CONTINENTAL BUILDING PRODUCTS, INC., 10-Q filed on 11/12/2019
Quarterly Report
v3.19.3
Cover Page - shares
9 Months Ended
Sep. 30, 2019
Nov. 10, 2019
Cover page.    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-36293  
Entity Registrant Name CONTINENTAL BUILDING PRODUCTS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1718923  
Entity Address, Address Line One 12950 Worldgate Drive  
Entity Address, Address Line Two Suite 700  
Entity Address, City or Town Herndon  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20170  
City Area Code (703)  
Local Phone Number 480-3800  
Title of 12(b) Security Common Stock, $0.001 par value per share  
Trading Symbol CBPX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   34,688,206
Amendment Flag false  
Document Period End Date Sep. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001592480  
Current Fiscal Year End Date --12-31  
v3.19.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Net sales $ 127,439 $ 131,234 $ 373,677 $ 387,304
Cost of goods sold 99,532 94,306 286,288 279,185
Gross profit 27,907 36,928 87,389 108,119
Selling and administrative expense 9,626 9,957 28,397 29,826
Loss on intangible asset impairment 0 0 2,911 0
Gain from insurance recoveries, net 0 0 1,513 0
Gain from business interruption insurance 1,623 0 4,861 0
Operating income 19,904 26,971 62,455 78,293
Other expense, net (66) (29) (168) (256)
Interest expense, net (2,220) (2,549) (7,107) (7,963)
Income before losses from equity method investment and provision for income taxes 17,618 24,393 55,180 70,074
Losses from equity method investment (191) (393) (603) (1,148)
Income before provision for income taxes 17,427 24,000 54,577 68,926
Provision for income taxes (3,979) (5,436) (12,355) (14,821)
Net income $ 13,448 $ 18,564 $ 42,222 $ 54,105
Net income per share:        
Basic (usd per share) $ 0.39 $ 0.51 $ 1.21 $ 1.46
Diluted (usd per share) $ 0.39 $ 0.50 $ 1.21 $ 1.46
Weighted average shares outstanding:        
Basic (shares) 34,688,206 36,732,746 34,911,640 37,012,536
Diluted (shares) 34,775,451 36,918,904 34,996,694 37,181,387
v3.19.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Statement of Comprehensive Income [Abstract]        
Net income $ 13,448 $ 18,564 $ 42,222 $ 54,105
Foreign currency translation adjustment (179) 298 450 (496)
Derivative instrument adjustments, net of taxes (7) (8) (2,047) 1,489
Other comprehensive (loss)/income (186) 290 (1,597) 993
Comprehensive income $ 13,262 $ 18,854 $ 40,625 $ 55,098
v3.19.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets:    
Cash and cash equivalents $ 126,433 $ 102,633
Trade receivables, net 43,098 38,454
Inventories, net 35,486 32,225
Prepaid and other current assets 7,275 19,805
Total current assets 212,292 193,117
Property, plant and equipment, net 281,802 288,368
Customer relationships and other intangibles, net 54,450 62,680
Goodwill 119,945 119,945
Equity method investment 7,216 7,975
Operating lease - right of use assets 760  
Debt issuance costs 160 296
Total Assets 676,625 672,381
Liabilities:    
Accounts payable 31,037 48,060
Accrued and other liabilities 13,165 12,815
Debt, current portion 1,695 1,669
Operating lease liabilities, current portion 633  
Total current liabilities 46,530 62,544
Deferred taxes and other long-term liabilities 19,173 20,204
Debt, non-current portion 260,617 261,886
Operating lease liabilities, non-current portion 690  
Total Liabilities 327,010 344,634
Shareholders' Equity:    
Undesignated preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $0.001 par value per share; 190,000,000 shares authorized; 44,539,759 and 44,472,214 shares issued and 34,688,206 and 35,401,868 shares outstanding as of September 30, 2019 and December 31, 2018, respectively 44 44
Additional paid-in capital 328,781 327,515
Less: Treasury stock (229,073) (209,050)
Accumulated other comprehensive loss (4,988) (3,391)
Accumulated earnings 254,851 212,629
Total Shareholders' Equity 349,615 327,747
Total Liabilities and Shareholders' Equity $ 676,625 $ 672,381
v3.19.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Undesignated preferred stock, par value (usd per share) $ 0.001 $ 0.001
Undesignated preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Undesignated preferred stock, shares issued (in shares) 0 0
Undesignated preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 190,000,000 190,000,000
Common stock, shares issued (in shares) 44,539,759 44,472,214
Common stock, shares outstanding (in shares) 34,688,206 35,401,868
v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 42,222 $ 54,105
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,234 32,966
Amortization of debt issuance costs and debt discount 930 931
Gain from insurance recoveries, net (1,513) 0
Loss on intangible asset impairment 2,911 0
Losses from equity method investment 603 1,148
Amortization of deferred gain on terminated swaps (873) (632)
Share-based compensation 1,706 2,459
Deferred taxes 0 (457)
Change in assets and liabilities:    
Trade receivables (4,678) (914)
Inventories (3,190) (7,627)
Prepaid expenses and other current assets 12,453 1,264
Accounts payable (16,451) (52)
Accrued and other current liabilities (433) 1,089
Other long-term liabilities (176) (226)
Net cash provided by operating activities 65,745 84,054
Cash flows from investing activities:    
Payments for property, plant and equipment (19,287) (19,761)
Payments for intangible assets (1,551) (1,359)
Proceeds from insurance recoveries 1,589 125
Capital contributions to equity method investment (407) (548)
Distributions from equity method investment 564 468
Net cash used in investing activities (19,092) (21,075)
Cash flows from financing activities:    
Proceeds from exercise of stock options 118 145
Tax withholdings on share-based compensation (1,165) (547)
Principal payments for debt (2,037) (2,037)
Payments to repurchase common stock (20,023) (27,425)
Net cash used in financing activities (23,107) (29,864)
Effect of foreign exchange rates on cash and cash equivalents 254 (184)
Net change in cash and cash equivalents 23,800 32,931
Cash, beginning of period 102,633 72,521
Cash, end of period $ 126,433 $ 105,452
v3.19.3
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Loss
Accumulated Earnings
Beginning Balance at Dec. 31, 2017 $ 318,026 $ 44 $ 325,391 $ (143,357) $ (2,649) $ 138,597
Beginning balance (in shares) at Dec. 31, 2017   37,532,959,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 13,646         13,646
Other comprehensive income (loss), net of tax 564       564  
Purchase of treasury shares (14,550) $ 0   (14,550)    
Purchase of treasury shares ( in shares)   (530,600,000)        
Stock option exercise 11 $ 0 11      
Stock option exercise (in shares)   781,000        
Stock-based compensation 213 $ 0 213      
Stock-based compensation (in shares)   85,838,000        
Ending Balance at Mar. 31, 2018 317,910 $ 44 325,615 (157,907) (2,085) 152,243
Ending balance (in shares) at Mar. 31, 2018   37,088,978,000        
Beginning Balance at Dec. 31, 2017 318,026 $ 44 325,391 (143,357) (2,649) 138,597
Beginning balance (in shares) at Dec. 31, 2017   37,532,959,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 54,105          
Other comprehensive income (loss), net of tax 993          
Ending Balance at Sep. 30, 2018 347,951 $ 44 327,643 (170,782) (1,656) 192,702
Ending balance (in shares) at Sep. 30, 2018   36,681,879,000        
Beginning Balance at Mar. 31, 2018 317,910 $ 44 325,615 (157,907) (2,085) 152,243
Beginning balance (in shares) at Mar. 31, 2018   37,088,978,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 21,895         21,895
Other comprehensive income (loss), net of tax 139       139  
Purchase of treasury shares (10,012) $ 0   (10,012)    
Purchase of treasury shares ( in shares)   (344,908,000)        
Stock option exercise 0 $ 0 0      
Stock option exercise (in shares)   2,706,000        
Stock-based compensation 979 $ 0 979      
Stock-based compensation (in shares)   2,103,000        
Ending Balance at Jun. 30, 2018 330,911 $ 44 326,594 (167,919) (1,946) 174,138
Ending balance (in shares) at Jun. 30, 2018   36,748,879,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 18,564         18,564
Other comprehensive income (loss), net of tax 290       290  
Purchase of treasury shares (2,863) $ 0   (2,863)    
Purchase of treasury shares ( in shares)   (76,600,000)        
Stock option exercise 199 $ 0 199      
Stock option exercise (in shares)   9,600,000        
Stock-based compensation 850 $ 0 850      
Stock-based compensation (in shares)   0        
Ending Balance at Sep. 30, 2018 347,951 $ 44 327,643 (170,782) (1,656) 192,702
Ending balance (in shares) at Sep. 30, 2018   36,681,879,000        
Beginning Balance at Dec. 31, 2018 327,747 $ 44 327,515 (209,050) (3,391) 212,629
Beginning balance (in shares) at Dec. 31, 2018   35,401,868,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 15,926         15,926
Other comprehensive income (loss), net of tax (54)       (54)  
Purchase of treasury shares (5,005) $ 0   (5,005)    
Purchase of treasury shares ( in shares)   (191,907,000)        
Stock option exercise 118 $ 0 118      
Stock option exercise (in shares)   6,500,000        
Stock-based compensation 35 $ 0 35      
Stock-based compensation (in shares)   58,571,000        
Ending Balance at Mar. 31, 2019 338,767 $ 44 327,668 (214,055) (3,445) 228,555
Ending balance (in shares) at Mar. 31, 2019   35,275,032,000        
Beginning Balance at Dec. 31, 2018 327,747 $ 44 327,515 (209,050) (3,391) 212,629
Beginning balance (in shares) at Dec. 31, 2018   35,401,868,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 42,222          
Other comprehensive income (loss), net of tax (1,597)          
Ending Balance at Sep. 30, 2019 349,615 $ 44 328,781 (229,073) (4,988) 254,851
Ending balance (in shares) at Sep. 30, 2019   34,688,206,000        
Beginning Balance at Mar. 31, 2019 338,767 $ 44 327,668 (214,055) (3,445) 228,555
Beginning balance (in shares) at Mar. 31, 2019   35,275,032,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 12,848         12,848
Other comprehensive income (loss), net of tax (1,357)       (1,357)  
Purchase of treasury shares (15,018) $ 0   (15,018)    
Purchase of treasury shares ( in shares)   (589,300,000)        
Stock-based compensation 548 $ 0 548      
Stock-based compensation (in shares)   2,474,000        
Ending Balance at Jun. 30, 2019 335,788 $ 44 328,216 (229,073) (4,802) 241,403
Ending balance (in shares) at Jun. 30, 2019   34,688,206,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 13,448         13,448
Other comprehensive income (loss), net of tax (186)       (186)  
Stock-based compensation 565 $ 0 565      
Stock-based compensation (in shares)   0        
Ending Balance at Sep. 30, 2019 $ 349,615 $ 44 $ 328,781 $ (229,073) $ (4,988) $ 254,851
Ending balance (in shares) at Sep. 30, 2019   34,688,206,000        
v3.19.3
Background and Nature of Operations
9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Nature of Operations BACKGROUND AND NATURE OF OPERATIONS
Description of Business
Continental Building Products, Inc. (the "Company") is a Delaware corporation. The Company manufactures gypsum wallboard related products for commercial and residential buildings and houses. The Company operates a network of three highly efficient wallboard facilities, all located in the eastern United States, and produces joint compound at one plant in the United States and at another plant in Canada.
v3.19.3
Significant Accounting Policies
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Significant Accounting Policies SIGNIFICANT ACCOUNTING POLICIES
(a)Basis of Presentation
The accompanying consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated.
(b)Basis of Presentation for Interim Periods
Certain information and footnote disclosures normally included for the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. Management believes that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company and the results of operations and cash flows for the periods presented.
The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Seasonal changes and other conditions can affect the sales volumes of the Company's products. Therefore, the financial results for any interim period do not necessarily indicate the expected results for the year.
The financial statements should be read in conjunction with Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company's Annual Report on Form 10-K for the fiscal year then ended (the "2018 10-K"). The Company has continued to follow the accounting policies set forth in those financial statements.
(c)Supplemental Cash Flow Disclosure
Table 2.1: Certain Cash Transactions and Other Activity
For the Nine Months Ended
September 30, 2019September 30, 2018
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash outflows $464  $451  
Other activity:
Acquisition of property, plant and equipment included in liabilities$2,486  $3,432  
(d) Recent Accounting Pronouncements
Accounting Standards Recently Adopted
The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-02, "Leases," as of January 1, 2019. The Company elected the transition package of practical expedients permitted within ASU 2016-02, which among other things, allowed the Company to carryforward the historical lease classification. In addition, the Company elected the comparative period practical expedient, which allowed the Company to implement the guidance as of the effective date without having to adjust the comparative financial statements. Instead, under this expedient, companies recognize the cumulative effect adjustment in equity. The Company also made an accounting policy election that leases with an initial term of 12 months or less will not be recorded on the balance sheet and will result in the recognition of those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. The adoption of the standard resulted in recognition of approximately $1.0 million in right of use assets and $1.7 million in lease liabilities for
operating leases on the Company's Consolidated Balance Sheet, with no impact to its retained earnings, Consolidated Statement of Operations and Consolidated Statement of Cash Flows.
The Company adopted ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities," as of January 1, 2019. This ASU expands an entity's ability to hedge non-financial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The adoption of the standard did not have a material impact on the Company's Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." This ASU requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this ASU. The adoption of the standard did not have a material impact on the Company's Consolidated Financial Statements.
Accounting Standards Not Yet Adopted
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments." This ASU is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurements (Topic 820), Changes to the Disclosure Requirements for Fair Value Measurement." This ASU eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements.
(e) Reclassifications
Certain reclassifications of prior year information were made to conform to the 2019 presentation. These reclassifications had no material impact on the Company's Consolidated Financial Statements.
v3.19.3
Trade Receivables, Net
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Trade Receivables, Net TRADE RECEIVABLES, NET
Table 3: Details of Trade Receivables, Net
September 30, 2019December 31, 2018
(in thousands) 
Trade receivables, gross$44,042  $39,426  
Allowance for cash discounts and doubtful accounts(944) (972) 
Trade receivables, net$43,098  $38,454  
Trade receivables are recorded net of credit memos issued during the normal course of business.
v3.19.3
Inventories, Net
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Inventories, Net INVENTORIES, NET
Table 4: Details of Inventories, Net
September 30, 2019December 31, 2018
(in thousands) 
Finished products$6,385  $6,700  
Raw materials21,474  18,388  
Supplies and other7,627  7,137  
Inventories, net$35,486  $32,225  
v3.19.3
Property, Plant and Equipment, Net
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net PROPERTY, PLANT AND EQUIPMENT, NET
Table 5: Details of Property, Plant and Equipment, Net
September 30, 2019December 31, 2018
(in thousands) 
Land$13,186  $13,185  
Buildings120,837  118,076  
Plant machinery311,257  292,219  
Mobile equipment16,538  15,163  
Construction in progress16,070  23,566  
Property, plant and equipment, at cost477,888  462,209  
Accumulated depreciation(196,086) (173,841) 
Property, plant and equipment, net$281,802  $288,368  
Depreciation expense was $9.0 million and $25.5 million for the three and nine months ended September 30, 2019, respectively, compared to $9.1 million and $25.4 million for the three and nine months ended September 30, 2018, respectively.
v3.19.3
Customer Relationships and Other Intangibles, Net
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Customer Relationships and Other Intangibles, Net CUSTOMER RELATIONSHIPS AND OTHER INTANGIBLES, NET
Table 6.1: Details of Customer Relationships and Other Intangibles, Net
September 30, 2019December 31, 2018
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
(in thousands)
Customer relationships$116,363  $(71,453) $44,910  $116,180  $(65,738) $50,442  
Purchased software9,561  (5,984) 3,577  8,225  (5,507) 2,718  
Trademarks10,032  (4,069) 5,963  14,772  (5,252) 9,520  
Total$135,956  $(81,506) $54,450  $139,177  $(76,497) $62,680  
Amortization expense was $2.1 million and $6.8 million for the three and nine months ended September 30, 2019, respectively, compared to $2.5 million and $7.5 million for the three and nine months ended September 30, 2018, respectively.
Table 6.2: Details of Future Amortization Expense of Customer Relationships and Other Intangibles
As of September 30, 2019
(in thousands) 
October 1, 2019 through December 31, 2019$2,395  
20208,432  
20217,677  
20227,107  
20235,789  
Thereafter23,050  
Total$54,450  
v3.19.3
Investment in Seven Hills
9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Seven Hills INVESTMENT IN SEVEN HILLS
The Company is a party with an unaffiliated third party to a paperboard liner venture named Seven Hills Paperboard, LLC ("Seven Hills") that, pursuant to a paper supply agreement, provides the Company with a continuous supply of high-quality recycled paperboard liner to meet its ongoing production requirements.
The Company has evaluated the characteristics of its investment and determined that Seven Hills is a variable interest entity, but that it does not have the power to direct the principal activities most impacting the economic performance of Seven Hills, and is thus not the primary beneficiary. As such, the Company accounts for this investment in Seven Hills under the equity method of accounting.
Paperboard liner purchased from Seven Hills was $12.8 million and $38.2 million for the three and nine months ended September 30, 2019, respectively, compared to $12.3 million and $37.4 million for the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, the Company had certain purchase commitments for paper from Seven Hills totaling $29.5 million through 2022.
v3.19.3
Accrued and Other Liabilities
9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Accrued and Other Liabilities ACCRUED AND OTHER LIABILITIES
Table 8: Details of Accrued and Other Liabilities
September 30, 2019December 31, 2018
(in thousands)
Employee-related costs$6,656  $10,768  
Property taxes1,731  82  
Income tax2,011  —  
Other taxes461  351  
Other2,306  1,614  
Accrued and other liabilities$13,165  $12,815  
v3.19.3
Debt
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt DEBT 
Table 9.1: Details of Debt
September 30, 2019December 31, 2018
(in thousands)
Amended and Restated Credit Agreement (1)$250,620  $252,658  
Industrial revenue bonds (2)16,200  16,200  
Less: Original issue discount (net of amortization)(1,092) (1,285) 
Less: Debt issuance costs(3,416) (4,018) 
Total debt262,312  263,555  
Less: Current portion of long-term debt(1,695) (1,669) 
Long-term debt$260,617  $261,886  
(1)As of September 30, 2019 and December 31, 2018, the Amended and Restated Credit Agreement, as amended, had a maturity date of August 18, 2023 and an interest rate of LIBOR (with a 0.75% floor) plus 2.00%.
(2)As of September 30, 2019 and December 31, 2018, Industrial revenue bonds had a maturity date of December 1, 2025 and an interest rate of LIBOR plus 1.50% less an approximate 20 percent reduction in the rate related to the tax-free interest income to the bond holders.
On August 18, 2016, the Company, Continental Building Products Operating Company, LLC and Continental Building Products Canada Inc. and the lenders party thereto and Credit Suisse, as Administrative Agent, entered into an Amended and Restated Credit Agreement amending and restating the Company's existing first lien credit agreement (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provides for a $275 million senior secured first lien term loan facility (the "Term Loan") and a $75.0 million senior secured revolving credit facility (the "Revolver"), which mature on August 18, 2023 and August 18, 2021, respectively. The interest rate under the Amended and Restated Credit Agreement was a spread over LIBOR of 2.75% and floor of 0.75%.
On February 21, 2017, the Company repriced its Term Loan lowering its interest rate by 25 basis points to LIBOR plus 2.50%. Subsequently, on December 6, 2017, the Company further repriced its Term Loan lowering its interest rate by an additional 25 basis points to LIBOR plus 2.25% and allowing for a further reduction in the interest rate to LIBOR plus 2.00% based on the attainment of a total leverage ratio of 1.1 or better. All other terms and conditions under the Amended and Restated Credit Agreement remained the same.
During both the nine months ended September 30, 2019 and 2018, the Company made $2.0 million of scheduled mandatory principal payments. Because the Company attained a total leverage ratio of less than 1.1 to 1 during the fourth quarter of 2018, the interest rate was further reduced pursuant to the terms of the Amended and Restated Credit Agreement to LIBOR plus 2.00% as of December 31, 2018. As of September 30, 2019, the annual effective interest rate, including original issue discount and amortization of debt issuance costs, was 4.5%.
In December 2018, the Company completed a financing of industrial revenue bonds due December 1, 2025 with a total commitment of $28.0 million. The bonds were issued by the County of Campbell, Kentucky and Putnam County Development Authority, pursuant to a trust indenture between the issuers and Huntington National Bank, as trustee. Proceeds of the bonds are loaned by the issuers to the Company under a loan agreement, whereby the Company is obligated to make loan payments to the issuers sufficient to pay all debt service and expenses related to the bonds. The Company's obligations under the loan agreement and related note bear interest at a fluctuating rate based on LIBOR plus 1.50% less an approximate 20 percent reduction in the rate related to the tax-free interest income to the bond holders. The loan agreement contains restrictions and covenants on our operations that are consistent with those contained in the Amended and Restated Credit Agreement mentioned below.
There were no amounts outstanding under the Revolver as of September 30, 2019 or December 31, 2018. Interest under the Revolver is floating, based on LIBOR plus 2.25%. In addition, the Company pays a facility fee of 50 basis points per annum on the total capacity under the Revolver. Availability under the Revolver as of September 30, 2019, based on draws and outstanding letters of credit and absence of violations of covenants, was $73.7 million.
Table 9.2: Details of Future Minimum Principal Payments Due
Amount Due
(in thousands) 
October 1, 2019 through December 31, 2019$678  
20205,326  
20216,196  
20226,196  
2023245,074  
Thereafter3,350  
Total Payments$266,820  
Under the terms of the Amended and Restated Credit Agreement, the Company is required to comply with certain covenants, including among others, the limitation of indebtedness, limitation on liens, and limitations on certain cash distributions. One single financial covenant governs all of the Company's debt and only applies if the outstanding borrowings of the Revolver plus outstanding letters of credit are greater than $22.5 million as of the end of the quarter. The financial covenant is a total leverage ratio calculation, in which total debt less outstanding cash is divided by adjusted earnings before interest, taxes, depreciation and amortization. As the sum of outstanding borrowings under the Revolver and outstanding letters of credit were less than $22.5 million at September 30, 2019, the total leverage ratio of no greater than 5.0 under the financial covenant was not applicable at September 30, 2019. The Company was in compliance with all applicable covenants under the Amended and Restated Credit Agreement and the loan agreement related to the industrial revenue bonds as of September 30, 2019.
v3.19.3
Derivative Instruments
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVE INSTRUMENTS
Commodity Derivative Instruments
As of September 30, 2019, the Company had 3.0 million mmBTUs (millions of British Thermal Units) in aggregate notional amount outstanding natural gas swap contracts to manage commodity price exposures. All of these contracts mature by September 30, 2020. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, "Derivatives – Hedging". No ineffectiveness was recorded on these contracts during the three and nine months ended September 30, 2019 and 2018.
Interest Rate Derivative Instrument
In September 2016, the Company entered into interest rate swap agreements for a combined notional amount of $100.0 million with a term of four years, which hedged the floating LIBOR on a portion of the term loan under the Amended and Restated Credit Agreement to an average fixed rate of 1.323% and LIBOR floor of 0.75%. The Company elected to designate these interest rate swaps as cash flow hedges for accounting purposes.
On March 29, 2018, the Company terminated its interest rate swap agreements that were previously designated as a cash flow hedge and received $3.2 million in cash, the fair value of the swap on the termination date. The unrealized gain at termination remains in accumulated other comprehensive income and will be amortized into interest expense over the life of the original hedged instrument. During the three and nine months ended September 30, 2019, $0.2 million and $0.7 million of the unrealized gain, net of tax related to the terminated swaps was amortized into interest expense, compared to $0.2 million and $0.5 million for the same periods of 2018. Also on March 29, 2018, the Company entered into new interest rate swap agreements for a combined notional amount of $100.0 million, which expire on September 30, 2020 and hedge the floating LIBOR on a portion of the Term Loan to an average fixed rate of 2.46% and LIBOR floor of 0.75%. The Company elected to designate these interest rate swaps as cash flow hedges for accounting purposes. No ineffectiveness was recorded on these contracts during the three and nine months ended September 30, 2019 and 2018.
Table 10.1: Details of Derivatives Fair Value
September 30, 2019December 31, 2018
(in thousands) 
Assets
Interest rate swap$—  $86  
Commodity hedges 61  
Total assets$ $147  
Liabilities
Interest rate swap$777  $—  
Commodity hedges934  105  
Total liabilities$1,711  $105  

Table 10.2: Gains/(losses) on Derivatives
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
20192018201920182019201820192018
Gain/(loss) recognized in AOCI on derivatives (effective portion), net of taxGain/(loss) reclassified from AOCI into income (effective portion), net of taxGain/(loss) recognized in AOCI on derivatives (effective portion), net of taxGain/(loss) reclassified from AOCI into income (effective portion), net of tax
(in thousands) 
Interest rate swap$(32) $145  $190  $169  $(693) $1,413  $657  $379  
Commodity hedges(212)  (427) (9) (1,190) 251  (493) (204) 
Total$(244) $152  $(237) $160  $(1,883) $1,664  $164  $175  
Counterparty Risk
The Company is exposed to credit losses in the event of nonperformance by the counterparties to the Company's derivative instruments. As of September 30, 2019, the Company's derivatives were in a $1.7 million net liability position and recorded in other current liabilities. All of the Company's counterparties have investment grade credit ratings; accordingly, the Company anticipates that the counterparties will be able to fully satisfy their obligations under the contracts. The Company's agreements outline the conditions upon which it or the counterparties are required to post collateral. As of September 30, 2019, the Company had no collateral posted with its counterparties related to the derivatives.
v3.19.3
Leases Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases LEASES
The Company leases certain buildings and equipment. The Company's facility and equipment leases may provide for escalations of rent or rent abatements and payment of pro rata portions of building operating expenses. Certain building leases also include options to renew, with renewal terms that can extend the lease term up to 5 years. The exercise of lease renewal options is at the Company's sole discretion.
Table 11.1: Components of lease expense
For the Three Months Ended
For the Nine Months Ended
September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
Operating lease cost$118  $98  $319  $296  
Short term lease cost519  468  1,594  1,914  
Total lease cost$637  $566  $1,913  $2,210  
Table 11.2: Maturities of lease liabilities
Operating leases
(in thousands)
October 1, 2019 through December 31, 2019$156  
2020637  
2021600  
2022—  
2023—  
Total lease payments$1,393  
Less imputed interest(70) 
Present value of lease liabilities$1,323  

Table 11.3: Details of lease term and discount rate
As of September 30, 2019
Weighted-average remaining lease term:
Operating leases3 years
Weighted-average discount rate:
Operating leases4.52 %
v3.19.3
Treasury Stock
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Treasury Stock TREASURY STOCK
On November 4, 2015, the Company announced that the Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to $50 million of its common stock, at such times and prices as determined by management as market conditions warrant, through December 31, 2016. Pursuant to this authorization, the Company has repurchased shares of its common stock in the open market and in private transactions.
Since the initial authorization, the Company' Board of Directors has expanded and extended the stock repurchase program. The most recent authorization on February 21, 2018 expanded the program to a total of $300 million and also extended the expiration date to December 31, 2019. As of September 30, 2019, there was approximately $111.0 million of capacity remaining under this repurchase authorization.
All repurchased shares are held in treasury, reducing the number of shares of common stock outstanding and used in the Company's earnings per share calculation.
Table 12: Details of Treasury Stock Activity
 September 30, 2019September 30, 2018
SharesAmount (1)Average Share Price (1)SharesAmount (1)Average Share Price (1)
(in thousands, except share and share price data) 
For the Three Months Ended:
Beginning Balance9,851,553  $229,073  $23.25  7,664,325  $167,919  $21.91  
Repurchases on open market—  —  —  76,600  2,863  37.38  
Ending Balance9,851,553  $229,073  $23.25  7,740,925  $170,782  $22.06  
For the Nine Months Ended:
Beginning Balance9,070,346  $209,050  $23.05  6,788,817  $143,357  $21.12  
Repurchases on open market781,207  20,023  25.63  952,108  27,425  28.80  
Ending Balance9,851,553  $229,073  $23.25  7,740,925  $170,782  $22.06  
(1) Includes commissions paid for repurchases on open market.
v3.19.3
Share-Based Compensation
9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation SHARE-BASED COMPENSATIONFor the three and nine months ended September 30, 2019, the Company recognized share-based compensation expenses of $0.6 million and $1.7 million, respectively, compared to $0.8 million and $2.5 million for the three and nine months ended September 30, 2018, respectively. The expenses related to share-based compensation awards were recorded in selling and administrative expenses. As of September 30, 2019, there was $4.2 million of total unrecognized compensation cost related to non-vested stock options, restricted stock awards, restricted stock units and performance-based restricted stock units. This cost is expected to be recognized over a weighted average period of 2.5 years.
v3.19.3
Accumulated Other Comprehensive Loss
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE LOSS
Table 14: Details of Changes in Accumulated Other Comprehensive Loss by Category
Foreign currency translation adjustmentNet unrealized gain on derivatives, net of taxTotal
(in thousands)
Balance as of December 31, 2018$(5,027) $1,636  $(3,391) 
Other comprehensive income/(loss) before reclassifications450  (1,883) (1,433) 
Amounts reclassified from accumulated other comprehensive loss—  (164) (164) 
Net current period other comprehensive income/(loss)450  (2,047) (1,597) 
Balance as of September 30, 2019$(4,577) $(411) $(4,988) 
v3.19.3
Income Taxes
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXESThe Company’s estimated annual effective tax rate is 22.4%. The Company is subject to federal income taxes and various state, provincial and local income taxes. The Company is subject to audit examinations at the U.S. federal, state and local levels by tax authorities in those jurisdictions. In addition, the Canadian operations are subject to audit examinations at federal and provincial levels by tax authorities in those jurisdictions. The tax matters challenged by the tax authorities are typically complex; therefore, the ultimate outcome of any challenges would be subject to uncertainty. The Company has not identified any issues that did not meet the recognition threshold or would be impacted by the measurement provisions of the uncertain tax position guidance.
v3.19.3
Earnings Per Share
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHAREThe following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of potentially dilutive securities. Potentially dilutive common stock has no effect on income available to common stockholders. There were no anti-dilutive awards during the three months ended September 30, 2019 and 2018. For the nine months ended September 30, 2019 and 2018, awards that had an anti-dilutive impact on the Company's dilutive earnings per share computation excluded from the weighted average shares outstanding were 28,000 and 21,000, respectively.
Table 16: Details of Basic and Dilutive Earnings Per Share
For the Three Months Ended
For the Nine Months Ended
September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(dollars in thousands, except for share and per share amounts)
Net income$13,448  $18,564  $42,222  $54,105  
Weighted average number of shares outstanding - basic34,688,206  36,732,746  34,911,640  37,012,536  
Effect of dilutive securities:
Restricted stock awards—  —  —  1,170  
Restricted stock units37,656  89,750  37,308  72,650  
Performance-based restricted stock units33,809  68,384  31,679  67,231  
Stock options15,780  28,024  16,067  27,800  
Total effect of dilutive securities87,245  186,158  85,054  168,851  
Weighted average number of shares outstanding - diluted34,775,451  36,918,904  34,996,694  37,181,387  
Basic earnings per share$0.39  $0.51  $1.21  $1.46  
Diluted earnings per share$0.39  $0.50  $1.21  $1.46  
v3.19.3
Commitments and Contingencies
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Commitments
The Company has non-capital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The total amounts purchased under such commitments were $20.8 million and $62.2 million for the three and nine months ended September 30, 2019, respectively, compared to $22.7 million and $69.5 million for the three and nine months ended September 30, 2018, respectively.
Table 17: Details of Purchase Commitments
As of September 30, 2019
(in thousands)
October 1, 2019 through December 31, 2019$11,460  
202044,533  
202142,358  
202228,033  
202312,254  
Thereafter48,144  
Total$186,782  
Contingent obligations
Under certain circumstances, the Company provides letters of credit related to its natural gas and other supply purchases. As of September 30, 2019 and December 31, 2018, the Company had outstanding letters of credit of approximately $1.3 million and $1.4 million, respectively.
Legal Matters
In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these guarantees and indemnifications are not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity.
In the ordinary course of business, the Company is involved in certain legal actions and claims, including proceedings under laws and regulations relating to environmental and other matters. Because such matters are subject to many uncertainties and the outcomes are not predictable with assurance, the total liability for these legal actions and claims cannot be determined with certainty. When the Company determines that it is probable that a liability for environmental matters, legal actions or other contingencies has been incurred and the amount of the loss is reasonably estimable, an estimate of the costs to be incurred is recorded as a liability in the financial statements. As of September 30, 2019 and December 31, 2018, such liabilities were not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity. While management believes its accruals for such liabilities are adequate, the Company may incur costs in excess of the amounts provided. Although the ultimate amount of liability that may result from these matters or actions is not ascertainable, any amounts exceeding the recorded accruals are not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity.
v3.19.3
Segment Reporting
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
Segment information is presented in accordance with ASC 280, Segment Reporting, which establishes standards for reporting information about operating segments. It also establishes standards for related disclosures about products and geographic areas. The Company's primary reportable segment is wallboard, which represented approximately 97.4% of the Company's revenues for both the three and nine months ended September 30, 2019, compared to 97.6% and 97.3% of the Company's revenues for the three and nine months ended September 30, 2018, respectively. This segment produces wallboard for the commercial and residential construction sectors. The Company also manufactures finishing products, which complement the Company's full range of wallboard products.
Revenues from the major products sold to external customers include gypsum wallboard and finishing products.
The Company's two geographic areas consist of the United States and Canada for which it reports net sales, fixed assets and total assets.
The Company evaluates operating performance based on profit or loss from operations before certain adjustments as shown below. Revenues are attributed to geographic areas based on the location of the customer generating the revenue. The Company did not provide asset information by segment as its Chief Operating Decision Maker does not use such information for purposes of allocating resources and assessing segment performance.
Table 18.1: Segment Reporting
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
Net Sales:
Wallboard$124,145  $128,101  $363,837  $376,739  
Other3,294  3,133  9,840  10,565  
Total net sales$127,439  $131,234  $373,677  $387,304  
Operating Income:
Wallboard$20,635  $27,551  $64,116  $79,702  
Other(731) (580) (1,661) (1,409) 
Total operating income$19,904  $26,971  $62,455  $78,293  
Adjustments:
Interest expense$(2,220) $(2,549) $(7,107) $(7,963) 
Losses from equity investment(191) (393) (603) (1,148) 
Other expense, net(66) (29) (168) (256) 
Income before provision for income taxes$17,427  $24,000  $54,577  $68,926  
Depreciation and Amortization:
Wallboard$10,837  $11,299  $31,440  $32,016  
Other306  281  794  950  
Total depreciation and amortization$11,143  $11,580  $32,234  $32,966  
Table 18.2: Details of Net Sales By Geographic Region
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
United States$120,900  $125,430  $355,807  $367,917  
Canada6,539  5,804  17,870  19,387  
Net sales$127,439  $131,234  $373,677  $387,304  

Table 18.3: Details of Assets By Geographic Region
 Fixed AssetsTotal Assets
 September 30, 2019December 31, 2018September 30, 2019December 31, 2018
(in thousands)
United States$278,792  $285,202  $659,829  $655,849  
Canada3,010  3,166  16,796  16,532  
Total$281,802  $288,368  $676,625  $672,381  
v3.19.3
Fair Value Disclosures
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Disclosures FAIR VALUE DISCLOSURES
The Company estimates the fair value of its debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of September 30, 2019 and December 31, 2018, the carrying value reported in the consolidated balance sheet for the Company's notes payable approximated its fair value. The only assets or liabilities the Company had at September 30, 2019 that are recorded at fair value on a recurring basis are the natural gas hedges and interest rate swaps. Generally, the Company obtains its Level 2 pricing inputs from its counterparties. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.
Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value when they are considered to be impaired.
There were no fair value adjustments for assets and liabilities measured on a non-recurring basis. The Company discloses fair value information about financial instruments for which it is practicable to estimate that value.
Table 19.1: Fair Value Hierarchy - 2019
As of September 30, 2019
Level 1Level 2Level 3Balance
(in thousands) 
Asset
Interest rate swap$—  $—  $—  $—  
Commodity derivatives—   —   
Total assets$—  $ $—  $ 
Liabilities
Interest rate swap$—  $777  $—  $777  
Commodity derivatives —  934  —  934  
Total liabilities$—  $1,711  $—  $1,711  
Table 19.2: Fair Value Hierarchy - 2018
December 31, 2018
Level 1Level 2Level 3Balance
(in thousands) 
Asset
Interest rate swap$—  $86  $—  $86  
Commodity derivatives—  61  —  61  
Total assets$—  $147  $—  $147  
Liabilities
Interest rate swap$—  $—  $—  $—  
Commodity derivatives —  105  —  105  
Total liabilities$—  $105  $—  $105  
v3.19.3
Buchanan Plant Outage Buchanan Plant Outage
9 Months Ended
Sep. 30, 2019
Loss Contingencies [Line Items]  
Buchanan Plant Outage COMMITMENTS AND CONTINGENCIES
Commitments
The Company has non-capital purchase commitments that primarily relate to gas, gypsum, paper and other raw materials. The total amounts purchased under such commitments were $20.8 million and $62.2 million for the three and nine months ended September 30, 2019, respectively, compared to $22.7 million and $69.5 million for the three and nine months ended September 30, 2018, respectively.
Table 17: Details of Purchase Commitments
As of September 30, 2019
(in thousands)
October 1, 2019 through December 31, 2019$11,460  
202044,533  
202142,358  
202228,033  
202312,254  
Thereafter48,144  
Total$186,782  
Contingent obligations
Under certain circumstances, the Company provides letters of credit related to its natural gas and other supply purchases. As of September 30, 2019 and December 31, 2018, the Company had outstanding letters of credit of approximately $1.3 million and $1.4 million, respectively.
Legal Matters
In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry. These indemnifications might include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, it is the opinion of management that these guarantees and indemnifications are not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity.
In the ordinary course of business, the Company is involved in certain legal actions and claims, including proceedings under laws and regulations relating to environmental and other matters. Because such matters are subject to many uncertainties and the outcomes are not predictable with assurance, the total liability for these legal actions and claims cannot be determined with certainty. When the Company determines that it is probable that a liability for environmental matters, legal actions or other contingencies has been incurred and the amount of the loss is reasonably estimable, an estimate of the costs to be incurred is recorded as a liability in the financial statements. As of September 30, 2019 and December 31, 2018, such liabilities were not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity. While management believes its accruals for such liabilities are adequate, the Company may incur costs in excess of the amounts provided. Although the ultimate amount of liability that may result from these matters or actions is not ascertainable, any amounts exceeding the recorded accruals are not expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity.
Buchanan Plant Outage  
Loss Contingencies [Line Items]  
Buchanan Plant Outage BUCHANAN PLANT OUTAGE
On January 24, 2019, Company's Buchanan, New York plant experienced a significant equipment malfunction, resulting in an outage at the plant. The plant was off-line while repairs were made through March 15, 2019. While the Buchanan plant was down, the Company increased production at its plants in Silver Grove, Kentucky and Palatka, Florida to offset a portion of the lost production from the Buchanan plant.
The Company has standard insurance coverage that is intended to cover circumstances such as these, including business interruption insurance. The Company's insurance coverage is designed to cover the direct costs of rebuilding the damaged equipment, costs incurred to re-direct products from the Company's other plants, and the lost contribution margin of the sales that otherwise would have been made if the plant was operating normally.
During the nine months ended September 30, 2019, the Company recorded a $4.9 million gain from business interruption insurance. As of September 30, 2019, the Company has fully settled all claims related to the outage and has received all anticipated insurance payments associated with the outage.
Table 20.1: Details of Insurance Claims and Cash Payments Related to Buchanan Outage
Claim DetailsCash Details
Claim AmountInsurance DeductibleNet recovery recorded in nine months ended September 30, 2019Cash received in the nine months ended September 30, 2019Receivable Recorded as of September 30, 2019
(in thousands)
Rebuild property, plant and equipment damaged (a)$1,839  $250  $1,589  $1,589  $—  
Directs costs associated with business interruption (b)3,015  —  3,015  3,015  —  
Lost operating income associated with lost sales from business interruption (c)4,861  —  4,861  4,861  —  
$9,715  $250  $9,465  $9,465  $—  
(a)The rebuild of property, plant and equipment damaged and related net recovery resulted in a net gain of $1.5 million.
(b)Direct costs associated with the business interruption include various expenses such as additional freight to ship to customers at greater distances from other plants, additional freight costs to reroute incoming raw materials and other various costs that were incurred as a result of the Buchanan outage and have been covered by the Company's insurance policy. The net recovery of direct costs associated with business interruption were netted against actual costs incurred resulting in a net impact of zero to the income statement.
(c)This represents the insurance proceeds for the lost operating income the Company received related to the Buchanan outage.
Table 20.2: Details of Gain from Insurance Recoveries, Net
For the Nine Months Ended
September 30, 2019
(in thousands) 
Cost to rebuild property, plant and equipment (capitalized)$1,839  
Insurance deductible250  
Net recoveries from insurance policy1,589  
Write-off of property, plant and equipment76  
Gain from insurance recoveries, net$1,513  
v3.19.3
Subsequent Event
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Event SUBSEQUENT EVENTOn November 12, 2019, the Company announced that it has entered into a definitive merger agreement with CertainTeed Gypsum and Ceilings USA, Inc., Cupertino Merger Sub, Inc. ("Merger Sub") and Compagnie de Saint-Gobain S.A. pursuant to which the Company will be merged with and into Merger Sub and each issued and outstanding share of the Company's common stock will be converted into the right to receive $37 in cash per share. Consummation of the transaction is subject to certain closing conditions, including approval by antitrust authorities and approval by the holders of a majority of the Company's issued and outstanding shares of common stock.
v3.19.3
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated.
(b)Basis of Presentation for Interim Periods
Certain information and footnote disclosures normally included for the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted for the interim periods presented. Management believes that the unaudited interim financial statements include all adjustments (which are normal and recurring in nature) necessary to present fairly the financial position of the Company and the results of operations and cash flows for the periods presented.
The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Seasonal changes and other conditions can affect the sales volumes of the Company's products. Therefore, the financial results for any interim period do not necessarily indicate the expected results for the year.
The financial statements should be read in conjunction with Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company's Annual Report on Form 10-K for the fiscal year then ended (the "2018 10-K"). The Company has continued to follow the accounting policies set forth in those financial statements.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Accounting Standards Recently Adopted
The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-02, "Leases," as of January 1, 2019. The Company elected the transition package of practical expedients permitted within ASU 2016-02, which among other things, allowed the Company to carryforward the historical lease classification. In addition, the Company elected the comparative period practical expedient, which allowed the Company to implement the guidance as of the effective date without having to adjust the comparative financial statements. Instead, under this expedient, companies recognize the cumulative effect adjustment in equity. The Company also made an accounting policy election that leases with an initial term of 12 months or less will not be recorded on the balance sheet and will result in the recognition of those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. The adoption of the standard resulted in recognition of approximately $1.0 million in right of use assets and $1.7 million in lease liabilities for
operating leases on the Company's Consolidated Balance Sheet, with no impact to its retained earnings, Consolidated Statement of Operations and Consolidated Statement of Cash Flows.
The Company adopted ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities," as of January 1, 2019. This ASU expands an entity's ability to hedge non-financial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The adoption of the standard did not have a material impact on the Company's Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." This ASU requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Accounting Standards Codification 350-40 to determine which implementation costs to defer and recognize as an asset. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this ASU. The adoption of the standard did not have a material impact on the Company's Consolidated Financial Statements.
Accounting Standards Not Yet Adopted
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments." This ASU is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements.
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurements (Topic 820), Changes to the Disclosure Requirements for Fair Value Measurement." This ASU eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company is in the process of evaluating the impact of adoption, which is not expected to have a material impact on the Company's Consolidated Financial Statements.
Reclassifications ReclassificationsCertain reclassifications of prior year information were made to conform to the 2019 presentation. These reclassifications had no material impact on the Company's Consolidated Financial Statements.
v3.19.3
Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures Supplemental Cash Flow Disclosure
Table 2.1: Certain Cash Transactions and Other Activity
For the Nine Months Ended
September 30, 2019September 30, 2018
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash outflows $464  $451  
Other activity:
Acquisition of property, plant and equipment included in liabilities$2,486  $3,432  
v3.19.3
Trade Receivables, Net (Tables)
9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Detail of Receivables, Net
Table 3: Details of Trade Receivables, Net
September 30, 2019December 31, 2018
(in thousands) 
Trade receivables, gross$44,042  $39,426  
Allowance for cash discounts and doubtful accounts(944) (972) 
Trade receivables, net$43,098  $38,454  
Trade receivables are recorded net of credit memos issued during the normal course of business.
v3.19.3
Inventories, Net (Tables)
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Composition of Inventories
Table 4: Details of Inventories, Net
September 30, 2019December 31, 2018
(in thousands) 
Finished products$6,385  $6,700  
Raw materials21,474  18,388  
Supplies and other7,627  7,137  
Inventories, net$35,486  $32,225  
v3.19.3
Property, Plant and Equipment, Net (Tables)
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Details
Table 5: Details of Property, Plant and Equipment, Net
September 30, 2019December 31, 2018
(in thousands) 
Land$13,186  $13,185  
Buildings120,837  118,076  
Plant machinery311,257  292,219  
Mobile equipment16,538  15,163  
Construction in progress16,070  23,566  
Property, plant and equipment, at cost477,888  462,209  
Accumulated depreciation(196,086) (173,841) 
Property, plant and equipment, net$281,802  $288,368  
v3.19.3
Customer Relationships and Other Intangibles, Net (Tables)
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Details of Customer Relationships and Other Intangibles, Net
Table 6.1: Details of Customer Relationships and Other Intangibles, Net
September 30, 2019December 31, 2018
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
(in thousands)
Customer relationships$116,363  $(71,453) $44,910  $116,180  $(65,738) $50,442  
Purchased software9,561  (5,984) 3,577  8,225  (5,507) 2,718  
Trademarks10,032  (4,069) 5,963  14,772  (5,252) 9,520  
Total$135,956  $(81,506) $54,450  $139,177  $(76,497) $62,680  
Future Amortization Expense of Customer Relationships and Other Intangibles
Table 6.2: Details of Future Amortization Expense of Customer Relationships and Other Intangibles
As of September 30, 2019
(in thousands) 
October 1, 2019 through December 31, 2019$2,395  
20208,432  
20217,677  
20227,107  
20235,789  
Thereafter23,050  
Total$54,450  
v3.19.3
Accrued and Other Liabilities (Tables)
9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Details of Accrued and Other Liabilities
Table 8: Details of Accrued and Other Liabilities
September 30, 2019December 31, 2018
(in thousands)
Employee-related costs$6,656  $10,768  
Property taxes1,731  82  
Income tax2,011  —  
Other taxes461  351  
Other2,306  1,614  
Accrued and other liabilities$13,165  $12,815  
v3.19.3
Debt (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Details of Debt
Table 9.1: Details of Debt
September 30, 2019December 31, 2018
(in thousands)
Amended and Restated Credit Agreement (1)$250,620  $252,658  
Industrial revenue bonds (2)16,200  16,200  
Less: Original issue discount (net of amortization)(1,092) (1,285) 
Less: Debt issuance costs(3,416) (4,018) 
Total debt262,312  263,555  
Less: Current portion of long-term debt(1,695) (1,669) 
Long-term debt$260,617  $261,886  
(1)As of September 30, 2019 and December 31, 2018, the Amended and Restated Credit Agreement, as amended, had a maturity date of August 18, 2023 and an interest rate of LIBOR (with a 0.75% floor) plus 2.00%.
(2)As of September 30, 2019 and December 31, 2018, Industrial revenue bonds had a maturity date of December 1, 2025 and an interest rate of LIBOR plus 1.50% less an approximate 20 percent reduction in the rate related to the tax-free interest income to the bond holders.
Future Minimum Principal Payments Due Under the Credit Agreements
Table 9.2: Details of Future Minimum Principal Payments Due
Amount Due
(in thousands) 
October 1, 2019 through December 31, 2019$678  
20205,326  
20216,196  
20226,196  
2023245,074  
Thereafter3,350  
Total Payments$266,820  
v3.19.3
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Table 10.1: Details of Derivatives Fair Value
September 30, 2019December 31, 2018
(in thousands) 
Assets
Interest rate swap$—  $86  
Commodity hedges 61  
Total assets$ $147  
Liabilities
Interest rate swap$777  $—  
Commodity hedges934  105  
Total liabilities$1,711  $105  
Derivative Instruments, Gain (Loss)
Table 10.2: Gains/(losses) on Derivatives
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
20192018201920182019201820192018
Gain/(loss) recognized in AOCI on derivatives (effective portion), net of taxGain/(loss) reclassified from AOCI into income (effective portion), net of taxGain/(loss) recognized in AOCI on derivatives (effective portion), net of taxGain/(loss) reclassified from AOCI into income (effective portion), net of tax
(in thousands) 
Interest rate swap$(32) $145  $190  $169  $(693) $1,413  $657  $379  
Commodity hedges(212)  (427) (9) (1,190) 251  (493) (204) 
Total$(244) $152  $(237) $160  $(1,883) $1,664  $164  $175  
v3.19.3
Leases (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Components of Lease Expense
Table 11.1: Components of lease expense
For the Three Months Ended
For the Nine Months Ended
September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
Operating lease cost$118  $98  $319  $296  
Short term lease cost519  468  1,594  1,914  
Total lease cost$637  $566  $1,913  $2,210  
Maturities of Lease Liabilities
Table 11.2: Maturities of lease liabilities
Operating leases
(in thousands)
October 1, 2019 through December 31, 2019$156  
2020637  
2021600  
2022—  
2023—  
Total lease payments$1,393  
Less imputed interest(70) 
Present value of lease liabilities$1,323  
Details of Lease Term and Discount Rate
Table 11.3: Details of lease term and discount rate
As of September 30, 2019
Weighted-average remaining lease term:
Operating leases3 years
Weighted-average discount rate:
Operating leases4.52 %
v3.19.3
Treasury Stock (Tables)
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Treasury Stock Activity
All repurchased shares are held in treasury, reducing the number of shares of common stock outstanding and used in the Company's earnings per share calculation.
Table 12: Details of Treasury Stock Activity
 September 30, 2019September 30, 2018
SharesAmount (1)Average Share Price (1)SharesAmount (1)Average Share Price (1)
(in thousands, except share and share price data) 
For the Three Months Ended:
Beginning Balance9,851,553  $229,073  $23.25  7,664,325  $167,919  $21.91  
Repurchases on open market—  —  —  76,600  2,863  37.38  
Ending Balance9,851,553  $229,073  $23.25  7,740,925  $170,782  $22.06  
For the Nine Months Ended:
Beginning Balance9,070,346  $209,050  $23.05  6,788,817  $143,357  $21.12  
Repurchases on open market781,207  20,023  25.63  952,108  27,425  28.80  
Ending Balance9,851,553  $229,073  $23.25  7,740,925  $170,782  $22.06  
(1) Includes commissions paid for repurchases on open market.
v3.19.3
Accumulated Other Comprehensive Loss (Tables)
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Changes in Accumulated Other Comprehensive (Loss)/Income by Category
Table 14: Details of Changes in Accumulated Other Comprehensive Loss by Category
Foreign currency translation adjustmentNet unrealized gain on derivatives, net of taxTotal
(in thousands)
Balance as of December 31, 2018$(5,027) $1,636  $(3,391) 
Other comprehensive income/(loss) before reclassifications450  (1,883) (1,433) 
Amounts reclassified from accumulated other comprehensive loss—  (164) (164) 
Net current period other comprehensive income/(loss)450  (2,047) (1,597) 
Balance as of September 30, 2019$(4,577) $(411) $(4,988) 
v3.19.3
Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Basic and Dilutive Earnings Per Share The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of potentially dilutive securities. Potentially dilutive common stock has no effect on income available to common stockholders. There were no anti-dilutive awards during the three months ended September 30, 2019 and 2018. For the nine months ended September 30, 2019 and 2018, awards that had an anti-dilutive impact on the Company's dilutive earnings per share computation excluded from the weighted average shares outstanding were 28,000 and 21,000, respectively.
Table 16: Details of Basic and Dilutive Earnings Per Share
For the Three Months Ended
For the Nine Months Ended
September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(dollars in thousands, except for share and per share amounts)
Net income$13,448  $18,564  $42,222  $54,105  
Weighted average number of shares outstanding - basic34,688,206  36,732,746  34,911,640  37,012,536  
Effect of dilutive securities:
Restricted stock awards—  —  —  1,170  
Restricted stock units37,656  89,750  37,308  72,650  
Performance-based restricted stock units33,809  68,384  31,679  67,231  
Stock options15,780  28,024  16,067  27,800  
Total effect of dilutive securities87,245  186,158  85,054  168,851  
Weighted average number of shares outstanding - diluted34,775,451  36,918,904  34,996,694  37,181,387  
Basic earnings per share$0.39  $0.51  $1.21  $1.46  
Diluted earnings per share$0.39  $0.50  $1.21  $1.46  
v3.19.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Future Purchase Commitments by Year
Table 17: Details of Purchase Commitments
As of September 30, 2019
(in thousands)
October 1, 2019 through December 31, 2019$11,460  
202044,533  
202142,358  
202228,033  
202312,254  
Thereafter48,144  
Total$186,782  
v3.19.3
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting
Table 18.1: Segment Reporting
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
Net Sales:
Wallboard$124,145  $128,101  $363,837  $376,739  
Other3,294  3,133  9,840  10,565  
Total net sales$127,439  $131,234  $373,677  $387,304  
Operating Income:
Wallboard$20,635  $27,551  $64,116  $79,702  
Other(731) (580) (1,661) (1,409) 
Total operating income$19,904  $26,971  $62,455  $78,293  
Adjustments:
Interest expense$(2,220) $(2,549) $(7,107) $(7,963) 
Losses from equity investment(191) (393) (603) (1,148) 
Other expense, net(66) (29) (168) (256) 
Income before provision for income taxes$17,427  $24,000  $54,577  $68,926  
Depreciation and Amortization:
Wallboard$10,837  $11,299  $31,440  $32,016  
Other306  281  794  950  
Total depreciation and amortization$11,143  $11,580  $32,234  $32,966  
Net Sales By Geographic Region
Table 18.2: Details of Net Sales By Geographic Region
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2019September 30, 2018September 30, 2019September 30, 2018
(in thousands)
United States$120,900  $125,430  $355,807  $367,917  
Canada6,539  5,804  17,870  19,387  
Net sales$127,439  $131,234  $373,677  $387,304  
Assets By Geographic Region
Table 18.3: Details of Assets By Geographic Region
 Fixed AssetsTotal Assets
 September 30, 2019December 31, 2018September 30, 2019December 31, 2018
(in thousands)
United States$278,792  $285,202  $659,829  $655,849  
Canada3,010  3,166  16,796  16,532  
Total$281,802  $288,368  $676,625  $672,381  
v3.19.3
Fair Value Disclosures (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Table 19.1: Fair Value Hierarchy - 2019
As of September 30, 2019
Level 1Level 2Level 3Balance
(in thousands) 
Asset
Interest rate swap$—  $—  $—  $—  
Commodity derivatives—   —   
Total assets$—  $ $—  $ 
Liabilities
Interest rate swap$—  $777  $—  $777  
Commodity derivatives —  934  —  934  
Total liabilities$—  $1,711  $—  $1,711  
Table 19.2: Fair Value Hierarchy - 2018
December 31, 2018
Level 1Level 2Level 3Balance
(in thousands) 
Asset
Interest rate swap$—  $86  $—  $86  
Commodity derivatives—  61  —  61  
Total assets$—  $147  $—  $147  
Liabilities
Interest rate swap$—  $—  $—  $—  
Commodity derivatives —  105  —  105  
Total liabilities$—  $105  $—  $105  
v3.19.3
Buchanan Plant Outage (Tables)
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Buchanan Plant Outage
Table 20.1: Details of Insurance Claims and Cash Payments Related to Buchanan Outage
Claim DetailsCash Details
Claim AmountInsurance DeductibleNet recovery recorded in nine months ended September 30, 2019Cash received in the nine months ended September 30, 2019Receivable Recorded as of September 30, 2019
(in thousands)
Rebuild property, plant and equipment damaged (a)$1,839  $250  $1,589  $1,589  $—  
Directs costs associated with business interruption (b)3,015  —  3,015  3,015  —  
Lost operating income associated with lost sales from business interruption (c)4,861  —  4,861  4,861  —  
$9,715  $250  $9,465  $9,465  $—  
(a)The rebuild of property, plant and equipment damaged and related net recovery resulted in a net gain of $1.5 million.
(b)Direct costs associated with the business interruption include various expenses such as additional freight to ship to customers at greater distances from other plants, additional freight costs to reroute incoming raw materials and other various costs that were incurred as a result of the Buchanan outage and have been covered by the Company's insurance policy. The net recovery of direct costs associated with business interruption were netted against actual costs incurred resulting in a net impact of zero to the income statement.
(c)This represents the insurance proceeds for the lost operating income the Company received related to the Buchanan outage.
Table 20.2: Details of Gain from Insurance Recoveries, Net
For the Nine Months Ended
September 30, 2019
(in thousands) 
Cost to rebuild property, plant and equipment (capitalized)$1,839  
Insurance deductible250  
Net recoveries from insurance policy1,589  
Write-off of property, plant and equipment76  
Gain from insurance recoveries, net$1,513  
v3.19.3
Background and Nature of Operations - Description of Business and Acquisition (Detail)
Sep. 30, 2019
facility
Wallboard  
Business Acquisition [Line Items]  
Number of operating facilities (facility) 3
Joint Compound  
Business Acquisition [Line Items]  
Number of operating facilities (facility) 1
v3.19.3
Significant Accounting Policies - Certain Cash and Non-Cash Transactions (Detail) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Accounting Policies [Abstract]    
Operating lease cash outflows $ 464 $ 451
Acquisition of property, plant and equipment included in liabilities $ 2,486 $ 3,432
v3.19.3
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Jan. 01, 2019
Property, Plant and Equipment [Line Items]    
Operating lease - right of use assets $ 760  
Present value of lease liabilities $ 1,323  
Accounting Standards Update 2016-02    
Property, Plant and Equipment [Line Items]    
Operating lease - right of use assets   $ 1,000
Present value of lease liabilities   $ 1,700
v3.19.3
Trade Receivables, Net - Detail of Receivables, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Receivables [Abstract]    
Trade receivables, gross $ 44,042 $ 39,426
Allowance for cash discounts and doubtful accounts (944) (972)
Trade receivables, net $ 43,098 $ 38,454
v3.19.3
Inventories, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]      
Finished products $ 6,385 $ 6,700  
Raw materials 21,474 18,388  
Supplies and other 7,627 7,137  
Inventories, net $ 35,486 $ 32,225 $ 32,225
v3.19.3
Property, Plant and Equipment, Net - Property, Plant and Equipment Details (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 477,888 $ 462,209
Accumulated depreciation (196,086) (173,841)
Property, plant and equipment, net 281,802 288,368
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 13,186 13,185
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 120,837 118,076
Plant machinery    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 311,257 292,219
Mobile equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 16,538 15,163
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 16,070 $ 23,566
v3.19.3
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 9.0 $ 9.1 $ 25.5 $ 25.4
v3.19.3
Customer Relationships and Other Intangibles, Net - Details of Customer Relationships and Other Intangibles, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Gross $ 135,956 $ 139,177
Accumulated Amortization (81,506) (76,497)
Net 54,450 62,680
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross 116,363 116,180
Accumulated Amortization (71,453) (65,738)
Net 44,910 50,442
Purchased software    
Finite-Lived Intangible Assets [Line Items]    
Gross 9,561 8,225
Accumulated Amortization (5,984) (5,507)
Net 3,577 2,718
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross 10,032 14,772
Accumulated Amortization (4,069) (5,252)
Net $ 5,963 $ 9,520
v3.19.3
Customer Relationships and Other Intangibles, Net - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 2.1 $ 2.5 $ 6.8 $ 7.5
v3.19.3
Customer Relationships and Other Intangibles, Net - Future Amortization Expense of Customer Relationships and Other Intangibles (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
October 1, 2019 through December 31, 2019 $ 2,395  
2020 8,432  
2021 7,677  
2022 7,107  
2023 5,789  
Thereafter 23,050  
Net $ 54,450 $ 62,680
v3.19.3
Investment in Seven Hills - Additional Information (Detail) - Seven Hills - Variable Interest Entity, Not Primary Beneficiary - Equity Method Investee - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]        
Cost of paperboard $ 12.8 $ 12.3 $ 38.2 $ 37.4
Purchase commitments     $ 29.5  
v3.19.3
Accrued and Other Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Employee-related costs $ 6,656 $ 10,768
Property taxes 1,731 82
Income tax 2,011 0
Other taxes 461 351
Other 2,306 1,614
Accrued and other liabilities $ 13,165 $ 12,815
v3.19.3
Debt - Details of Debt (Detail) - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2018
Dec. 06, 2017
Feb. 21, 2017
Aug. 18, 2016
Sep. 30, 2019
Mar. 31, 2019
Debt Instrument [Line Items]            
Total debt, gross         $ 266,820  
Less: Original issue discount (net of amortization)         (1,092) $ (1,285)
Less: Debt issuance costs         (3,416) (4,018)
Total debt         262,312 263,555
Less: Current portion of long-term debt         (1,695) (1,669)
Long-term debt $ 261,886       260,617 261,886
Term Loan Facility | Amended and Restated Credit Agreement            
Debt Instrument [Line Items]            
Total debt, gross         $ 250,620 252,658
Term Loan Facility | Amended and Restated Credit Agreement | London Interbank Offered Rate (LIBOR)            
Debt Instrument [Line Items]            
Floor rate       0.75% 0.75%  
Debt, variable interest rate 2.00% 2.25% 2.50% 2.75% 2.00%  
Industrial Revenue Bonds | Line of Credit | Industrial revenue bonds            
Debt Instrument [Line Items]            
Total debt, gross         $ 16,200 $ 16,200
Industrial Revenue Bonds | Line of Credit | Industrial revenue bonds | London Interbank Offered Rate (LIBOR)            
Debt Instrument [Line Items]            
Debt, variable interest rate         1.50%  
Reduction in rate related to the tax-free interest income         20.00%  
v3.19.3
Debt - Additional Information (Detail)
3 Months Ended 9 Months Ended
Dec. 31, 2018
USD ($)
Dec. 06, 2017
Feb. 21, 2017
Aug. 18, 2016
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2019
USD ($)
covenant
Sep. 30, 2018
USD ($)
Amended and Restated Credit Agreement              
Debt Instrument [Line Items]              
Number of covenants | covenant           1  
Debt covenant trigger, line of credit facility amount less letters of credit threshold           $ 22,500,000  
Amended and Restated Credit Agreement | Maximum              
Debt Instrument [Line Items]              
Leverage ratio (no greater than)           5.0  
Term Loan Facility | Amended and Restated Credit Agreement              
Debt Instrument [Line Items]              
Debt principal amount       $ 275,000,000      
Decrease in basis spread, percentage     0.25%        
Leverage ratio (no greater than)   1.1     1.1    
Schedule principal payments           $ 2,000,000.0 $ 2,000,000.0
Effective interest rate           4.50%  
Term Loan Facility | Amended and Restated Credit Agreement | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Debt, variable interest rate 2.00% 2.25% 2.50% 2.75%   2.00%  
Floor rate       0.75%   0.75%  
Debt, variable interest rate if leverage ratio met   2.00%          
Line of Credit | Amended and Restated Credit Agreement | Revolving Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility borrowing capacity       $ 75,000,000.0      
Debt, variable interest rate           2.25%  
Outstanding amount $ 0       $ 0 $ 0  
Facility fee, basis points           0.50%  
Remaining outstanding           $ 73,700,000  
Line of Credit | Industrial revenue bonds | Industrial Revenue Bonds              
Debt Instrument [Line Items]              
Line of credit facility borrowing capacity $ 28,000,000.0       $ 28,000,000.0    
Line of Credit | Industrial revenue bonds | Industrial Revenue Bonds | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Debt, variable interest rate           1.50%  
Reduction in rate related to the tax-free interest income           20.00%  
v3.19.3
Debt - Future Minimum Principal Payments Due Under the Credit Agreements (Detail)
$ in Thousands
Sep. 30, 2019
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
October 1, 2019 through December 31, 2019 $ 678
2020 5,326
2021 6,196
2022 6,196
2023 245,074
Thereafter 3,350
Total Payments $ 266,820
v3.19.3
Derivative Instruments - Additional Information (Detail)
MMBTU in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 29, 2018
USD ($)
Sep. 30, 2016
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
MMBTU
Sep. 30, 2018
USD ($)
Dec. 31, 2016
USD ($)
Derivative [Line Items]              
Derivative net liability position     $ 1,700,000   $ 1,700,000    
Collateral posted with counterparties related to derivatives     0   $ 0    
Natural Gas Swap | Cash Flow Hedging | Designated as Hedging Instrument              
Derivative [Line Items]              
Aggregate notional amount outstanding (in mmBTUs) | MMBTU         3.0    
Interest rate swap | Cash Flow Hedging | Designated as Hedging Instrument              
Derivative [Line Items]              
Notational amount $ 100,000,000.0           $ 100,000,000.0
Derivative instrument term (not beyond)   4 years          
Average fixed rate 2.46% 1.323%          
Proceeds from derivative hedges $ 3,200,000            
Unrealized gain amortized into interest expense     $ 200,000 $ 200,000 $ 700,000 $ 500,000  
Interest rate swap | Cash Flow Hedging | Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR)              
Derivative [Line Items]              
Floor rate 0.75% 0.75%          
v3.19.3
Derivative Instruments - Derivatives at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Derivative [Line Items]    
Derivative asset $ 1 $ 147
Derivative liability 1,711 105
Interest rate swap    
Derivative [Line Items]    
Derivative asset 0 86
Derivative liability 777 0
Commodity derivatives    
Derivative [Line Items]    
Derivative asset 1 61
Derivative liability $ 934 $ 105
v3.19.3
Derivative Instruments - Gains (losses) on derivatives (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(loss) recognized in AOCI on derivatives (effective portion), net of tax $ (244) $ 152 $ (1,883) $ 1,664
Gain/(loss) reclassified from AOCI into income (effective portion), net of tax (237) 160 164 175
Interest rate swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(loss) recognized in AOCI on derivatives (effective portion), net of tax (32) 145 (693) 1,413
Gain/(loss) reclassified from AOCI into income (effective portion), net of tax 190 169 657 379
Commodity derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain/(loss) recognized in AOCI on derivatives (effective portion), net of tax (212) 7 (1,190) 251
Gain/(loss) reclassified from AOCI into income (effective portion), net of tax $ (427) $ (9) $ (493) $ (204)
v3.19.3
Leases - Narrative (Details)
Sep. 30, 2019
Leases [Abstract]  
Renewal term (up to) 5 years
v3.19.3
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Leases [Abstract]        
Operating lease cost $ 118 $ 98 $ 319 $ 296
Short term lease cost 519 468 1,594 1,914
Total lease cost $ 637 $ 566 $ 1,913 $ 2,210
v3.19.3
Leases - Maturities of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
Leases [Abstract]  
October 1, 2019 through December 31, 2019 $ 156
2020 637
2021 600
2022 0
2023 0
Total lease payments 1,393
Less imputed interest (70)
Present value of lease liabilities $ 1,323
v3.19.3
Leases - Details of Lease Term and Discount Rate (Details)
Sep. 30, 2019
Leases [Abstract]  
Weighted-average remaining lease term, operating leases 3 years
Weighted-average discount rate, operating leases 4.52%
v3.19.3
Treasury Stock - Additional Information (Detail) - USD ($)
Sep. 30, 2019
Feb. 21, 2018
Nov. 04, 2015
Equity [Abstract]      
Stock repurchase program authorized amount (up to)   $ 300,000,000 $ 50,000,000
Stock repurchase program, remaining authorized amount $ 111,000,000.0    
v3.19.3
Treasury Stock - Treasury Stock Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Dec. 31, 2017
Treasury Stock [Roll Forward]                        
Beginning balance (shares) 9,851,553   9,070,346 7,664,325   6,788,817 9,070,346 6,788,817 9,070,346 6,788,817 6,788,817  
Ending balance (shares) 9,851,553 9,851,553   7,740,925 7,664,325   9,851,553 7,664,325 9,851,553 7,740,925 9,070,346 6,788,817
Beginning balance $ 229,073   $ 209,050 $ 167,919   $ 143,357 $ 209,050 $ 143,357 $ 209,050 $ 143,357 $ 143,357  
Shares repurchased   $ 15,018 $ 5,005 2,863 $ 10,012 $ 14,550            
Ending balance $ 229,073 $ 229,073   $ 170,782 $ 167,919   $ 229,073 $ 167,919 $ 229,073 $ 170,782 $ 209,050 $ 143,357
Average share price (usd per share)             $ 23.25 $ 21.91 $ 23.25 $ 22.06 $ 23.05 $ 21.12
Repurchases on open market                        
Treasury Stock [Roll Forward]                        
Shares repurchased (shares) 0     76,600         781,207 952,108    
Shares repurchased $ 0     $ 2,863         $ 20,023 $ 27,425    
Average share price (usd per share) $ 0     $ 37.38         $ 25.63 $ 28.80    
v3.19.3
Share-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Share-based Payment Arrangement [Abstract]        
Compensation expense $ 0.6 $ 0.8 $ 1.7 $ 2.5
Unrecognized compensation expense $ 4.2   $ 4.2  
Unrecognized compensation expense, weighted average remaining period     2 years 6 months  
v3.19.3
Accumulated Other Comprehensive Loss (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2019
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance $ 327,747
Other comprehensive income/(loss) before reclassifications (1,433)
Amounts reclassified from accumulated other comprehensive loss (164)
Net current period other comprehensive income/(loss) (1,597)
Ending Balance 349,615
Foreign currency translation adjustment  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (5,027)
Other comprehensive income/(loss) before reclassifications 450
Amounts reclassified from accumulated other comprehensive loss 0
Net current period other comprehensive income/(loss) 450
Ending Balance (4,577)
Net unrealized gain on derivatives, net of tax  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 1,636
Other comprehensive income/(loss) before reclassifications (1,883)
Amounts reclassified from accumulated other comprehensive loss (164)
Net current period other comprehensive income/(loss) (2,047)
Ending Balance (411)
Accumulated Other Comprehensive Loss  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (3,391)
Ending Balance $ (4,988)
v3.19.3
Income Taxes - Narrative (Detail)
12 Months Ended
Dec. 31, 2019
Scenario, Forecast  
Income Tax Contingency [Line Items]  
Effective tax rate 22.40%
v3.19.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]                
Anti-dilutive securities (in shares)             28,000 21,000
Net income $ 13,448 $ 12,848 $ 15,926 $ 18,564 $ 21,895 $ 13,646 $ 42,222 $ 54,105
Weighted average number of shares outstanding- basic (shares) 34,688,206     36,732,746     34,911,640 37,012,536
Effect of dilutive securities:                
Total effect of dilutive securities (shares) 87,245     186,158     85,054 168,851
Weighted average number of shares outstanding - diluted (shares) 34,775,451     36,918,904     34,996,694 37,181,387
Basic earnings per share (usd per share) $ 0.39     $ 0.51     $ 1.21 $ 1.46
Diluted earnings per share (usd per share) $ 0.39     $ 0.50     $ 1.21 $ 1.46
Restricted stock awards                
Effect of dilutive securities:                
Effect of dilutive securities (shares) 0     0     0 1,170
Restricted stock units                
Effect of dilutive securities:                
Effect of dilutive securities (shares) 37,656     89,750     37,308 72,650
Performance-based restricted stock units                
Effect of dilutive securities:                
Effect of dilutive securities (shares) 33,809     68,384     31,679 67,231
Stock options                
Effect of dilutive securities:                
Effect of dilutive securities (shares) 15,780     28,024     16,067 27,800
v3.19.3
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Letter of Credit          
Long-term Purchase Commitment [Line Items]          
Outstanding amount of letters of credit $ 1.3   $ 1.3   $ 1.4
Gas, Gypsum, Paper, and Other Raw Materials          
Long-term Purchase Commitment [Line Items]          
Non-capital purchase commitments $ 20.8 $ 22.7 $ 62.2 $ 69.5  
v3.19.3
Commitments and Contingencies - Future Minimum Lease Payments Due Under Non-Cancelable Operating Leases and Purchase Commitments by Year (Detail)
$ in Thousands
Sep. 30, 2019
USD ($)
As of September 30, 2019  
October 1, 2019 through December 31, 2019 $ 11,460
2020 44,533
2021 42,358
2022 28,033
2023 12,254
Thereafter 48,144
Total $ 186,782
v3.19.3
Segment Reporting - Additional Information (Detail) - geographic_area
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment Reporting Information [Line Items]        
Number of geographical areas (geographic area) 2   2  
Wallboard | Sales Revenue, Net | Product Concentration Risk        
Segment Reporting Information [Line Items]        
Percentage of revenues 97.40% 97.60% 97.40% 97.30%
v3.19.3
Segment Reporting - Segment Reporting (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net Sales:        
Net Sales $ 127,439 $ 131,234 $ 373,677 $ 387,304
Operating Income:        
Operating income 19,904 26,971 62,455 78,293
Adjustments:        
Interest expense (2,220) (2,549) (7,107) (7,963)
Losses from equity investment (191) (393) (603) (1,148)
Other expense, net (66) (29) (168) (256)
Income before provision for income taxes 17,427 24,000 54,577 68,926
Depreciation and Amortization        
Total depreciation and amortization 11,143 11,580 32,234 32,966
Operating Segments | Wallboard        
Net Sales:        
Net Sales 124,145 128,101 363,837 376,739
Operating Income:        
Operating income 20,635 27,551 64,116 79,702
Depreciation and Amortization        
Total depreciation and amortization 10,837 11,299 31,440 32,016
Operating Segments | Other        
Net Sales:        
Net Sales 3,294 3,133 9,840 10,565
Operating Income:        
Operating income (731) (580) (1,661) (1,409)
Depreciation and Amortization        
Total depreciation and amortization 306 281 794 950
Adjustments        
Adjustments:        
Interest expense (2,220) (2,549) (7,107) (7,963)
Losses from equity investment (191) (393) (603) (1,148)
Other expense, net $ (66) $ (29) $ (168) $ (256)
v3.19.3
Segment Reporting - Net Sales by Geographic Region (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 127,439 $ 131,234 $ 373,677 $ 387,304
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales 120,900 125,430 355,807 367,917
Canada        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Net sales $ 6,539 $ 5,804 $ 17,870 $ 19,387
v3.19.3
Segment Reporting - Assets by Geographic Region (Detail) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]    
Fixed Assets $ 281,802 $ 288,368
Total Assets 676,625 672,381
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Fixed Assets 278,792 285,202
Total Assets 659,829 655,849
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Fixed Assets 3,010 3,166
Total Assets $ 16,796 $ 16,532
v3.19.3
Fair Value Disclosures (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 1 $ 147
Derivative liability 1,711 105
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1 147
Derivative liability 1,711 105
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1 147
Derivative liability 1,711 105
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Interest rate swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 86
Derivative liability 777 0
Interest rate swap | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 86
Derivative liability 777 0
Interest rate swap | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Interest rate swap | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 86
Derivative liability 777 0
Interest rate swap | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Commodity derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1 61
Derivative liability 934 105
Commodity derivatives | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1 61
Derivative liability 934 105
Commodity derivatives | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability 0 0
Commodity derivatives | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 1 61
Derivative liability 934 105
Commodity derivatives | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0 0
Derivative liability $ 0 $ 0
v3.19.3
Buchanan Plant Outage - Details of Insurance Claims and Cash Payments Related to Buchanan Outage (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Loss Contingencies [Line Items]        
Gain from insurance recoveries, net $ 0 $ 0 $ 1,513 $ 0
Rebuild of property, plant and equipment damaged        
Loss Contingencies [Line Items]        
Gain from insurance recoveries, net     1,513  
Claim Amount     1,839  
Insurance Deductible     250  
Net recovery recorded in nine months ended September 30, 2019     1,589  
Cash received in the nine months ended September 30, 2019     1,589  
Receivable Recorded as of September 30, 2019 0   0  
Directs costs associated with business interruption        
Loss Contingencies [Line Items]        
Claim Amount     3,015  
Insurance Deductible     0  
Net recovery recorded in nine months ended September 30, 2019     3,015  
Cash received in the nine months ended September 30, 2019     3,015  
Receivable Recorded as of September 30, 2019 0   0  
Lost operating income associated with lost sales from business interruption        
Loss Contingencies [Line Items]        
Gain from insurance recoveries, net     4,861  
Claim Amount     4,861  
Insurance Deductible     0  
Net recovery recorded in nine months ended September 30, 2019     4,861  
Receivable Recorded as of September 30, 2019 0   0  
Total        
Loss Contingencies [Line Items]        
Claim Amount     9,715  
Insurance Deductible     250  
Net recovery recorded in nine months ended September 30, 2019     9,465  
Cash received in the nine months ended September 30, 2019     9,465  
Receivable Recorded as of September 30, 2019 $ 0   $ 0  
v3.19.3
Buchanan Plant Outage - Details of Gain from Insurance Recoveries, Net (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Loss Contingencies [Line Items]        
Gain from insurance recoveries, net $ 0 $ 0 $ 1,513 $ 0
Rebuild of property, plant and equipment damaged        
Loss Contingencies [Line Items]        
Cost to rebuild property, plant and equipment (capitalized)     1,839  
Insurance deductible     250  
Net recoveries from insurance policy     1,589  
Write-off of property, plant and equipment     76  
Gain from insurance recoveries, net     $ 1,513  
v3.19.3
Subsequent Events (Details)
Nov. 12, 2019
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Consideration to common shareholders for merger (in USD per share) $ 37