Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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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 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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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 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2019 |
Dec. 31, 2018 |
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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 |
Background and Nature of Operations |
9 Months Ended |
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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.
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Significant Accounting Policies |
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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
(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.
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Trade Receivables, Net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Receivables, Net | TRADE RECEIVABLES, NET
Trade receivables are recorded net of credit memos issued during the normal course of business.
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Inventories, Net |
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Inventories, Net | INVENTORIES, NET
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET
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.
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Customer Relationships and Other Intangibles, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Relationships and Other Intangibles, Net | CUSTOMER RELATIONSHIPS AND OTHER INTANGIBLES, NET
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.
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Investment in Seven Hills |
9 Months Ended |
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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.
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Accrued and Other Liabilities |
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Accrued and Other Liabilities | ACCRUED AND OTHER LIABILITIES
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Debt |
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Debt | DEBT
(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.
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.
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Derivative Instruments |
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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.
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.
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Leases Leases |
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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.
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Treasury Stock |
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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.
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Share-Based Compensation |
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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. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS
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Income Taxes |
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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. |
Earnings Per Share |
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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.
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Commitments and Contingencies |
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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.
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.
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Segment Reporting |
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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.
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Fair Value Disclosures |
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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.
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Buchanan Plant Outage Buchanan Plant Outage |
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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.
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.
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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.
(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.
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Subsequent Event |
9 Months Ended |
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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. |
Significant Accounting Policies (Policies) |
9 Months Ended |
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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.
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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.
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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. |
Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Disclosure
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Trade Receivables, Net (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detail of Receivables, Net |
Trade receivables are recorded net of credit memos issued during the normal course of business.
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Inventories, Net (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Inventories |
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Property, Plant and Equipment, Net (Tables) |
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Property, Plant and Equipment Details |
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Customer Relationships and Other Intangibles, Net (Tables) |
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Details of Customer Relationships and Other Intangibles, Net |
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Future Amortization Expense of Customer Relationships and Other Intangibles |
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Accrued and Other Liabilities (Tables) |
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Details of Accrued and Other Liabilities |
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Debt (Tables) |
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Details of Debt |
(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.
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Future Minimum Principal Payments Due Under the Credit Agreements |
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Derivative Instruments (Tables) |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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Derivative Instruments, Gain (Loss) |
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Leases (Tables) |
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Components of Lease Expense |
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Maturities of Lease Liabilities |
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Details of Lease Term and Discount Rate |
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Treasury Stock (Tables) |
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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.
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss)/Income by Category |
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Purchase Commitments by Year |
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting |
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Net Sales By Geographic Region |
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Assets By Geographic Region |
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Fair Value Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
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Buchanan Plant Outage (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Buchanan Plant Outage |
(a)The rebuild of property, plant and equipment damaged and related net recovery resulted in a net gain of $1.5 million. (b)Direct costs associated with the business interruption include various expenses such as additional freight to ship to customers at greater distances from other plants, additional freight costs to reroute incoming raw materials and other various costs that were incurred as a result of the Buchanan outage and have been covered by the Company's insurance policy. The net recovery of direct costs associated with business interruption were netted against actual costs incurred resulting in a net impact of zero to the income statement. (c)This represents the insurance proceeds for the lost operating income the Company received related to the Buchanan outage.
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Background and Nature of Operations - Description of Business and Acquisition (Detail) |
Sep. 30, 2019
facility
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Wallboard | |
Business Acquisition [Line Items] | |
Number of operating facilities (facility) | 3 |
Joint Compound | |
Business Acquisition [Line Items] | |
Number of operating facilities (facility) | 1 |
Significant Accounting Policies - Certain Cash and Non-Cash Transactions (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2019 |
Sep. 30, 2018 |
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Accounting Policies [Abstract] | ||
Operating lease cash outflows | $ 464 | $ 451 |
Acquisition of property, plant and equipment included in liabilities | $ 2,486 | $ 3,432 |
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Jan. 01, 2019 |
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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 |
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 |
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 |
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 |
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 |
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Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 9.0 | $ 9.1 | $ 25.5 | $ 25.4 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
Leases - Narrative (Details) |
Sep. 30, 2019 |
---|---|
Leases [Abstract] | |
Renewal term (up to) | 5 years |
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 |
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 |
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% |
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 |
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 |
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 |
Income Taxes - Narrative (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Scenario, Forecast | |
Income Tax Contingency [Line Items] | |
Effective tax rate | 22.40% |
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 |
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 |
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% |
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) |
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 |
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 |
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 |
Subsequent Events (Details) |
Nov. 12, 2019
$ / shares
|
---|---|
Subsequent Event | |
Subsequent Event [Line Items] | |
Consideration to common shareholders for merger (in USD per share) | $ 37 |