Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information | |
Entity Registrant Name | SIMPSON MANUFACTURING CO INC /CA/ |
Entity Central Index Key | 0000920371 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 44,661,907 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets | |||
Cash and cash equivalents | $ 113,407 | $ 160,180 | $ 137,413 |
Trade accounts receivable, net | 173,140 | 146,052 | 167,146 |
Inventories | 272,459 | 276,088 | 256,552 |
Assets held-for-sale | 2,546 | 627 | 0 |
Other current assets | 14,186 | 16,582 | 22,423 |
Total current assets | 575,738 | 599,529 | 583,534 |
Property, plant and equipment, net | 251,398 | 254,597 | 276,114 |
Operating lease right-of-use assets | 34,324 | ||
Goodwill | 131,712 | 130,250 | 138,026 |
Equity investment | 2,511 | 2,487 | 2,525 |
Intangible assets, net | 24,148 | 24,402 | 28,302 |
Other noncurrent assets | 10,521 | 10,398 | 11,841 |
Total Assets | 1,030,352 | 1,021,663 | 1,040,342 |
Current liabilities | |||
Trade accounts payable | 35,549 | 34,361 | 42,098 |
Accrued liabilities and other current liabilities | 115,029 | 117,219 | 101,130 |
Total current liabilities | 150,578 | 151,580 | 143,228 |
Operating lease liabilities | 28,878 | ||
Deferred income tax and other long-term liabilities | 15,422 | 14,569 | 18,052 |
Total liabilities | 194,878 | 166,149 | 161,280 |
Commitments and contingencies (see Note 12) | |||
Stockholders’ equity | |||
Common stock, at par value | 455 | 453 | 475 |
Additional paid-in capital | 274,836 | 276,504 | 269,004 |
Retained Earnings | 641,168 | 628,207 | 693,218 |
Treasury stock | (55,000) | (25,000) | (74,999) |
Accumulated other comprehensive loss | (25,985) | (24,650) | (8,636) |
Total stockholders’ equity | 835,474 | 855,514 | 879,062 |
Total liabilities and stockholders’ equity | $ 1,030,352 | $ 1,021,663 | $ 1,040,342 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 259,244 | $ 244,779 |
Cost of sales | 148,990 | 137,157 |
Gross profit | 110,254 | 107,622 |
Operating expenses: | ||
Research and development and other engineering | 12,260 | 11,150 |
Selling | 28,112 | 27,573 |
General and administrative | 39,549 | 37,399 |
Total operating expenses | 79,921 | 76,122 |
Net loss (gain) on disposal of assets | 310 | (1,184) |
Income from operations | 30,023 | 32,684 |
Foreign exchange gain (loss) and other | (567) | 88 |
Interest expense, net | (196) | (90) |
Income before taxes | 29,260 | 32,682 |
Provision for income taxes | 6,598 | 7,253 |
Net income | 22,662 | 25,429 |
Translation adjustment | (1,335) | 3,860 |
Comprehensive net income | $ 21,327 | $ 29,289 |
Earnings per common share: | ||
Basic | $ 0.51 | $ 0.55 |
Diluted | $ 0.50 | $ 0.54 |
Number of shares outstanding | ||
Basic | 44,874 | 46,615 |
Diluted | 45,213 | 47,009 |
Cash dividends declared per common share (in dollars per share) | $ 0.22 | $ 0.21 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements 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 |
Balance at Dec. 31, 2017 | $ 884,778 | $ 473 | $ 260,157 | $ 676,644 | $ (12,496) | $ (40,000) |
Balance (in shares) at Dec. 31, 2017 | 46,745 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 25,429 | 25,429 | ||||
Translation adjustment, net of tax | 3,860 | 3,860 | ||||
Options exercised | 695 | $ 0 | 695 | |||
Options exercised (in shares) | 23 | |||||
Stock-based compensation | 2,716 | 2,716 | ||||
Shares issued from release of Restricted Stock Units | (5,027) | $ 2 | (5,029) | |||
Shares issued from release of Restricted Stock Units (in shares) | 163 | |||||
Repurchase of common stock | (24,999) | 10,000 | (34,999) | |||
Repurchase of common stock (in shares) | (620) | |||||
Cash dividends declared on common stock | (9,647) | (9,647) | ||||
Common stock issued | 465 | 465 | ||||
Common stock issued (in shares) | 8 | |||||
Balance at Mar. 31, 2018 | 879,062 | $ 475 | 269,004 | 693,218 | (8,636) | (74,999) |
Balance (in shares) at Mar. 31, 2018 | 46,319 | |||||
Balance at Dec. 31, 2017 | 884,778 | $ 473 | 260,157 | 676,644 | (12,496) | (40,000) |
Balance (in shares) at Dec. 31, 2017 | 46,745 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 101,204 | 101,204 | ||||
Translation adjustment, net of tax | (16,771) | (16,771) | ||||
Pension adjustment, net of tax | 376 | 376 | ||||
Stock-based compensation | 7,618 | 7,618 | ||||
Adoption of new accounting standards | (1) | (382) | 381 | |||
Shares issued from release of Restricted Stock Units | (118) | $ 0 | (118) | |||
Shares issued from release of Restricted Stock Units (in shares) | 14 | |||||
Repurchase of common stock | (85,541) | 0 | (85,541) | |||
Repurchase of common stock (in shares) | (1,335) | |||||
Retirement of common stock | 0 | $ (22) | (135,518) | 135,540 | ||
Cash dividends declared on common stock | (30,315) | (30,315) | ||||
Balance at Dec. 31, 2018 | 855,514 | $ 453 | 276,504 | 628,207 | (24,650) | (25,000) |
Balance (in shares) at Dec. 31, 2018 | 44,998 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 22,662 | 22,662 | ||||
Translation adjustment, net of tax | (1,335) | (1,335) | ||||
Stock-based compensation | 3,903 | 3,903 | ||||
Shares issued from release of Restricted Stock Units | (5,861) | $ 2 | (5,863) | |||
Shares issued from release of Restricted Stock Units (in shares) | 164 | |||||
Repurchase of common stock | (30,000) | 0 | (30,000) | |||
Repurchase of common stock (in shares) | (505) | |||||
Cash dividends declared on common stock | (9,701) | (9,701) | ||||
Common stock issued | 292 | 292 | ||||
Common stock issued (in shares) | 5 | |||||
Balance at Mar. 31, 2019 | $ 835,474 | $ 455 | $ 274,836 | $ 641,168 | $ (25,985) | $ (55,000) |
Balance (in shares) at Mar. 31, 2019 | 44,662 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.66 |
Common stock issued per share for stock bonus (in USD per share) | $ 54.31 | $ 57.41 | $ 57.41 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 22,662 | $ 25,429 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss (gain) on sale of assets and other | 286 | (1,160) |
Depreciation and amortization | 9,758 | 9,688 |
Operating Lease, Expense | 1,675 | |
Deferred income taxes | 1,371 | 1,448 |
Noncash compensation related to stock plans | 4,105 | 3,116 |
Provision of doubtful accounts | (3) | 222 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Trade accounts receivable | (26,968) | (30,764) |
Inventories | 3,080 | (3,071) |
Trade accounts payable | 1,915 | 11,451 |
Accrued liabilities | 3,916 | 721 |
Accrued profit sharing trust contributions | (4,907) | (4,326) |
Accrued cash profit sharing and commissions | (772) | (346) |
Other current assets | 323 | 1,923 |
Accrued liabilities | (4,966) | (983) |
Long-term liabilities | 286 | 3,763 |
Accrued workers’ compensation | 11 | 12 |
Other noncurrent assets | (2,124) | (5) |
Net cash provided by operating activities | 9,648 | 17,118 |
Cash flows from investing activities | ||
Capital expenditures | (7,352) | (10,935) |
Asset acquisitions, net of cash acquired | (3,492) | 0 |
Proceeds from sale of property and equipment | 38 | 1,239 |
Net cash used in investing activities | (10,806) | (9,696) |
Cash flows from financing activities | ||
Repurchase of common stock | (30,000) | (24,999) |
Proceeds from line of credit | 6,758 | 0 |
Repayments of line of credit and capital leases | (6,459) | (174) |
Issuance of common stock for exercise of options | 0 | 695 |
Dividends paid | (9,901) | (9,818) |
Cash paid on behalf of employees for shares withheld | (5,864) | (5,027) |
Net cash used in financing activities | (45,466) | (39,323) |
Effect of exchange rate changes on cash and cash equivalents | (149) | 800 |
Net decrease in cash and cash equivalents | (46,773) | (31,101) |
Cash and cash equivalents at beginning of period | 160,180 | 168,514 |
Cash and cash equivalents at end of period | 113,407 | 137,413 |
Noncash activity during the period | ||
Noncash capital expenditures | 284 | 1,567 |
Dividends declared but not paid | 9,761 | 10,190 |
Contingent consideration for acquisition | 309 | 0 |
Issuance of Company’s common stock for compensation | $ 292 | $ 465 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Simpson Manufacturing Co., Inc. and its subsidiaries (collectively, the “Company”). Investments in 50% or less owned entities are accounted for using either cost or the equity method. The Company consolidates all variable interest entities ("VIEs") where it is the primary beneficiary. There were no VIEs as of March 31, 2019 and 2018 . All significant intercompany transactions have been eliminated. Interim Reporting Period The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These interim statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . The unaudited quarterly condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial information set forth therein, in accordance with GAAP. Certain prior period amounts in the condensed consolidated financial statements and the accompanying notes have been reclassified to conform to the current period’s presentation. The year-end condensed consolidated balance sheet data provided herein were derived from audited financial statements, but do not include all disclosures required by GAAP. The Company’s quarterly results fluctuate. As a result, the Company believes the results of operations for this interim period presented are not indicative of the results to be expected for any future periods. The Company changed its presentation of its consolidated statement of operations to display non-operating activities, including foreign exchange gain (loss), and certain other income or expenses as a separate line item below income from operations. Foreign exchange gain (loss), and other was previously included in general and administrative expenses and in income from operations. The change did not affect income before taxes and net income as previously presented for the quarter ended March 31, 2018. Revenue Recognition Generally, the Company's revenue contract with a customer exists when the goods are shipped, and services are rendered; and its related invoice is generated. The duration of the contract does not extend beyond the promised goods or services already transferred. The transaction price of each distinct promised product or service specified in the invoice is based on its relative stated standalone selling price. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer at a point in time. The Company’s shipping terms provide the primary indicator of the transfer of control. The Company's general shipping terms are F.O.B. shipping point, where title and risk and rewards of ownership transfer at the point when the products leave the Company's warehouse. The Company recognizes revenue based on the consideration specified in the invoice with a customer, excluding any sales incentives, discounts, and amounts collected on behalf of third parties (i.e., governmental tax authorities). Based on historical experience with the customer, the customer's purchasing pattern and its significant experience selling products, the Company concluded that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty (if any) is resolved (that is, when the total amount of purchases is known). Refer to Note 2 for additional information. Net Earnings Per Common Share Basic earnings per common share are calculated based on the weighted-average number of common shares outstanding during the period. Potentially dilutive securities are included in the diluted per-share calculations using the treasury stock method for all periods when the effect is dilutive. Accounting for Leases The Company has operating and finance leases for certain facilities, equipment, autos and data centers. As an accounting policy for short-term leases, the Company elected to not recognize the right-of-use asset and liability, if, at the commencement date, the lease (1) has a term of 12 months or less and (2) does not include a purchase option that the Company is reasonably certain to exercise. Monthly payments on short-term leases are recognized on the straight-line basis over the full lease term. Accounting for Stock-Based Compensation The Company recognizes stock-based expense related to stock options and restricted stock unit awards on a straight-line basis, net of estimated forfeitures, over the requisite service period of the awards, which is generally the vesting term of four years. Stock-based expense related to performance share grants are measured based on the grant date fair value and expensed on a graded basis over the service periods of the awards, which is generally performance period of three years. The assumptions used to calculate the fair value of options or restricted stock units are evaluated and revised, as necessary, to reflect market conditions and the Company's experience. Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified under a three-tier fair valuation hierarchy based on the observability of the inputs available in the market: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of March 31, 2019 and 2018 , the Company’s investments included in cash equivalents consisted of only money market funds, which are the Company’s primary financial instruments and carried at cost, approximating fair value, based on Level 1 inputs. The balance of the Company’s primary financial instruments as of March 31, 2019 and 2018 was $0.2 million and $5.4 million , respectively. The carrying amounts of trade accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. The fair value of the Company’s contingent consideration related to acquisitions is classified as Level 3 within the fair value hierarchy as it is based on unobserved inputs such as management estimates and entity-specific assumptions and is evaluated on an ongoing basis. Income Taxes The Company uses an estimated annual tax rate to measure the tax benefit or tax expense recognized in each interim period. Acquisitions Under the business combinations topic ASC 805, the Company accounts for acquisitions as business combinations and ascribes acquisition-date fair values to the acquired assets and assumed liabilities. Provisional fair value measurements are made at the time of the acquisitions. Adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as information necessary to complete the analysis is obtained. The fair value of intangible assets are generally based on Level 3 inputs. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The core requirement of ASU 2016-02 is to recognize the assets and liabilities that arise from leases, including those leases classified as operating leases. The amendments require a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use asset ("ROU") representing its right to use the underlying asset for the lease term in the statement of financial position. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. On January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company elected and applied a few practical transition expedients including, not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases and not reassessing initial direct costs for any existing leases. The Company has operating and finance leases for certain facilities, equipment, autos and data centers. The adoption of ASU 2016-02 resulted in the recognition of ROU assets and lease liabilities of approximately $34.3 million and $35.1 million , respectively on January 1, 2019. The adoption had no material impact on the condensed consolidated statement of operations or cash flows. See Note 10. All other issued and effective accounting standards during the first quarter of 2019 |
Revenue from Contract with Cust
Revenue from Contract with Customer Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue from Contracts with Customers Disaggregated revenue The Company disaggregates net sales into the following major product groups as described in the footnote for segment information included in these interim financial statements under Note 13. Wood Construction Products Revenue . Wood construction products represented almost 84% of total net sales in the three months ended March 31, 2019 . Concrete Construction Products Revenue. Concrete construction products represented 16% of total net sales in the three months ended March 31, 2019 . Customer acceptance criteria. Generally, there are no customer acceptance criteria included in the Company's standard sales agreement with customers. When an arrangement with the customer does not meet the criteria to be accounted for as a revenue contract under the standard, the Company recognizes revenue in the amount of nonrefundable consideration received when the Company has transferred control of the goods or services and has stopped transferring (and has no obligation to transfer) additional goods or services. The Company offers certain customers discounts for paying invoices ahead of the due date, which are generally 30 to 60 days. Other revenue . Service sales, representing after-market repair and maintenance, engineering activities and software license sales and services are less than 1.0% of net sales and recognized as the services are completed or the software products and services are delivered. Services may be sold separately or in bundled packages. The typical contract length for a service is generally less than one year. For bundled packages, the Company accounts for individual services separately when they are distinct. A distinct service is separately identifiable from other items in the bundled package if a customer can benefit from the service on its own or with other resources that are readily available to the customer. The consideration (including any discounts) is allocated between separate services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the services. Reconciliation of contract balances Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. As of March 31, 2019 , the Company had no contract assets or contract liabilities from contracts with customers |
Net income Per Share (Notes)
Net income Per Share (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 3. Net Income Per Share The following table reconciles basic net income per common share to diluted net income per share for the three months ended March 31, 2019 and 2018 , respectively: Three Months Ended (in thousands, except per share amounts) 2019 2018 Net income available to common stockholders $ 22,662 $ 25,429 Basic weighted-average shares outstanding 44,874 46,615 Dilutive effect of potential common stock equivalents — stock options and restricted stock units 339 394 Diluted weighted-average shares outstanding 45,213 47,009 Earnings per common share: Basic $ 0.51 $ 0.55 Diluted $ 0.50 $ 0.54 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 4. Stockholders' Equity Share Repurchases During the first quarter of 2019, the Company repurchased 505,448 shares of the Company's common stock in the open market at an average price of $59.35 per share, for a total of $30.0 million . As of March 31, 2019 , approximately $70.0 million remains available for repurchase under the previously announced $100.0 million |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company allocates stock-based compensation expense related to equity plans for employees and non-employee directors among cost of sales, research and development and other engineering expense, selling expense, or general and administrative expense based on the job functions performed by the employees to whom the stock-based compensation is awarded. The Company recognized stock-based compensation expense related to its equity plans for employees of $4.1 million and $3.1 million for the three months ended March 31, 2019 and 2018 , respectively. Stock-based compensation cost capitalized in inventory was not material for all periods presented. During the three months ended March 31, 2019 , the Company granted 192,945 restricted stock units ("RSUs") to the Company's employees, including officers, at an estimated weighted average fair value of $57.38 per share based on the closing price (adjusted for the present value of dividends) of the Company's common stock on the grant date. The RSUs granted to the Company's employees may be time-based, performance-based or time- and performance-based. Certain of the performance-based RSUs are granted to officers and key employees, where the number of performance-based awards to be issued is based on the achievement of certain Company performance criteria established in the RSU agreement over a cumulative three year period. These awards cliff vest after three years. In addition, these same officers and key employees also receive time-based RSUs, which vest pursuant to a three -year graded vesting schedule. Time- and performance based RSUs are granted to the Company's employees excluding officers and certain key employees, vest ratably over the four year life of the award, and require the underlying shares of the Company's common stock to be subject to a performance-based adjustment during the first year of the award. As of March 31, 2019 , the Company's aggregate unamortized stock compensation expense was approximately $17.5 million , which is entirely attributable to unvested RSUs and is expected to be recognized in expense over a weighted-average period of 2.7 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable, Net | Trade Accounts Receivable, Net Trade accounts receivable at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Trade accounts receivable $ 176,896 $ 169,552 $ 149,886 Allowance for doubtful accounts (1,195 ) (1,217 ) (1,364 ) Allowance for sales discounts and returns (2,561 ) (1,189 ) (2,470 ) $ 173,140 $ 167,146 $ 146,052 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Raw materials $ 91,850 $ 87,363 $ 98,058 In-process products 24,690 28,406 24,645 Finished products 155,919 140,783 153,385 $ 272,459 $ 256,552 $ 276,088 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Land $ 29,251 $ 33,234 $ 30,034 Buildings and site improvements 196,848 214,074 198,809 Leasehold improvements 4,831 4,767 4,826 Machinery, equipment, and software 335,906 318,201 330,076 566,836 570,276 563,745 Less accumulated depreciation and amortization (326,181 ) (309,198 ) (318,388 ) 240,655 261,078 245,357 Capital projects in progress 10,743 15,036 9,240 $ 251,398 $ 276,114 $ 254,597 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill at the dates indicated was as follows: At March 31, At December 31, (in thousands) 2019 2018 2018 North America $ 96,491 $ 95,677 $ 96,435 Europe 33,867 40,883 32,471 Asia/Pacific 1,354 1,466 1,344 Total $ 131,712 $ 138,026 $ 130,250 Intangible assets, net, at the dates indicated were as follows: At March 31, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount North America $ 30,824 $ (16,795 ) $ 14,029 Europe 23,435 (13,316 ) 10,119 Total $ 54,259 $ (30,111 ) $ 24,148 At March 31, 2018 Gross Net (in thousands) Carrying Amount Accumulated Amortization Carrying Amount North America $ 30,715 $ (14,472 ) $ 16,243 Europe 24,112 (12,053 ) 12,059 Total $ 54,827 $ (26,525 ) $ 28,302 At December 31, 2018 Gross Net (in thousands) Carrying Amount Accumulated Amortization Carrying Amount North America $ 30,825 $ (16,002 ) $ 14,823 Europe 22,353 (12,774 ) 9,579 Total $ 53,178 $ (28,776 ) $ 24,402 Intangible assets consist of definite-lived and indefinite-lived assets. Definite-lived intangible assets include customer relationships, patents, unpatented technology and non-compete agreements. Amortization expense of definite-lived intangible assets during the three months ended March 31, 2019 and 2018 was $1.3 million and $1.3 million , respectively. The only indefinite-lived intangible asset, consisting of a trade name, totaled $0.6 million at March 31, 2019 . At March 31, 2019 , the estimated future amortization of definite-lived intangible assets was as follows: (in thousands) Remaining nine months of 2019 $ 4,059 2020 5,381 2021 4,902 2022 3,039 2023 2,235 2024 1,267 Thereafter 2,649 $ 23,532 The changes in the carrying amount of goodwill and intangible assets for the three months ended March 31, 2019 , were as follows: Intangible (in thousands) Goodwill Assets Balance at December 31, 2018 $ 130,250 $ 24,402 Acquisitions 1,815 1,213 Amortization — (1,337 ) Foreign exchange (353 ) (130 ) Balance at March 31, 2019 $ 131,712 $ 24,148 |
Leases Leases
Leases Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases On January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2026, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of March 31, 2019: Condensed Consolidated Balance Sheets Line Item Three Months Ended March 31, (in thousands) 2019 Operating leases Assets Operating leases Operating lease right-of-use assets $ 34,324 Liabilities Operating - current Accrued expenses and other current liabilities $ 6,256 Operating - noncurrent Operating lease liabilities 28,878 Total operating lease liabilities $ 35,134 Finance leases Assets Property and equipment, gross Property, plant and equipment, net $ 3,569 Accumulated amortization Property, plant and equipment, net (2,255 ) Property and equipment, net Property, plant and equipment, net $ 1,314 Liabilities Other current liabilities Accrued expenses and other current liabilities $ 1,098 Other long-term liabilities Deferred income tax and other long-term liabilities 1,319 Total finance lease liabilities $ 2,417 The components of lease expense were as follows: Condensed Consolidated Statements of Operations Line Item Three Months Ended March 31, (in thousands) 2019 Operating lease cost General administrative expenses and cost of sales $ 2,191 Finance lease cost: Amortization of right-of-use assets General administrative expenses $ 218 Interest on lease liabilities Interest expense, net 20 Total finance lease $ 238 Other information Supplemental cash flow information related to leases as follows: Three Months Ended March 31, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,087 Finance cash flows for finance leases 270 Operating right-of-use assets obtained in exchange for lease obligations during the current period: 407 The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2019 : (in thousands) Operating Leases Finance Leases Remaining nine months of 2019 $ 6,325 $ 870 2020 7,970 1,160 2021 6,440 484 2022 4,483 — 2023 3,408 — Thereafter 13,859 — Total lease payments 42,485 2,514 Less: Present value discount (7,351 ) (97 ) Total lease liabilities $ 35,134 $ 2,417 The following table summarizes the Company's lease terms and discount rates as of March 31, 2019 : Weighted-average remaining lease terms (in years): Operating leases 7.21 Finance leases 2.18 Weighted-average discount rate: Operating leases 5.37 % Finance leases 3.22 % |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2026, some of which include options to extend the leases for up to 5 years. The Company measured the lease liability at the present value of the lease payments to be made over the lease term. The lease payments are discounted using the Company's incremental borrowing rate. The Company measured the right-of-use ("ROU") assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term. The following table provides a summary of leases included on the condensed consolidated balance sheets as of March 31, 2019: Condensed Consolidated Balance Sheets Line Item Three Months Ended March 31, (in thousands) 2019 Operating leases Assets Operating leases Operating lease right-of-use assets $ 34,324 Liabilities Operating - current Accrued expenses and other current liabilities $ 6,256 Operating - noncurrent Operating lease liabilities 28,878 Total operating lease liabilities $ 35,134 Finance leases Assets Property and equipment, gross Property, plant and equipment, net $ 3,569 Accumulated amortization Property, plant and equipment, net (2,255 ) Property and equipment, net Property, plant and equipment, net $ 1,314 Liabilities Other current liabilities Accrued expenses and other current liabilities $ 1,098 Other long-term liabilities Deferred income tax and other long-term liabilities 1,319 Total finance lease liabilities $ 2,417 The components of lease expense were as follows: Condensed Consolidated Statements of Operations Line Item Three Months Ended March 31, (in thousands) 2019 Operating lease cost General administrative expenses and cost of sales $ 2,191 Finance lease cost: Amortization of right-of-use assets General administrative expenses $ 218 Interest on lease liabilities Interest expense, net 20 Total finance lease $ 238 Other information Supplemental cash flow information related to leases as follows: Three Months Ended March 31, (in thousands) 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,087 Finance cash flows for finance leases 270 Operating right-of-use assets obtained in exchange for lease obligations during the current period: 407 The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2019 : (in thousands) Operating Leases Finance Leases Remaining nine months of 2019 $ 6,325 $ 870 2020 7,970 1,160 2021 6,440 484 2022 4,483 — 2023 3,408 — Thereafter 13,859 — Total lease payments 42,485 2,514 Less: Present value discount (7,351 ) (97 ) Total lease liabilities $ 35,134 $ 2,417 The following table summarizes the Company's lease terms and discount rates as of March 31, 2019 : Weighted-average remaining lease terms (in years): Operating leases 7.21 Finance leases 2.18 Weighted-average discount rate: Operating leases 5.37 % Finance leases 3.22 % |
Debt Debt
Debt Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Credit Facilities The Company has revolving lines of credit with various banks in the United States and Europe. Total available credit at March 31, 2019 , was $304.1 million including revolving credit lines and an irrevocable standby letter of credit in support of various insurance deductibles. As of March 31, 2019 , the Company had an outstanding balance of $1.5 million under these credit lines, and no amounts outstanding as of March 31, 2018 , and December 31, 2018 , respectively. The Company was in compliance with its financial covenants at March 31, 2019 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation From time to time, the Company is involved in various legal proceedings and other matters arising in the normal course of business. Corrosion, hydrogen embrittlement, cracking, material hardness, wood pressure-treating chemicals, misinstallations, misuse, design and assembly flaws, manufacturing defects, labeling defects, product formula defects, inaccurate chemical mixes, adulteration, environmental conditions, or other factors can contribute to failure of fasteners, connectors, anchors, adhesives, specialty chemicals, such as fiber reinforced polymers, and tool products. In addition, inaccuracies may occur in product information, descriptions and instructions found in catalogs, packaging, data sheets, and the Company’s website. As of the date of this Quarterly Report on Form 10-Q, the Company is not a party to any legal proceedings, which the Company expects individually or in the aggregate to have a material adverse effect on the Company’s financial condition, cash flows or results of operations. Nonetheless, the resolution of any claim or litigation is subject to inherent uncertainty and could have a material adverse effect on the Company’s business, financial condition, cash flows or results of operations. The Company previously recorded a charge to administrative expense of approximately $2.9 million , net of tax for a certain pending legal proceeding during the period ended December 31, 2018. The Company has recorded an additional charge of approximately $100,000 in the period ended March 31, 2019, resulting in the total charge recorded for such matter being approximately $3.0 million , net of tax. Gentry Homes, Ltd. v. Simpson Strong-Tie Company, Inc., et al. , Case No. 17-cv-00566, was filed in federal district court in Hawaii against Simpson Strong-Tie Company, Inc. and Simpson Manufacturing, Inc. on November 20, 2017. The Gentry case is a product of a previous state court class action , Nishimura v. Gentry Homes, Ltd., et al. which is now closed. The Nishimura case concerned alleged corrosion of the Company’s galvanized strap-tie holdowns and mudsill anchor products used in a residential project in Honolulu, Hawaii, Ewa by Gentry. In the Nishimura case, the plaintiff homeowners and the developer, Gentry, arbitrated their dispute and agreed on a settlement in the amount of $90 million , with $54 million going to repair costs and $36 million going to attorney's fees. In the Gentry case, Gentry alleges breach of warranty and negligent misrepresentation related to the Company’s strap-tie holdowns and mudsill anchor products. Gentry is demanding general, special, and consequential damages from the Company in an amount to be proven at trial. Gentry also seeks pre-judgment and post-judgment interest, attorneys’ fees and costs, and other relief. The Company admits no liability and will vigorously defend the claims brought against it. At this time, the Company cannot reasonably ascertain the likelihood that it will be found responsible for substantial damages to Gentry. Based on the facts currently known, and subject to future events and circumstances, the Company believes that all or part of the claims may be covered by its insurance policies. Stephen Kaneshiro, et al. v. Stanford Carr Development, LLC et al./Stanford Carr Development, LLC, et al. v. Simpson Strong-Tie Company, Inc. , Civil No. 18-1-1472-09 VLC, is a putative class action lawsuit filed in the Hawaii First Circuit. The Company was added as a third-party defendant on December 28, 2018. The homeowner plaintiffs allege that all homes built by Stanford Carr Development and its subsidiaries (collectively "Stanford Carr") in the State of Hawaii have strap-tie holdowns and mudsill anchors that are suffering premature corrosion. Stanford Carr has asserted indemnity and contribution claims against the Company. The Company admits no liability and will vigorously defend the claims asserted against it. At this time, the Company cannot reasonably ascertain the likelihood that it will be found responsible for substantial damages to Stanford Carr. Based on the facts currently known, and subject to future events and circumstances, the Company believes that all or part of the claims may be covered by its insurance policies. Potential Third-Party Claims Charles Vitale, et al. v. D.R. Horton, Inc. and D.R. Horton-Schuler Homes, LLC , Civil No. 15-1-1347-07, a putative class action lawsuit, was filed in the Hawaii First Circuit on July 13, 2015, in which homeowner plaintiffs allege that all homes built by D.R Horton/D.R. Horton-Schuler Homes (collectively "Horton Homes") in the State of Hawaii have strap-tie holdowns that are suffering premature corrosion. The court has denied a motion for statewide class certification. The Company is not currently a party to the Vitale lawsuit, but the lawsuit in the future could potentially involve the Company’s strap-tie holdowns. If claims are asserted against the Company in the Vitale case, it will vigorously defend any such claims, whether brought by the plaintiff homeowners, or third party claims by Horton Homes. Based on facts currently known to the Company and subject to future events and circumstances, the Company believes that all or part of any claims that any party might seek to allege against it related to the Vitale case may be covered by its insurance policies. Given the nature and the complexities involved in the Vitale proceeding the Company is unable to estimate reasonably a likelihood of possible loss or range of possible loss until the Company knows, among other factors, (i) whether it will be named in the lawsuit by any party; (ii) the specific claims and the legal theories on which they are based (iii) what claims, if any, might be dismissed without trial, (iv) the extent of the claims, including the size of any potential class, particularly as damages are not specified or are indeterminate, (v) how the discovery process will affect the litigation, (vi) the settlement posture of the other parties to the litigation, (vii) the extent to which the Company’s insurance policies will cover the claims or any part thereof, if at all, (viii) whether class treatment is appropriate; and (ix) any other factors that may have a material effect on the litigation. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is organized into three reportable segments, which are defined by the regions where the Company’s products are manufactured, marketed and distributed to the Company’s customers. The three regional segments are the North America segment, comprising primarily the United States and Canada; the Europe segment, comprising continental Europe and the United Kingdom; and the Asia/Pacific segment, comprising the Company’s operations in China, Hong Kong, the South Pacific and the Middle East. The Company's China and Hong Kong operations are manufacturing and administrative support locations, respectively. These three reportable segments are similar in several ways, including the types of materials used in production, production processes, distribution channels and product applications. The Company’s measure of profit or loss for its reportable segments is income (loss) from operations. The following tables illustrate certain measurements used by management to assess the performance of its reportable segments as of or for the following periods: Three Months Ended March 31, (in thousands) 2019 2018 Net Sales North America $ 221,431 $ 206,212 Europe 35,780 36,293 Asia/Pacific 2,033 2,274 Total $ 259,244 $ 244,779 Sales to Other Segments* North America $ 341 $ 628 Europe 458 349 Asia/Pacific 6,396 6,524 Total $ 7,195 $ 7,501 Income (Loss) from Operations** North America $ 32,814 $ 36,455 Europe (384 ) (1,589 ) Asia/Pacific (542 ) (991 ) Administrative and all other (1,865 ) (1,191 ) Total $ 30,023 $ 32,684 * Sales to other segments are eliminated in consolidation. ** Beginning in the first quarter of 2019, income from inter-segment sales, previously included in income from operations for segment reporting, is now presented below income from operations. Income from inter-segment sales is eliminated in consolidation but was an expense in the North America and Europe segment and income in the Asia/Pacific segment. At At March 31, December 31, (in thousands) 2019 2018 2018 Total Assets North America $ 1,155,633 $ 982,149 $ 1,119,012 Europe 167,769 213,259 157,437 Asia/Pacific 27,131 28,461 25,644 Administrative and all other (320,181 ) (183,527 ) (280,430 ) Total $ 1,030,352 $ 1,040,342 $ 1,021,663 Cash collected by the Company’s United States subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore, has been included in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $74.4 million , $53.4 million , and $113.6 million , as of March 31, 2019 and 2018 , and December 31, 2018 , respectively. Total "Administrative and all other" assets are net of inter-segment due to and from accounts eliminated in consolidation. While the Company manages its business by geographic segment, the following table illustrates the distribution of the Company’s net sales by product group as additional information for the following periods: Three Months Ended March 31, (in thousands) 2019 2018 Wood construction products $ 217,613 $ 212,547 Concrete construction products 41,577 32,156 Other 54 76 Total $ 259,244 $ 244,779 Wood construction products include connectors, truss plates, fastening systems, fasteners and pre-fabricated shearwalls, and are used for connecting and strengthening wood-based construction primarily in the residential construction market. Concrete construction products include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforcing materials, and are used for restoration, protection or strengthening concrete, masonry and steel construction in residential, industrial, commercial and infrastructure construction. The Company’s largest customer, attributable mostly to the North America segment, accounted for 10.6% of net sales for three months ending March 31, 2019 . No customer accounted for as much as 10% of net sales for the three months ended March 31, 2018 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 26, 2019 , the Company’s Board of Directors declared a quarterly cash dividend of $0.23 per share, estimated to be $10.2 million in total. The dividend will be payable on July 25, 2019 , to the Company's stockholders of record on July 3, 2019 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Simpson Manufacturing Co., Inc. and its subsidiaries (collectively, the “Company”). Investments in 50% or less owned entities are accounted for using either cost or the equity method. The Company consolidates all variable interest entities ("VIEs") where it is the primary beneficiary. There were no VIEs as of March 31, 2019 and 2018 . All significant intercompany transactions have been eliminated. |
Interim Period Reporting | Interim Reporting Period The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These interim statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . |
Revenue Recognition | Revenue Recognition Generally, the Company's revenue contract with a customer exists when the goods are shipped, and services are rendered; and its related invoice is generated. The duration of the contract does not extend beyond the promised goods or services already transferred. The transaction price of each distinct promised product or service specified in the invoice is based on its relative stated standalone selling price. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer at a point in time. The Company’s shipping terms provide the primary indicator of the transfer of control. The Company's general shipping terms are F.O.B. shipping point, where title and risk and rewards of ownership transfer at the point when the products leave the Company's warehouse. The Company recognizes revenue based on the consideration specified in the invoice with a customer, excluding any sales incentives, discounts, and amounts collected on behalf of third parties (i.e., governmental tax authorities). Based on historical experience with the customer, the customer's purchasing pattern and its significant experience selling products, the Company concluded that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty (if any) is resolved (that is, when the total amount of purchases is known). Refer to Note 2 for additional information. |
Net Earnings Per Common Share | Net Earnings Per Common Share |
Lessee, Leases [Policy Text Block] | Accounting for Leases The Company has operating and finance leases for certain facilities, equipment, autos and data centers. As an accounting policy for short-term leases, the Company elected to not recognize the right-of-use asset and liability, if, at the commencement date, the lease (1) has a term of 12 months or less and (2) does not include a purchase option that the Company is reasonably certain to exercise. Monthly payments on short-term leases are recognized on the straight-line basis over the full lease term. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company recognizes stock-based expense related to stock options and restricted stock unit awards on a straight-line basis, net of estimated forfeitures, over the requisite service period of the awards, which is generally the vesting term of four |
Fair Value of Financial Instruments | e. Fair Value of Financial Instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified under a three-tier fair valuation hierarchy based on the observability of the inputs available in the market: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As of March 31, 2019 and 2018 , the Company’s investments included in cash equivalents consisted of only money market funds, which are the Company’s primary financial instruments and carried at cost, approximating fair value, based on Level 1 inputs. The balance of the Company’s primary financial instruments as of March 31, 2019 and 2018 was $0.2 million and $5.4 million , respectively. The carrying amounts of trade accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. The fair value of the Company’s contingent consideration related to acquisitions is classified as Level 3 within the fair value hierarchy as it is based on unobserved inputs such as management estimates and entity-specific assumptions and is evaluated on an ongoing basis. |
Income Taxes | Income Taxes |
Acquisitions | d. Acquisitions Under the business combinations topic ASC 805, the Company accounts for acquisitions as business combinations and ascribes acquisition-date fair values to the acquired assets and assumed liabilities. Provisional fair value measurements are made at the time of the acquisitions. Adjustments to those measurements may be made in subsequent periods, up to one |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The core requirement of ASU 2016-02 is to recognize the assets and liabilities that arise from leases, including those leases classified as operating leases. The amendments require a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use asset ("ROU") representing its right to use the underlying asset for the lease term in the statement of financial position. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. On January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company elected and applied a few practical transition expedients including, not reassessing whether any expired or existing contracts are or contain leases; not reassessing the lease classification for any expired or existing leases and not reassessing initial direct costs for any existing leases. The Company has operating and finance leases for certain facilities, equipment, autos and data centers. The adoption of ASU 2016-02 resulted in the recognition of ROU assets and lease liabilities of approximately $34.3 million and $35.1 million , respectively on January 1, 2019. The adoption had no material impact on the condensed consolidated statement of operations or cash flows. See Note 10. All other issued and effective accounting standards during the first quarter of 2019 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of financial instruments |
Net income Per Share (Tables)
Net income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles basic net income per common share to diluted net income per share for the three months ended March 31, 2019 and 2018 , respectively: Three Months Ended (in thousands, except per share amounts) 2019 2018 Net income available to common stockholders $ 22,662 $ 25,429 Basic weighted-average shares outstanding 44,874 46,615 Dilutive effect of potential common stock equivalents — stock options and restricted stock units 339 394 Diluted weighted-average shares outstanding 45,213 47,009 Earnings per common share: Basic $ 0.51 $ 0.55 Diluted $ 0.50 $ 0.54 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of trade accounts receivable, net | Trade accounts receivable at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Trade accounts receivable $ 176,896 $ 169,552 $ 149,886 Allowance for doubtful accounts (1,195 ) (1,217 ) (1,364 ) Allowance for sales discounts and returns (2,561 ) (1,189 ) (2,470 ) $ 173,140 $ 167,146 $ 146,052 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of carrying values of inventories | Inventories at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Raw materials $ 91,850 $ 87,363 $ 98,058 In-process products 24,690 28,406 24,645 Finished products 155,919 140,783 153,385 $ 272,459 $ 256,552 $ 276,088 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment, net, at the dates indicated consisted of the following: At March 31, At December 31, (in thousands) 2019 2018 2018 Land $ 29,251 $ 33,234 $ 30,034 Buildings and site improvements 196,848 214,074 198,809 Leasehold improvements 4,831 4,767 4,826 Machinery, equipment, and software 335,906 318,201 330,076 566,836 570,276 563,745 Less accumulated depreciation and amortization (326,181 ) (309,198 ) (318,388 ) 240,655 261,078 245,357 Capital projects in progress 10,743 15,036 9,240 $ 251,398 $ 276,114 $ 254,597 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill, by segment | Goodwill at the dates indicated was as follows: At March 31, At December 31, (in thousands) 2019 2018 2018 North America $ 96,491 $ 95,677 $ 96,435 Europe 33,867 40,883 32,471 Asia/Pacific 1,354 1,466 1,344 Total $ 131,712 $ 138,026 $ 130,250 |
Schedule of net intangible assets, by segment | ntangible assets, net, at the dates indicated were as follows: At March 31, 2019 Gross Net Carrying Accumulated Carrying (in thousands) Amount Amortization Amount North America $ 30,824 $ (16,795 ) $ 14,029 Europe 23,435 (13,316 ) 10,119 Total $ 54,259 $ (30,111 ) $ 24,148 At March 31, 2018 Gross Net (in thousands) Carrying Amount Accumulated Amortization Carrying Amount North America $ 30,715 $ (14,472 ) $ 16,243 Europe 24,112 (12,053 ) 12,059 Total $ 54,827 $ (26,525 ) $ 28,302 At December 31, 2018 Gross Net (in thousands) Carrying Amount Accumulated Amortization Carrying Amount North America $ 30,825 $ (16,002 ) $ 14,823 Europe 22,353 (12,774 ) 9,579 Total $ 53,178 $ (28,776 ) $ 24,402 |
Schedule of estimated future amortization of intangible assets | At March 31, 2019 , the estimated future amortization of definite-lived intangible assets was as follows: (in thousands) Remaining nine months of 2019 $ 4,059 2020 5,381 2021 4,902 2022 3,039 2023 2,235 2024 1,267 Thereafter 2,649 $ 23,532 |
Changes in the carrying amount of goodwill and intangible assets | The changes in the carrying amount of goodwill and intangible assets for the three months ended March 31, 2019 , were as follows: Intangible (in thousands) Goodwill Assets Balance at December 31, 2018 $ 130,250 $ 24,402 Acquisitions 1,815 1,213 Amortization — (1,337 ) Foreign exchange (353 ) (130 ) Balance at March 31, 2019 $ 131,712 $ 24,148 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lease, Cost [Abstract] | |
Balance Sheet Information | The following table provides a summary of leases included on the condensed consolidated balance sheets as of March 31, 2019: Condensed Consolidated Balance Sheets Line Item Three Months Ended March 31, (in thousands) 2019 Operating leases Assets Operating leases Operating lease right-of-use assets $ 34,324 Liabilities Operating - current Accrued expenses and other current liabilities $ 6,256 Operating - noncurrent Operating lease liabilities 28,878 Total operating lease liabilities $ 35,134 Finance leases Assets Property and equipment, gross Property, plant and equipment, net $ 3,569 Accumulated amortization Property, plant and equipment, net (2,255 ) Property and equipment, net Property, plant and equipment, net $ 1,314 Liabilities Other current liabilities Accrued expenses and other current liabilities $ 1,098 Other long-term liabilities Deferred income tax and other long-term liabilities 1,319 Total finance lease liabilities $ 2,417 |
Lease, Cost | ollowing table summarizes the Company's lease terms and discount rates as of March 31, 2019 : Weighted-average remaining lease terms (in years): Operating leases 7.21 Finance leases 2.18 Weighted-average discount rate: Operating leases 5.37 % Finance leases 3.22 % Condensed Consolidated Statements of Operations Line Item Three Months Ended March 31, (in thousands) 2019 Operating lease cost General administrative expenses and cost of sales $ 2,191 Finance lease cost: Amortization of right-of-use assets General administrative expenses $ 218 Interest on lease liabilities Interest expense, net 20 Total finance lease $ 238 |
Operating Lease, Liability, Maturity | The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2019 : (in thousands) Operating Leases Finance Leases Remaining nine months of 2019 $ 6,325 $ 870 2020 7,970 1,160 2021 6,440 484 2022 4,483 — 2023 3,408 — Thereafter 13,859 — Total lease payments 42,485 2,514 Less: Present value discount (7,351 ) (97 ) Total lease liabilities $ 35,134 $ 2,417 |
Finance Lease, Liability, Maturity | The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2019 : (in thousands) Operating Leases Finance Leases Remaining nine months of 2019 $ 6,325 $ 870 2020 7,970 1,160 2021 6,440 484 2022 4,483 — 2023 3,408 — Thereafter 13,859 — Total lease payments 42,485 2,514 Less: Present value discount (7,351 ) (97 ) Total lease liabilities $ 35,134 $ 2,417 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of performance of reportable segments | The following tables illustrate certain measurements used by management to assess the performance of its reportable segments as of or for the following periods: Three Months Ended March 31, (in thousands) 2019 2018 Net Sales North America $ 221,431 $ 206,212 Europe 35,780 36,293 Asia/Pacific 2,033 2,274 Total $ 259,244 $ 244,779 Sales to Other Segments* North America $ 341 $ 628 Europe 458 349 Asia/Pacific 6,396 6,524 Total $ 7,195 $ 7,501 Income (Loss) from Operations** North America $ 32,814 $ 36,455 Europe (384 ) (1,589 ) Asia/Pacific (542 ) (991 ) Administrative and all other (1,865 ) (1,191 ) Total $ 30,023 $ 32,684 * Sales to other segments are eliminated in consolidation. ** Beginning in the first quarter of 2019, income from inter-segment sales, previously included in income from operations for segment reporting, is now presented below income from operations. Income from inter-segment sales is eliminated in consolidation but was an expense in the North America and Europe segment and income in the Asia/Pacific segment. At At March 31, December 31, (in thousands) 2019 2018 2018 Total Assets North America $ 1,155,633 $ 982,149 $ 1,119,012 Europe 167,769 213,259 157,437 Asia/Pacific 27,131 28,461 25,644 Administrative and all other (320,181 ) (183,527 ) (280,430 ) Total $ 1,030,352 $ 1,040,342 $ 1,021,663 |
Schedule of net sales distributed by product group | While the Company manages its business by geographic segment, the following table illustrates the distribution of the Company’s net sales by product group as additional information for the following periods: Three Months Ended March 31, (in thousands) 2019 2018 Wood construction products $ 217,613 $ 212,547 Concrete construction products 41,577 32,156 Other 54 76 Total $ 259,244 $ 244,779 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation | |
Maximum period for payment for adjustments to provisional fair value measurements | 1 year |
Maximum [Member] | |
Stock-Based Compensation | |
Vesting period | 4 years |
Basis of Presentation - Recentl
Basis of Presentation - Recently Adopted Accounting Standards (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operating lease right-of-use assets | $ 34,324 |
Total lease liabilities | $ 35,134 |
Basis of Presentation Fair valu
Basis of Presentation Fair value of financial instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||
Money Market Funds, at Carrying Value | $ 0.2 | $ 5.4 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Retained Earnings | $ 641,168 | $ 628,207 | $ 693,218 |
ASC 606 | Wood construction products | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of net sales | 84.00% | ||
ASC 606 | Concrete construction products | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of net sales | 16.00% | ||
ASC 606 | Other | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of net sales | 1.00% |
Net income Per Share (Details)
Net income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net income | $ 22,662 | $ 25,429 | $ 101,204 |
Basic | 44,874 | 46,615 | |
Dilutive effect of potential common stock equivalents — stock options and restricted stock units | 339 | 394 | |
Diluted | 45,213 | 47,009 | |
Basic | $ 0.51 | $ 0.55 | |
Diluted | $ 0.50 | $ 0.54 |
Net income Per Share - Reconcil
Net income Per Share - Reconciliation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Reconciliation of basic earnings per share ("EPS") to diluted EPS | |||
Net income available to common stockholders | $ 22,662 | $ 25,429 | $ 101,204 |
Basic weighted-average shares outstanding | 44,874 | 46,615 | |
Dilutive effect of potential common stock equivalents — stock options and restricted stock units | 339 | 394 | |
Diluted weighted-average shares outstanding | 45,213 | 47,009 | |
Earnings per common share: | |||
Basic | $ 0.51 | $ 0.55 | |
Diluted | $ 0.50 | $ 0.54 |
Stockholders' Equity Shares Rep
Stockholders' Equity Shares Repurchases (Details) - 2018 Stock Repurchase Program [Member] [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 01, 2018 | Mar. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 30 | ||
Stock Repurchase Program, Authorized Amount | $ 70 | $ 100 | |
Treasury Stock, Shares, Acquired | 505,448 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 59.35 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 15, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Stock-Based Compensation | |||
Stock-based compensation expense | $ 4.1 | $ 3.1 | |
Unrecognized compensation cost and vesting period | |||
Unrecognized compensation costs related to unvested share-based compensation arrangements | $ 17.5 | ||
Weighted-average period for recognition of unrecognized stock-based compensation expense | 2 years 8 months 12 days | ||
Restricted Stock Units | |||
Stock-Based Compensation | |||
Awarded (in shares) | 192,945 | ||
Weighted average granted date fair value (in dollars per share) | $ 57.38 | ||
Vesting period | 3 years | ||
Employees | Restricted Stock Units | |||
Stock-Based Compensation | |||
Vesting period | 4 years |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Receivables [Abstract] | |||
Trade accounts receivable | $ 176,896 | $ 149,886 | $ 169,552 |
Allowance for doubtful accounts | (1,195) | (1,364) | (1,217) |
Allowance for sales discounts and returns | (2,561) | (2,470) | (1,189) |
Trade accounts receivable, net | $ 173,140 | $ 146,052 | $ 167,146 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 91,850 | $ 98,058 | $ 87,363 |
In-process products | 24,690 | 24,645 | 28,406 |
Finished products | 155,919 | 153,385 | 140,783 |
Total inventories | $ 272,459 | $ 276,088 | $ 256,552 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Property, Plant and Equipment | |||
Assets held-for-sale | $ 2,546 | $ 627 | $ 0 |
Property, plant and equipment, gross | 566,836 | 563,745 | 570,276 |
Less accumulated depreciation and amortization | (326,181) | (318,388) | (309,198) |
Property, plant and equipment excluding capital projects in progress, net | 240,655 | 245,357 | 261,078 |
Capital projects in progress | 10,743 | 9,240 | 15,036 |
Property, plant and equipment, net | 251,398 | 254,597 | 276,114 |
Land | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 29,251 | 30,034 | 33,234 |
Buildings and site improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 196,848 | 198,809 | 214,074 |
Leasehold improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 4,831 | 4,826 | 4,767 |
Machinery, equipment, and software | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 335,906 | $ 330,076 | $ 318,201 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net, Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Carrying amount of goodwill by reportable segment | |||
Goodwill | $ 131,712 | $ 130,250 | $ 138,026 |
North America | |||
Carrying amount of goodwill by reportable segment | |||
Goodwill | 96,491 | 96,435 | 95,677 |
Europe | |||
Carrying amount of goodwill by reportable segment | |||
Goodwill | 33,867 | 32,471 | 40,883 |
Asia/Pacific | |||
Carrying amount of goodwill by reportable segment | |||
Goodwill | $ 1,354 | $ 1,344 | $ 1,466 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net, Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Changes in gross carrying amount of finite-lived intangible assets | |||
Gross carrying amount | $ 54,259 | $ 53,178 | $ 54,827 |
Accumulated amortization | (30,111) | (28,776) | (26,525) |
Net carrying amount | 24,148 | 24,402 | 28,302 |
North America | |||
Changes in gross carrying amount of finite-lived intangible assets | |||
Gross carrying amount | 30,824 | 30,825 | 30,715 |
Accumulated amortization | (16,795) | (16,002) | (14,472) |
Net carrying amount | 14,029 | 14,823 | 16,243 |
Europe | |||
Changes in gross carrying amount of finite-lived intangible assets | |||
Gross carrying amount | 23,435 | 22,353 | 24,112 |
Accumulated amortization | (13,316) | (12,774) | (12,053) |
Net carrying amount | $ 10,119 | $ 9,579 | $ 12,059 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 1,337 | $ 1,300 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 600 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net, Estimated Future Amortization (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remaining nine months of 2019 | $ 4,059 |
2019 | 5,381 |
2020 | 4,902 |
2021 | 3,039 |
2022 | 2,235 |
2023 | 1,267 |
Thereafter | 2,649 |
Total | $ 23,532 |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net, Carrying Amount of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill | ||
Balance at the beginning of the period | $ 130,250 | |
Amortization | 1,815 | |
Foreign exchange | (353) | |
Balance at the end of the period | 131,712 | $ 138,026 |
Intangible Assets | ||
Balance at the beginning of the period | 24,402 | |
Finite-lived Intangible Assets Acquired | 1,213 | |
Amortization | (1,337) | (1,300) |
Foreign exchange | (130) | |
Balance at the end of the period | $ 24,148 | $ 28,302 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Option to extend term | 5 years |
Leases - Balance Sheet Informat
Leases - Balance Sheet Information (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 34,324 |
Operating - current | 6,256 |
Operating - noncurrent | 28,878 |
Total operating lease liabilities | 35,134 |
Property and equipment, gross | 3,569 |
Accumulated amortization | (2,255) |
Property and equipment, net | 1,314 |
Other current liabilities | 1,098 |
Other long-term liabilities | 1,319 |
Total finance lease liabilities | $ 2,417 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 2,191 |
Amortization of right-of-use assets | 218 |
Interest on lease liabilities | 20 |
Total finance lease | $ 238 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease, Cost [Abstract] | |
Operating cash flows for operating leases | $ 2,087 |
Finance cash flows for finance leases | 270 |
Operating right-of-use assets obtained in exchange for lease obligations during the current period: | $ 407 |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
Remaining nine months of 2019 | $ 6,325 |
2020 | 7,970 |
2021 | 6,440 |
2022 | 4,483 |
2023 | 3,408 |
Thereafter | 13,859 |
Total lease payments | 42,485 |
Less: Present value discount | (7,351) |
Total lease liabilities | 35,134 |
Finance Leases | |
Remaining nine months of 2019 | 870 |
2020 | 1,160 |
2021 | 484 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total lease payments | 2,514 |
Less: Present value discount | (97) |
Total finance lease liabilities | $ 2,417 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 15 days |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 2 months 4 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.37% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.22% |
Debt (Details)
Debt (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Line of Credit | |||
Debt | |||
Credit facility, total available credit | $ 304,100,000 | ||
Primary Revolving Credit Facility | |||
Debt | |||
Line of credit and notes payable | $ 1,500,000 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Nov. 20, 2017 | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | |||
Litigation expense | $ 3,000 | $ 2,900 | |
Additional expense | $ 100 | ||
Nishimura v. Gentry Homes, Ltd | |||
Loss Contingencies [Line Items] | |||
Settlement amount | $ 90,000 | ||
Repair costs | 54,000 | ||
Attorney fees | $ 36,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 3 | |||
Segment Information | ||||
Net sales | $ 259,244 | $ 244,779 | ||
Income (Loss) from Operations | 30,023 | 32,684 | ||
Total Assets | 1,030,352 | 1,040,342 | $ 1,021,663 | |
Cash and cash equivalent | 113,407 | 137,413 | 160,180 | $ 168,514 |
Intersegment elimination | ||||
Segment Information | ||||
Net sales | 7,195 | 7,501 | ||
Administrative and all other | ||||
Segment Information | ||||
Income (Loss) from Operations | (1,865) | (1,191) | ||
Total Assets | (320,181) | (183,527) | (280,430) | |
Cash and cash equivalent | 74,400 | 53,400 | 113,600 | |
North America | ||||
Segment Information | ||||
Net sales | 221,431 | 206,212 | ||
Income (Loss) from Operations | 32,814 | 36,455 | ||
Total Assets | 1,155,633 | 982,149 | 1,119,012 | |
North America | Intersegment elimination | ||||
Segment Information | ||||
Net sales | 341 | 628 | ||
Europe | ||||
Segment Information | ||||
Net sales | 35,780 | 36,293 | ||
Income (Loss) from Operations | (384) | (1,589) | ||
Total Assets | 167,769 | 213,259 | 157,437 | |
Europe | Intersegment elimination | ||||
Segment Information | ||||
Net sales | 458 | 349 | ||
Asia/Pacific | ||||
Segment Information | ||||
Net sales | 2,033 | 2,274 | ||
Income (Loss) from Operations | (542) | (991) | ||
Total Assets | 27,131 | 28,461 | $ 25,644 | |
Asia/Pacific | Intersegment elimination | ||||
Segment Information | ||||
Net sales | $ 6,396 | $ 6,524 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales and long-lived assets by geographical area | ||
Net sales | $ 259,244 | $ 244,779 |
Wood construction products | ||
Net sales and long-lived assets by geographical area | ||
Net sales | 217,613 | 212,547 |
Concrete construction products | ||
Net sales and long-lived assets by geographical area | ||
Net sales | 41,577 | 32,156 |
Other | ||
Net sales and long-lived assets by geographical area | ||
Net sales | 54 | 76 |
North America | ||
Net sales and long-lived assets by geographical area | ||
Net sales | $ 221,431 | $ 206,212 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | $ 113,407 | $ 160,180 | $ 137,413 | $ 168,514 |
Administrative and all other | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents | $ 74,400 | $ 113,600 | $ 53,400 | |
North America | Geographic | Net Sales | ||||
Concentration Risk [Line Items] | ||||
Percentage of net sales | 10.60% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 26, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.22 | $ 0.21 | $ 0.66 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.23 | |||
Dividends | $ 10.2 |
Uncategorized Items - ssd331201
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 792,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 792,000 |