and operating loss for held for sale operations for the three and six months ended June 30 are as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net sales $ 2,748 $ 7,264 $ 4,571 $ 12,237 Operating loss $ (1,109) $ (466) $ (3,634) $ (1,302) Effective with the classification of the disposal group as held for sale, depreciation of property, plant, and equipment and amortization of finite-lived intangible assets and right-of-use assets are not recorded while these assets are classified as held for sale. As a result of our evaluation of the recoverability of the carrying value of the assets and liabilities held for sale relative to an estimated sales price, adjusted for costs to sell, no losses were recorded during the six months ended June 30, 2022. The recoverability of the disposal group will be evaluated each reporting period until the sale of the business is completed. Discontinued Operations On February 23, 2021, the Company sold the stock of its Industrial business which had been classified as held for sale and reported as a discontinued operation in the Company’s consolidated financial statements for the year ended December 31, 2021. Net proceeds of $38 million, consisting of cash and a $13 million seller note, resulted in an estimated pre-tax loss of $30 million, subject to working capital and other adjustments, of which $29.6 million was recorded when the assets of the Industrial business were written down to fair market value during the fourth quarter of 2020. The seller note was paid in full to the Company during the second quarter of 2021. The results of operations and financial position of the Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets. Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and six months ended June 30 are as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net sales $ — $ — $ — $ 20,391 Operating expenses — — — 17,493 Adjustment to loss on disposal — 502 — 830 (Loss) Income from discontinued operations before taxes $ — $ (502) $ — $ 2,068 |
Exit Activity Costs and Asset I
Exit Activity Costs and Asset Impairments | 6 Months Ended |
Jun. 30, 2022 | |
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, the sale and exiting of less profitable businesses or product lines, and a reduction in our manufacturing footprint. Exit activity costs (recoveries) were incurred during the six months ended June 30, 2022 and 2021 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company exited a facility, relocating to a new one, and separately, closed one other facility during the six months ended June 30, 2022. During the six months ended June 30, 2021, the Company closed two facilities as a result of these initiatives. The following tables set forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands): Three months ended June 30, 2022 2021 Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 75 $ — $ 75 $ 786 $ — $ 786 Residential 1,295 — 1,295 29 — 29 Agtech 97 — 97 1,287 — 1,287 Infrastructure — — — — — — Corporate 62 — 62 59 — 59 Total exit activity costs & asset impairments $ 1,529 $ — $ 1,529 $ 2,161 $ — $ 2,161 Six months ended June 30, 2022 2021 Exit activity costs (recoveries), net Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 1,403 $ 1,198 $ 2,601 $ 4,564 $ 1,193 $ 5,757 Residential 1,298 — 1,298 94 — 94 Agtech 88 — 88 1,491 — 1,491 Infrastructure (63) — (63) — — — Corporate 82 — 82 59 — 59 Total exit activity costs & asset impairments $ 2,808 $ 1,198 $ 4,006 $ 6,208 $ 1,193 $ 7,401 The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of sales $ 80 $ 718 $ 2,288 $ 5,765 Selling, general, and administrative expense 1,449 1,443 1,718 1,636 Total exit activity and asset impairment charges $ 1,529 $ 2,161 $ 4,006 $ 7,401 The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2022 2021 Balance at January 1 $ 272 $ 1,030 Exit activity costs recognized 2,808 6,208 Cash payments (1,951) (4,646) Balance at June 30 $ 1,129 $ 2,592 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and six months ended June 30, and the applicable effective tax rates: Three Months Ended Six Months Ended 2022 2021 2022 2021 Provision for income taxes $ 9,895 $ 9,457 $ 14,996 $ 11,017 Effective tax rate 25.2 % 26.4 % 25.1 % 23.0 % |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Income from continuing operations $ 29,307 $ 26,373 $ 44,763 $ 36,869 (Loss) income from discontinued operations — (424) — 1,842 Net income available to common stockholders $ 29,307 $ 25,949 $ 44,763 $ 38,711 Denominator for basic earnings per share: Weighted average shares outstanding 32,585 32,790 32,748 32,791 Denominator for diluted earnings per share: Weighted average shares outstanding 32,585 32,790 32,748 32,791 Common stock options and stock units 75 266 95 280 Weighted average shares and conversions 32,660 33,056 32,843 33,071 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is organized into four reportable segments on the basis of the production processes, products and services provided by each segment, identified as follows: (i) Renewables, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of systems; (ii) Residential, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, retractable awnings and gutter guards, and rain dispersion products, trims and flashings and other accessories; (iii) Agtech, which provides growing and processing solutions including the designing, engineering, manufacturing and installation of greenhouses, and botanical extraction systems; and (iv) Infrastructure, which primarily includes structural bearings, expansion joints and pavement sealant for bridges, airport runways and roadways, elastomeric concrete, and bridge cable protection systems. 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 performance of the segments described above for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net sales: Renewables $ 101,549 $ 107,751 $ 180,332 $ 193,263 Residential 200,245 164,209 379,730 304,426 Agtech 43,680 53,696 86,108 100,435 Infrastructure 21,475 22,733 38,644 37,857 Total net sales $ 366,949 $ 348,389 $ 684,814 $ 635,981 Income from operations: Renewables $ 6,829 $ 9,510 $ (155) $ 8,989 Residential 35,664 27,155 69,099 50,089 Agtech 1,542 977 1,573 1,906 Infrastructure 2,887 4,186 4,068 6,223 Unallocated Corporate Expenses (6,783) (10,419) (13,251) (22,983) Total income from operations $ 40,139 $ 31,409 $ 61,334 $ 44,224 June 30, December 31, Total assets: Renewables $ 444,411 $ 445,486 Residential 532,226 453,469 Agtech 213,026 212,038 Infrastructure 85,652 82,662 Unallocated corporate assets 20,098 21,246 $ 1,295,413 $ 1,214,901 The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands): Three Months Ended June 30, 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 5,259 $ 198,854 $ 4,029 $ 8,936 $ 217,078 Over Time 96,290 1,391 39,651 12,539 149,871 Total net sales $ 101,549 $ 200,245 $ 43,680 $ 21,475 $ 366,949 Three Months Ended June 30, 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 6,049 $ 162,978 $ 7,388 $ 11,637 $ 188,052 Over Time 101,702 1,231 46,308 11,096 160,337 Total net sales $ 107,751 $ 164,209 $ 53,696 $ 22,733 $ 348,389 Six Months Ended June 30, 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 10,909 $ 376,985 $ 5,642 $ 15,239 $ 408,775 Over Time 169,423 2,745 80,466 23,405 276,039 Total net sales $ 180,332 $ 379,730 $ 86,108 $ 38,644 $ 684,814 Six Months Ended June 30, 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 13,020 $ 301,997 $ 12,531 $ 17,107 $ 344,655 Over Time 180,243 2,429 87,904 20,750 291,326 Total net sales $ 193,263 $ 304,426 $ 100,435 $ 37,857 $ 635,981 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2020-04 The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued as a result of reference rate reform. The expedients and exceptions provided by the amendments in ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective as of March 12, 2020 through December 31, 2022, and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date the financial statements are available to be issued. The adoption of the amendments in these updates is not expected to have a material impact on the Company's financial statements. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2020-04 The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued as a result of reference rate reform. The expedients and exceptions provided by the amendments in ASU 2020-04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective as of March 12, 2020 through December 31, 2022, and may be applied retrospectively to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date the financial statements are available to be issued. The adoption of the amendments in these updates is not expected to have a material impact on the Company's financial statements. |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands): June 30, 2022 December 31, 2021 Trade accounts receivable $ 231,076 $ 185,745 Costs in excess of billings 48,421 54,437 Total accounts receivables 279,497 240,182 Less allowance for doubtful accounts and contract assets (3,901) (3,738) Accounts receivable, net $ 275,596 $ 236,444 The following table provides a roll-forward of the allowance for credit losses, for the six month period ended June 30, 2022, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected. Beginning balance as of January 1, 2022 $ 3,738 Bad debt expense, net of recoveries 772 Accounts written off against allowance and other adjustments (609) Ending balance as of June 30, 2022 $ 3,901 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): June 30, 2022 December 31, 2021 Raw material $ 141,877 $ 135,558 Work-in-process 9,152 5,858 Finished goods 53,090 39,256 Gross inventory 204,119 180,672 Less reserves (6,620) (4,465) Total inventories, net $ 197,499 $ 176,207 |
Goodwill and Related Intangib_2
Goodwill and Related Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2022 are as follows (in thousands): Renewables Residential Agtech Infrastructure Total Balance at December 31, 2021 $ 188,680 $ 205,452 $ 85,132 $ 31,678 $ 510,942 Adjustments to prior year acquisitions 904 — — — 904 Foreign currency translation (1,980) — (509) — (2,489) Balance at June 30, 2022 $ 187,604 $ 205,452 $ 84,623 $ 31,678 $ 509,357 |
Schedule Of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands): June 30, 2022 December 31, 2021 Gross Accumulated Gross Accumulated Indefinite-lived intangible assets: Trademarks $ 52,700 $ — $ 52,700 $ — Finite-lived intangible assets: Trademarks 5,504 4,268 5,521 4,011 Unpatented technology 34,322 20,941 38,474 20,656 Customer relationships 103,160 42,201 108,591 39,832 Non-compete agreements 2,382 1,933 2,686 1,969 Backlog 6,891 6,891 7,200 7,200 152,259 76,234 162,472 73,668 Total acquired intangible assets $ 204,959 $ 76,234 $ 215,172 $ 73,668 |
Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Amortization expense $ 2,819 $ 4,736 $ 5,917 $ 9,479 |
Schedule Of Amortization Expense | Amortization expense related to acquired intangible assets for the remainder of fiscal 2022 and the next five years thereafter is estimated as follows (in thousands): 2022 2023 2024 2025 2026 2027 Amortization expense $ 5,412 $ 10,177 $ 9,996 $ 9,856 $ 8,415 $ 6,754 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consists of the following (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 94,000 $ 24,500 Less unamortized debt issuance costs (546) (719) Total debt $ 93,454 $ 23,781 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Components Of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, (in thousands): Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan Total Pre-Tax Amount Tax Benefit (Expense) Accumulated Other Balance at December 31, 2021 $ 1,640 $ (2,247) $ (607) $ 794 $ 187 Minimum post retirement health care plan adjustments — 34 34 (10) 24 Foreign currency translation adjustment (227) — (227) — (227) Balance at March 31, 2022 1,413 (2,213) (800) 784 (16) Minimum post retirement health care plan adjustments — 1 1 — 1 Foreign currency translation adjustment (3,198) — (3,198) — (3,198) Balance at June 30, 2022 $ (1,785) $ (2,212) $ (3,997) $ 784 $ (3,213) Foreign Currency Translation Adjustment Minimum Post Retirement Benefit Plan Total Pre-Tax Amount Tax Benefit (Expense) Accumulated Other Balance at December 31, 2020 $ (872) $ (2,426) $ (3,298) $ 837 $ (2,461) Minimum post retirement health care plan adjustments — 37 37 (10) 27 Foreign currency translation adjustment 3,198 — 3,198 — 3,198 Balance at March 31, 2021 2,326 (2,389) (63) 827 764 Minimum post retirement health care plan adjustments — 37 37 (10) 27 Foreign currency translation adjustment 761 — 761 — 761 Balance at June 30, 2021 $ 3,087 $ (2,352) $ 735 $ 817 $ 1,552 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Of Number Of Awards And Weighted Average Grant Date Fair Value | The following table sets forth the number of equity-based awards granted during the six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values: 2022 2021 Awards Number of Weighted Number of Weighted Performance stock units (1) 108,464 $ 47.00 62,778 $ 87.84 Restricted stock units 67,158 $ 45.84 33,187 $ 87.91 Deferred stock units 2,460 $ 42.69 7,536 $ 83.58 Common shares 15,652 $ 42.49 2,512 $ 83.58 (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 PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on the Company’s return on invested capital (“ROIC”) over a one-year performance period. (2) All PSUs granted in the first quarter of 2021 were forfeited in the first quarter of 2022 as the threshold level of achievement was not met based on the Company's actual ROIC achievement level for the performance period ended December 31, 2021. |
Management Stock Purchase Plan | The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the six months ended June 30,: 2022 2021 Restricted stock units credited 6,234 26,240 Share-based liabilities paid (in thousands) $ 2,545 $ 3,510 |
Held for Sale and Discontinue_2
Held for Sale and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Group, Including Discontinued Operations | The following table summarizes these assets and liabilities which have been measured at the lower of (i) the carrying value when classified as held for sale and (ii) the fair value of the business less costs to sell. (in thousands) June 30, 2022 Assets held for sale Accounts receivable, net of allowance $ 561 Inventories, net of reserves 8,563 Other current assets 1,926 Property, plant, and equipment, net 331 Operating lease asset 710 Goodwill (1) — Acquired intangibles, net 6,213 Total assets held for sale $ 18,304 Liabilities held for sale Accounts payable $ 1,731 Accrued expenses 1,127 Non-current operating lease liabilities 299 Total liabilities held for sale $ 3,157 (1) The assignment of goodwill was based on the relative fair value of the disposal group compared to the fair value of the total reporting unit it was included in prior to being reclassified as held for sale. Net sales and operating loss for held for sale operations for the three and six months ended June 30 are as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net sales $ 2,748 $ 7,264 $ 4,571 $ 12,237 Operating loss $ (1,109) $ (466) $ (3,634) $ (1,302) Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three and six months ended June 30 are as follows (in thousands): Three months ended Six months ended 2022 2021 2022 2021 Net sales $ — $ — $ — $ 20,391 Operating expenses — — — 17,493 Adjustment to loss on disposal — 502 — 830 (Loss) Income from discontinued operations before taxes $ — $ (502) $ — $ 2,068 |
Exit Activity Costs and Asset_2
Exit Activity Costs and Asset Impairments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Exit Activity Costs And Asset Impairments | The following tables set forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands): Three months ended June 30, 2022 2021 Exit activity costs Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 75 $ — $ 75 $ 786 $ — $ 786 Residential 1,295 — 1,295 29 — 29 Agtech 97 — 97 1,287 — 1,287 Infrastructure — — — — — — Corporate 62 — 62 59 — 59 Total exit activity costs & asset impairments $ 1,529 $ — $ 1,529 $ 2,161 $ — $ 2,161 Six months ended June 30, 2022 2021 Exit activity costs (recoveries), net Asset impairment charges Total Exit activity costs Asset impairment charges Total Renewables $ 1,403 $ 1,198 $ 2,601 $ 4,564 $ 1,193 $ 5,757 Residential 1,298 — 1,298 94 — 94 Agtech 88 — 88 1,491 — 1,491 Infrastructure (63) — (63) — — — Corporate 82 — 82 59 — 59 Total exit activity costs & asset impairments $ 2,808 $ 1,198 $ 4,006 $ 6,208 $ 1,193 $ 7,401 The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of sales $ 80 $ 718 $ 2,288 $ 5,765 Selling, general, and administrative expense 1,449 1,443 1,718 1,636 Total exit activity and asset impairment charges $ 1,529 $ 2,161 $ 4,006 $ 7,401 |
Reconciliation Of Liability For Exit Activity Costs Relating To Facility Consolidation Efforts | The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands): 2022 2021 Balance at January 1 $ 272 $ 1,030 Exit activity costs recognized 2,808 6,208 Cash payments (1,951) (4,646) Balance at June 30 $ 1,129 $ 2,592 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary Of Provision For Income Taxes For Continuing Operations | The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and six months ended June 30, and the applicable effective tax rates: Three Months Ended Six Months Ended 2022 2021 2022 2021 Provision for income taxes $ 9,895 $ 9,457 $ 14,996 $ 11,017 Effective tax rate 25.2 % 26.4 % 25.1 % 23.0 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Loss Per Share | Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Income from continuing operations $ 29,307 $ 26,373 $ 44,763 $ 36,869 (Loss) income from discontinued operations — (424) — 1,842 Net income available to common stockholders $ 29,307 $ 25,949 $ 44,763 $ 38,711 Denominator for basic earnings per share: Weighted average shares outstanding 32,585 32,790 32,748 32,791 Denominator for diluted earnings per share: Weighted average shares outstanding 32,585 32,790 32,748 32,791 Common stock options and stock units 75 266 95 280 Weighted average shares and conversions 32,660 33,056 32,843 33,071 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Reconciliation Of Sales To Earnings Before Income Taxes by Segment | The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and six months ended June 30, (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net sales: Renewables $ 101,549 $ 107,751 $ 180,332 $ 193,263 Residential 200,245 164,209 379,730 304,426 Agtech 43,680 53,696 86,108 100,435 Infrastructure 21,475 22,733 38,644 37,857 Total net sales $ 366,949 $ 348,389 $ 684,814 $ 635,981 Income from operations: Renewables $ 6,829 $ 9,510 $ (155) $ 8,989 Residential 35,664 27,155 69,099 50,089 Agtech 1,542 977 1,573 1,906 Infrastructure 2,887 4,186 4,068 6,223 Unallocated Corporate Expenses (6,783) (10,419) (13,251) (22,983) Total income from operations $ 40,139 $ 31,409 $ 61,334 $ 44,224 June 30, December 31, Total assets: Renewables $ 444,411 $ 445,486 Residential 532,226 453,469 Agtech 213,026 212,038 Infrastructure 85,652 82,662 Unallocated corporate assets 20,098 21,246 $ 1,295,413 $ 1,214,901 |
Disaggregation of Revenue | The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands): Three Months Ended June 30, 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 5,259 $ 198,854 $ 4,029 $ 8,936 $ 217,078 Over Time 96,290 1,391 39,651 12,539 149,871 Total net sales $ 101,549 $ 200,245 $ 43,680 $ 21,475 $ 366,949 Three Months Ended June 30, 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 6,049 $ 162,978 $ 7,388 $ 11,637 $ 188,052 Over Time 101,702 1,231 46,308 11,096 160,337 Total net sales $ 107,751 $ 164,209 $ 53,696 $ 22,733 $ 348,389 Six Months Ended June 30, 2022 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 10,909 $ 376,985 $ 5,642 $ 15,239 $ 408,775 Over Time 169,423 2,745 80,466 23,405 276,039 Total net sales $ 180,332 $ 379,730 $ 86,108 $ 38,644 $ 684,814 Six Months Ended June 30, 2021 Renewables Residential Agtech Infrastructure Total Net sales: Point in Time $ 13,020 $ 301,997 $ 12,531 $ 17,107 $ 344,655 Over Time 180,243 2,429 87,904 20,750 291,326 Total net sales $ 193,263 $ 304,426 $ 100,435 $ 37,857 $ 635,981 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule of Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 231,076 | $ 185,745 |
Costs in excess of billings | 48,421 | 54,437 |
Total accounts receivables | 279,497 | 240,182 |
Less allowance for doubtful accounts and contract assets | (3,901) | (3,738) |
Accounts receivable, net | $ 275,596 | $ 236,444 |
Accounts Receivable, Net (Sch_2
Accounts Receivable, Net (Schedule of Accounts Receivable Allowance for Credit Losses) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance as of January 1, 2022 | $ 3,738 |
Bad debt expense, net of recoveries | 772 |
Accounts written off against allowance and other adjustments | (609) |
Ending balance as of June 30, 2022 | $ 3,901 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unearned revenue | $ 3.4 | $ 3.7 | |
Revenue recognized that was in contract liabilities at the beginning of the period | $ 38.6 | $ 49.2 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation expected timing of satisfaction | 1 year |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 141,877 | $ 135,558 |
Work-in-process | 9,152 | 5,858 |
Finished goods | 53,090 | 39,256 |
Gross inventory | 204,119 | 180,672 |
Less reserves | (6,620) | (4,465) |
Inventories, net | $ 197,499 | $ 176,207 |
Goodwill and Related Intangib_3
Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2021 | $ 510,942 |
Adjustments to prior year acquisitions | 904 |
Foreign currency translation | (2,489) |
Balance at June 30, 2022 | 509,357 |
Renewables | |
Goodwill [Roll Forward] | |
Balance at December 31, 2021 | 188,680 |
Adjustments to prior year acquisitions | 904 |
Foreign currency translation | (1,980) |
Balance at June 30, 2022 | 187,604 |
Residential | |
Goodwill [Roll Forward] | |
Balance at December 31, 2021 | 205,452 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | 0 |
Balance at June 30, 2022 | 205,452 |
Agtech | |
Goodwill [Roll Forward] | |
Balance at December 31, 2021 | 85,132 |
Adjustments to prior year acquisitions | 0 |
Foreign currency translation | (509) |
Balance at June 30, 2022 | 84,623 |
Infrastructure | |
Goodwill [Roll Forward] | |
Balance at December 31, 2021 | 31,678 |
Foreign currency translation | 0 |
Balance at June 30, 2022 | $ 31,678 |
Goodwill and Related Intangib_4
Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | $ 152,259 | $ 162,472 |
Total acquired intangible assets, Gross Carrying Amount | 204,959 | 215,172 |
Accumulated Amortization, Finite-lived intangible assets | 76,234 | 73,668 |
Total acquired intangible assets, Accumulated Amortization | 76,234 | 73,668 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 5,504 | 5,521 |
Accumulated Amortization, Finite-lived intangible assets | 4,268 | 4,011 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 34,322 | 38,474 |
Accumulated Amortization, Finite-lived intangible assets | 20,941 | 20,656 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 103,160 | 108,591 |
Accumulated Amortization, Finite-lived intangible assets | 42,201 | 39,832 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 2,382 | 2,686 |
Accumulated Amortization, Finite-lived intangible assets | 1,933 | 1,969 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Finite-lived intangible assets | 6,891 | 7,200 |
Accumulated Amortization, Finite-lived intangible assets | 6,891 | 7,200 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Indefinite-lived intangible assets | 52,700 | 52,700 |
Accumulated Amortization, Indefinite-lived intangible assets | $ 0 | $ 0 |
Goodwill and Related Intangib_5
Goodwill and Related Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,819 | $ 4,736 | $ 5,917 | $ 9,479 |
Goodwill and Related Intangib_6
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,412 |
2023 | 10,177 |
2024 | 9,996 |
2025 | 9,856 |
2026 | 8,415 |
2027 | $ 6,754 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less unamortized debt issuance costs | $ (546) | $ (719) |
Total debt | 93,454 | 23,781 |
Line of Credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long term debt gross | $ 94,000 | $ 24,500 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 6 Months Ended | ||
Jan. 24, 2019 USD ($) | Jun. 30, 2022 USD ($) debtCovenant | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Revolving credit facility, leverage ratio, multiplier, minimum | 3 | ||
Revolving Credit Facility | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, availability amount | $ 301,500,000 | $ 369,300,000 | |
Line of Credit | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 400,000,000 | ||
Letters of credit issued | 700,000,000 | ||
Number of debt covenants | debtCovenant | 3 | ||
Revolving credit facility, annual borrowing capacity, maximum | $ 75,000,000 | ||
Line of Credit | Revolving credit facility | Minimum | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, undrawn commitment fee | 0.15% | ||
Line of Credit | Revolving credit facility | Minimum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, interest rates margin | 1.125% | ||
Line of Credit | Revolving credit facility | Maximum | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, undrawn commitment fee | 0.25% | ||
Line of Credit | Revolving credit facility | Maximum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, interest rates margin | 2% | ||
Line of Credit | Standby Letters of Credit | Senior Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, issued value | $ 4,500,000 | ||
Medium-term Notes | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, issued value | $ 300,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
AOCI before tax, beginning balance | $ (800) | $ (607) | $ (63) | $ (3,298) | $ (607) | $ (3,298) |
Accumulated other comprehensive income, tax, beginning balance | 784 | 794 | 827 | 837 | 794 | 837 |
Accumulated other comprehensive income, beginning balance | (16) | 187 | 764 | (2,461) | 187 | (2,461) |
Tax benefit (expense) | (10) | |||||
Other comprehensive income (loss), net of tax | (3,197) | 788 | (3,400) | 4,013 | ||
AOCI before tax, ending balance | (3,997) | (800) | 735 | (63) | (3,997) | 735 |
Accumulated other comprehensive income, tax, ending balance | 784 | 784 | 817 | 827 | 784 | 817 |
Accumulated other comprehensive income, ending balance | (3,213) | (16) | 1,552 | 764 | (3,213) | 1,552 |
Accumulated Translation Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
AOCI before tax, beginning balance | 1,413 | 1,640 | 2,326 | (872) | 1,640 | (872) |
Other comprehensive income adjustments | (3,198) | (227) | 761 | 3,198 | ||
Tax benefit (expense) | 0 | |||||
Other comprehensive income (loss), net of tax | (3,198) | (227) | 761 | 3,198 | ||
AOCI before tax, ending balance | (1,785) | 1,413 | 3,087 | 2,326 | (1,785) | 3,087 |
Accumulated Defined Benefit Plans Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income adjustments | 1 | 34 | 37 | 37 | ||
Tax benefit (expense) | (10) | (10) | ||||
Other comprehensive income (loss), net of tax | 1 | 24 | 27 | 27 | ||
Minimum Post Retirement Benefit Plan Adjustments | Accumulated Defined Benefit Plans Adjustment | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
AOCI before tax, beginning balance | (2,213) | (2,247) | (2,389) | (2,426) | (2,247) | (2,426) |
Other comprehensive income adjustments | 1 | 34 | 37 | 37 | ||
AOCI before tax, ending balance | $ (2,212) | $ (2,213) | $ (2,352) | $ (2,389) | $ (2,212) | $ (2,352) |
Equity-Based Compensation (Ince
Equity-Based Compensation (Incentive Plan) (Details) - Common Stock - shares | May 04, 2022 | May 03, 2022 | May 04, 2018 |
Non-Employee Directors Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 200,000 | 100,000 | |
2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 1,000,000 |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 108,464 | 62,778 |
Weighted average grant date fair value (in USD per share) | $ 47 | $ 87.84 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 67,158 | 33,187 |
Weighted average grant date fair value (in USD per share) | $ 45.84 | $ 87.91 |
Deferred stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 2,460 | 7,536 |
Weighted average grant date fair value (in USD per share) | $ 42.69 | $ 83.58 |
Common shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of awards (in shares) | 15,652 | 2,512 |
Weighted average grant date fair value (in USD per share) | $ 42.49 | $ 83.58 |
Minimum | Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants based on targeted thresholds, percent | 0% | |
Maximum | Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants based on targeted thresholds, percent | 200% | |
Return on Invested Capital | 2018 Plan | Performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period | 1 year |
Equity-Based Compensation (Equi
Equity-Based Compensation (Equity Based Awards - Settled in Cash) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 17,600,000 | $ 22,600,000 | |
Non Current Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | 14,600,000 | 19,700,000 | |
Accrued Expenses, Current | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | 3,000,000 | $ 2,900,000 | |
Management Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based liabilities paid (in thousands) | $ 2,545,000 | $ 3,510,000 | |
Management Stock Purchase Plan | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average company stock price measurement period | 200 days | ||
Restricted stock units credited (in shares) | $ 6,234 | $ 26,240 |
Held for Sale and Discontinue_3
Held for Sale and Discontinued Operations (Schedule of Disposal Group) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Processing Business $ in Thousands | Jun. 30, 2022 USD ($) |
Assets held for sale | |
Accounts receivable, net of allowance | $ 561 |
Inventories, net of reserves | 8,563 |
Other current assets | 1,926 |
Property, plant, and equipment, net | 331 |
Operating lease asset | 710 |
Goodwill | 0 |
Acquired intangibles, net | 6,213 |
Total assets held for sale | 18,304 |
Liabilities held for sale | |
Accounts payable | 1,731 |
Accrued expenses | 1,127 |
Non-current operating lease liabilities | 299 |
Total liabilities held for sale | $ 3,157 |
Held for Sale and Discontinue_4
Held for Sale and Discontinued Operations (Net Sales and Operating Loss for Held for Sale Operations) (Details) - Processing Business - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | $ 2,748 | $ 7,264 | $ 4,571 | $ 12,237 |
Operating loss | $ (1,109) | $ (466) | $ (3,634) | $ (1,302) |
Held for Sale and Discontinue_5
Held for Sale and Discontinued Operations (Narrative) (Details) - USD ($) | 6 Months Ended | |
Feb. 23, 2021 | Jun. 30, 2022 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Processing Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on recoverability of carrying value of the assets and liabilities held for sale relative to estimated sales price | $ 0 | |
Discontinued Operations, Disposed of by Sale | Industrial Business Segment | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds | $ 38,000,000 | |
Net proceeds, seller note | 13,000,000 | |
Estimated pre-tax gain (loss) | (30,000,000) | |
Gain (loss) on disposal | $ (29,600,000) |
Held for Sale and Discontinue_6
Held for Sale and Discontinued Operations (Components of Income from Discontinued Operations before Taxes, Including the Interest Allocated to Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) income before taxes | $ 0 | $ (502) | $ 0 | $ 2,068 |
Discontinued Operations, Held-for-sale | Industrial Business Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 20,391 |
Operating expenses | 0 | 0 | 0 | 17,493 |
Gain on sale of business | 0 | 502 | 0 | 830 |
(Loss) income before taxes | $ 0 | $ (502) | $ 0 | $ 2,068 |
Exit Activity Costs and Asset_3
Exit Activity Costs and Asset Impairments (Narrative) (Details) - facility | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Number of facilities closed | 1 | 2 |
Exit Activity Costs and Asset_4
Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | $ 1,529 | $ 2,161 | $ 2,808 | $ 6,208 |
Asset impairment charges | 0 | 0 | 1,198 | 1,193 |
Total | 1,529 | 2,161 | 4,006 | 7,401 |
Renewables | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | 75 | 786 | 1,403 | 4,564 |
Asset impairment charges | 0 | 0 | 1,198 | 1,193 |
Total | 75 | 786 | 2,601 | 5,757 |
Residential | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | 1,295 | 29 | 1,298 | 94 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Total | 1,295 | 29 | 1,298 | 94 |
Agtech | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | 97 | 1,287 | 88 | 1,491 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Total | 97 | 1,287 | 88 | 1,491 |
Infrastructure | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | 0 | 0 | (63) | 0 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Total | 0 | 0 | (63) | 0 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit activity costs | 62 | 59 | 82 | 59 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Total | $ 62 | $ 59 | $ 82 | $ 59 |
Exit Activity Costs and Asset_5
Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 1,529 | $ 2,161 | $ 4,006 | $ 7,401 |
Exit activity costs | 1,529 | 2,161 | 2,808 | 6,208 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | 80 | 718 | 2,288 | 5,765 |
Selling, general, and administrative expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total | $ 1,449 | $ 1,443 | $ 1,718 | $ 1,636 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 272 | $ 1,030 | ||
Exit activity costs | $ 1,529 | $ 2,161 | 2,808 | 6,208 |
Cash payments | (1,951) | (4,646) | ||
Ending balance | $ 1,129 | $ 2,592 | $ 1,129 | $ 2,592 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 9,895 | $ 9,457 | $ 14,996 | $ 11,017 |
Effective tax rate | 25.20% | 26.40% | 25.10% | 23% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21% | 21% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Income from continuing operations | $ 29,307 | $ 26,373 | $ 44,763 | $ 36,869 | ||
(Loss) income from discontinued operations | 0 | (424) | 0 | 1,842 | ||
Net income available to common stockholders | $ 29,307 | $ 15,456 | $ 25,949 | $ 12,762 | $ 44,763 | $ 38,711 |
Weighted average basic shares outstanding (in shares) | 32,585,000 | 32,790,000 | 32,748,000 | 32,791,000 | ||
Common stock options and restricted stock (in shares) | 75,000 | 266,000 | 95,000 | 280,000 | ||
Weighted average shares outstanding, diluted (in shares) | 32,660,000 | 33,056,000 | 32,843,000 | 33,071,000 | ||
Common shares | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive securities excluded from earnings per share calculation (in shares) | 225,000 | 52,000 | 65,000 | 0 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Number of reportable segments | segment | 4 | ||||
Net sales | $ 366,949 | $ 348,389 | $ 684,814 | $ 635,981 | |
Total consolidated income from operations | 40,139 | 31,409 | 61,334 | 44,224 | |
Total assets | 1,295,413 | 1,295,413 | $ 1,214,901 | ||
Renewables | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 101,549 | 107,751 | 180,332 | 193,263 | |
Residential | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 200,245 | 164,209 | 379,730 | 304,426 | |
Agtech | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 43,680 | 53,696 | 86,108 | 100,435 | |
Infrastructure | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 21,475 | 22,733 | 38,644 | 37,857 | |
Operating Segments | Renewables | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 101,549 | 107,751 | 180,332 | 193,263 | |
Total consolidated income from operations | 6,829 | 9,510 | (155) | 8,989 | |
Total assets | 444,411 | 444,411 | 445,486 | ||
Operating Segments | Residential | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 200,245 | 164,209 | 379,730 | 304,426 | |
Total consolidated income from operations | 35,664 | 27,155 | 69,099 | 50,089 | |
Total assets | 532,226 | 532,226 | 453,469 | ||
Operating Segments | Agtech | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 43,680 | 53,696 | 86,108 | 100,435 | |
Total consolidated income from operations | 1,542 | 977 | 1,573 | 1,906 | |
Total assets | 213,026 | 213,026 | 212,038 | ||
Operating Segments | Infrastructure | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net sales | 21,475 | 22,733 | 38,644 | 37,857 | |
Total consolidated income from operations | 2,887 | 4,186 | 4,068 | 6,223 | |
Total assets | 85,652 | 85,652 | 82,662 | ||
Corporate | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Total consolidated income from operations | (6,783) | $ (10,419) | (13,251) | $ (22,983) | |
Total assets | $ 20,098 | $ 20,098 | $ 21,246 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 366,949 | $ 348,389 | $ 684,814 | $ 635,981 |
Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 101,549 | 107,751 | 180,332 | 193,263 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 200,245 | 164,209 | 379,730 | 304,426 |
Agtech | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 43,680 | 53,696 | 86,108 | 100,435 |
Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 21,475 | 22,733 | 38,644 | 37,857 |
Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 217,078 | 188,052 | 408,775 | 344,655 |
Point in Time | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 5,259 | 6,049 | 10,909 | 13,020 |
Point in Time | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 198,854 | 162,978 | 376,985 | 301,997 |
Point in Time | Agtech | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4,029 | 7,388 | 5,642 | 12,531 |
Point in Time | Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 8,936 | 11,637 | 15,239 | 17,107 |
Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 149,871 | 160,337 | 276,039 | 291,326 |
Over Time | Renewables | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 96,290 | 101,702 | 169,423 | 180,243 |
Over Time | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,391 | 1,231 | 2,745 | 2,429 |
Over Time | Agtech | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 39,651 | 46,308 | 80,466 | 87,904 |
Over Time | Infrastructure | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 12,539 | $ 11,096 | $ 23,405 | $ 20,750 |