Audit Information |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Audit Information [Abstract] | |||
| Auditor Firm ID | 34 | 248 | 248 |
| Auditor Name | Deloitte & Touche LLP | GRANT THORNTON LLP | GRANT THORNTON LLP |
| Auditor Location | Raleigh, North Carolina | Raleigh, North Carolina | Raleigh, North Carolina |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Statement [Abstract] | ||||
| Net sales | $ 2,744,148,000 | $ 3,736,084,000 | $ 5,297,529,000 | $ 5,402,434,000 |
| Cost of sales | 2,232,049,000 | 2,929,699,000 | 4,200,856,000 | 4,197,442,000 |
| Gross profit | 512,099,000 | 806,385,000 | 1,096,673,000 | 1,204,992,000 |
| Selling, general and administrative expenses | 429,361,000 | 562,836,000 | 1,014,733,000 | 954,718,000 |
| Impairment of goodwill, intangible assets and property, plant and equipment | 0 | 0 | 934,729,000 | 0 |
| Loss (gain) on divestiture | 921,000 | (401,413,000) | 0 | 10,080,000 |
| Gain on stockholder lawsuit settlement | 0 | (76,575,000) | 0 | 0 |
| Income (loss) from operations | 81,817,000 | 721,537,000 | (852,789,000) | 240,194,000 |
| Interest expense | (157,191,000) | (101,078,000) | (450,188,000) | (380,706,000) |
| Foreign exchange gain (loss) | (4,809,000) | 686,000 | (14,136,000) | 6,768,000 |
| Gain (loss) on extinguishment of debt | 474,000 | 28,354,000 | 0 | (184,000) |
| Other income, net | 1,140,000 | 101,000 | 5,694,000 | 15,013,000 |
| Income (loss) before income taxes | (78,569,000) | 649,600,000 | (1,311,419,000) | (118,915,000) |
| Income tax expense (benefit) | (15,073,000) | 165,814,000 | (122,009,000) | (43,390,000) |
| Net income (loss) | (63,496,000) | 483,786,000 | (1,189,410,000) | (75,525,000) |
| Net loss allocated to participating securities | 0 | (3,575,000) | 0 | 0 |
| Net income (loss) applicable to common shares | $ (63,496,000) | $ 480,211,000 | $ (1,189,410,000) | $ (75,525,000) |
| Income per common share: | ||||
| Basic (in USD per share) | $ 3.77 | |||
| Diluted (in USD per share) | $ 3.73 | |||
| Weighted average number of common shares outstanding: | ||||
| Basic (in shares) | 127,316 | |||
| Diluted (in shares) | 128,894 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ (63,496) | $ 483,786 | $ (1,189,410) | $ (75,525) |
| Other comprehensive income, net of tax: | ||||
| Foreign exchange translation loss | (6,789) | (1,367) | (15,539) | (2,764) |
| Unrealized gain on derivative instruments, net of income tax of $3,100, $4,314, $(14,837), and $(16,432), respectively | 41,786 | 62,462 | 27,085 | 18,615 |
| Amount reclassified from Accumulated other comprehensive income into earnings | (824) | 16,258 | (37,237) | (32,977) |
| Unrecognized actuarial gains on pension obligation, net of income tax of $(17), $39, $58, and $—, respectively | 336 | 0 | 560 | 484 |
| Amortization and recognition of divested pension | 0 | (1,122) | 0 | 0 |
| Other comprehensive income (loss) | 34,509 | 76,231 | (25,131) | (16,642) |
| Comprehensive income (loss) | $ (28,987) | $ 560,017 | $ (1,214,541) | $ (92,167) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Unrealized gain (loss) on derivative instruments, tax | $ (14,837) | $ (16,432) | $ 3,100 | $ 4,314 |
| Unrecognized actuarial gains (loss) on pension obligation, tax | $ 58 | $ 0 | $ (17) | $ 39 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 1,000 | 1,000 |
| Common stock, shares issued (in shares) | 1,000 | 1,000 |
| Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | ||||
| Net income (loss) | $ (63,496,000) | $ 483,786,000 | $ (1,189,410,000) | $ (75,525,000) |
| Adjustments to reconcile net income to net cash from operating activities: | ||||
| Depreciation and amortization | 130,153,000 | 166,177,000 | 401,657,000 | 412,597,000 |
| Amortization of debt issuance costs, debt discount and fair values | 38,997,000 | 19,952,000 | 100,804,000 | 91,816,000 |
| Impairment of goodwill, intangible assets and property, plant and equipment | 0 | 0 | 934,729,000 | 0 |
| Share-based compensation expense | 2,323,000 | 17,099,000 | 6,173,000 | 8,262,000 |
| Non-cash lease expense | 0 | 0 | 6,591,000 | 6,346,000 |
| (Gain) loss on extinguishment of debt | (474,000) | (28,354,000) | 0 | 184,000 |
| Unrealized (gain) loss on foreign currency exchange rates | 6,970,000 | 0 | 14,136,000 | (2,200,000) |
| (Gain) loss on divestitures | 921,000 | (401,413,000) | 0 | 10,080,000 |
| (Gain) loss on sale of assets | 398,000 | (2,670,000) | 419,000 | 328,000 |
| Change in fair value of contingent consideration | 0 | 0 | 5,489,000 | 0 |
| Amortization of inventory and other fair value step-ups | 66,400,000 | 1,238,000 | 17,071,000 | 0 |
| Provision for credit losses | 2,053,000 | 3,811,000 | 8,337,000 | 8,195,000 |
| Deferred income taxes | (36,956,000) | (26,686,000) | (142,555,000) | (133,752,000) |
| Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||||
| Accounts receivable | 128,564,000 | (65,856,000) | 49,238,000 | 73,476,000 |
| Inventories | 149,748,000 | (12,956,000) | 12,770,000 | 70,347,000 |
| Income and other taxes | (166,316,000) | 134,643,000 | (73,643,000) | 49,955,000 |
| Other current assets | (9,920,000) | (4,717,000) | (35,203,000) | 25,849,000 |
| Accounts payable | (40,102,000) | 44,446,000 | (19,860,000) | (40,489,000) |
| Accrued expenses | 7,813,000 | 1,757,000 | (68,248,000) | (92,862,000) |
| Other, net | (38,029,000) | 810,000 | (12,737,000) | (12,423,000) |
| Net cash flows from operating activities | 179,047,000 | 331,067,000 | 15,758,000 | 400,184,000 |
| Cash flows from investing activities: | ||||
| Acquisitions, net of cash acquired | 0 | 4,252,000 | (928,636,000) | (218,450,000) |
| Capital expenditures | (98,008,000) | (64,848,000) | (211,398,000) | (193,935,000) |
| Proceeds from divestitures, net of cash divested | 0 | 510,883,000 | 0 | (10,080,000) |
| Proceeds from sale of property, plant and equipment | 12,370,000 | 6,070,000 | 5,567,000 | 596,000 |
| Net cash flows from investing activities | (85,638,000) | 456,357,000 | (1,134,467,000) | (421,869,000) |
| Cash flows from financing activities: | ||||
| Proceeds from short-term borrowings | 0 | 0 | 1,334,949,000 | 0 |
| Repayments of short-term borrowings | 0 | 0 | (1,239,949,000) | 0 |
| Proceeds from term loans | 300,000,000 | 0 | 500,000,000 | 0 |
| Payments on term loans | (13,000,000) | (13,000,000) | (30,250,000) | (29,000,000) |
| Payments to public stockholders | (1,612,434,000) | 0 | 0 | 0 |
| Proceeds from senior notes | 710,000,000 | 0 | 500,000,000 | 0 |
| Repurchases of senior notes | (23,180,000) | (70,560,000) | 0 | (33,885,000) |
| Payments of financing costs | (84,686,000) | 0 | (18,348,000) | 0 |
| Contributions from Parent, net | 95,194,000 | 0 | 0 | 0 |
| Dividend payment to Parent | 0 | 0 | (231,625,000) | 0 |
| Payments on derivative financing obligations | 0 | (7,321,000) | 0 | 0 |
| Other | 165,000 | (3,206,000) | 0 | 0 |
| Net cash from financing activities | (627,941,000) | (94,087,000) | 814,777,000 | (62,885,000) |
| Effect of exchange rate changes on cash and cash equivalents | 304,000 | (5,000) | (5,416,000) | (104,000) |
| Net increase (decrease) in cash and cash equivalents | (534,228,000) | 693,332,000 | (309,348,000) | (84,674,000) |
| Cash and cash equivalents at beginning of period | 1,087,779,000 | 394,447,000 | 468,877,000 | 553,551,000 |
| Cash and cash equivalents at end of period | $ 553,551,000 | $ 1,087,779,000 | $ 159,529,000 | $ 468,877,000 |
Basis of Presentation |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation Description of Business Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or, collectively with its subsidiaries, unless the context requires otherwise, the “Company”) is a holding company incorporated in the State of Delaware. The Company is a leading exterior building products manufacturer by sales in North America and serves residential and commercial customers across new construction and the repair and remodel end markets. The Company is organized in three reportable segments: Aperture Solutions, Surface Solutions and Shelter Solutions. Organization and Ownership Structure On July 25, 2022 and pursuant to an Agreement and Plan of Merger dated March 5, 2022 (the “Merger Agreement”) by and among the Company, Camelot Return Intermediate Holdings, LLC (“Camelot Parent”) and Camelot Return Merger Sub, Inc. (“Merger Sub”), investment funds managed by Clayton, Dubilier and Rice, LLC (“CD&R”) became the indirect owners of all the issued and outstanding shares of common stock of Cornerstone Building Brands. Pursuant to the Merger Agreement, Merger Sub merged with and into the Company (the “Merger”), with the Company surviving the Merger as a subsidiary of Camelot Parent (the “Surviving Corporation”). At the effective time of the Merger (the “Effective Time”), the Company became a privately held company and its shares were no longer traded on the New York Stock Exchange. At the Effective Time, in accordance with the terms and conditions set forth in the Merger Agreement, each share of Company common stock outstanding immediately prior to the Effective Time of the Merger (other than (i) shares of Company common stock that were cancelled or converted into shares of common stock of the Surviving Corporation in accordance with the Merger Agreement and (ii) shares of Company common stock held by stockholders of the Company (other than CD&R, certain investment funds managed by CD&R and other affiliates of CD&R that held shares of Company common stock) who did not vote in favor of the Merger Agreement or the Merger and who had perfected and not withdrawn a demand for appraisal rights pursuant to Section 262 of the General Corporation Law of the State of Delaware), was converted into the right to receive cash in an amount equal to $24.65 in cash per share, without interest and subject to any required withholding taxes. On July 25, 2022, the Company amended its Certificate of Incorporation to authorize 1,000 shares of common stock, par value of $0.01. Each share of common stock will have one vote and all shares of common stock vote together as a single class. Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying Consolidated Financial Statements include the accounts and operations of the Company and its majority-owned subsidiaries and all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. All intercompany accounts and transactions have been eliminated in consolidation. Through application of pushdown accounting, the Company’s Consolidated Financial Statements are presented as Predecessor for periods prior to the Merger and Successor for subsequent periods. The years ended December 31, 2024 and December 31, 2023 and the period from July 25, 2022 through December 31, 2022, represent Successor periods and the period from January 1, 2022 through July 24, 2022, represent the Predecessor period. All references herein for the year “2024” represents the year ended December 31, 2024 and “2023” represent the year ended December 31, 2023. Certain items have been reclassified in the prior year disclosures to conform to the current year presentation.
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Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, net sales and expenses, and related disclosures of contingent assets and liabilities in the Consolidated Financial Statements and accompanying notes. These estimates include, but are not limited to: establishing the allowance for expected credit losses; allowance for slow-moving and obsolete inventory; the impairment of goodwill; establishing useful lives for and evaluating the recovery of our finite-life, long-lived assets; recognizing the fair value of assets acquired and liabilities assumed in business combinations; determining the fair value of contingent considerations, accounting for rebates and product warranties; the valuation and expensing for share-based compensation; certain assumptions made in accounting for pension benefits; accounting for contingencies and uncertainties and accounting for income taxes. Actual results may differ from the estimates used in preparing the Consolidated Financial Statements. Cash, Cash Equivalents Cash and cash equivalents mainly consist of highly liquid, unrestricted savings, checking, money market funds with maturities of less than three months and other bank accounts. The following table sets forth the components of cash and cash equivalents:
Accounts Receivable, Net The Company reports accounts receivable net of an allowance for expected credit losses. The Company’s allowance for expected credit losses was $26.3 million at December 31, 2024 and $9.6 million at December 31, 2023. The allowance was written off on July 25, 2022, in connection with the Merger and is presently being reestablished with an offset to gross receivables to accurately reflect the ongoing potential for future losses. The Company establishes provisions for expected credit losses based on the Company’s assessment of the collectability of amounts owed to the Company by its customers. Such allowances are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Income (Loss). In establishing the allowance, the Company considers changes in the financial position of a customer, age of the accounts receivable balances, availability of security, unusual macroeconomic conditions, lien rights and bond rights as well as disputes, if any, with its customers. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance, all collection efforts have been exhausted or any legal action taken by the Company has concluded. The Company’s provision for expected credit losses was $8.3 million for 2024, $8.2 million for 2023, $2.1 million for the period from July 25, 2022 through December 31, 2022, and $3.8 million for the period from January 1, 2022 through July 24, 2022. Inventories Inventories are stated at the lower of cost or net realizable value less allowance for slow-moving and obsolete inventory using the first-in, first-out method. The Company reduces its inventory value for estimated slow-moving and obsolete inventory when evidence exists that the net realizable value of inventory is lower than its cost. The Company’s allowance for slow-moving and obsolete inventory was $34.3 million at December 31, 2024 and $0.4 million at December 31, 2023. The allowance was written off on July 25, 2022, in connection with the Merger and is presently being reestablished with an offset to gross inventory to accurately reflect the ongoing potential for future losses. The Company’s estimate is based upon multiple factors including, but not limited to: (i) historical write-offs and usage, (ii) sales of products at discounted or negative margins, (iii) discontinued products or designs, (iv) specific inventory quantities that are more than estimated future demand and (v) other market conditions. The Company’s provision for slow-moving and obsolete inventory was $10.4 million for 2024, $1.9 million for 2023, $3.8 million for the period from July 25, 2022 through December 31, 2022, and $7.2 million for the period from January 1, 2022 through July 24, 2022. Interest Rate Swaps The Company’s use of derivative instruments, principally interest rate swaps, is limited to non-trading purposes and is designed to partially manage exposure to changes in interest rates. The Company’s contracts are hedges for transactions with notional amounts and periods consistent with the related exposures and do not constitute investments independent of these exposures. The changes in the fair value (i.e., gains or losses) of a derivative instrument are recorded as either assets or liabilities in our Consolidated Balance Sheets with an offset to net income (loss) or other comprehensive income (loss) depending on whether, for accounting purposes, it has been designated and qualifies as an accounting hedge and, if so, on the type of hedging relationship. The criteria used to determine if hedge accounting treatment is appropriate are: (a) formal designation and documentation of the hedging relationship, the risk management objective and hedging strategy at hedge inception; (b) eligibility of hedged items, transactions and corresponding hedging instrument; and (c) effectiveness of the hedging relationship both at inception of the hedge and on an ongoing basis in achieving the hedging objectives. For those derivative instruments designated and qualifying as hedging instruments, the Company must designate the hedging instrument either as a fair value hedge or as a cash flow hedge. The Company designates its interest rate contracts for forecasted interest payments as cash flow hedges. The Company had no hedging instruments designated as fair value hedges. For interest rate swaps designated and qualifying as cash flow hedges, the Company recognizes gains or losses as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from hedging activities are classified as operating activities in the Consolidated Statement of Cash Flows. Property, Plant and Equipment, Net Property, plant and equipment is carried at cost. Depreciation is provided on a straight-line basis, over the estimated useful lives of the assets. Gains or losses resulting from dispositions are included in operating income. Betterments and renewals, which improve and extend the life of an asset, are capitalized; maintenance and repair costs are expensed as incurred. Assets held for use to be disposed of at a future date are depreciated over the remaining useful life. Assets to be sold are written down to fair value less costs to sell at the time the assets are being actively marketed for sale. Depreciation and amortization are recognized in cost of sales or selling, general and administrative expenses based on the nature and use of the underlying assets. Intangible Assets, Net Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value at the acquisition date. After initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The Company’s intangible assets have finite useful lives and are amortized on a straight-line basis over their estimated useful lives. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the Company’s Consolidated Statement of (Loss) Income. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit (loss) when the asset is derecognized. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment, including, but not limited to, property, plant and equipment, lease right-of-use assets, and finite-lived intangible assets, when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or the assets are being held for sale. Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus the residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to the estimated fair value and any resulting impairment loss is reflected within other operating costs on the Consolidated Statements of Income (Loss). The Company recognized an impairment loss of $68.7 million related to long-lived assets in its Surface Solutions–U.S. Stone asset group. The impairment was included in the Impairment of goodwill, intangible assets and property, plant and equipment line item in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024, and was allocated to of $32.7 million, property, plant and equipment of $24.2 million, and lease right-of-use assets of $11.8 million. There were no meaningful impairments prior to the year ended December 31, 2024. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. The Company evaluates goodwill for impairment at least annually and completes its annual review in the fourth quarter. When evaluating goodwill for impairment, the Company estimates the fair value of its reporting units. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the excess is charged to earnings as an impairment loss. Significant judgment is required in estimating the fair value of the reporting unit and performing goodwill impairment tests. The determination of fair value incorporates significant unobservable inputs. The Company records goodwill adjustments for changes to the purchase price allocation prior to the end of the measurement period, which is not to exceed one year from the acquisition date. We have six reporting units defined as “Aperture Solutions–U.S.,” “Aperture Solutions–Canada,” “Surface Solutions–U.S. Siding,” “Surface Solutions–Canada,” “Surface Solutions–U.S. Stone” and “Shelter Solutions.” Aperture Solutions–U.S. and Aperture Solutions–Canada reporting units are part of the Aperture Solutions reportable segment. Surface Solutions–U.S. Siding, Surface Solutions–Canada and Surface Solutions–U.S. Stone are part of the Surface Solutions reportable segment. Shelter Solutions is a reporting unit and a reportable segment. The Company recorded impairments relating to goodwill of $866.1 million during 2024, related to its Aperture Solutions–U.S. reporting unit totaling $496.1 million, its Surface Solutions–U.S. Siding reporting unit of $329.1 million, and its Surface Solutions–U.S. Stone reporting unit of $40.8 million. The impairment was included in the Impairment of goodwill, intangible assets and property, plant and equipment line item in the Consolidated Statements of Income (Loss). The Company did not recognize any impairments of goodwill for any of the periods presented prior to the year ended December 31, 2024. Product Warranties The Company offers a number of warranties associated with the products it sells. Warranties are normally limited to replacement or service of defective components for the original customer. Some warranties are transferable to subsequent owners and are generally limited to ten years from the date of manufacture. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience and expectations regarding future costs to be incurred. Warranty costs are included within cost of sales. Leases The Company has leases for certain manufacturing sites; warehouse and distribution locations; offices; and vehicles and equipment. Many of these leases have options to terminate prior to or extend beyond the end of the term. The exercise of the majority of lease renewal options is at the Company’s sole discretion. Some lease agreements have variable payments, the majority of which are real estate agreements in which future increases in rent are based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company accounts for lease and non-lease components as a single lease component. The Company has elected to exclude leases with an initial term of 12 months or less from the Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income (Loss) on a straight-line basis over the lease term. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the reasonably expected holding period at the commencement date of the leases. Few of the Company’s lease contracts provide a readily determinable implicit rate. As such, an estimated incremental borrowing rate is utilized, based on information available at the inception of the lease. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Accounting for leases requires judgment, including determining whether a contract contains a lease, the incremental borrowing rates to utilize for leases without a stated implicit rate, the reasonably certain holding period for a leased asset, and the allocation of consideration to lease and non-lease components. Long-term Debt Discounts, Issuance Costs and Fair Value Adjustments Unamortized discounts, debt issuance costs and fair value adjustments incurred relating to long-term debt are amortized over the term of the related financing using the effective interest method. Revenue Recognition The Company enters into contracts that pertain to products, which are accounted for as separate performance obligations and are typically one year or less in duration. Given the nature of the Company's sales arrangements, the Company is not required to exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for the Company’s products. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Allowances for cash discounts, volume rebates and other customer incentive programs, as well as gross customer returns, among others, are recorded as a reduction of sales at the time of sale based upon the estimated future outcome. The Company’s net sales are adjusted for variable consideration, which includes customer volume rebates, special pricing discounts, prompt payment discounts, customer returns and other incentive programs. The Company measures variable consideration by estimating expected outcomes using analysis and inputs based upon anticipated performance, historical data, and current and forecasted information. Measurement of variable consideration is reviewed by management periodically and net sales are adjusted accordingly. The Company does not have significant financing components. Shipping and handling activities billed to customers are treated as fulfillment costs. Shipping and handling activities performed before a customer obtains control of the product are not treated as a separate performance obligation and are included in net sales at the same point in time the related product revenue is recognized, while shipping and handling costs are expensed as incurred and recorded within in cost of sales in the Company’s Consolidated Statements of Income (Loss). A portion of the Company’s net sales within the Shelters Solutions reportable segment includes the offering of extended warranties, which customers can purchase separately from the related products. These extended warranties are considered separate performance obligations, with warranty options available for 5, 10, 15 or 20 years. Revenue allocated to these warranties is recognized on a straight-line basis over the warranty period, reflecting the pattern in which the Company expects to satisfy the performance obligation. For 2024, one customer accounted for 12.2% of the Company’s net sales. The sales attributed to this customer are included in all three of the Company’s reportable segments. Advertising Costs Advertising costs are expensed as incurred. Advertising expense was $18.2 million for 2024, $15.9 million for 2023, $11.3 million for the period from July 25, 2022 through December 31, 2022 and $11.1 million for the period from January 1, 2022 through July 24, 2022. These costs are included in selling, general and administrative expenses on the Consolidated Statements of Income (Loss). Share-Based Compensation Share-based compensation expense, measured as the fair value of an award on the date of grant. For time-based awards, expense is recorded over the requisite service or performance period. For awards with performance conditions, the amount of share-based compensation expense recognized is based upon the probable outcome of the performance conditions, as determined by the Company. The Company accounts for forfeitures of outstanding but unvested awards in the period they occur. Income Taxes Deferred income tax assets and liabilities are measured based on differences between the financial statement basis and income tax basis of assets and liabilities using estimated income tax rates expected to be in effect for the year in which the differences are expected to reverse. Changes in deferred income tax assets and liabilities attributable to changes in enacted income tax rates are charged or credited to income tax expense. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount that is more-likely-than-not to be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. The Company recognizes tax benefits from uncertain tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on technical merits of the positions. The tax benefits recognized from such a position are measured based on the largest benefit that is more-likely-than-not to be realized upon ultimate settlement. Foreign Currency Remeasurement and Translation Gains (losses) arising from transactions denominated in a currency other the functional currency of the entity that is party to the transaction are included in net (loss) income on the Company’s Consolidated Statements of Income (Loss), including the remeasurement of foreign denominated intercompany loans at current exchange rates. The Company’s reporting currency is the United States (“U.S.”) dollar while the functional currency of the Company’s significant non-U.S. subsidiaries is the Canadian Dollar. Translation adjustments resulting from translating the functional currency financial statements into U.S. dollar equivalents are reported separately in accumulated other comprehensive income (loss) in equity. Business Combinations We account for business combinations under the acquisition method of accounting, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill. Acquired intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of trade names. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, margins, percentage of revenue attributable to the trade name, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates. The determination of the useful life of an intangible asset other than goodwill is based on factors including historical trade name performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing trade name support and promotion, customer attrition rate, and other relevant factors. The initial purchase price allocation is based upon provisional information and is subject to revision during the measurement period (up to one year from the acquisition date) as additional information concerning valuations is obtained. As the Company obtains new information regarding facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company will accordingly revise the provisional purchase price allocation. These adjustments may include, but are not limited to, adjustments pertaining to intangible assets acquired, property, plant and equipment acquired, tax liabilities assumed and working capital. The associated acquisitions expenses are expensed as incurred in selling, general and administrative expenses within the Consolidated Statements of Income (Loss). Contingencies The Company’s contingent liabilities are related primarily to litigation and environmental matters and are based upon assumptions and estimates regarding the probable outcome of the matter. The Company records the probability by evaluating historical precedent as well as the specific facts relating to each particular contingency (including the opinion of outside advisors, professionals and experts). The Company records loss contingencies and unasserted claims when it believes a loss is probable and the amount of the loss can be reasonably estimated. The ultimate losses incurred upon final resolution of loss contingencies may differ materially from the estimated liability recorded at any particular balance sheet date. Changes in estimates are recorded in the Consolidated Statements of Income (Loss) in the period in which such changes occur. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this policy as of January 1, 2024. See disclosures in Note 18 — Reportable Segment and Geographical Information. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which improves disclosure requirements and provides more detailed information about an entity’s expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization and selling expenses, along with qualitative descriptions of certain other types of expenses. This change is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
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Mergers, Acquisitions and Divestitures |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mergers, Acquisitions and Divestitures | Mergers, Acquisitions and Divestitures CD&R Merger Transaction On July 25, 2022, Merger Sub merged with and into the Company, with the Company surviving the merger as a subsidiary of Camelot Parent. CD&R previously held 61.9 million shares of the Company immediately prior to the Merger. As a result of the Merger, CD&R became the indirect owners of all of the issued and outstanding shares of Company common stock that CD&R did not already own. The Merger was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair market value at the date of the Merger. The Merger was funded in part with proceeds from the following issuances: •$300.0 million aggregate principal amount under the Side Car Term Loan Facility, due August 2028 (as defined in Note 9 — Debt); •$710.0 million of 8.750% Senior Secured Notes (as defined in Note 9 — Debt) due August 2028; •$564.4 million of cash from the Company; •$464.4 million aggregate principal amount of 2.99% senior payment-in-kind notes due 2029 that were issued and are held by Camelot Return Parent, LLC (“Camelot Return Parent”), an indirect parent of Company; and •$195.0 million from preferred shares of Camelot Return Parent. Neither the Company nor any of its subsidiaries is a guarantor of or is obligated to make any payments related to the 2.99% senior payment-in-kind notes due 2029 held by Camelot Return Parent. The calculation of the total consideration paid follows:
(1) Consists mainly of employee share-based compensation awards that were outstanding at that time the Merger was consummated. (2) Consists of 61.9 million common shares, with shares rolled over or acquired by Camelot Parent. The Company incurred transaction costs of $29.4 million associated with the Merger, of which $0.7 million was recognized in the period from July 25, 2022 through December 31, 2022 and $28.7 million was recognized in the period from January 1, 2022 through July 24, 2022. These costs are included in selling, general and administrative expenses on the Consolidated Statements of (Loss) Income. During July 2023, the Company completed measurement period adjustments, which were mainly composed of a $291.5 million increase to property, plant and equipment and a $174.7 million decrease to intangible assets. The effect of measurement period adjustments on the estimated fair value elements were reflected as if the adjustments had been made as of the date of the Merger, including a $66.5 million cumulative catch-up to depreciation and amortization expense recorded during the three months ended July 1, 2023 resulting from the update in the fair market value of property, plant and equipment and intangible assets. The table below presents the Consolidated Statements of Income (Loss) line items impacted by the aforementioned adjustments for previously reported periods.
Acquisitions Completed During the Current Year Harvey Building Products Corp. In April 2024, the Company completed the acquisition of Harvey Building Products Corp. (“Harvey”) for a purchase price of $460.7 million, subject to certain customary adjustments. Harvey is a manufacturer of high performing windows and doors, and its portfolio of industry leading brands include Harvey, Softlite and Thermo-Tech. Headquartered in Waltham, Massachusetts, Harvey has approximately 1,200 employees at four manufacturing facilities located throughout the Northeast and Midwest. Harvey specializes in premium, custom windows and doors primarily serving the Eastern U.S. This acquisition was funded through issuing long-term debt further discussed in Note 9, Debt. Harvey is included in the Company’s Aperture Solutions reportable segment. The purchase price allocation below is based upon provisional information and is subject to revision during the measurement period (up to one year from the acquisition date) as additional information concerning valuations is obtained. During the measurement period, as the Company obtains new information regarding facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company will accordingly revise the provisional purchase price allocation, which may include, but are not limited to, adjustments pertaining to intangible assets acquired, property, plant and equipment acquired and tax liabilities assumed. The following table summarizes the provisional fair value of net assets acquired:
During the year ended December 31, 2024, the Company made the following measurement period adjustments since the initial opening balance sheet estimates were recorded during the three and six months ended June 29, 2024. The Company recognized a $6.7 million increase in property, plant and equipment, and increase of $86.7 million in intangible assets, an increase of $15.0 million related to all other assets, a increase of $24.0 million in deferred tax liabilities and net decrease of $14.6 million in accounts payable and other liabilities assumed. Recognized goodwill decreased by $99.2 million as a result of these measurement period adjustments. The Company recorded these measurement price adjustments to update the allocation of the purchase price based upon further analysis of information subsequent to the acquisition date, inclusive of net working capital adjustments. The provisional fair value and expected useful life of identifiable intangible assets consists of the following:
The acquisition of Harvey resulted in the recognition of $172.7 million of goodwill. The goodwill recorded is a result of expected synergies and other benefits that we believe will result from the integration of the acquisition with our operations. Goodwill created as a result of the acquisition of Harvey is not expected to be deductible for tax purposes. A net deferred tax liability of $58.6 million was established as a result of the acquisition. Mueller Supply Company, Inc. In July 2024, the Company completed the acquisition of Mueller Supply Company, Inc. (“Mueller”) for a purchase price of $495.9 million, including a base purchase price of $475.0 million, in addition to closing date cash and working capital adjustments. Mueller is a leading manufacturer of residential metal roofing and components and steel buildings in Texas and the Southwest United States (“U.S.”). Mueller has approximately 900 employees and a comprehensive regional footprint including 38 retail branches and five manufacturing sites in Amarillo, Ballinger and Huntsville, Texas; Oak Grove, Louisiana; and Phoenix, Arizona. This acquisition was funded through issuing long-term debt further discussed in Note 9, Debt. Mueller is included in the Company’s Shelter Solutions reportable segment. The purchase price allocation below is based upon provisional information and is subject to revision during the measurement period (up to one year from the acquisition date) as additional information concerning valuations is obtained. During the measurement period, as the Company obtains new information regarding facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company will accordingly revise the provisional purchase price allocation, which may include, but are not limited to, adjustments pertaining to intangible assets acquired, property, plant and equipment acquired and tax liabilities assumed. The following table summarizes the provisional fair value of net assets acquired:
During the year ended December 31, 2024, the Company made the following measurement period adjustments since the initial opening balance sheet estimates were recorded during the three and nine months ended September 28, 2024. The Company recognized a $17.5 million increase in property, plant and equipment, a $20.0 million increase in intangible assets and an increase of $8.8 million in deferred tax liabilities. Recognized goodwill decreased by $29.9 million as a result of these measurement period adjustments. The Company recorded these measurement price adjustments to update the allocation of the purchase price based upon further analysis of information subsequent to the acquisition date, inclusive of net working capital adjustments. As part of the Mueller transaction, the Company acquired a 33.33% interest in BDM Metal Coaters, LLC (“BDM”). The general purpose of BDM is the establishment and operation of a processing facility for the slitting and coating of hot roll steel coils. The Company does not exercise significant influence over BDM’s operating and financial activities; therefore, the Company accounts for the investment under the equity method of accounting. The carrying value of the investment of $11.1 million is recognized in other assets, net on our Consolidated Balance Sheets for the period ended December 31, 2024. The provisional fair value and expected useful life of identifiable intangible assets consists of the following:
The acquisition of Mueller resulted in the recognition of $107.5 million of goodwill. The goodwill recorded is a result of expected synergies and other benefits that we believe will result from the integration of the acquisition within our operations. Goodwill created as a result of the acquisition of Mueller is not expected to be deductible for tax purposes. A net deferred tax liability of $67.9 million was established as a result of the acquisition. Acquisitions Completed During 2023 In December 2023, the Company completed the acquisition of the Eastern Architectural Systems (“EAS”) business, whose operations are included in the Company’s Aperture Solutions reportable segment. EAS is based in Ft. Myers, Florida and manufactures custom-made aluminum and vinyl impact windows and doors. In August 2023, the Company completed the acquisition of M.A.C. Métal Architectural Inc. (“MAC Metal”), which became an indirect wholly-owned subsidiary of the Company. Headquartered in Saint-Hubert, Quebec, MAC Metal serves the North American residential and commercial markets with high-end steel siding and roofing products. MAC Metal is included in the Company’s Surface Solutions reportable segment. The total purchase price for these acquisitions was $235.5 million, comprised of upfront cash payments of $217.7 million and earn-out contingent consideration of $16.8 million related to the MAC Metal transaction. The purchase price of these acquisitions was allocated to the assets acquired and liabilities assumed, which related primarily to inventory of $15.9 million, property, plant and equipment of $21.3 million, goodwill of $82.5 million, intangible assets such as, customer lists and trademarks, of $73.4 million and $34.3 million, contingent consideration of $16.8 million, warranty liabilities of $5.9 million and noncurrent deferred income tax liabilities of $12.3 million. The goodwill recorded is a result of expected synergies and other benefits that we believe will result from the integration of the acquisitions with our operations. Purchase accounting for these acquisitions was finalized during the year ended December 31, 2024. The MAC Metal acquisition earn-out is payable over two consecutive twelve-month periods, with the first period starting in the month following the close of the applicable acquisition and payments are based upon achieving certain adjusted EBITDA-based metrics, as defined in the purchase agreement. There was an increase of $3.8 million in contingent consideration in 2024, included the impact of exchange rates. The total of $21.1 million is recognized in other current liabilities on our Consolidated Balance Sheets at December 31, 2024. Unaudited Pro Forma Financial Information Pro Forma financial information has not been presented related to the Merger or subsequent acquisitions as this information was not and is not material to the Company’s overall consolidated financial statements during the periods presented. Divestiture of Coil Coatings In June 2022, the Company completed the sale of the coil coatings business to BlueScope Steel Limited for initial cash proceeds of $500.0 million, subject to working capital and other customary adjustments. In connection with the transaction, the Company entered into long-term supply agreements to secure a continued supply of light gauge coil coating and painted hot roll steel. For the period from January 1, 2022 through July 24, 2022, the Company recognized a pre-tax gain of $394.2 million for the coil coatings divestiture, which is included in gain on divestitures in the Consolidated Statements of Income (Loss). The Company incurred $9.6 million of divestiture-related costs for the period from January 1, 2022 through July 24, 2022, which are recorded in selling, general and administrative expenses in the Company’s Consolidated Statements of Income (Loss). During 2023 the Company recorded $10.1 million in expense resulting from a settlement to finalize working capital. The divested business did not represent a strategic shift that has a major effect on our operations and financial results, and, as such, it was not presented as discontinued operations. The coil coatings business results prior to the sale are reported within the Shelter Solutions reportable segment.
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| Inventories, net | Inventories, net The following table sets forth the components of inventories:
(1) The Company's work in process inventory is not significant to our Consolidated Balance Sheet due to the nature of our production processes.
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net | Property, Plant and Equipment, Net The following sets forth the components of property, plant and equipment, net:
Depreciation expense related to property, plant and equipment was $197.0 million for 2024, $241.3 million for 2023, $44.7 million for the period from July 25, 2022 through December 31, 2022 and $56.7 million for the period from January 1, 2022 through July 24, 2022. The Company recorded an impairment charge related to property, plant and equipment of $24.2 million in its Surface Solutions–U.S. Stone asset group. The Company concluded that an impairment test was necessary given the lower than expected performance in the second half of 2024. The impairment was included in Impairment of goodwill, intangible assets and property, plant and equipment within the Consolidated Statements of Income (Loss) for the year ended December 31, 2024.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table sets forth the changes in the carrying amount of goodwill by reportable segment:
(1)There were no impairment losses prior to the period ended December 31, 2023. (2)Measurement period adjustments have been recorded in conjunction with the acquisition of MAC Metal, EAS, Harvey and Mueller during the period. See Note 3 — Mergers, Acquisitions and Divestitures. (3)Other includes insignificant out-of-period corrections totaling $14.9 million, which related to matters that existed as of the date of the Merger. Goodwill is comprised of five reporting units, which had an aggregate carrying amount of $1,105.7 million as of December 31, 2024. Under the Company’s policy, our assessment for impairment of these reporting units is conducted as of the first day of November each year. Additionally, the Company completes more frequent evaluations if events or circumstances suggest that there are indicators of potential impairment. Such events and circumstances encompass, among other potential items, sustained increases in competition, unexpected losses in market share, input costs surpassing projections, disposals of significant components of the business, unforeseen business disruptions (such as those caused by natural disasters or the loss of a customer, supplier, or other significant business relationships), unexpected significant declines in operating results, or substantial adverse changes in the markets in which the entity operates. The Company determined that an interim goodwill impairment test was necessary in the third quarter of 2024. While there was no single determinative event or factor, the consideration in totality of several factors, including, among others: (i) the recessionary impacts on residential and commercial markets; (ii) elevated interest rates and home affordability concerns, (iii) the potential for new or modified tariffs on steel and aluminum, and (iv) the decline in home equity borrowings is anticipated to have a considerable effect on the repair and remodel market, led us to conclude that it was more likely than not that the fair values of three of our five reporting units were below their carrying amounts. Additionally, the Company completed its annual goodwill impairment test in the fourth quarter of 2024. As a result of completing the impairment tests, the Company recognized non-cash impairment losses totaling $866.1 million in 2024, with $382.8 million in the quarter ended September 28, 2024 and $483.3 million in the quarter ended December 31, 2024. These impairment charges were recorded in the Impairment of goodwill, intangible assets and property, plant and equipment line in the Consolidated Statements of Income (Loss) and related to the following reporting units: (i) Aperture Solutions–U.S., totaling $496.1 million, (ii) Surface Solutions–U.S. Stone, totaling $40.8 million, and (iii) Surface Solutions–U.S. Siding, totaling $329.1 million, reporting units. After recording these impairment charges, there is no goodwill remaining at Surface Solutions–U.S. Stone. No goodwill impairment charges were recorded prior to or during 2023. The Company employed a quantitative methodology to determine the fair value of its reporting units. This was achieved by assigning equal weight to the discounted cash flow method under the income approach, designated as a Level 3 measurement, and the market approach, designated as a Level 2 measurement. Under the market approach, the Company implemented both the guideline public company method and the guideline transaction method. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, as well as industry and economic conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates change, or if management’s expectations or plans otherwise change, including as a result of the development of our five-year operating plan, then one or more of our reporting units might become impaired in the future. Our reporting units that were impaired in 2024 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of their latest 2024 impairment testing dates. Accordingly, our Aperture Solutions–U.S., Surface Solutions–U.S. Siding, and Shelter Solutions reporting units that have 20% or less excess fair value over carrying amount as of their latest testing date have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Reporting units with a heightened risk of future impairments had an aggregate goodwill carrying amount of $987.5 million as of December 31, 2024. If any assumptions, estimates, or market factors change in the future, these amounts are also susceptible to impairments. Intangible Assets, Net The following table sets forth the major components of intangible assets:
In September 2024, the Company recorded an of $32.7 million to the intangible assets within the Surface Solutions–U.S. Stone reporting unit. The Company’s forecasted cash flows of Surface Solutions–U.S. Stone indicated the carrying value of the intangible assets were not recoverable. After recording the impairment charge, no intangible assets remain at Surface Solutions–U.S. Stone as of December 31, 2024. No impairments were recorded prior to or during 2023. Intangible assets are amortized on a straight-line basis. The following table sets forth the amortization expense related to intangible assets:
The expected amortization expense over the next five years and thereafter for acquired intangible assets recorded as of December 31, 2024 is as follows:
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Product Warranties |
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| Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranties | Product Warranties The following table sets forth the changes in the carrying amount of product warranties liability:
(1) Reclassification of deferred warranty revenue for the Shelter Solutions reportable segment that had historically been included in the warranty liability disclosure. Deferred warranty revenue is recorded in other current liabilities of $2.5 million and other long-term liabilities of $21.9 million within our Consolidated Balance Sheets for the year ended December 31, 2024.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The following sets forth weighted average information about the Company’s lease portfolio as of December 31, 2024:
The following table sets forth components of operating lease costs:
The following table sets forth cash and non-cash lease activities:
(1) For the period July 25, 2022 through December 31, 2022, all leases that existing prior to the Merger were treated as new operating leases. During the current year, the Company recorded an impairment charge related to its lease right-of-use assets of $11.8 million in its Surface Solutions–U.S. Stone asset group. The Company concluded that an impairment test was necessary given the lower than expected performance in the second half of 2024, The impairment was included in the Impairment of goodwill, intangible assets and property, plant and equipment line item in the Consolidated Statements of Income (Loss) for the year ended December 31, 2024. The Company renewed and terminated certain existing facility, transportation and equipment leases and received tenant improvement allowances, which resulted in a decrease of the net remeasurement of the existing lease right-of-use assets in the amount of $32.0 million for the year ended December 31, 2024 and an increase of the net remeasurement of the existing lease right-of-use assets in the amount of $4.4 million for the year ended December 31, 2023. The following table sets forth future minimum lease payments under non-cancelable leases as of December 31, 2024:
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The following table sets forth the components of long-term debt:
(1)In July 2022, as a result of the pushdown accounting related to the Merger, the carrying values of the term loan facility due April 2028 and the 6.125% senior notes were adjusted to fair value. The following table sets forth the scheduled maturity of our long-term debt:
Short-Term Borrowings The following table sets forth the Company’s availability under its credit facilities:
(1) As of December 31, 2024, borrowings on revolving credit facilities are included within short-term borrowings and classified as a current liability on the Consolidated Balance Sheets. (2) Cash flow revolver commitments of $23.0 million matured in April 2023 and $92.0 million will mature in May 2029. In January 2025, the Company borrowed $90.0 million on the ABL Facility and during March 2025, the Company borrowed $80.0 million on the ABL Facility (as defined below). Merger Transaction In July 2022, in connection with the Merger, the Company: •Incurred a new $300.0 million aggregate principal amount Side Car Term Loan Facility, due August 2028 (as defined below). •Issued $710.0 million 8.750% Senior Secured Notes (as defined below) due August 2028. •Increased the ABL Facility available under the ABL Credit Agreement (as defined below) from $611.0 million to $850.0 million and amended the ABL Credit Agreement to, among other things, extend the maturity of the ABL Facility to July 2027. •Added the ABL FILO Facility (as defined below) of $95.0 million under the ABL Credit Agreement. The proceeds totaling $1.0 billion, together with other sources, were used to purchase all remaining issued and outstanding shares of Cornerstone Building Brands and related fees to consummate the Merger. Term Loan Facility, due April 2028, Term Loan Facility, due May 2031 and Cash Flow Revolver In April 2018, Ply Gem Midco entered into a Cash Flow Agreement (as amended from time to time, the “Cash Flow Credit Agreement”); facilities provided thereunder, including the Term Loan Facility, due April 2028, the Term Loan Facility, due May 2031 and the Cash Flow Revolver (each as defined below), the “Cash Flow Facilities”), which provides for (i) a term loan facility (the “Term Loan Facility, due April 2028”) in the aggregate principal amount of $2,600.0 million, issued with a discount of 0.5% and (ii) a cash flow-based revolving credit facility (the “Cash Flow Revolver”) of up to $115.0 million. In connection with the consummation of the Ply Gem merger, the Company and Ply Gem Midco entered into a joinder agreement in which the Company became the Borrower (as defined in the Cash Flow Credit Agreement). On April 11, 2023, the Company amended the Cash Flow Credit Agreement to replace the adjusted LIBOR rate with the Secured Overnight Financing Rate (“SOFR”) rate. On May 15, 2024, the Company entered into a Fifth Amendment to the Cash Flow Credit Agreement (the “Cash Flow Fifth Amendment”) to, among other things, terminate the $92.0 million of commitments under the Cash Flow Revolver and replace such commitments with $92.0 million of extended cash flow-based revolving commitments, maturing on May 15, 2029 (subject to a springing maturity under certain circumstances) and (b) incur a new incremental term loan facility (the “Term Loan Facility, due May 2031”) in the aggregate principal amount of $500.0 million, maturing on May 15, 2031 (subject to a springing maturity under certain circumstances). The Term Loan Facility, due April 2028 amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon final maturity. The Term Loan Facility, due April 2028 bears annual interest at a floating rate measured by reference to, at the Company’s option, either (i) a Term SOFR rate with a credit spread adjustment of 0.10% (subject to a floor of 0.50%) plus an applicable margin of 3.25% per annum or (ii) an alternate base rate plus an applicable margin of 2.25% per annum. Loans outstanding under the Cash Flow Revolver bear annual interest at a floating rate measured by reference to, at the Company’s option, either (i) a Daily Simple SOFR rate or a Term SOFR rate with (only in the case of Term SOFR rate borrowings with an interest period greater than one month) a credit spread adjustment of 0.10% (subject to a floor of 0.00%) plus an applicable margin ranging from 2.50% to 3.00% per annum depending on the Company’s secured leverage ratio or (ii) an alternate base rate plus an applicable margin ranging from 1.50% to 2.00% per annum depending on the Company’s secured leverage ratio. There are no amortization payments under the Cash Flow Revolver. Additionally, unused commitments under the Cash Flow Revolver are subject to a fee ranging from 0.25% to 0.50% per annum depending on the Company’s secured leverage ratio. The Term Loan Facility, due May 2031, amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon maturity. The Term Loan Facility, due May 2031 bears annual interest at a floating rate measured by reference to, at the Company’s option, either (i) a Term SOFR rate (subject to a floor of 0.50%) plus an applicable margin of 4.50% per annum or (ii) an alternate base rate plus an applicable margin of 3.50% per annum. Subject to certain exceptions, the Term Loan Facility, due April and the Term Loan Facility due May 2031 are subject to mandatory prepayments in an amount equal to: •the net cash proceeds of (i) certain asset sales, (ii) certain debt offerings and (iii) certain insurance recovery and condemnation events; and •50% of annual excess cash flow (as defined in the Cash Flow Credit Agreement), subject to reduction to 25% and 0% if specified secured leverage ratio targets are met to the extent that the amount of such excess cash flow exceeds $10.0 million. No payments were required in 2022 under the year 2021 excess cash flow calculation. The Term Loan Facility, due April 2028, the Term Loan Facility, due May 2031 and the Cash Flow Revolver may be prepaid at the Company’s option at any time without premium or penalty (other than customary breakage costs), subject to minimum principal amount requirements. ABL Facility, due May 2029 On April 12, 2018, Ply Gem Midco entered into an ABL Credit Agreement (as amended from time to time, the “ABL Credit Agreement”), which provides for (a) an asset-based revolving credit facility of up to $850.0 million (amended from time to time the “ABL Facility”), a portion of which is (i) available to U.S. borrowers and (ii) available to U.S. and Canadian borrowers. In connection with the consummation of the Ply Gem merger, the Company and Ply Gem Midco entered into a joinder agreement in which the Company became the Parent Borrower (as defined in the ABL Credit Agreement) under the ABL Facility, and (b) a first-in-last-out tranche asset-based revolving credit facility of up to $95.0 million (the “ABL FILO Facility”) available to U.S. borrowers. On May 15, 2024, the Company entered into Amendment No. 8 to the ABL Credit Agreement (“Amendment No. 8”), which amended the ABL Credit Agreement in order to terminate the existing revolving commitments under the ABL Facility and the ABL FILO Facility, originally maturing on July 25, 2027 (the “Existing ABL Commitments”), and replace such Existing ABL Commitments with an extended revolving commitment of $945.0 million maturing on May 15, 2029 (subject to a springing maturity under certain circumstances), subject to the outstanding aggregate principal amount. Borrowing availability under the ABL Facility and the ABL FILO Facility (collectively, the “ABL Facilities”) is determined by a monthly borrowing base collateral calculation that is based on specified percentages of the value of eligible inventory, accounts receivable, less certain allowances and subject to certain other adjustments as set forth in the ABL Credit Agreement. Availability is reduced by issuance of letters of credit as well as any borrowings. Loans outstanding under the ABL Facility bear interest at a floating rate measured by reference to, at the Company’s option, either (i) a Term SOFR rate (subject to a SOFR floor of 0.00%) plus an applicable margin ranging from 1.25% to 1.75% per annum depending on the average daily excess availability under the ABL Facility or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 0.75% per annum depending on the average daily excess availability under the ABL Facility. Additionally, unused commitments under the ABL Facility are subject to a 0.25% per annum fee. Loans outstanding under the ABL FILO Facility bear interest at a floating rate measured by reference to, at the Company’s option, either (i) a term SOFR rate (subject to a SOFR floor of 0.00%) plus an applicable margin ranging from 2.25% to 2.75% per annum depending on the average daily excess availability under the ABL FILO Facility or (ii) an alternate base rate plus an applicable margin ranging from 1.25% to 1.75% per annum depending on the average daily excess availability under the ABL FILO Facility. Additionally, unused commitments under the ABL FILO Facility are subject to a 0.25% per annum fee. Side Car Term Loan Facility, due August 2028 On July 25, 2022, the Company entered into a Term Loan Credit Agreement (as amended from time to time, the “Side Car Term Loan Credit Agreement”) which provides for a term loan facility (the “Side Car Term Loan Facility, due August 2028”) in an original aggregate principal amount of $300.0 million. The Side Car Term Loan Credit Agreement will mature on August 1, 2028. Loans outstanding under the Side Car Term Loan Facility, due August 2028 bear interest at a floating rate measured by reference to, at the Company’s option, either (i) a term SOFR rate plus 5.625% (subject to a SOFR floor of 0.50%) or (ii) an alternate base rate plus 4.625%. Borrowings under the Side Term Loan Credit Agreement amortize in equal quarterly installments in an amount equal to 1.00% per annum of the principal amount. The Side Car Term Loan Facility, due August 2028 may be prepaid at the Company’s option at any time, subject to certain prepayment premiums if prepaid prior to August 1, 2026. 6.125% Senior Notes due January 2029 On September 24, 2020, the Company issued $500.0 million in aggregate principal amount of 6.125% Senior Notes due January 2029 (the “6.125% Senior Notes”). The 6.125% Senior Notes bear interest at 6.125% per annum and will mature on January 15, 2029. Interest is payable semi-annually in arrears on January 15 and July 15. The 6.125% Senior Notes are unsecured senior indebtedness and are effectively subordinated to all of the Company’s existing and future senior secured indebtedness, including indebtedness under the Term Loan Facility, due April 2028, the Term Loan Facility, due May 2031, the Cash Flow Revolver, the Side Car Term Loan Facility, due August 2028, the 8.750% Senior Secured Notes (as defined below) and the ABL Facilities, and are senior in right of payment to future subordinated indebtedness of the Company. The Company may redeem the 6.125% Senior Notes in whole or in part at any time subject to certain prepayment premiums if the 6.125% Senior Notes were to be redeemed prior to September 15, 2025. 8.750% Senior Secured Notes due August 2028 On July 25, 2022, the Company issued $710.0 million in aggregate principal amount of 8.750% Senior Secured Notes due August 2028 (the “8.750% Senior Secured Notes”). The 8.750% Senior Secured Notes bear interest at 8.750% per annum and will mature on August 1, 2028. Interest is payable semi-annually in arrears on January 15 and July 15 of each year. The first interest date was January 15, 2023. The 8.750% Senior Secured Notes are secured senior indebtedness and rank equal in right of payment with all existing and future senior indebtedness, and are senior in right of payment to all existing and future subordinated indebtedness of the Company, including the 6.125% Senior Notes. The Company may redeem the 8.750% Senior Secured Notes in whole or in part at any time subject to certain prepayment premiums if the 8.750% Senior Secured Notes were to be redeemed prior to August 1, 2026. Issuance of 9.500% Senior Secured Notes due August 2029 On August 7, 2024, the Company issued $500.0 million in aggregate principal amount of 9.500% Senior Secured Notes (“9.500% Senior Notes”) due August 2029 (subject to a springing maturity under certain circumstances). Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2025. The 9.500% Senior Notes are secured senior indebtedness and rank equal in right of payment with all existing and future senior indebtedness of the Company, and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Company may redeem the 9.500% Senior Notes in whole or in part, subject to certain prepayment premiums if the 9.500% Senior Secured Notes were to be redeemed prior to August 15, 2028. Repurchase of 6.125% Senior Notes due January 2029 The Company repurchased an aggregate principal amount of $46.8 million for $33.9 million in cash during the year ended December 31, 2023. The repurchases, which resulted in a write-off of associated unamortized debt discount and deferred financing costs, resulted in a loss of $0.2 million during 2023 were recognized in the gain (loss) on extinguishment of debt in the Consolidated Statements of Income (Loss). Other Information The obligations under the Company’s debt agreements are generally guaranteed by each direct and indirect wholly-owned U.S. restricted subsidiary of the Company, subject to certain exceptions. In addition, the obligations of the Canadian borrowers under the ABL Facility are guaranteed by each direct and indirect wholly-owned Canadian restricted subsidiary of the Canadian borrowers, subject to certain exceptions. In addition, the obligations under the Cash Flow Credit Agreement, the ABL Credit Agreement, the Side Car Term Loan Credit Agreement and the Company’s various secured notes are guaranteed by Camelot Parent, which guarantee is non-recourse and limited to the equity interests of the Company. The obligations under the Cash Flow Credit Agreement, the ABL Credit Agreement, the Side Car Term Loan Credit Agreement and the Company’s various secured notes are also secured by a perfected security interest in substantially all tangible and intangible assets of the Company and each subsidiary guarantor and in the capital stock of the Company, subject to certain exceptions and subject to priority of security interests provided therein. Covenant Compliance The ABL Credit Agreement includes a minimum fixed charge coverage ratio of 1.00:1.00, which is tested only when specified availability is less than 10.0% of the lesser of (x) the then applicable borrowing base and (y) the then aggregate effective commitments under the ABL Facility, and continuing until such time as specified availability has been in excess of such threshold for a period of 20 consecutive calendar days. The Cash Flow Credit Agreement includes a financial covenant set at a maximum secured leverage ratio of 7.75:1.00, which will apply if the outstanding amount of loans and drawings under letters of credit which have not then been reimbursed exceeds a specified threshold at the end of any fiscal quarter. The Company’s debt agreements contain a number of covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional indebtedness; make dividends and other restricted payments; incur additional liens; consolidate, merge, sell or otherwise dispose of all or substantially all assets; make investments; transfer or sell assets; enter into restrictive agreements; change the nature of the business; and enter into certain transactions with affiliates. The Company is in compliance with all of its covenants as of December 31, 2024. Interest Rate Swaps The Company uses certain interest rate swaps to manage a portion of the interest rate risk on its term loans. The following table sets forth the terms of the Company’s interest rate swap agreements:
(1)Interest rate swaps are based on cash flow hedge contracts that have fixed rate structures and are measured against market-based SOFR yield curves. These interest rate swaps are classified within Level 2 of the fair value hierarchy because they are valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates.
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan The Company has a defined benefit plan which is frozen with no further meaningful increases in benefits for participants. The following table sets forth the weighted average actuarial assumptions used to determine benefit obligation:
The following table sets forth the weighted average actuarial assumptions used to determine net periodic benefit cost (income):
The basis used to determine the expected long-term rate of return on assets assumptions for the defined benefit plan was recent market performance and historical returns. The investment policy is to maximize the expected return for an acceptable level of risk. Our expected long-term rate of return on plan assets is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels. As of December 31, 2024, our defined pension plan had a projected benefit obligation in excess of the fair value of plan assets. The following table sets forth the changes in the projected benefit obligation, plan assets and funded status, and the amounts recognized on the Consolidated Balance Sheets:
The following table sets forth the weighted average asset allocations by asset category for the defined benefit plan:
The principal investment objectives are to ensure the availability of funds to pay pension and postretirement benefits as they become due under a broad range of future economic scenarios, to maximize long-term investment return with an acceptable level of risk based on our pension and postretirement obligations, and to be sufficiently diversified across and within the capital markets to mitigate the risk of adverse or unexpected results from one security class having an unduly detrimental impact on the entire portfolio. Each asset class has broadly diversified characteristics. Decisions regarding investment policy are made with an understanding of the effect of asset allocation on funded status, future contributions and projected expenses. The fair values of the assets of the defined benefit plan at December 31, 2024 and December 31, 2023, by asset category and by levels of fair value were as follows:
The following table sets forth the components of the net periodic benefit income:
The following table sets forth the changes in plan assets and benefit obligation recognized in other comprehensive (loss) income:
We expect to contribute $0.4 million to the defined benefit plan in 2025. We expect the following benefit payments to be made:
Defined Contribution Plan The Company has a 401(k) profit sharing plan that allows participation by all eligible employees. The Company’s contributions vary, but are based primarily on each participant’s level of contributions, which cannot exceed the maximum allowable for income tax purposes. The Company’s contribution expense for matching contributions to the plan was $19.5 million for 2024, $16.1 million for 2023, $6.6 million for the period from July 25, 2022 through December 31, 2022 and $10.2 million for the period from January 1, 2022 through July 24, 2022.
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Share-based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation | Share-based Compensation Merger Transaction In connection with the Merger in July 2022, under which Cornerstone Building Brands became a privately held company, unvested share-based compensation awards that were previously granted to key employees and executives were cancelled and converted into a contingent contractual right to receive a cash payment from the Company upon vesting. The Company had $0.6 million at December 31, 2024 and $27.6 million at December 31, 2023 classified as a current liability within employee-related liabilities and $1.2 million at December 31, 2023 classified as other long-term liabilities on its Consolidated Balance Sheets. The Company paid out $24.7 million of cash to settle Pre-Merger Awards in March 2024. The Company recognized an expense of $1.4 million for the year ended December 31, 2024 and an expense of $16.6 million in the year ended December 31, 2023. For the period from July 25, 2022 through December 31, 2022, the amount of expense recognized was $21.9 million. These amounts are included in selling, general and administrative expense on the Consolidated Statements of Income (Loss). As of December 31, 2024 the Company estimates that unrecognized expense is expected to be recognized over a weighted-average period 0.6 years of totaling $0.2 million. Incentive Units Beginning in 2022, pursuant to an incentive unit grant agreement, certain participants were granted incentive units in Camelot Return Ultimate, LP (the “Partnership” or “Camelot Parent”). The incentive units provide the holder with the opportunity to receive, upon certain vesting events and subject to Partnership repurchase rights and conditions, a return based upon the appreciation of the Partnership’s equity value from the date of grant. The incentive units vest over a five-year period on a straight-line basis. In 2024, 0.1 million incentive units were granted at an average grant date fair value of $43.46 per incentive unit and 0.1 million forfeitures during the period. In 2023, 0.2 million units were granted with 0.1 million in forfeitures. The Company recognized an expense from incentive units of $6.2 million in 2024, and $8.3 million in 2023. For the period from July 25, 2022 through December 31, 2022, the amount of expense recognized was $2.3 million. These amounts are included in selling, general and administrative expense on the Consolidated Statements of Income (Loss). The Company estimates that the unrecognized expense is expected to be recognized over a weighted-average period of 3.1 years totaling $22.5 million. The Company will recognize compensation cost for the awards on a straight-line basis over a five-year vesting period based on the fair value of the award at the date of grant. The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model, and the following weighted average assumptions:
Upon a sale of the Partnership, vesting of incentive units will accelerate, subject to the participant’s continued employment through the consummation of such sale unless there is non-cash consideration and the incentive units are replaced with awards that have substantially equivalent or better rights.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The following table sets forth the components of the provision for income taxes:
The following table sets forth a reconciliation of income tax computed at the U.S. federal statutory tax rate to the effective income tax rate:
(1)Related to the Merger transaction and internal restructuring. The net deferred income tax liability consists of the following:
The Company carries out its business operations mainly through legal entities in the U.S., Canada and Mexico where we are subject to U.S., state and foreign tax laws. We are subject to income tax audits in multiple jurisdictions. As of December 31, 2024, the $19.8 million net operating loss carryforward included $10.8 million for U.S federal losses and $9.0 million for U.S. state losses. Federal net operating losses will begin to expire in 2030, if unused, and state operating losses began to expire in 2024, if unused. There are limitations on the utilization of certain net operating losses. Valuation Allowance The following table sets forth the changes in the valuation allowance on deferred taxes:
(1) In connection with the Merger, the beginning balance for the Successor period reflects acquisition-related adjustments of $9.6 million. Uncertain Tax Positions The following table sets forth the changes in unrecognized tax benefits (excluding interest and penalties):
Despite the Company’s expectation that its tax return positions are consistent with applicable tax laws, the Company understands that certain positions could be challenged by taxing authorities. The Company’s tax liability reflect the difference between the tax benefit claimed on tax returns and the amount recognized in the consolidated financial statements. These allowances have been established based on management’s assessment as to potential exposure attributable to permanent differences and interest and penalties applicable to both permanent and temporary differences. The tax allowances are reviewed periodically and adjusted in light of changing facts and circumstances, such as progress of tax audits, lapse of applicable statutes of limitations and changes in tax law. The Company is currently under examination by various taxing authorities. As of December 31, 2024, the reserve was $2.5 million, which includes interest and penalties of $1.3 million and is recorded in other long-term liabilities in the accompanying Consolidated Balance Sheets. Of this amount, $1.2 million, if recognized would have an impact on the Company's effective tax rate. Interest and penalties were $1.3 million for 2024, $1.4 million for 2023, $0.2 million for the period from July 25, 2022 through December 31, 2022 and $0.6 million for the period from January 1, 2022 through July 24, 2022. The Company has elected to treat interest and penalties on unrecognized tax benefits as income tax expense in its Consolidated Statement of (Loss) Income.
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Fair Value of Financial Instruments and Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level hierarchy for fair value measurements based on the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels of the fair value hierarchy are as follows: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3 – Unobservable inputs for the asset or liability, reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:
The fair value for derivative instruments is determined using valuation models that incorporate observable market inputs, such as interest rates and currency exchange rates, and is classified within Level 2 of the fair value hierarchy. The fair value of contingent consideration is estimated as of the date of the acquisition and is recorded as part of the purchase price, and is subsequently re-measured to fair value at each reporting date, based on a probability-weighted analysis using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of market participant assumptions. Fair Value Measurement Disclosure The fair value of the Company’s short-term debt is estimated using observable market inputs, including current interest rates for similar types of borrowings. The fair value of long-term debt is determined based on quoted prices for identical or similar instruments in active markets. The fair value of the senior notes are based on quoted prices in active markets for the identical liabilities. The fair value of the term loans are based on recent trading activities of comparable market instruments. Non-Recurring Fair Value Measurements Certain assets and liabilities are measured at fair value on a non-recurring basis. These include assets and liabilities that are measured at fair value in the event of impairment or for disclosure purposes. The discounted cash flow method under the income approach is generally employed to estimate the fair value of the reporting units or identified asset groups. For reporting units, the guideline public company method and the guideline transaction method are also utilized under the market approach. Significant assumptions inherent in estimating fair values include the projected future annual net cash flows for each reporting unit, encompassing net sales, cost of sales, selling, general and administrative expenses, depreciation and amortization, working capital, and capital expenditures. Other critical assumptions involve income tax rates, long-term growth rates, and a discount rate that appropriately reflects the risks inherent in each future cash flow stream. Fair Value of Financial Instruments Not Measured at Fair Value The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to the short-term nature of these instruments.
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions The Company had a related party receivable with CD&R of $5.7 million as of December 31, 2024, representing legal fees paid on their behalf as part of the ongoing stockholder litigation described in Note 15, Commitments and Contingencies. There was no receivable with CD&R for the year ended December 31, 2023. The Company had a related party payable of $6.0 million to our indirect parent, Camelot Parent, as of December 31, 2024, representing monies paid by Company management for the purchase of incentive units in the Partnership. See Note 11, Share-based Compensation, for further discussion of the incentive units. For the year ended December 31, 2023, this payable was $3.0 million.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies As a manufacturer of products primarily for use in building construction, the Company is inherently exposed to various types of contingent claims, both asserted and unasserted, in the ordinary course of business. As a result, from time to time, the Company may become involved in various legal proceedings or other contingent matters arising from claims or potential claims arising out of its operations and businesses that cover a wide range of matters, including, among others, environmental, contract, employment, including applicable benefit and pension plans, intellectual property, securities, personal injury, property damage, product liability, warranty and modification, adjustment or replacement of component parts or units sold, which may include product recalls. The Company insures (or self-insures) against these risks to the extent deemed prudent by its management and to the extent insurance is available. Management believes that the ultimate disposition of these matters will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. However, such matters are subject to many uncertainties and outcomes and are not predictable with assurance. The Company believes it is adequately reserved for all matters. Environmental The Company’s operations are subject to various federal, state, local and foreign environmental, health and safety laws. Among other things, these laws regulate the emissions or discharge of contaminants into the environment; govern the use, storage, treatment, disposal and management of hazardous substances and wastes; protect employee health and safety, public health and welfare and the end-users of its products; regulate the chemicals used in its products; and impose liability for the costs of investigating and remediating (as well as other damages resulting from) present and past releases of hazardous substances. Violations of these laws or of any conditions contained in environmental permits could impact the Company's current and future operations. The Company believes it is in material compliance with all applicable environmental laws and regulations and has recorded a liability of $4.1 million at December 31, 2024 and $8.8 million at December 31, 2023. Litigation The Company is a party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. The Company is also included in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines or penalties and other costs in substantial amounts and are described below. Stockholder Litigation In July 2022, and pursuant to an Agreement and Plan of Merger dated March 5, 2022, Clayton, Dubilier and Rice, LLC (“CD&R”) became the indirect owner of Cornerstone Building Brands. In January 2023, purported former stockholders filed 2 separate complaints challenging the fairness of the Merger. The complaints are captioned Firefighters’ Pension System of the City of Kansas City, Missouri Trust and Gary D. Voigt v. Affeldt et al., C.A. No. 2023-0091-JTL (Del. Ch.) and Whitebark Value Partners LP and Robert Garfield v. Clayton Dubilier & Rice, LLC et al., C.A. No. 2023-0092-JTL (Del. Ch.). In both complaints, the plaintiffs allege that CD&R and its affiliates controlled the Company prior to the transaction and that certain directors and officers of the Company, as well as CD&R and its affiliates, breached their fiduciary duties and engaged in conduct resulting in a sale of the Cornerstone Building Brands public stockholders’ shares to CD&R at an unfair price. The plaintiffs seek unspecified monetary damages, attorneys’ fees, expenses and costs. The court consolidated the two cases, and on May 3, 2023, selected Whitebark Value Partners LP as lead plaintiff. On July 14, 2023, the defendants moved to dismiss the operative complaint. The motion to dismiss was denied on January 10, 2024, and the case is ongoing. On June 26, 2024, the plaintiffs filed an amended complaint. On February 24, 2025, the parties to the case filed a Stipulation of Compromise and Settlement (“Stipulation”) setting forth their agreement to settle the litigation. The Stipulation remains subject to court approval. The Stipulation provides for CD&R and the Company, on behalf of the defendants, to pay or cause their respective insurers to pay a total of $45.0 million into an escrow account that will be used to pay escrow expenses, satisfy any fee and incentive amounts awarded by the court in favor of plaintiff and plaintiff’s counsel, and distribute the remaining funds to the non-affiliated shareholders of the Company. The Company's portion of the proposed settlement relating to its indemnification of its former directors and officers is recoverable from insurance. The agreement is contingent upon final court approval, which is anticipated to occur later in 2025. In June 2023, a purported former stockholder filed a class action complaint in the United States District Court for the District of Delaware alleging that the Company’s disclosures issued in connection with the Merger were materially misleading in violation of Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934. The complaint is captioned Water Island Merger Arbitrage Institutional Commingled Master Fund, L.P. v. Cornerstone Building Brands et al., Case No. 1:23-cv-00701 (D. Del.). The complaint alleges that the Company’s directors and officers issued misleading disclosures, which caused stockholders to approve the Merger at an unfair price. The plaintiff seeks unspecified monetary damages, interest, attorney’s fees, expenses and costs. On December 8, 2023, the defendants moved to dismiss the operative complaint, and, in the alternative, to stay in litigation. On September 30, 2024, the court granted the defendants’ motion to dismiss without prejudice. On October 15, 2024, the plaintiffs filed an amended complaint, which the defendants again moved to dismiss or stay on November 26, 2024. The Company intends to vigorously defend against these claims. The Company cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. The Company also cannot provide an estimate of the possible loss or range of loss.
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Equity Transactions |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Transactions | Equity Transactions In January 2024, the Company paid a dividend on our common stock in the aggregate amount of $231.6 million, which was received by our direct parent Camelot Return Intermediate Holdings, LLC, (“Camelot Parent”), and further distributed to Camelot Return Parent, LLC (“Camelot Return Parent”), an indirect parent of the Company. Camelot Return Parent used the funds received to redeem all 1,950,000 preferred units of Camelot Return Parent held by CD&R Pisces Holdings, L.P. Accumulated Other Comprehensive (Loss) IncomeThe following tables set forth the change in accumulated other comprehensive (loss) income attributable to the Company by each component of accumulated other comprehensive (loss) income, net of applicable income taxes:
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Accumulated Other Comprehensive (Loss) Income |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive (Loss) Income | Equity Transactions In January 2024, the Company paid a dividend on our common stock in the aggregate amount of $231.6 million, which was received by our direct parent Camelot Return Intermediate Holdings, LLC, (“Camelot Parent”), and further distributed to Camelot Return Parent, LLC (“Camelot Return Parent”), an indirect parent of the Company. Camelot Return Parent used the funds received to redeem all 1,950,000 preferred units of Camelot Return Parent held by CD&R Pisces Holdings, L.P. Accumulated Other Comprehensive (Loss) IncomeThe following tables set forth the change in accumulated other comprehensive (loss) income attributable to the Company by each component of accumulated other comprehensive (loss) income, net of applicable income taxes:
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Reportable Segment and Geographical Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Segment and Geographical Information | Reportable Segment and Geographical Information Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. Our CODM, who is our Chief Executive Officer, reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The Company is organized in five operating segments aggregated into three reportable segments: Aperture Solutions (consisting of the Aperture Solutions–U.S. and Aperture Solutions–Canada operating segments), Surface Solutions (consisting of the Surface Solutions–U.S. and Surface Solutions–Canada operating segments) and Shelter Solutions, itself an operating segment. The aggregated reportable segments share similar economic characteristics with respect to product offerings, manufacturing processes, and customer demographics. We operate principally in the U.S. with limited operations in Canada. •The Aperture Solutions reportable segment offers a broad line of windows and doors at multiple price-points for residential new construction and repair and remodel end markets in the U.S. and Canada. Its main products include vinyl, aluminum, wood-composite and aluminum clad-wood windows and patio doors, as well as steel, wood-composite, and fiberglass entry doors. •The Surface Solutions reportable segment offers a broad suite of surface solutions products and accessories at multiple price-points for the residential new construction and repair and remodel end markets as well as stone installation services. Its main products include vinyl siding and accessories, cellular polyvinyl chloride trim, vinyl fencing and railing, stone veneer and gutter protection products. •The Shelter Solutions reportable segment designs, engineers, manufactures and distributes extensive lines of metal products for the low-rise commercial construction market under multiple brand names and through a nationwide network of manufacturing plants, distribution centers and retail branches. The Company defines low-rise commercial construction as building applications of up to five stories. Management monitors the operations results of its operating segments separately for purposes of making decisions about resources and evaluating performance. Management, including the Company’s chief operating decision maker, evaluates performance on the basis of segment earnings before interest, income taxes, depreciation and amortization (“Adjusted reportable segment EBITDA”). Corporate operating expenses are not allocated to reportable segments. Corporate and Other consists specifically of corporate operating expenses that are generally not allocated to reportable segments, related-party management fees, and other items that are not assigned or allocated to reportable segments. Any intercompany net sales or expenses are eliminated in consolidation. The following table sets forth financial data by reportable segments:
The following table sets forth net sales, to third party customers, disaggregated by reportable segment:
The following tables sets forth key expenses disaggregated by reportable segment for the year ended December 31, 2024:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the year ended December 31, 2023:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the period July 25, 2022 through December 31, 2022:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the period January 1, 2022 through July 24, 2022:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables set forth financial data attributable to various geographic regions:
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Earnings Per Common Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding. Diluted income per common share, if applicable, considers the dilutive effect of common stock equivalents. The reconciliation of the numerator and denominator used for the computation of basic and diluted income per common share is as follows:
(1)Represents securities not included in the computation of diluted earnings per common share because their effect would have been anti-dilutive. The Company calculates earnings per share using the “two-class” method, whereby unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, these participating securities are treated as a separate class in computing earnings per share. The calculation of earnings per share presented here excludes the income attributable to unvested restricted stock units related to our Incentive Plan from the numerator and excludes the dilutive impact of those shares from the denominator. Awards subject to the achievement of performance conditions or market conditions for which such conditions had been met at the end of any of the periods presented are included in the computation of diluted earnings per common share if their effect was dilutive. Earnings per common share is not presented for the Successor period as the Company’s common stock is no longer publicly traded either on a stock exchange or in the over-the-counter market.
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Supplemental Cash Flow Information |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table sets forth supplemental cash flow information and non-cash investing and financing activities:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Pay vs Performance Disclosure | |||||
| Net income (loss) | $ (63,496) | $ (63,496) | $ 483,786 | $ (1,189,410) | $ (75,525) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Assessments The Company recognizes the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. The Company has integrated cybersecurity risk management into our broader enterprise risk management framework to promote a company-wide culture of cybersecurity risk awareness and management. This integration aims to ensure that cybersecurity considerations are an integral part of our decision-making processes at every level. We maintain an enterprise risk management program (“ERM”) designed to assess, identify, manage and mitigate material risks, including cybersecurity risk. ERM is a Company-wide initiative that involves both the Board of Directors and the Company’s management. The program is designed to (i) identify and assess risks most critical to the Company’s success including through detailed analysis of the likelihood of occurrence and potential impact of each risk, (ii) assign individual executives the responsibility of managing those risks, and (iii) align those management assignments with appropriate board-level oversight. Our General Counsel and Assistant General Counsel – Compliance drive the program. The executive leadership team, including our Chief Executive Officer, and the Company’s management team, comprised of department leaders and subject matter experts, are responsible for identifying, assessing managing and mitigating risks. With respect to cybersecurity risk, our legal and compliance team works closely with our IT leaders to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. External experts supplement our internal expertise as necessary. Risks identified as significant risks are communicated to the Board of Directors, who ultimately oversees the program both directly and indirectly through Board Committees, such as the Audit Committee. Risk management, including risks related to cybersecurity is also incorporated into the review and approval process for our project management organization (“PMO”). Our cybersecurity risk management program includes enterprise-wise monitoring of cyber activity to identify and analyze potential events that may have an adverse effect or impact on the Company’s assets, systems, resources or reputation. This monitoring is designed to identify both external activity and routine internal activity for behavior that may be unusual or potentially malicious. Depending upon the nature and severity of the risk, cybersecurity monitoring and identification can result in automated processes to immediately block and remove undesired risks, cybersecurity team review and action, or both. The Cybersecurity Incident Response Plan provides a framework for addressing a cyber-crisis, cyber-incident and/or data breach, which could include activating crisis, or business continuity recovery plans, as appropriate. These plans are regularly reviewed and updated by our Chief Information Officer and communicated to appropriate stakeholders. Third-Party Engagement Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing our risk management systems. These partnerships enable us to leverage specialized knowledge and insights, with the aim of modeling our cybersecurity strategies and processes after industry best practices. Our collaboration with these third parties includes managed services, team augmentation, independent audits, vulnerability management, threat and attack and consultation on security risks enhancements. Some engagements involve point in time activities with end products or reporting while others involve ongoing monitoring and management of risk across the Company. Third-Party Risk Management Because we are aware of the risks associated with third-party service providers, such as suppliers, software and cloud-based service providers, and cybersecurity partners, the Company implements processes to oversee and manage these risks. We assess the risks from cybersecurity threats that impact select suppliers and third-party service providers with whom we share personal identifying and confidential information. We require third parties to maintain security controls to protect our confidential information and data and notify us of breaches that may impact our data. Third parties that interact with our information or have access to our systems may have additional security requirements depending on the levels of risk. When new third-party risks are identified, we require those impacted to implement appropriate remediations or controls. Identified risks are documented and tracked along with general ongoing monitoring of third parties external risk posture. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third party service providers. Learning from Threats/Incidents During the last year we have not identified cybersecurity threats or challenges that have materially impaired our operations or financial condition. Our monthly baselines for cybersecurity are closely tracked and show a continual improvement and reduction of risk over the last three years. Similarly, incident investigations over the same period have reduced in severity and frequency. These internal metrics are consistent with our third-party risk scorecard subscriptions which similarly show a year-over-year improvement in our risk posture over the last three years. See Risk Factor, “Damage to our computer infrastructure and software systems and issues relating to the incorporation of artificial intelligence (“AI”) solutions into our systems, could harm our business.”
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company recognizes the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. The Company has integrated cybersecurity risk management into our broader enterprise risk management framework to promote a company-wide culture of cybersecurity risk awareness and management. This integration aims to ensure that cybersecurity considerations are an integral part of our decision-making processes at every level.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board Oversight The Board of Directors has established robust oversight mechanisms designed to ensure effective governance in managing risks associated with cybersecurity threats due to the significance of these threats to our operational integrity. The Board of Directors has delegated to the Audit Committee oversight over cybersecurity risk.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Chief Information Officer (“CIO”) and Chief Financial Officer (“CFO”) play a pivotal role in keeping the Audit Committee apprised of cybersecurity risks. They provide comprehensive briefings to the Audit Committee on a quarterly basis at the Audit Committee meetings. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Chief Information Officer (“CIO”) and Chief Financial Officer (“CFO”) play a pivotal role in keeping the Audit Committee apprised of cybersecurity risks. They provide comprehensive briefings to the Audit Committee on a quarterly basis at the Audit Committee meetings. These briefings encompass a broad range of topics, including: •Current cybersecurity landscape and emerging threats •Status of ongoing cybersecurity initiatives and strategies •Incident reports and learnings from cybersecurity events; and •Compliance with regulatory requirements and industry standards. In addition to our scheduled meetings, the Audit Committee, CIO and CFO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks to ensure that the Board Director’s oversight is proactive and responsive. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering guidance for major initiatives. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Audit Committee or Board of Directors, as appropriate, through the Board-approved escalation protocol.
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| Cybersecurity Risk Role of Management [Text Block] | Management Oversight Our Director, Cyber Security and Chief Information Officer are regularly informed about the latest developments in cybersecurity, including potential threats and innovative risk management techniques. Keeping senior management abreast of the cybersecurity posture and potential risks facing the Company is viewed as crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. The Director, Cyber Security leads a team of cybersecurity engineers, manages vendor relationships, and is responsible for implementation and oversight of processes for monitoring enterprise information systems. These processes include the deployment of advanced cybersecurity platforms which continually assess, remediate and provide regular measures and regular system audits so that identified threats and potential vulnerabilities can be addressed. In the event of a cybersecurity incident, the Director Cyber Security is equipped with our Cybersecurity Incident Response Plan. This plan includes an escalation protocol to ensure Company leaders and the Board of Directors are aware of and can oversee response plans, immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents. Processes also include escalating potentially material incidents directly to the General Counsel to ensure incidents are reported as required by applicable law and regulation. Both the Board of Directors and the Company’s IT Steering Committee, which is comprised of senior executives are kept updated on any material incidents, cybersecurity initiatives and the Company’s cybersecurity strategic roadmap.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Chief Information Officer (“CIO”) and Chief Financial Officer (“CFO”) play a pivotal role in keeping the Audit Committee apprised of cybersecurity risks. They provide comprehensive briefings to the Audit Committee on a quarterly basis at the Audit Committee meetings. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | With over 20 years in the field of IT and cybersecurity, the Director, Cyber Security has significant professional experience including senior technical leadership roles along with consulting and management roles at public and private companies in the manufacturing, chemical and oil and gas sectors. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. He holds a masters in science degree from the University of Texas at Austin and professional certifications that include a CISSP and an active U.S. Government security clearance. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Chief Information Officer (“CIO”) and Chief Financial Officer (“CFO”) play a pivotal role in keeping the Audit Committee apprised of cybersecurity risks. They provide comprehensive briefings to the Audit Committee on a quarterly basis at the Audit Committee meetings. These briefings encompass a broad range of topics, including: •Current cybersecurity landscape and emerging threats •Status of ongoing cybersecurity initiatives and strategies •Incident reports and learnings from cybersecurity events; and •Compliance with regulatory requirements and industry standards. In addition to our scheduled meetings, the Audit Committee, CIO and CFO maintain an ongoing dialogue regarding emerging or potential cybersecurity risks to ensure that the Board Director’s oversight is proactive and responsive. The Audit Committee actively participates in strategic decisions related to cybersecurity, offering guidance for major initiatives. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Audit Committee or Board of Directors, as appropriate, through the Board-approved escalation protocol.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying Consolidated Financial Statements include the accounts and operations of the Company and its majority-owned subsidiaries and all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. All intercompany accounts and transactions have been eliminated in consolidation. Through application of pushdown accounting, the Company’s Consolidated Financial Statements are presented as Predecessor for periods prior to the Merger and Successor for subsequent periods. The years ended December 31, 2024 and December 31, 2023 and the period from July 25, 2022 through December 31, 2022, represent Successor periods and the period from January 1, 2022 through July 24, 2022, represent the Predecessor period. All references herein for the year “2024” represents the year ended December 31, 2024 and “2023” represent the year ended December 31, 2023. Certain items have been reclassified in the prior year disclosures to conform to the current year presentation.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, net sales and expenses, and related disclosures of contingent assets and liabilities in the Consolidated Financial Statements and accompanying notes. These estimates include, but are not limited to: establishing the allowance for expected credit losses; allowance for slow-moving and obsolete inventory; the impairment of goodwill; establishing useful lives for and evaluating the recovery of our finite-life, long-lived assets; recognizing the fair value of assets acquired and liabilities assumed in business combinations; determining the fair value of contingent considerations, accounting for rebates and product warranties; the valuation and expensing for share-based compensation; certain assumptions made in accounting for pension benefits; accounting for contingencies and uncertainties and accounting for income taxes. Actual results may differ from the estimates used in preparing the Consolidated Financial Statements.
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| Cash, Cash Equivalents | Cash, Cash Equivalents Cash and cash equivalents mainly consist of highly liquid, unrestricted savings, checking, money market funds with maturities of less than three months and other bank accounts.
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| Accounts Receivable, Net | Accounts Receivable, Net The Company reports accounts receivable net of an allowance for expected credit losses. The Company’s allowance for expected credit losses was $26.3 million at December 31, 2024 and $9.6 million at December 31, 2023. The allowance was written off on July 25, 2022, in connection with the Merger and is presently being reestablished with an offset to gross receivables to accurately reflect the ongoing potential for future losses. The Company establishes provisions for expected credit losses based on the Company’s assessment of the collectability of amounts owed to the Company by its customers. Such allowances are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Income (Loss). In establishing the allowance, the Company considers changes in the financial position of a customer, age of the accounts receivable balances, availability of security, unusual macroeconomic conditions, lien rights and bond rights as well as disputes, if any, with its customers. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance, all collection efforts have been exhausted or any legal action taken by the Company has concluded. The Company’s provision for expected credit losses was $8.3 million for 2024, $8.2 million for 2023, $2.1 million for the period from July 25, 2022 through December 31, 2022, and $3.8 million for the period from January 1, 2022 through July 24, 2022.
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| Inventories | Inventories Inventories are stated at the lower of cost or net realizable value less allowance for slow-moving and obsolete inventory using the first-in, first-out method. The Company reduces its inventory value for estimated slow-moving and obsolete inventory when evidence exists that the net realizable value of inventory is lower than its cost. The Company’s allowance for slow-moving and obsolete inventory was $34.3 million at December 31, 2024 and $0.4 million at December 31, 2023. The allowance was written off on July 25, 2022, in connection with the Merger and is presently being reestablished with an offset to gross inventory to accurately reflect the ongoing potential for future losses. The Company’s estimate is based upon multiple factors including, but not limited to: (i) historical write-offs and usage, (ii) sales of products at discounted or negative margins, (iii) discontinued products or designs, (iv) specific inventory quantities that are more than estimated future demand and (v) other market conditions. The Company’s provision for slow-moving and obsolete inventory was $10.4 million for 2024, $1.9 million for 2023, $3.8 million for the period from July 25, 2022 through December 31, 2022, and $7.2 million for the period from January 1, 2022 through July 24, 2022.
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| Interest Rate Swaps | Interest Rate Swaps The Company’s use of derivative instruments, principally interest rate swaps, is limited to non-trading purposes and is designed to partially manage exposure to changes in interest rates. The Company’s contracts are hedges for transactions with notional amounts and periods consistent with the related exposures and do not constitute investments independent of these exposures. The changes in the fair value (i.e., gains or losses) of a derivative instrument are recorded as either assets or liabilities in our Consolidated Balance Sheets with an offset to net income (loss) or other comprehensive income (loss) depending on whether, for accounting purposes, it has been designated and qualifies as an accounting hedge and, if so, on the type of hedging relationship. The criteria used to determine if hedge accounting treatment is appropriate are: (a) formal designation and documentation of the hedging relationship, the risk management objective and hedging strategy at hedge inception; (b) eligibility of hedged items, transactions and corresponding hedging instrument; and (c) effectiveness of the hedging relationship both at inception of the hedge and on an ongoing basis in achieving the hedging objectives. For those derivative instruments designated and qualifying as hedging instruments, the Company must designate the hedging instrument either as a fair value hedge or as a cash flow hedge. The Company designates its interest rate contracts for forecasted interest payments as cash flow hedges. The Company had no hedging instruments designated as fair value hedges. For interest rate swaps designated and qualifying as cash flow hedges, the Company recognizes gains or losses as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Cash flows from hedging activities are classified as operating activities in the Consolidated Statement of Cash Flows.
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| Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment is carried at cost. Depreciation is provided on a straight-line basis, over the estimated useful lives of the assets. Gains or losses resulting from dispositions are included in operating income. Betterments and renewals, which improve and extend the life of an asset, are capitalized; maintenance and repair costs are expensed as incurred. Assets held for use to be disposed of at a future date are depreciated over the remaining useful life. Assets to be sold are written down to fair value less costs to sell at the time the assets are being actively marketed for sale. Depreciation and amortization are recognized in cost of sales or selling, general and administrative expenses based on the nature and use of the underlying assets.
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| Intangible Assets, Net | Intangible Assets, Net Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value at the acquisition date. After initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The Company’s intangible assets have finite useful lives and are amortized on a straight-line basis over their estimated useful lives. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the Company’s Consolidated Statement of (Loss) Income. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit (loss) when the asset is derecognized.
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment, including, but not limited to, property, plant and equipment, lease right-of-use assets, and finite-lived intangible assets, when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or the assets are being held for sale. Upon the occurrence of a triggering event, the asset is reviewed to assess whether the estimated undiscounted cash flows expected from the use of the asset plus the residual value from the ultimate disposal exceeds the carrying value of the asset. If the carrying value exceeds the estimated recoverable amounts, the asset is written down to the estimated fair value and any resulting impairment loss is reflected within other operating costs on the Consolidated Statements of Income (Loss).
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| Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. The Company evaluates goodwill for impairment at least annually and completes its annual review in the fourth quarter. When evaluating goodwill for impairment, the Company estimates the fair value of its reporting units. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the excess is charged to earnings as an impairment loss. Significant judgment is required in estimating the fair value of the reporting unit and performing goodwill impairment tests. The determination of fair value incorporates significant unobservable inputs. The Company records goodwill adjustments for changes to the purchase price allocation prior to the end of the measurement period, which is not to exceed one year from the acquisition date.
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| Product Warranties | Product Warranties The Company offers a number of warranties associated with the products it sells. Warranties are normally limited to replacement or service of defective components for the original customer. Some warranties are transferable to subsequent owners and are generally limited to ten years from the date of manufacture. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience and expectations regarding future costs to be incurred. Warranty costs are included within cost of sales.
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| Leases | Leases The Company has leases for certain manufacturing sites; warehouse and distribution locations; offices; and vehicles and equipment. Many of these leases have options to terminate prior to or extend beyond the end of the term. The exercise of the majority of lease renewal options is at the Company’s sole discretion. Some lease agreements have variable payments, the majority of which are real estate agreements in which future increases in rent are based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company accounts for lease and non-lease components as a single lease component. The Company has elected to exclude leases with an initial term of 12 months or less from the Consolidated Balance Sheets and recognizes related lease payments in the Consolidated Statements of Income (Loss) on a straight-line basis over the lease term. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the reasonably expected holding period at the commencement date of the leases. Few of the Company’s lease contracts provide a readily determinable implicit rate. As such, an estimated incremental borrowing rate is utilized, based on information available at the inception of the lease. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Accounting for leases requires judgment, including determining whether a contract contains a lease, the incremental borrowing rates to utilize for leases without a stated implicit rate, the reasonably certain holding period for a leased asset, and the allocation of consideration to lease and non-lease components.
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| Long-term Debt Discounts, Issuance Costs and Fair Value Adjustments | Long-term Debt Discounts, Issuance Costs and Fair Value Adjustments Unamortized discounts, debt issuance costs and fair value adjustments incurred relating to long-term debt are amortized over the term of the related financing using the effective interest method.
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| Revenue Recognition | Revenue Recognition The Company enters into contracts that pertain to products, which are accounted for as separate performance obligations and are typically one year or less in duration. Given the nature of the Company's sales arrangements, the Company is not required to exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for the Company’s products. Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Allowances for cash discounts, volume rebates and other customer incentive programs, as well as gross customer returns, among others, are recorded as a reduction of sales at the time of sale based upon the estimated future outcome. The Company’s net sales are adjusted for variable consideration, which includes customer volume rebates, special pricing discounts, prompt payment discounts, customer returns and other incentive programs. The Company measures variable consideration by estimating expected outcomes using analysis and inputs based upon anticipated performance, historical data, and current and forecasted information. Measurement of variable consideration is reviewed by management periodically and net sales are adjusted accordingly. The Company does not have significant financing components. Shipping and handling activities billed to customers are treated as fulfillment costs. Shipping and handling activities performed before a customer obtains control of the product are not treated as a separate performance obligation and are included in net sales at the same point in time the related product revenue is recognized, while shipping and handling costs are expensed as incurred and recorded within in cost of sales in the Company’s Consolidated Statements of Income (Loss). A portion of the Company’s net sales within the Shelters Solutions reportable segment includes the offering of extended warranties, which customers can purchase separately from the related products. These extended warranties are considered separate performance obligations, with warranty options available for 5, 10, 15 or 20 years. Revenue allocated to these warranties is recognized on a straight-line basis over the warranty period, reflecting the pattern in which the Company expects to satisfy the performance obligation.
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| Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense was $18.2 million for 2024, $15.9 million for 2023, $11.3 million for the period from July 25, 2022 through December 31, 2022 and $11.1 million for the period from January 1, 2022 through July 24, 2022. These costs are included in selling, general and administrative expenses on the Consolidated Statements of Income (Loss).
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| Share-Based Compensation | Share-Based Compensation Share-based compensation expense, measured as the fair value of an award on the date of grant. For time-based awards, expense is recorded over the requisite service or performance period. For awards with performance conditions, the amount of share-based compensation expense recognized is based upon the probable outcome of the performance conditions, as determined by the Company. The Company accounts for forfeitures of outstanding but unvested awards in the period they occur.
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| Income Taxes | Income Taxes Deferred income tax assets and liabilities are measured based on differences between the financial statement basis and income tax basis of assets and liabilities using estimated income tax rates expected to be in effect for the year in which the differences are expected to reverse. Changes in deferred income tax assets and liabilities attributable to changes in enacted income tax rates are charged or credited to income tax expense. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount that is more-likely-than-not to be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. The Company recognizes tax benefits from uncertain tax positions only if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on technical merits of the positions. The tax benefits recognized from such a position are measured based on the largest benefit that is more-likely-than-not to be realized upon ultimate settlement.
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| Foreign Currency Remeasurement and Translation | Foreign Currency Remeasurement and Translation Gains (losses) arising from transactions denominated in a currency other the functional currency of the entity that is party to the transaction are included in net (loss) income on the Company’s Consolidated Statements of Income (Loss), including the remeasurement of foreign denominated intercompany loans at current exchange rates. The Company’s reporting currency is the United States (“U.S.”) dollar while the functional currency of the Company’s significant non-U.S. subsidiaries is the Canadian Dollar. Translation adjustments resulting from translating the functional currency financial statements into U.S. dollar equivalents are reported separately in accumulated other comprehensive income (loss) in equity.
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| Business Combinations | Business Combinations We account for business combinations under the acquisition method of accounting, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill. Acquired intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of trade names. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, margins, percentage of revenue attributable to the trade name, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates. The determination of the useful life of an intangible asset other than goodwill is based on factors including historical trade name performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing trade name support and promotion, customer attrition rate, and other relevant factors. The initial purchase price allocation is based upon provisional information and is subject to revision during the measurement period (up to one year from the acquisition date) as additional information concerning valuations is obtained. As the Company obtains new information regarding facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company will accordingly revise the provisional purchase price allocation. These adjustments may include, but are not limited to, adjustments pertaining to intangible assets acquired, property, plant and equipment acquired, tax liabilities assumed and working capital. The associated acquisitions expenses are expensed as incurred in selling, general and administrative expenses within the Consolidated Statements of Income (Loss).
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| Contingencies | Contingencies The Company’s contingent liabilities are related primarily to litigation and environmental matters and are based upon assumptions and estimates regarding the probable outcome of the matter. The Company records the probability by evaluating historical precedent as well as the specific facts relating to each particular contingency (including the opinion of outside advisors, professionals and experts). The Company records loss contingencies and unasserted claims when it believes a loss is probable and the amount of the loss can be reasonably estimated. The ultimate losses incurred upon final resolution of loss contingencies may differ materially from the estimated liability recorded at any particular balance sheet date. Changes in estimates are recorded in the Consolidated Statements of Income (Loss) in the period in which such changes occur.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this policy as of January 1, 2024. See disclosures in Note 18 — Reportable Segment and Geographical Information. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The new guidance requires consistent categorization and greater disaggregation of information in the rate reconciliation, as well as further disaggregation of income taxes paid. This change is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which improves disclosure requirements and provides more detailed information about an entity’s expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization and selling expenses, along with qualitative descriptions of certain other types of expenses. This change is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
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| Fair Value Measurements | The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level hierarchy for fair value measurements based on the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels of the fair value hierarchy are as follows: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3 – Unobservable inputs for the asset or liability, reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.
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Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Cash and Cash Equivalents | The following table sets forth the components of cash and cash equivalents:
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Mergers, Acquisitions and Divestitures (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Calculation of Total Consideration Paid | The calculation of the total consideration paid follows:
(1) Consists mainly of employee share-based compensation awards that were outstanding at that time the Merger was consummated. (2) Consists of 61.9 million common shares, with shares rolled over or acquired by Camelot Parent.
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| Summary of Nonrecurring Adjustments | The table below presents the Consolidated Statements of Income (Loss) line items impacted by the aforementioned adjustments for previously reported periods.
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| Schedule of Fair Value of Net Assets Acquired | The following table summarizes the provisional fair value of net assets acquired:
The following table summarizes the provisional fair value of net assets acquired:
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| Schedule of Provisional Fair Value and Weighted Average Estimated Useful Life of Identifiable Intangible Assets | The provisional fair value and expected useful life of identifiable intangible assets consists of the following:
The provisional fair value and expected useful life of identifiable intangible assets consists of the following:
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Inventories, net (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory Components | The following table sets forth the components of inventories:
(1) The Company's work in process inventory is not significant to our Consolidated Balance Sheet due to the nature of our production processes.
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Property, Plant and Equipment, Net (Tables) |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Property, Plant and Equipment, Net | The following sets forth the components of property, plant and equipment, net:
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Goodwill and Intangible Assets (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allocation of Goodwill by the Reportable Segments | The following table sets forth the changes in the carrying amount of goodwill by reportable segment:
(1)There were no impairment losses prior to the period ended December 31, 2023. (2)Measurement period adjustments have been recorded in conjunction with the acquisition of MAC Metal, EAS, Harvey and Mueller during the period. See Note 3 — Mergers, Acquisitions and Divestitures. (3)Other includes insignificant out-of-period corrections totaling $14.9 million, which related to matters that existed as of the date of the Merger.
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| Schedule of Components of Intangible Assets | The following table sets forth the major components of intangible assets:
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| Schedule of Amortization Expense Related to Intangible Assets | The following table sets forth the amortization expense related to intangible assets:
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| Schedule of Expected Amortization Expense | The expected amortization expense over the next five years and thereafter for acquired intangible assets recorded as of December 31, 2024 is as follows:
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Product Warranties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Carrying Amount of Product Warranties Liability | The following table sets forth the changes in the carrying amount of product warranties liability:
(1) Reclassification of deferred warranty revenue for the Shelter Solutions reportable segment that had historically been included in the warranty liability disclosure. Deferred warranty revenue is recorded in other current liabilities of $2.5 million and other long-term liabilities of $21.9 million within our Consolidated Balance Sheets for the year ended December 31, 2024.
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted Average Information and Components of Operating Lease Costs | The following sets forth weighted average information about the Company’s lease portfolio as of December 31, 2024:
The following table sets forth components of operating lease costs:
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| Schedule of Cash and Non-Cash Lease Activities | The following table sets forth cash and non-cash lease activities:
(1) For the period July 25, 2022 through December 31, 2022, all leases that existing prior to the Merger were treated as new operating leases. The following table sets forth supplemental cash flow information and non-cash investing and financing activities:
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| Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases | The following table sets forth future minimum lease payments under non-cancelable leases as of December 31, 2024:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Long-Term Debt | The following table sets forth the components of long-term debt:
(1)In July 2022, as a result of the pushdown accounting related to the Merger, the carrying values of the term loan facility due April 2028 and the 6.125% senior notes were adjusted to fair value.
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| Schedule of Maturity of Debt | The following table sets forth the scheduled maturity of our long-term debt:
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| Schedule of Availability Under Credit Facilities | The following table sets forth the Company’s availability under its credit facilities:
(1) As of December 31, 2024, borrowings on revolving credit facilities are included within short-term borrowings and classified as a current liability on the Consolidated Balance Sheets. (2) Cash flow revolver commitments of $23.0 million matured in April 2023 and $92.0 million will mature in May 2029.
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| Schedule of Interest Rate Swap Agreement | The following table sets forth the terms of the Company’s interest rate swap agreements:
(1)Interest rate swaps are based on cash flow hedge contracts that have fixed rate structures and are measured against market-based SOFR yield curves. These interest rate swaps are classified within Level 2 of the fair value hierarchy because they are valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates.
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted Average Actuarial Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The following table sets forth the weighted average actuarial assumptions used to determine benefit obligation:
The following table sets forth the weighted average actuarial assumptions used to determine net periodic benefit cost (income):
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| Schedule of Changes in Projected Benefit Obligation and Plan Assets | The following table sets forth the changes in the projected benefit obligation, plan assets and funded status, and the amounts recognized on the Consolidated Balance Sheets:
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| Schedule of Weighted Average Asset Allocations by Asset Category | The following table sets forth the weighted average asset allocations by asset category for the defined benefit plan:
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| Schedule of Fair Values of Assets of Defined Benefit Plans | The fair values of the assets of the defined benefit plan at December 31, 2024 and December 31, 2023, by asset category and by levels of fair value were as follows:
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| Schedule of Components of the Net Periodic Benefit Income | The following table sets forth the components of the net periodic benefit income:
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| Schedule of Changes in Plan Assets and Benefit Obligation Recognized in OCI | The following table sets forth the changes in plan assets and benefit obligation recognized in other comprehensive (loss) income:
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| Schedule of Expected Benefit Payments | We expect the following benefit payments to be made:
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Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Compensation Cost for the Awards on a Straight-Line Basis | The Company will recognize compensation cost for the awards on a straight-line basis over a five-year vesting period based on the fair value of the award at the date of grant. The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model, and the following weighted average assumptions:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Provision for Income Taxes | The following table sets forth the components of the provision for income taxes:
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| Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth a reconciliation of income tax computed at the U.S. federal statutory tax rate to the effective income tax rate:
(1)Related to the Merger transaction and internal restructuring.
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| Schedule of Deferred Tax Assets and Liabilities | The net deferred income tax liability consists of the following:
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| Schedule of Changes in Valuation Allowance on Deferred Taxes | The following table sets forth the changes in the valuation allowance on deferred taxes:
(1) In connection with the Merger, the beginning balance for the Successor period reflects acquisition-related adjustments of $9.6 million.
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| Schedule of Changes in Unrecognized Tax Benefits | The following table sets forth the changes in unrecognized tax benefits (excluding interest and penalties):
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Fair Value of Financial Instruments and Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Assets and Liabilities Measured on a Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:
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Accumulated Other Comprehensive (Loss) Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive (Loss) Income | The following tables set forth the change in accumulated other comprehensive (loss) income attributable to the Company by each component of accumulated other comprehensive (loss) income, net of applicable income taxes:
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Reportable Segment and Geographical Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | The following table sets forth financial data by reportable segments:
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| Summary of Disaggregation of Revenue | The following table sets forth net sales, to third party customers, disaggregated by reportable segment:
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| Schedule of Disaggregated Expenses by Reportable Segment | The following tables sets forth key expenses disaggregated by reportable segment for the year ended December 31, 2024:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the year ended December 31, 2023:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the period July 25, 2022 through December 31, 2022:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office. The following tables sets forth key expenses disaggregated by reportable segment for the period January 1, 2022 through July 24, 2022:
(1)Includes hourly and salaried labor for all manufacturing, delivery and related support activities as well as factory overhead, labor benefits, warranty, out-bound freight, utilities, lease and other manufacturing and delivery related-costs. (2)Includes labor-related costs for the sales, marketing and functional organizations as well as marketing, selling expenses, bad debt and general administrative expenses. Functional organizations include, among others, information technology, finance and accounting, legal and executive office.
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| Schedule of Financial Data Attributable to Various Geographic Regions | The following tables set forth financial data attributable to various geographic regions:
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of the Numerator and Denominator Used for the Computation of Basic and Diluted Income Per Common Share | The reconciliation of the numerator and denominator used for the computation of basic and diluted income per common share is as follows:
(1)Represents securities not included in the computation of diluted earnings per common share because their effect would have been anti-dilutive.
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Supplemental Cash Flow Information (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Cash Flow Supplemental Information | The following table sets forth cash and non-cash lease activities:
(1) For the period July 25, 2022 through December 31, 2022, all leases that existing prior to the Merger were treated as new operating leases. The following table sets forth supplemental cash flow information and non-cash investing and financing activities:
|
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Basis of Presentation - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
segment
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Jul. 25, 2022
vote
$ / shares
shares
|
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Number of reportable segments | segment | 3 | ||
| Cash used to settle award, par value (dollars per share) | $ 24.65 | ||
| Common stock, shares authorized (in shares) | shares | 1,000 | 1,000 | 1,000 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
| Common stock, number of votes per share | vote | 1 |
Significant Accounting Policies - Schedule of Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Cash | $ 159,529 | $ 228,975 |
| Money market funds (Level 1 securities) | 0 | 239,902 |
| Total cash and cash equivalents | $ 159,529 | $ 468,877 |
Mergers, Acquisitions and Divestitures - Schedule of Calculation of Total Consideration Paid (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jul. 25, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Jul. 24, 2022 |
|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||
| Common shares purchased (in shares) | 1,000 | 1,000 | ||
| Cornerstone Building Brands, Inc Merger | ||||
| Business Acquisition [Line Items] | ||||
| Common shares purchased (in shares) | 65,613,349 | |||
| Common share closing price (in usd per share) | $ 24.65 | |||
| Merger consideration, common shares purchased | $ 1,617,369 | |||
| Cornerstone Building Brands, Inc Merger | Clayton, Dubilier And Rice, LLC | ||||
| Business Acquisition [Line Items] | ||||
| Effective settlement of pre-existing relationships | 128,721 | |||
| Total Merger consideration | 1,746,090 | |||
| Fair value of common shares previously held by CD&R and other adjustments | 1,526,591 | |||
| Total equity value | $ 3,272,681 | |||
| Number of shares previously held by CD&R (in shares) | 61,900,000 |
Mergers, Acquisitions and Divestitures - Schedule of Line Items Impacted by the Aforementioned Adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
Jul. 01, 2023 |
Apr. 01, 2023 |
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Business Acquisition [Line Items] | ||||||
| Cost of sales | $ 2,232,049 | $ 2,929,699 | $ 4,200,856 | $ 4,197,442 | ||
| Gross profit | 512,099 | 806,385 | 1,096,673 | 1,204,992 | ||
| Loss from operations | 81,817 | $ 721,537 | $ (852,789) | $ 240,194 | ||
| Cornerstone Building Brands, Inc Merger | Acquisition-Related Costs, Unrecorded | ||||||
| Business Acquisition [Line Items] | ||||||
| Cost of sales | $ 26,303 | 38,852 | ||||
| Gross profit | (26,303) | (38,852) | ||||
| Selling, general and administrative expenses | 2,963 | (1,632) | ||||
| Loss from operations | $ (29,266) | $ (37,220) | ||||
| Cornerstone Building Brands, Inc Merger | Acquisition-Related Costs, Recorded | ||||||
| Business Acquisition [Line Items] | ||||||
| Cost of sales | $ 65,155 | |||||
| Gross profit | (65,155) | |||||
| Selling, general and administrative expenses | 1,331 | |||||
| Loss from operations | $ (66,486) | |||||
Mergers, Acquisitions and Divestitures - Schedule of Provisional Fair Value and Weighted Average Estimated Useful Life of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands |
1 Months Ended | |
|---|---|---|
Jul. 31, 2024 |
Apr. 30, 2024 |
|
| Harvey Building Products Corp | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 246,000 | |
| Mueller Supply Company, Inc. | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 108,000 | |
| Customer lists and relationships | Harvey Building Products Corp | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 200,000 | |
| Useful Life in Years | 12 years | |
| Customer lists and relationships | Mueller Supply Company, Inc. | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 78,000 | |
| Useful Life in Years | 12 years | |
| Trademarks, trade names and other | Harvey Building Products Corp | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 46,000 | |
| Useful Life in Years | 12 years | |
| Trademarks, trade names and other | Mueller Supply Company, Inc. | ||
| Business Acquisition [Line Items] | ||
| Fair Value | $ 30,000 | |
| Useful Life in Years | 11 years | |
Mergers, Acquisitions and Divestitures - Divestitures of Coil Coatings (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain (loss) on dispositions | $ (921) | $ 401,413 | $ 0 | $ (10,080) | |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Coil Coatings | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from divestitures, net of cash divested | $ 500,000 | ||||
| Gain (loss) on dispositions | 394,200 | $ (10,100) | |||
| Divestiture related costs | $ 9,600 | ||||
Inventories, net - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials and work in process | $ 402,294 | $ 350,429 |
| Finished goods | 207,883 | 146,410 |
| Total inventories, net | $ 610,177 | $ 496,839 |
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | ||||
| Depreciation expense | $ 44.7 | $ 56.7 | $ 197.0 | $ 241.3 |
| Stone | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Property, plant and equipment impairment | $ 24.2 | |||
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) |
3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 28, 2024 |
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | ||||||
| Beginning balance | $ 1,681,764,000 | $ 1,688,548,000 | ||||
| Merger measurement period adjustments | (89,221,000) | |||||
| Impact of acquisitions and related measurement period adjustments | 281,816,000 | 91,790,000 | ||||
| Currency translation | (6,679,000) | (2,245,000) | ||||
| Impairment | $ (483,300,000) | $ (382,800,000) | $ 0 | $ 0 | (866,052,000) | 0 |
| Other | 14,883,000 | (7,108,000) | ||||
| Ending balance | 1,105,732,000 | 1,688,548,000 | 1,105,732,000 | 1,681,764,000 | ||
| Goodwill | 1,971,784,000 | 1,971,784,000 | ||||
| Accumulated impairment loss | (866,052,000) | (866,052,000) | ||||
| Goodwill | 1,105,732,000 | 1,688,548,000 | 1,105,732,000 | 1,681,764,000 | ||
| Aperture Solutions | ||||||
| Goodwill [Roll Forward] | ||||||
| Beginning balance | 771,133,000 | 624,009,000 | ||||
| Merger measurement period adjustments | 90,385,000 | |||||
| Impact of acquisitions and related measurement period adjustments | 172,794,000 | 61,695,000 | ||||
| Currency translation | (1,441,000) | (1,781,000) | ||||
| Impairment | (496,149,000) | |||||
| Other | 6,389,000 | (3,175,000) | ||||
| Ending balance | 452,726,000 | 624,009,000 | 452,726,000 | 771,133,000 | ||
| Goodwill | 948,875,000 | 948,875,000 | ||||
| Accumulated impairment loss | (496,149,000) | (496,149,000) | ||||
| Goodwill | 452,726,000 | 624,009,000 | 452,726,000 | 771,133,000 | ||
| Surface Solutions | ||||||
| Goodwill [Roll Forward] | ||||||
| Beginning balance | 708,423,000 | 790,452,000 | ||||
| Merger measurement period adjustments | (108,630,000) | |||||
| Impact of acquisitions and related measurement period adjustments | 1,479,000 | 30,095,000 | ||||
| Currency translation | (5,238,000) | (464,000) | ||||
| Impairment | (369,903,000) | |||||
| Other | 783,000 | (3,030,000) | ||||
| Ending balance | 335,544,000 | 790,452,000 | 335,544,000 | 708,423,000 | ||
| Goodwill | 705,447,000 | 705,447,000 | ||||
| Accumulated impairment loss | (369,903,000) | (369,903,000) | ||||
| Goodwill | 335,544,000 | 790,452,000 | 335,544,000 | 708,423,000 | ||
| Shelter Solutions | ||||||
| Goodwill [Roll Forward] | ||||||
| Beginning balance | 202,208,000 | 274,087,000 | ||||
| Merger measurement period adjustments | (70,976,000) | |||||
| Impact of acquisitions and related measurement period adjustments | 107,543,000 | 0 | ||||
| Currency translation | 0 | 0 | ||||
| Impairment | 0 | |||||
| Other | 7,711,000 | (903,000) | ||||
| Ending balance | 317,462,000 | 274,087,000 | 317,462,000 | 202,208,000 | ||
| Goodwill | 317,462,000 | 317,462,000 | ||||
| Accumulated impairment loss | 0 | 0 | ||||
| Goodwill | $ 317,462,000 | $ 274,087,000 | $ 317,462,000 | $ 202,208,000 | ||
Goodwill and Intangible Assets - Narrative (Details) |
1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
Sep. 28, 2024
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 24, 2022
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
reportingUnit
|
Dec. 31, 2024
USD ($)
reporting_unit
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Goodwill [Line Items] | ||||||||||
| Number of reporting units | 6 | 5 | ||||||||
| Goodwill | $ 1,105,732,000 | $ 1,688,548,000 | $ 1,105,732,000 | $ 1,105,732,000 | $ 1,105,732,000 | $ 1,105,732,000 | $ 1,681,764,000 | |||
| Number of reporting units with fair value below carrying value | reporting_unit | 3 | |||||||||
| Goodwill impairment loss | 483,300,000 | $ 382,800,000 | 0 | $ 0 | 866,052,000 | 0 | ||||
| Excess fair value threshold for heightened risk of future impairment | 20.00% | |||||||||
| Reporting units with heightened risk of future impairment, goodwill value | 987,500,000 | 987,500,000 | 987,500,000 | $ 987,500,000 | $ 987,500,000 | |||||
| Impairment of intangible assets, finite-lived | $ 0 | $ 0 | 0 | |||||||
| Net Carrying Value | 2,387,905,000 | 2,387,905,000 | 2,387,905,000 | 2,387,905,000 | 2,387,905,000 | $ 2,286,068,000 | ||||
| Aperture Solutions–U.S | ||||||||||
| Goodwill [Line Items] | ||||||||||
| Goodwill impairment loss | 496,100,000 | |||||||||
| Stone | ||||||||||
| Goodwill [Line Items] | ||||||||||
| Goodwill | 0 | 0 | 0 | 0 | 0 | |||||
| Goodwill impairment loss | 40,800,000 | |||||||||
| Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment of goodwill, intangible assets and property, plant and equipment | |||||||||
| Impairment of intangible assets, finite-lived | $ 32,700,000 | |||||||||
| Net Carrying Value | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |||||
| Surface Solutions-U.S | ||||||||||
| Goodwill [Line Items] | ||||||||||
| Goodwill impairment loss | $ 329,100,000 | |||||||||
Goodwill and Intangible Assets - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Amortization of intangible assets | $ 85,400 | $ 109,500 | $ 204,610 | $ 171,300 |
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2025 | $ 194,859 | |
| 2026 | 169,387 | |
| 2027 | 169,387 | |
| 2028 | 165,472 | |
| 2029 | 159,991 | |
| Thereafter | 1,528,809 | |
| Net Carrying Value | $ 2,387,905 | $ 2,286,068 |
Leases - Schedule of Weighted Average Information and Components of Operating Lease Costs (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||||
| Weighted-average remaining lease term | 8 years 6 months | |||
| Weighted-average incremental borrowing rate | 9.23% | |||
| Fixed lease costs | $ 35,419 | $ 54,910 | $ 142,340 | $ 109,870 |
| Short-term lease costs | 19,221 | 17,051 | 24,669 | 22,672 |
| Variable lease costs | $ 49,251 | $ 54,316 | $ 73,557 | $ 88,974 |
Leases - Schedule of Cash and Non-Cash Lease Activities (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||||
| Operating cash flows for operating leases | $ 34,104 | $ 42,069 | $ 132,763 | $ 98,987 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ 277,724 | $ 10,601 | $ 256,099 | $ 48,332 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee, Lease, Description [Line Items] | ||
| Increase (decrease) in operating lease right-of-use asset | $ (32.0) | $ 4.4 |
| Stone | ||
| Lessee, Lease, Description [Line Items] | ||
| Lease right of use asset impairment | $ 11.8 | |
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| 2025 | $ 121,465 | |
| 2026 | 115,147 | |
| 2027 | 77,283 | |
| 2028 | 62,564 | |
| 2029 | 50,183 | |
| Thereafter | 263,649 | |
| Total future minimum lease payments | 690,291 | |
| Less: interest | 197,082 | |
| Less: short-term lease liability | 85,052 | $ 64,711 |
| Present value of future minimum lease payments | $ 408,157 | $ 287,304 |
Debt - Schedule of Maturity of Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2025 | $ 34,000 | |
| 2026 | 34,000 | |
| 2027 | 34,000 | |
| 2028 | 3,424,500 | |
| 2029 | 823,699 | |
| Thereafter | 473,750 | |
| Total | $ 4,823,949 | $ 3,854,199 |
Debt - Side Car Term Loan Facility due August 2028 (Narrative) (Details) - Secured Debt - Side Car Term Loan Facility |
Jul. 25, 2022
USD ($)
|
|---|---|
| Secured Overnight Financing Rate (SOFR) | |
| Debt Instrument [Line Items] | |
| Basis spread on variable rate | 5.625% |
| Spread on variable rate, floor | 0.50% |
| Base Rate | |
| Debt Instrument [Line Items] | |
| Basis spread on variable rate | 4.625% |
| Line of Credit | |
| Debt Instrument [Line Items] | |
| Aggregate principal amount | $ 300,000,000.0 |
| Quarterly installment payment, percentage factor | 1.00% |
Debt - 6.125% Senior Notes due January 2029 (Narrative) (Details) - USD ($) |
Dec. 31, 2024 |
Jul. 31, 2022 |
Jul. 25, 2022 |
Sep. 24, 2020 |
|---|---|---|---|---|
| 6.125% Senior Notes due January 2029 | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage | 6.125% | 6.125% | 6.125% | |
| 6.125% Senior Notes due January 2029 | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal amount | $ 500,000,000.0 | |||
| 8.750% Senior Secured Notes due August 2028 | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage | 8.75% | 8.75% | ||
| 8.750% Senior Secured Notes due August 2028 | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal amount | $ 710,000,000 | |||
| Debt instrument, interest rate, stated percentage | 8.75% |
Debt - 8.750% Senior Secured Notes due August 2028 (Narrative) (Details) - USD ($) |
Dec. 31, 2024 |
Jul. 31, 2022 |
Jul. 25, 2022 |
Sep. 24, 2020 |
|---|---|---|---|---|
| 8.750% Senior Secured Notes due August 2028 | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage | 8.75% | 8.75% | ||
| 8.750% Senior Secured Notes due August 2028 | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal amount | $ 710,000,000 | |||
| Debt instrument, interest rate, stated percentage | 8.75% | |||
| 6.125% Senior Notes due January 2029 | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument, interest rate, stated percentage | 6.125% | 6.125% | 6.125% | |
| 6.125% Senior Notes due January 2029 | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Aggregate principal amount | $ 500,000,000.0 |
Debt - Issuance of 9.500% Senior Secured Notes due August 2029 (Details) - 9.500% Senior Notes Due August 2029 - USD ($) |
Dec. 31, 2024 |
Aug. 07, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt instrument, interest rate, stated percentage | 9.50% | 9.50% |
| Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Aggregate principal amount | $ 500,000,000.0 |
Debt - Repurchase of 6.125% Senior Notes (Narrative) (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Jul. 31, 2022 |
Sep. 24, 2020 |
|
| Debt Instrument [Line Items] | ||||||
| Repurchases of senior notes | $ 23,180 | $ 70,560 | $ 0 | $ 33,885 | ||
| 6.125% Senior Notes due January 2029 | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt instrument, interest rate, stated percentage | 6.125% | 6.125% | 6.125% | |||
| 6.125% Senior Notes due January 2029 | Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Aggregate principal amount repurchased in period | 46,800 | |||||
| Repurchases of senior notes | $ 33,900 | |||||
| Recognized loss | $ 200 | |||||
Debt - Covenant Compliance (Narrative) (Details) - ABL Credit Agreement - Line of Credit |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
day
| |
| Debt Instrument [Line Items] | |
| Covenant, fixed charge coverage ratio, minimum | 1.00 |
| Covenant, specified availability (less than) | 10.00% |
| Trading days | 20 |
| Covenant, secured leverage ratio, maximum | 7.75 |
Debt - Schedule of Interest Rate Swap Agreement (Details) - April 2021 Swaps - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Notional amount | $ 1,500,000,000 | |
| Fixed rate paid | 2.0038% | |
| Other assets, net | ||
| Debt Instrument [Line Items] | ||
| Asset | $ 39,159,000 | $ 64,704,000 |
Employee Benefit Plans - Schedule of Weighted Average Actuarial Assumptions Used to Determine Benefit Obligations (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| Discount rate | 5.40% | 5.70% |
Employee Benefit Plans - Schedule of Weighted Average Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | ||
| Discount rate | 5.70% | 5.30% |
| Expected return on plan assets | 5.00% | 5.17% |
Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligation (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
| Beginning of period | $ 35,442 | $ 63,464 | ||
| Interest cost | $ 1,254 | $ 1,529 | 1,927 | 2,486 |
| Benefits paid | (2,865) | (3,360) | ||
| Settlements | 0 | (27,097) | ||
| Actuarial gains | (60) | (51) | ||
| End of period | $ 63,464 | 34,444 | 35,442 | |
| Accumulated benefit obligation at end of period | $ 34,444 | $ 35,442 | ||
Employee Benefit Plans - Schedule of Changes in Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
| Beginning of period | $ 27,614 | $ 56,737 |
| Actual return on plan assets | 3,030 | 1,335 |
| Employer contributions | 2,456 | 0 |
| Benefits paid | (2,865) | (3,360) |
| Settlements | 0 | (27,098) |
| End of period | 30,235 | 27,614 |
| Funded status at end of period | (4,209) | (7,828) |
| Amounts recognized on the Consolidated Balance Sheets - Other long-term liabilities | $ (4,209) | $ (7,828) |
Employee Benefit Plans - Schedule of Weighted Average Asset Allocations by Asset Category (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actual plan asset allocations | 100.00% | 100.00% |
| Equity securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actual plan asset allocations | 35.00% | 38.00% |
| Debt securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actual plan asset allocations | 60.00% | 59.00% |
| Real estate | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actual plan asset allocations | 5.00% | 3.00% |
Employee Benefit Plans - Schedule of Components of the Net Periodic Benefit Income (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | ||||
| Service cost | $ 0 | $ 23 | $ 0 | $ 0 |
| Defined Benefit Plan, Net Periodic Benefit Cost Credit, Interest Cost, Statement Of Income Or Comprehensive Income, Extensible List, Not Disclosed Flag | Interest cost | Interest cost | Interest cost | Interest cost |
| Interest cost | $ 1,254 | $ 1,529 | $ 1,927 | $ 2,486 |
| Defined Benefit Plan, Net Periodic Benefit Cost Credit, Expected Return Loss, Statement Of Income Or Comprehensive Income, Extensible List, Not Disclosed Flag | Expected return on assets | Expected return on assets | Expected return on assets | Expected return on assets |
| Expected return on assets | $ (1,316) | $ (2,650) | $ (1,360) | $ (2,100) |
| Defined Benefit Plan, Net Periodic Benefit Cost Credit, Amortization Of Gain Loss, Statement Of Income Or Comprehensive Income, Extensible List, Not Disclosed Flag | Amortization of loss | Amortization of loss | Amortization of loss | Amortization of loss |
| Amortization of loss | $ 0 | $ 117 | $ 0 | $ 0 |
| Net periodic benefit cost (income) | $ (62) | $ (981) | $ 567 | $ 386 |
Employee Benefit Plans - Schedule of Changes in Plan Assets and Benefit Obligation Recognized in OCI (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | ||||
| Net unrecognized actuarial loss (gain) | $ (278) | $ 9,966 | $ (1,291) | $ 439 |
| Recognition of net actuarial loss due to settlement | 0 | 0 | 0 | (17) |
| Amortization of net actuarial gain (loss) | 0 | 117 | 0 | 0 |
| Total recognized in other comprehensive income (loss) | $ (278) | $ 10,083 | $ (1,291) | $ 422 |
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | ||||
| Defined benefit plan, expected future benefit payments, next fiscal year | $ 0.4 | |||
| Allocated share-based compensation expense, net of tax | $ 6.6 | $ 10.2 | $ 19.5 | $ 16.1 |
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Retirement Benefits [Abstract] | |
| 2025 | $ 3,224 |
| 2026 | 3,173 |
| 2027 | 3,128 |
| 2028 | 3,071 |
| 2029 | 2,992 |
| Thereafter | 13,801 |
| Expected benefit payment | $ 29,389 |
Share-based Compensation - Schedule of Compensation Cost for the Awards on a Straight-Line Basis (Details) - Incentive Unit - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Underlying price (in usd per share) | $ 95.28 | $ 100.00 |
| Volatility rate | 41.60% | 45.20% |
| Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
| Risk-free interest rate | 4.40% | 4.10% |
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current: | ||||
| Federal | $ 14,096 | $ 148,371 | $ 4,220 | $ 63,036 |
| State | 3,307 | 38,814 | 7,965 | 9,692 |
| Foreign | 4,480 | 5,315 | 8,361 | 17,634 |
| Total current income tax expense | 21,883 | 192,500 | 20,546 | 90,362 |
| Deferred: | ||||
| Federal | (31,529) | (23,867) | (122,352) | (94,580) |
| State | (5,632) | (4,637) | (13,880) | (33,605) |
| Foreign | 205 | 1,818 | (6,323) | (5,567) |
| Total deferred income tax benefit | (36,956) | (26,686) | (142,555) | (133,752) |
| Income tax expense (benefit) | $ (15,073) | $ 165,814 | $ (122,009) | $ (43,390) |
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||||
| Federal income tax statutory rate | 21.00% | 21.00% | 21.00% | 21.00% |
| State income taxes, net of federal income tax | 3.90% | 4.00% | (0.60%) | 6.10% |
| Non-deductible expenses | (1.10%) | 0.60% | (0.20%) | 0.70% |
| Foreign tax and other credits | 8.90% | (0.20%) | 0.30% | 2.30% |
| Section 1245 recapture | 0.00% | 0.00% | (0.10%) | (2.10%) |
| Uncertain tax positions | 0.00% | 0.10% | 1.10% | 1.30% |
| Compensation related expenses | (3.50%) | 0.10% | (0.40%) | (4.20%) |
| Goodwill impairment | 0.00% | 0.00% | (13.40%) | 0.00% |
| Global intangible low-taxed income | (8.70%) | 0.00% | 0.00% | 0.00% |
| State rate differential | 0.00% | 0.00% | 1.20% | 10.90% |
| Foreign rate differential | (1.40%) | 0.20% | 0.00% | (2.20%) |
| Other | 0.10% | (0.30%) | 0.40% | 2.70% |
| Effective tax rate | 19.20% | 25.50% | 9.30% | 36.50% |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule Of Income Tax [Line Items] | ||||
| Operating loss carryforwards | $ 19.8 | |||
| Unrecognized tax benefits, including interest and penalties | 2.5 | |||
| Accrued interest and penalties related to uncertain tax positions | 1.3 | |||
| Unrecognized tax benefits that would impact effective tax rate | 1.2 | |||
| Effective tax rate interest and penalties | $ 0.2 | $ 0.6 | 1.3 | $ 1.4 |
| Federal | ||||
| Schedule Of Income Tax [Line Items] | ||||
| Operating loss carryforwards | 10.8 | |||
| State | ||||
| Schedule Of Income Tax [Line Items] | ||||
| Operating loss carryforwards | $ 9.0 | |||
Income Taxes - Schedule of Changes in Valuation Allowance on Deferred Taxes (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
| Beginning balance | $ 3,006 | $ 15,634 | $ 1,578 | $ 3,158 |
| Additions (reductions) | 152 | (3,004) | 11,922 | (1,580) |
| Ending balance | 3,158 | 12,630 | 13,500 | 1,578 |
| Valuation allowance | 3,158 | $ 12,630 | $ 13,500 | $ 1,578 |
| Acquisition-related Costs | ||||
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
| Beginning balance | $ 9,600 | |||
| Valuation allowance | ||||
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
| Beginning balance | $ 14,928 | $ 14,845 | $ 12,150 | $ 14,756 |
| Additions based on tax positions related to current year | 232 | 0 | 14 | 245 |
| Additions (reductions) for tax positions of prior years | (213) | (52) | ||
| Additions (reductions) for tax positions of prior years | 5 | 83 | ||
| Reductions resulting from expiration of statute of limitations | (409) | 0 | (10,739) | (2,799) |
| Ending balance | $ 14,756 | $ 14,928 | $ 1,212 | $ 12,150 |
Related Party Transactions (Details) - Related Party - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| CD&R | ||
| Related Party Transaction [Line Items] | ||
| Accounts receivable | $ 5.7 | |
| Camelot Parent | ||
| Related Party Transaction [Line Items] | ||
| Accounts payable | $ 6.0 | $ 3.0 |
Commitments and Contingencies (Details) $ in Millions |
1 Months Ended | |||
|---|---|---|---|---|
|
Jan. 31, 2023
complaint
|
Feb. 24, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Environmental Matters | ||||
| Loss Contingencies [Line Items] | ||||
| Liability accrual | $ 4.1 | $ 8.8 | ||
| CD&R Merger | ||||
| Loss Contingencies [Line Items] | ||||
| Number of complaints filed | complaint | 2 | |||
| CD&R Merger | Subsequent Event | ||||
| Loss Contingencies [Line Items] | ||||
| Escrow deposit requirement | $ 45.0 |
Equity Transactions (Details) $ in Millions |
1 Months Ended |
|---|---|
|
Jan. 31, 2024
USD ($)
shares
| |
| Class of Stock [Line Items] | |
| Payment of dividend | $ | $ 231.6 |
| CD&R Pisces Holdings, L.P. | Camelot Return Parent, LLC | |
| Class of Stock [Line Items] | |
| Number of shares redeemed (in shares) | shares | 1,950,000 |
Reportable Segment and Geographical Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Reportable Segment and Geographical Information - Schedule of Financial Data Attributable to Various Geographic Regions (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Total net sales: | ||||
| Total net sales | $ 2,744,148 | $ 3,736,084 | $ 5,297,529 | $ 5,402,434 |
| Long-lived assets: | ||||
| Total long-lived assets | 1,633,864 | 1,254,395 | ||
| Property, plant and equipment, net | 1,127,037 | 889,103 | ||
| Lease right-of-use assets | 506,827 | 365,292 | ||
| Total long-lived assets | 1,633,864 | 1,254,395 | ||
| U.S. | ||||
| Total net sales: | ||||
| Total net sales | 2,537,101 | 3,466,127 | 4,917,231 | 4,983,912 |
| Long-lived assets: | ||||
| Total long-lived assets | 1,497,351 | 1,130,197 | ||
| Total long-lived assets | 1,497,351 | 1,130,197 | ||
| Canada | ||||
| Total net sales: | ||||
| Total net sales | 199,466 | 261,796 | 377,978 | 415,134 |
| Long-lived assets: | ||||
| Total long-lived assets | 115,047 | 104,960 | ||
| Total long-lived assets | 115,047 | 104,960 | ||
| All other | ||||
| Total net sales: | ||||
| Total net sales | $ 7,581 | $ 8,161 | 2,320 | 3,388 |
| Long-lived assets: | ||||
| Total long-lived assets | 21,466 | 19,238 | ||
| Total long-lived assets | $ 21,466 | $ 19,238 | ||
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Weighted average number of common shares outstanding: | ||||
| Net income (loss) applicable to common shares, basic | $ (63,496) | $ 480,211 | $ (1,189,410) | $ (75,525) |
| Net income (loss) applicable to common shares, diluted | $ 480,211 | |||
| Denominator for Basic and Diluted Earnings Per Common Share: | ||||
| Weighted average basic number of common shares outstanding (in shares) | 127,316 | |||
| Weighted average diluted number of common shares outstanding (in shares) | 128,894 | |||
| Basic earnings (loss) per common share (in usd per share) | $ 3.77 | |||
| Diluted earnings (loss) per common share (in dollars per share) | $ 3.73 | |||
| Incentive Plan securities excluded from dilution (in shares) | 30 | |||
| Employee stock options | ||||
| Denominator for Basic and Diluted Earnings Per Common Share: | ||||
| Employee stock options (in shares) | 1,578 | |||
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
5 Months Ended | 7 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2022 |
Jul. 24, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Supplemental cash flow information: | ||||
| Interest paid, net of amounts capitalized | $ 73,726 | $ 103,074 | $ 330,846 | $ 287,143 |
| Income taxes paid (refunded) | 187,777 | 56,243 | 108,881 | 36,316 |
| Supplemental non-cash investing and financing activity: | ||||
| Capital expenditures included within accounts payable | 5,779 | 4,484 | 5,283 | 4,304 |
| Pushdown fair value adjustments | $ 1,522,432 | $ 0 | $ 0 | $ 0 |