BUILDERS FIRSTSOURCE, INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Cover [Abstract]      
Entity Registrant Name BUILDERS FIRSTSOURCE, INC.    
Entity Central Index Key 0001316835    
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Trading Symbol BLDR    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Public Float     $ 15.8
Entity Common Stock, Shares Outstanding   113,621,373  
Security Exchange Name NYSE    
Title of 12(b) Security Common stock, par value $0.01 per share    
Entity Interactive Data Current Yes    
Entity File Number 001-40620    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 52-2084569    
Entity Address, Address Line One 6031 Connection Drive    
Entity Address, Address Line Two Suite 400    
Entity Address, City or Town Irving    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75039    
City Area Code 214    
Local Phone Number 880-3500    
Document Annual Report true    
Document Transition Report false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Auditor Firm ID 238    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Location Dallas, Texas    
Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement for its annual meeting of stockholders to be held on May 27, 2025, are incorporated by reference into Part II and Part III of this Form 10-K.

   
Auditor Opinion [Text Block]

Opinions on the Financial Statements and Internal Control over Financial Reporting

 

We have audited the accompanying consolidated balance sheets of Builders FirstSource, Inc. and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

 

Basis for Opinions

 

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

    
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 16,400,492 $ 17,097,330 $ 22,726,418
Cost of sales 11,017,448 11,084,996 14,982,039
Gross margin 5,383,044 6,012,334 7,744,379
Selling, general and administrative expenses 3,787,795 3,836,015 3,974,173
Income from operations 1,595,249 2,176,319 3,770,206
Interest expense, net 207,724 192,115 198,373
Income before income taxes 1,387,525 1,984,204 3,571,833
Income tax expense 309,627 443,649 822,464
Net income $ 1,077,898 $ 1,540,555 $ 2,749,369
Net income per share:      
Basic $ 9.13 $ 12.06 $ 16.98
Diluted $ 9.06 $ 11.94 $ 16.82
Weighted average common shares:      
Basic 118,038 127,777 161,960
Diluted 118,980 128,998 163,481
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 153,624 $ 66,156
Accounts receivable, less allowances of $41,233 and $42,488, respectively 1,163,147 1,436,917
Other receivables 344,342 290,310
Inventories, net 1,212,375 1,228,265
Contract assets 151,095 165,677
Other current assets 116,656 113,403
Total current assets 3,141,239 3,300,728
Property, plant and equipment, net 1,961,731 1,803,824
Operating lease right-of-use assets, net 594,301 502,184
Goodwill 3,678,504 3,556,556
Intangible assets, net 1,103,634 1,298,173
Other assets, net 103,677 37,987
Total assets 10,583,086 10,499,452
Current liabilities:    
Accounts payable 868,054 881,384
Accrued liabilities 634,045 717,528
Contract liabilities 168,208 162,659
Current portion of operating lease liabilities 103,499 98,217
Current maturities of long-term debt 3,470 3,649
Total current liabilities 1,777,276 1,863,437
Noncurrent portion of operating lease liabilities 525,213 434,081
Long-term debt, net of current maturities, discounts and issuance costs 3,700,643 3,177,411
Deferred income taxes 148,167 167,199
Other long-term liabilities 135,317 124,973
Total liabilities 6,286,616 5,767,101
Commitments and contingencies (Note 13)
Stockholders' equity:    
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized; 113,577 and 121,857 shares issued and outstanding, respectively 1,136 1,219
Additional paid-in capital 4,271,269 4,270,948
Retained earnings 24,065 460,184
Total stockholders' equity 4,296,470 4,732,351
Total liabilities and stockholders' equity $ 10,583,086 $ 10,499,452
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowances on trade accounts receivable $ 41,233 $ 42,488
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 113,578,000 121,857,000
Common stock, shares outstanding 113,578,000 121,857,000
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net Income (Loss) $ 1,077,898 $ 1,540,555 $ 2,749,369
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 561,929 558,275 497,140
Amortization of debt discount, premium and issuance costs 5,591 4,685 4,837
Loss on extinguishment of debt   728 27,387
Deferred income taxes (19,033) (102,461) (92,461)
Stock-based compensation expense 63,111 48,522 31,337
Credit loss expense 10,419 (11,488) 38,921
Non-cash net loss (gain) on assets 16,972 (7,072) (1,965)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:      
Receivables 249,197 (12,641) 381,223
Inventories 51,475 231,457 271,889
Contract assets 15,036 18,023 24,051
Other current assets (2,828) 10,941 15,173
Other assets and liabilities (54,429) (5,311) 15,189
Accounts payable (28,600) 75,750 (314,004)
Accrued liabilities (78,350) (9,704) (15,766)
Contract liabilities 4,304 (33,387) (33,089)
Net cash provided by operating activities 1,872,692 2,306,872 3,599,231
Cash flows from investing activities:      
Cash used for acquisitions, net of cash acquired (336,458) (238,673) (628,014)
Purchases of property, plant and equipment (380,569) (476,335) (340,152)
Proceeds from sale of property, plant and equipment 13,994 46,715 10,687
Cash used for equity investments (7,686)    
Net cash used in investing activities (710,719) (668,293) (957,479)
Cash flows from financing activities:      
Borrowings under revolving credit facility 954,000 5,128,000 5,881,000
Repayments under revolving credit facility (1,418,000) (4,928,000) (6,205,000)
Proceeds from long-term debt and other loans 1,000,000   1,001,500
Repayments of long-term debt and other loans (3,397) (4,221) (616,222)
Payments of debt extinguishment costs     (20,672)
Payments of loan costs (12,829) (1,897) (16,797)
Payments of acquisition-related deferred and contingent consideration (14,364)    
Tax withholdings on and exercises of equity awards (62,784) (35,233) (34,330)
Repurchase of common stock (1,517,131) (1,811,517) (2,593,389)
Net cash used in financing activities (1,074,505) (1,652,868) (2,603,910)
Net change in cash and cash equivalents 87,468 (14,289) 37,842
Cash and cash equivalents at beginning of period 66,156 80,445 42,603
Cash and cash equivalents at end of period 153,624 66,156 80,445
Supplemental disclosures of cash flow information:      
Cash paid for interest 188,453 186,497 169,390
Cash paid for income taxes 373,059 578,734 936,424
Supplemental disclosures of non-cash activities:      
Accrued purchases of property, plant and equipment 14,491 9,322 10,797
Right-of-use assets obtained in exchange for operating lease obligations $ 175,418 104,512 100,843
Amounts accrued for repurchases of common stock   $ 16,988 $ 44,447
v3.25.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Balance at Dec. 31, 2021 $ 4,802,481 $ 1,798 $ 4,260,670 $ 540,013
Balance, shares at Dec. 31, 2021   179,820    
Vesting of restricted stock units   $ 13 (13)  
Vesting of restricted stock units, shares   1,329    
Stock-based compensation expense 31,337   31,337  
Repurchase of common stock [1] $ (2,586,290) $ (418)   (2,585,872)
Repurchase of common stock, shares (41,900) (41,853) [1]    
Exercise of stock options $ 589 $ 1 588  
Exercise of stock options, shares   60    
Shares withheld for restricted stock units vested (34,920) $ (5) (34,915)  
Shares withheld for restricted stock units vested, shares   (492)    
Net income 2,749,369     2,749,369
Balance at Dec. 31, 2022 4,962,566 $ 1,389 4,257,667 703,510
Balance, shares at Dec. 31, 2022   138,864    
Vesting of restricted stock units   $ 11 (11)  
Vesting of restricted stock units, shares   1,074    
Stock-based compensation expense 48,522   48,522  
Repurchase of common stock [2] $ (1,784,059) $ (178)   (1,783,881)
Repurchase of common stock, shares (17,800) (17,753) [2]    
Exercise of stock options $ 659 $ 1 658  
Exercise of stock options, shares   73    
Shares withheld for restricted stock units vested (35,892) $ (4) (35,888)  
Shares withheld for restricted stock units vested, shares   (401)    
Net income 1,540,555     1,540,555
Balance at Dec. 31, 2023 $ 4,732,351 $ 1,219 4,270,948 460,184
Balance, shares at Dec. 31, 2023 121,857 121,857    
Vesting of restricted stock units   $ 9 (9)  
Vesting of restricted stock units, shares   901    
Stock-based compensation expense $ 63,111   63,111  
Repurchase of common stock [3] $ (1,514,106) $ (89)   (1,514,017)
Repurchase of common stock, shares (8,900) (8,868) [3]    
Exercise of stock options $ 286   286  
Exercise of stock options, shares 32 32    
Shares withheld for restricted stock units vested $ (63,070) $ (3) (63,067)  
Shares withheld for restricted stock units vested, shares   (344)    
Net income 1,077,898     1,077,898
Balance at Dec. 31, 2024 $ 4,296,470 $ 1,136 $ 4,271,269 $ 24,065
Balance, shares at Dec. 31, 2024 113,578 113,578    
[1] During the year ended December 31, 2022, we repurchased and retired 41.9 million shares of our common stock at an average price of $61.79 per share, for $2.6 billion, inclusive of fees, pursuant to the repurchase program authorized by our board of directors in February 2022, and further expanded by our board of directors in May 2022 and November 2022. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
[2] During the year ended December 31, 2023, we repurchased and retired 17.8 million shares of our common stock at an average price of $100.49 per share, for $1.8 billion, inclusive of fees and taxes, pursuant to the repurchase program authorized by our board of directors in November 2022 and further expanded by our board of directors in April 2023. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
[3] During the year ended December 31, 2024, we repurchased and retired 8.9 million shares of our common stock at an average price of $170.74 per share, for $1.5 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
v3.25.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Repurchased and retired common stock, shares 8.9 17.8 41.9
Repurchased and retired common stock $ 1,514,106 [1] $ 1,784,059 [2] $ 2,586,290 [3]
Average price of common shares repurchased and retired $ 170.74 $ 100.49 $ 61.79
[1] During the year ended December 31, 2024, we repurchased and retired 8.9 million shares of our common stock at an average price of $170.74 per share, for $1.5 billion, inclusive of fees and taxes, pursuant to the repurchase programs authorized by our board of directors in February 2024 and August 2024.
[2] During the year ended December 31, 2023, we repurchased and retired 17.8 million shares of our common stock at an average price of $100.49 per share, for $1.8 billion, inclusive of fees and taxes, pursuant to the repurchase program authorized by our board of directors in November 2022 and further expanded by our board of directors in April 2023. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
[3] During the year ended December 31, 2022, we repurchased and retired 41.9 million shares of our common stock at an average price of $61.79 per share, for $2.6 billion, inclusive of fees, pursuant to the repurchase program authorized by our board of directors in February 2022, and further expanded by our board of directors in May 2022 and November 2022. The primary purpose of the repurchase program was to offset dilution from the merger with BMC.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 1,077,898 $ 1,540,555 $ 2,749,369
v3.25.0.1
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
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 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]

Item 1C. Cybersecurity

Risk Management and Strategy

The Company maintains robust and comprehensive processes, procedures and controls to protect and secure its information systems and data infrastructure from cybersecurity threats. The Company’s cybersecurity program is led by its Chief Information Security Officer (“CISO”). The Company’s cybersecurity program interfaces with other functional areas within the Company, including but not limited to the Company’s business segments and information technology, legal, risk management, human resources and internal audit departments, as well as external third-party partners, to identify and understand potential cybersecurity threats. The Company regularly assesses and updates its processes, procedures and management techniques in light of ongoing cybersecurity developments.

Internally, the CISO coordinates oversight of reviewing security alerts, identifying and monitoring ongoing and potential cybersecurity threats, evaluating strategic business impacts of cybersecurity threats and developing programs and initiatives to educate the Company’s employees regarding cybersecurity. The CISO also manages the Company’s Security Incident Response Plan (the “Incident Response Plan”), which outlines action steps for the preparation, identification, triage, analysis, containment, eradication, recovery and reflection stages of a cybersecurity incident. The Incident Response Plan serves as the charter for the Company’s Security Incident Response Team (the “Incident Response Team”), which includes a strategic team comprised of executives from various cross-functional management teams, as well as a tactical team comprised of internal technical support roles and external third-party service providers. The Incident Response Plan provides how the Incident Response Team will analyze and, as necessary, escalate cybersecurity incidents both internally and with third-party service providers based on type and severity of the specific incident.

The Company also requires cybersecurity training for all active employees, focusing on the appropriate protection and security of confidential company and third-party information. Additionally, the Company provides quarterly cybersecurity awareness training that covers a broad range of security topics, including secure access practice, phishing schemes, remote work and response to suspicious activities. In addition to online training, employees are educated through several methods, including event-triggered awareness campaigns, recognition programs, security presentations, company intranet articles, videos, system-generated communications, email publications and various simulation exercises.

The Company has engaged a third-party managed detection and response company to monitor the security of its information systems around-the-clock, including intrusion detection, and to provide instantaneous alerting should a cybersecurity event occur. The

Company also maintains a cybersecurity insurance policy and has engaged a third-party digital forensics and incident response consultant and legal counsel on retainer.

The Company does not believe that any risks from cybersecurity threats, nor any previous cybersecurity incidents, have materially affected the Company. However, the sophistication of cyber threats continues to increase, and the preventative actions the Company has taken and continues to take to reduce the risk of cyber incidents and protect its systems and information may not successfully protect against all cyber incidents. For more information on how cybersecurity risk may materially affect the Company’s business strategy, results of operations, or financial condition, please refer to Item 1A Risk Factors.

Governance

The Company’s Audit Committee and board of directors provide ultimate oversight of the Company’s cybersecurity risk management. The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity. The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.

The Company’s CISO reports directly to the CIO, who in turn reports to the CEO. The CISO has over 20 years of experience in IT and cybersecurity. Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks. The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others. This analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the board of directors regularly.

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]

The Company’s Audit Committee and board of directors provide ultimate oversight of the Company’s cybersecurity risk management. The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity. The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.

The Company’s CISO reports directly to the CIO, who in turn reports to the CEO. The CISO has over 20 years of experience in IT and cybersecurity. Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks. The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others. This analysis drives the Company’s short- and long-term cybersecurity strategies, which are executed through a collaborative effort within the IT department and are communicated to the board of directors regularly.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee regularly reviews and discusses with management the strategies, processes, procedures and controls pertaining to the management of the Company’s information technology operations, including cyber risks and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company’s CISO and Chief Information Officer (“CIO”) provide quarterly reports to the Audit Committee regarding the evolving cybersecurity risk landscape, including emerging risks, as well as the Company’s processes, program and initiatives for managing these risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has over 20 years of experience in IT and cybersecurity.The cybersecurity team consists of cybersecurity professionals holding multiple certifications such as CISSP (Certified Information Systems Security Professional), CEH (Certified Ethical Hacker), GSOM (GIAC Security Operations Manager), CISM (Certified Information Security Manager), CISA (Certified Information Systems Auditor), among others.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Under the direction of the CISO, the Company’s cybersecurity department continuously analyzes cybersecurity and resiliency risks to our business, considers industry trends and implements preventive and detective controls, as appropriate, to mitigate these risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of the Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business

1. Description of the Business

Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier of building materials, manufactured components and construction services to professional contractors, sub-contractors, and consumers. The company operates approximately 590 locations in 43 states across the U.S.

In this annual report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries, unless otherwise stated or the context otherwise requires.

v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Accounting Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and credit losses, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets.

Equity Investments

The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Consolidated Balance Sheets and are not considered significant to the Company.

Reclassifications

Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including changing the composition of our product categories, and amounts presented as repurchases of common stock and tax withholdings on and exercises of equity awards. Prior period amounts related to product categories as disclosed in this Note 2 under Revenue Recognition have been reclassified to conform to the current year presentation.

The prior period amounts related to tax withholdings on equity awards have been reclassified from repurchases of common stock and combined with exercises of stock options to conform to the present year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported.

Segments

We offer an integrated solution to our customers providing manufacturing, supply, and installation of a full range of structural and related building products. We provide a wide variety of building products and services directly to homebuilder customers. We manufacture floor trusses, roof trusses, wall panels, millwork, windows, and doors. We also provide a full range of construction services.

Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. Our operating segments are organized on a geographical basis to facilitate a disaggregated management of the Company and to respond to the local needs of the customers in the markets we serve. All of our operating segments have similar customers, products and services, and distribution methods.

Due to these similarities, along with the similar economic profitability achieved across all our operating segments, we aggregate our three operating segments into one reportable segment in accordance with GAAP. Centralized financial and operational oversight, including resource allocation and assessment of performance, is performed by our principal executive officer (“CEO”), whom we have determined to be our chief operating decision maker (“CODM”).

Business Combinations

When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.

Revenue Recognition

We recognize revenue as performance obligations are satisfied by transferring control of a promised good or service to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We generally classify our revenues into two types: (i) distribution sales; or (ii) sales related to contracts with service elements.

Distribution sales typically consist of the sale of building products we manufacture and the resale of purchased building products. We recognize revenue related to distribution sales at a point in time upon delivery of the ordered goods to our customers. Payment terms related to distribution sales are not significant as payment is generally received shortly after the point of sale.

Our contracts with service elements primarily relate to installation and construction services. We evaluate whether multiple contracts should be combined and accounted for as a single contract and whether a single or combined contract should be accounted for as a single performance obligation or multiple performance obligations. If a contract is separated into more than one performance obligation, we allocate the transaction price to each performance obligation generally based on observable standalone selling prices of the underlying goods or services. Revenue related to contracts with service elements is generally recognized over time based on the extent of progress towards completion of the performance obligation because of continuous transfer of control to the customer. We consider costs incurred to be indicative of goods and services delivered to the customer. As such, we use a cost-based input method to recognize revenue on our contracts with service elements as it best depicts the transfer of assets to our customers. Payment terms related to sales for contracts with service elements are specific to each customer and contract. However, they are considered to be short-term in nature as payments are normally received either throughout the life of the contract or shortly after the contract is complete.

Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determinable. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. The Company records sales incentives provided to customers as a reduction of revenue. We present all sales tax on a net basis in our consolidated financial statements.

Costs to obtain contracts are expensed as incurred as our contracts are typically completed in one year or less, and where applicable, we generally would incur these costs whether or not we ultimately obtain the contract. We do not disclose the value of our remaining performance obligations on uncompleted contracts as our contracts generally have a duration of one year or less.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of customer advances and deposits, and deferred revenue.

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Manufactured products

 

$

3,931,647

 

 

$

4,669,088

 

 

$

5,678,570

 

Windows, doors and millwork

 

 

4,226,871

 

 

 

4,310,061

 

 

 

4,651,250

 

Specialty building products and services

 

 

4,050,027

 

 

 

3,992,132

 

 

 

4,311,123

 

Lumber and lumber sheet goods

 

 

4,191,947

 

 

 

4,126,049

 

 

 

8,085,475

 

Total net sales

 

$

16,400,492

 

 

$

17,097,330

 

 

$

22,726,418

 

As our product alignment continues to be refined, we have reclassified prior periods net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for each product category was less than 1% for 2023 and 2022.

Net sales from installation and construction services represents less than 10% of the Company’s net sales for each period presented.

Through December 31, 2024, 2023 and 2022, we recognized as revenue substantially all of the contract liabilities balance at December 31, 2023, 2022 and 2021, respectively.

Cash and Cash Equivalents and Checks Outstanding

Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in accounts payable in the accompanying consolidated balance sheets.

Accounts Receivable

We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant. Other receivables consist primarily of vendor rebates receivables and income tax receivables.

Our customer mix is a balance of large national homebuilders, regional homebuilders, local and custom homebuilders and repair and remodeling contractors as well as multi-family builders. For the year ended December 31, 2024, our top 10 customers accounted for 15% of our net sales, with our largest customer accounting for 4% of net sales.

The allowance for credit losses is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current and forecasted economic conditions that may affect the customer’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible.

We also establish reserves for credit memos and customer returns. The reserve balance was $14.4 million and $14.8 million at December 31, 2024, and 2023, respectively. The activity in this reserve was not material for each year presented.

The following table shows the changes in our allowance for credit losses:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Balance at January 1,

 

$

27,691

 

 

$

50,383

 

 

$

21,761

 

Net additions (reversals) to provision

 

 

10,419

 

 

 

(11,488

)

 

 

38,921

 

Write-offs, net of recoveries

 

 

(11,276

)

 

 

(11,204

)

 

 

(10,299

)

Balance at December 31,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

 

 

Inventories

Inventories consist principally of materials purchased for resale, including lumber and lumber sheet goods, windows, doors and millwork, and other building products, as well as certain manufactured products and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger.

During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence.

Our arrangements with vendors provide for rebates of a specified amount of consideration, payable at defined intervals, generally related to a stipulated level of purchases. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statements of operations. Throughout the year we estimate the amount of the rebates based upon the expected level of purchases. We continually evaluate and revise these estimates, as necessary, based on actual purchase levels.

We source products from a large number of suppliers. Materials purchased from our largest single supplier represented 8% of our total materials purchased in 2024.

Shipping and Handling Costs

Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and totaled $654.0 million, $656.0 million and $641.8 million in 2024, 2023 and 2022, respectively.

Income Taxes

We account for income taxes utilizing the asset and liability method described in the Income Taxes topic of the FASB Accounting Standards Codification (“Codification”). Deferred income taxes are recorded to reflect consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable earnings. We record a valuation allowance to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Warranty Expense

We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not material as a result of third-party inspection and acceptance processes.

Debt Issuance Costs and Debt Discount/Premium

Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs, discounts and premiums incurred in connection with term debt are amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs, discounts and premiums are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs, discounts and premiums in accordance with the Debt topic of the Codification. We adjust debt issuance costs, discounts and premiums as necessary based on the results of this evaluation, as discussed in Note 8.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows:

 

 Buildings and improvements

10 to 40 years

 Machinery and equipment

7 to 10 years

 Information technology, furniture and fixtures

3 to 5 years

Leasehold improvements

The shorter of the estimated useful life or the remaining lease term

Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in information technology, furniture and fixtures, and generally depreciated using the straight-line method over the estimated useful lives of the assets, generally three years.

Cloud Computing Arrangements

We assess cloud computing arrangements to determine whether the contract meets the definition of a service contract or conveys a software license. When cloud computing arrangements meet the definition of a service contract, we capitalize expenditures for implementation, set-up, and other upfront costs incurred. Once the implementation of a cloud computing arrangement is complete and ready for its intended use, the Company amortizes the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. As of December 31, 2024 and 2023, we had capitalized costs, net of amortization, of $9.3 million and $1.3 million included in Other current assets, respectively. As of December 31, 2024, we had capitalized costs, net of amortization, of $52.7 million included in Other assets, net. We did not have any non-current amounts recorded related to these agreements as of December 31, 2023. Amortization expense for these costs was $1.3 million and $1.4 million for the years ended December 31, 2024 and 2023, respectively, and is included in Selling, general and administrative expenses within the Consolidated Statements of Operations. We did not have any amortization expense related to these costs during the year ended December 31, 2022.

Leases

We lease certain land, buildings, rolling stock and other types of equipment for use in our operations. These leases typically have initial terms ranging from five to 15 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options generally have terms ranging from one to five years.

Under the Leases topic of the Codification, lessees are required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

We determine if an arrangement is a lease at the inception of the arrangement. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when it is determined that they are reasonably certain of exercise based on an analysis of the relevant facts and circumstances. As the implicit rate of return of our lease agreements is usually not readily determinable, we generally use our incremental borrowing rate in determining the present value of lease payments. We determine our incremental borrowing rate based on information available to us at the lease commencement date. Certain of our lease arrangements contain lease and non-lease components. We have elected to account for non-lease components as a part of the related lease components for all of our leases. Leases with an initial term of 12 months or less are not recognized on our balance sheet. We recognize the expense for these leases on a straight-line basis over the lease term.

We have certain lease agreements that are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and incremental costs are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

Long-Lived Assets

We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying amount of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying amount of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying amount is greater than estimated fair value. The net carrying amount of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change.

Insurance

We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third-party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. The legal costs associated with these claims are included in these developed provisions. We discount our worker’s compensation, general liability, and auto liability insurance reserves based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $206.3 million and $190.0 million as of December 31, 2024, and 2023, respectively. Of these balances, $103.4 million and $100.0 million were recorded as other long-term liabilities as of December 31, 2024, and 2023, respectively. Included in these reserve balances as of December 31, 2024, and 2023, were $17.1 million and $13.7 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets in the accompanying consolidated balance sheets.

Net Income per Common Share

Net income per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share topic of the Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,077,898

 

 

$

1,540,555

 

 

$

2,749,369

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

118,038

 

 

 

127,777

 

 

 

161,960

 

Dilutive effect of options and RSUs

 

 

942

 

 

 

1,221

 

 

 

1,521

 

Weighted average shares outstanding, diluted

 

 

118,980

 

 

 

128,998

 

 

 

163,481

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

9.13

 

 

$

12.06

 

 

$

16.98

 

Diluted

 

$

9.06

 

 

$

11.94

 

 

$

16.82

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

147

 

 

 

3

 

 

 

99

 

 

Goodwill and Other Intangible Assets

Intangibles subject to amortization

We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying amounts of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value.

Goodwill

We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value.

Stock-based Compensation

We have four stock-based employee compensation plans, which are described more fully in Note 10. We issue new common stock shares upon exercises of stock options and vesting of restricted stock units (“RSU”). We recognize the effect of pre-vesting forfeitures in the period they actually occur.

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2024

 

 

2023

 

 

2022

 

Expected volatility (company)

 

 

43.8

%

 

 

46.5

%

 

 

53.0

%

Expected volatility (peer group median)

 

 

30.5

%

 

 

32.1

%

 

 

34.6

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.6

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.5

%

 

 

3.8

%

 

 

1.7

%

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period.

Fair Value

The Fair Value Measurements and Disclosures topic of the Codification provides a framework for measuring the fair value of assets and liabilities and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us

Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1

Level 3 — inputs that are unobservable in the marketplace and significant to the valuation

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.

As of December 31, 2024, and 2023, the Company does not have any material financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 5.00% 2030 notes, 4.25% 2032 notes, 6.375% 2032 notes, 6.375% 2034 notes, and Revolving Facility at amortized cost. The fair values of the 5.00% 2030 notes, 4.25% 2032 notes, 6.375% 2032 notes, and 6.375% 2034 notes at December 31, 2024, were $523.6 million, $1,149.2 million, $697.4 million and $988.8 million respectively, and were determined using Level 2 inputs based on market prices.

Comprehensive Income

Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. Comprehensive income is equal to net income for the years ended December 31, 2024, 2023 and 2022.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application and early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Business Combinations

3. Business Combinations

During 2024 we completed a number of acquisitions for a combined $345.4 million purchase price, net of cash acquired, including the acquisitions of (i) Quality Door & Millwork, Inc. (“Quality Door”), (ii) Hanson Truss Components, Inc. (“Hanson Truss”), (iii) RPM Wood Products, Inc. (“RPM”), (iv) Schoeneman Bros. Company (“Schoeneman”), (v) TRSMI, LLC (“TRSMI”), (vi) Western Truss & Components (“Western Truss”), (vii) CRi SoCal (“CRi”), (viii) Wyoming Millwork Co. (“Wyoming Millwork”), (ix) Sunrise Wood Designs, LLC (“Sunrise Wood Designs”), (x) Reno Truss, Inc. (“Reno Truss”), (xi) High Mountain Door and Trim, Inc. (“High Mountain”), (xii) Douglas Lumber, Kitchens and Home Center (“Douglas Lumber”), and (xiii) Kleet Lumber (“Kleet Lumber”).

Quality Door is a millwork distributor, serving Idaho markets in the Boise and Idaho Falls areas. Hanson Truss produces trusses, serving the areas of northern California and western Nevada. RPM provides a diverse product mix of lumber, windows, doors, millwork and trusses in northeastern Florida. Schoeneman manufacturers trusses and provides building materials and products to eastern South Dakota, and western Iowa. TRSMI manufactures and distributes trusses around the Detroit, Michigan area. Western Truss manufactures roof and floor trusses, serving central Arizona. CRi installs windows and doors in the southern California area. Wyoming Millwork serves custom and semi-custom builders with lumber and lumber sheet goods, windows, doors, millwork, trusses and other building products in Delaware. Sunrise Wood Designs is a custom cabinet manufacturer and installer to production and custom builders in North Texas. Reno Truss is a manufacturer and distributor of roof and floor trusses to single-family and multi-family markets in the Nevada area. High Mountain distributes and installs doors, windows and millwork to single-family and multi-family markets in the northern Nevada area. Douglas Lumber provides building materials to Rhode Island, Massachusetts and Connecticut, while Kleet Lumber provides lumber and building materials in the Long Island area.

During 2023 we completed a number of acquisitions for a combined $252.5 million purchase price, net of cash acquired, including the acquisitions of (i) Noltex Truss and its affiliates (“Noltex”), (ii) Builders Millwork and Supply, Inc. (“BMS”) (iii) J.B. Millworks, LLC (“JBM”), (iv) Church and Church, Inc. (“Church’s”), (v) Franks Cash and Carry, Inc. (“FCC”), (vi) Standale Lumber, LLC and Granville Lumber Co., LLC (“Standale”), and (vii) Encore Performance, LLC (“Encore”). These acquisitions further expanded our market footprint and provide additional operations in our value-added product categories and our multi-family customer segment.

Each of these acquisitions were funded with a combination of cash on hand and borrowings under our Revolving Facility. These transactions were accounted for using the acquisition method, and accordingly the results of operations have been included in the Company’s consolidated financial statements from the acquisition date. The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill.

Pro forma financial information for the acquisitions discussed above for 2024 and 2023 are not presented as these acquisitions did not have a material impact on our results of operations, individually or in the aggregate for each respective period.

The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the years ended December 31, 2024, and 2023:

 

 

Total Acquisitions

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

9,730

 

 

$

—

 

Accounts receivable

 

 

39,749

 

 

 

25,751

 

Other receivables

 

 

127

 

 

 

—

 

Inventories

 

 

35,585

 

 

 

36,789

 

Contract assets

 

 

454

 

 

 

—

 

Other current assets

 

 

426

 

 

 

70

 

Property, plant and equipment

 

 

55,385

 

 

 

15,053

 

Operating lease right-of-use assets

 

 

19,183

 

 

 

20,449

 

Finance lease right-of-use assets

 

 

—

 

 

 

528

 

Intangible assets

 

 

110,848

 

 

 

82,942

 

Other assets

 

 

134

 

 

 

138

 

Total assets

 

 

271,621

 

 

 

181,720

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,842

 

 

 

3,122

 

Accrued liabilities

 

 

9,138

 

 

 

1,985

 

Contract liabilities

 

 

1,244

 

 

 

2,868

 

Operating lease liabilities

 

 

19,183

 

 

 

20,449

 

Finance lease liabilities

 

 

—

 

 

 

528

 

Total liabilities

 

 

38,407

 

 

 

28,952

 

 

 

 

 

 

 

 

Goodwill

 

 

121,948

 

 

 

99,702

 

Total purchase consideration

 

 

355,162

 

 

 

252,470

 

Accrued contingent consideration and purchase price adjustments

 

 

(8,974

)

 

 

(13,797

)

Less: cash acquired

 

 

(9,730

)

 

 

—

 

Total cash consideration

 

$

336,458

 

 

$

238,673

 

 

 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Land and improvements

 

$

401,374

 

 

$

369,574

 

Buildings and improvements

 

 

834,773

 

 

 

714,767

 

Machinery and equipment

 

 

1,530,119

 

 

 

1,303,312

 

Information technology, furniture and fixtures

 

 

256,095

 

 

 

213,066

 

Construction in progress

 

 

141,864

 

 

 

207,826

 

Finance lease right-of-use assets

 

 

3,479

 

 

 

7,268

 

Property, plant and equipment

 

 

3,167,704

 

 

 

2,815,813

 

Less: accumulated depreciation

 

 

1,205,973

 

 

 

1,011,989

 

Property, plant and equipment, net

 

$

1,961,731

 

 

$

1,803,824

 

 

Depreciation expense was $256.5 million, $222.6 million and $194.6 million, of which $78.7 million, $63.5 million, and $48.7 million was included in cost of sales, for the years ended December 31, 2024, 2023 and 2022, respectively.

Included in property, plant and equipment are certain assets held under other finance obligations. These assets are recorded at the present value of the lease payments and include land, buildings and equipment. Amortization charges associated with assets held under other finance obligations are included in depreciation expense.

The following balances held under other finance obligations are included in the accompanying consolidated balance sheet as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Land and improvements

 

$

105,833

 

 

$

106,163

 

Buildings and improvements

 

 

115,020

 

 

 

115,970

 

Assets held under other finance obligations

 

 

220,853

 

 

 

222,133

 

Less: accumulated amortization

 

 

34,718

 

 

 

31,246

 

Assets held under other finance obligations, net

 

$

186,135

 

 

$

190,887

 

 
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

5. Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the years ended December 31, 2024, and 2023:

 

 

 

(in thousands)

 

Balance as of December 31, 2022 (1)

 

$

3,456,854

 

Acquisitions

 

 

99,702

 

Balance as of December 31, 2023 (1)

 

$

3,556,556

 

Acquisitions

 

 

121,948

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

(1) Goodwill is presented net of accumulated impairment losses of $44.6 million.

The change in the carrying amount of goodwill during 2024 is attributable to acquisitions. The amount allocated to goodwill is attributable to the assembled workforces acquired, expected synergies, and expected growth from the new markets which the Company has entered. The goodwill recognized from the TRSMI business combination will not be deductible for tax purposes. The $121.2 million of goodwill recognized from the other current year acquisitions is expected to be deductible and amortized ratably over a 15-year period for tax purposes.

We closely monitor trends in economic factors and their effects on operating results to determine if an impairment trigger was present that would warrant a reassessment of the recoverability of the carrying amount of goodwill prior to the required annual impairment test in accordance with the Intangibles – Goodwill and Other topic of the Codification.

In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If it is concluded that it is more likely than not that the fair value of the reporting unit is not less than its carrying value, then no further testing of the goodwill is required. However, if we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative goodwill impairment test. This test identifies both the existence of and the amount of goodwill impairment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount goodwill is not impaired. If the carrying amount of a reporting unit exceeds its fair value an impairment loss is recognized in an amount equal to that excess, limited to the amount of goodwill allocated to that reporting unit.

The process of evaluating goodwill for impairment involves the determination of the fair value of our reporting units. Our reporting units are aligned with our three geographic operating segments. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including our interpretation of current economic indicators and market valuations and assumptions about our strategic plans with regard to our operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates resulting in further impairment of goodwill.

In evaluating goodwill for impairment at December 31, 2024, we developed the fair value using a discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The discounted cash flow methodology uses our projections of financial performance for a five-year period. The significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the expected future revenues and profitability.

We recorded no goodwill impairment charges in 2024, 2023 or 2022.
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

The following table presents intangible assets as of December 31:

 

 

2024

 

 

2023

 

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,216,578

 

 

$

(1,198,125

)

 

$

2,105,730

 

 

$

(912,865

)

Trade names

 

 

64,500

 

 

 

(43,483

)

 

 

64,500

 

 

 

(36,459

)

Non-compete agreements

 

 

13,050

 

 

 

(8,599

)

 

 

13,050

 

 

 

(6,223

)

Developed technology

 

 

95,600

 

 

 

(35,887

)

 

 

95,600

 

 

 

(25,160

)

Total intangible assets

 

$

2,389,728

 

 

$

(1,286,094

)

 

$

2,278,880

 

 

$

(980,707

)

 

During the years ended December 31, 2024, 2023 and 2022, we recorded amortization expense in relation to the above-listed intangible assets of $305.4 million, $335.7 million and $302.6 million, respectively. We recorded no intangible asset impairment charges for those same years.

During 2023 we derecognized certain customer relationships, trade names, non-compete agreements and subcontractor relationships assets as they were fully amortized, resulting in a decrease in the gross carrying amount of the intangible assets and the related accumulated amortization.

In connection with the current year acquisitions, we recorded customer relationships intangible assets of $110.8 million. The weighted average useful life of the acquired customer relationships intangible assets is 2.8 years. The fair value of acquired customer relationships intangible assets was primarily estimated by applying the multiperiod excess earnings method, which involved the use of significant estimates and assumptions primarily related to forecasted revenue growth rates, gross margin, contributory asset charges, customer attrition rates, and market-participant discount rates. These measures are based on significant Level 3 inputs not observable in the market. Key assumptions developed based on the Company’s historical experience, future projections and comparable market data include future cash flows, long-term growth rates, attrition rates and discount rates.

The following table presents the estimated amortization expense for intangible assets for the years ending December 31:

 

 

 

(in thousands)

 

2025

 

$

252,871

 

2026

 

 

220,642

 

2027

 

 

164,988

 

2028

 

 

124,052

 

2029

 

 

71,710

 

Thereafter

 

 

269,371

 

Total future net intangible amortization expense

 

$

1,103,634

 
v3.25.0.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consisted of the following:

 

 

December 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

310,073

 

 

$

383,157

 

Self-insurance reserves

 

 

102,876

 

 

 

89,987

 

Accrued business and other taxes

 

 

72,944

 

 

 

76,098

 

Accrued contingent consideration & purchase price adjustments

 

 

6,974

 

 

 

43,127

 

Accrued rebates payable

 

 

35,404

 

 

 

35,921

 

Accrued interest

 

 

55,454

 

 

 

34,537

 

Other

 

 

50,320

 

 

 

54,701

 

Total accrued liabilities

 

$

634,045

 

 

$

717,528

 
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of the following:

 

 

December 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

—

 

 

$

464,000

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2034 notes

 

 

1,000,000

 

 

 

—

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

5.00% 2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

190,312

 

 

 

193,048

 

Finance lease obligations

 

 

1,078

 

 

 

2,297

 

 

 

 

3,741,390

 

 

 

3,209,345

 

Unamortized debt discount/premium and debt issuance costs

 

 

(37,277

)

 

 

(28,285

)

 

 

 

3,704,113

 

 

 

3,181,060

 

Less: current maturities of long-term debt

 

 

3,470

 

 

 

3,649

 

Long-term debt, net of current maturities, discounts and issuance costs

 

$

3,700,643

 

 

$

3,177,411

 

 

(1) The weighted average interest rate was 7.1% as of December 31, 2023.

2022 Debt Transactions

Notes Offering Transactions

On January 21, 2022, the Company completed a private offering of an additional $300.0 million in aggregate principal amount of 4.25% 2032 notes at an issue price equal to 100.50% of par value. The net proceeds from the offering were used to repay indebtedness outstanding under the Revolving facility and pay related transaction fees and expenses. The 4.25% 2032 notes issued in January 2022 form part of the same series of notes as the $1.0 billion of 4.25% 2032 notes issued in July 2021.

The additional $1.5 million in proceeds received in excess of par value represents a debt premium which has been recorded as an increase to long-term debt. In connection with the offering, we incurred $4.4 million of various third-party fees and expenses which

have been recorded as a reduction to long-term debt. The debt premium and third-party costs will be amortized over the contractual life of the 4.25% 2032 notes using the effective interest method.

On June 15, 2022, the Company completed a private offering of $700.0 million in aggregate principal amount of 6.375% 2032 notes at an issue price equal to 100% of par value. Subsequently, on June 16, 2022, the Company redeemed the remaining $612.5 million of the 6.75% senior secured notes due 2027 (“2027 notes”).

In connection with the issuance of the 6.375% 2032 notes, we incurred $10.4 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 6.375% 2032 notes using the effective interest method.

The Company concluded the redemption of the 2027 notes was a debt extinguishment and recorded a loss on debt extinguishment of $27.4 million in interest expense in the second quarter of 2022. Of this loss, $20.7 million was attributable to the payment of the redemption premium on the extinguished notes and $6.7 million was attributable to the write-off of unamortized debt issuance costs and debt premium.

Revolving Credit Facility Amendments

On February 4, 2022, we amended our revolving credit facility to increase the total commitments by an aggregate amount of $400.0 million, resulting in a total $1.8 billion revolving credit facility. All other material terms of the credit facility remained unchanged from those of the previous agreement. Effective with this amendment, the eurodollar rate loans and related interest rate benchmark were changed to term SOFR. The applicable margin ranges for term SOFR loans were amended to be from 1.35% to 1.60% and there are no changes to base rate loan borrowings. In connection with this amendment, we incurred $2.0 million of new debt issuance costs which have been recorded as other assets and will be amortized straight-line through December 2026.

2023 Debt Transactions

Revolving Credit Facility Amendments

On January 17, 2023, the Company amended the Revolving Facility to extend the maturity of $1,620.0 million, and $180.0 million commitments of the total $1,800.0 million commitments to January 17, 2028, and December 17, 2026, respectively. Subsequently, on April 3, 2023, the company further amended the Revolving Facility to extend the maturity of the $180.0 million commitments to January 17, 2028. These amendments included additional interest pricing tiers for borrowings, which range from 1.10% to 1.60% in the case of loans using SOFR, and 0.00% to 0.50% in the case of base rate loans.

In connection with these amendments, we expensed $0.7 million of unamortized debt issuance costs related to exiting lenders to interest expense, and we incurred $1.9 million of new debt issuance costs which, together with the previous unamortized debt issuance costs, have been deferred and amortized over the remaining contractual life.

2024 Debt Transactions

On February 29, 2024, the Company completed a private offering of $1.0 billion in aggregate principal amount of the 6.375% 2034 notes at an issue price equal to 100% of par value. The net proceeds from the offering were used to repay indebtedness outstanding under the Revolving Facility and for general corporate purposes.

In connection with the issuance of the 6.375% 2034 notes, we incurred $12.8 million of various third-party fees and expenses. These costs have been recorded as a reduction to long-term debt and are being amortized over the contractual life of the 6.375% 2034 notes using the effective interest method.

Revolving Credit Facility

As of December 31, 2024, the Revolving Facility provides for a $1.8 billion revolving credit line to be used for working capital, general corporate purposes and funding capital expenditures and growth opportunities. In addition, we may use the Revolving Facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement, subject to certain reserves. As of December 31, 2024, we had no outstanding borrowings under our Revolving Facility and our net excess borrowing availability was $1.6 billion after being reduced by outstanding letters of credit of $83.3 million.

As of December 31, 2024, borrowings under the Revolving Facility bear interest, at our option, at either the SOFR or a base rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.10% to 1.60% per annum in the case of term SOFR loans and 0.00% to 0.50% per annum in the case of base rate loans. A commitment fee, currently 0.20% per annum, is charged on the unused amount of the Revolving Facility based on quarterly average loan utilization. Letters of credit under the Revolving Facility are assessed at a rate equal to 1.25% or 1.50%, based on the average excess availability, as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December.

All obligations under the Revolving Facility are guaranteed jointly and severally by the Company and all other subsidiaries that guarantee our 5.00% 2030 notes, our 4.25% 2032 notes, our 6.375% 2032 notes and our 6.375% 2034 notes (such subsidiaries, the “Debt Guarantors”). All obligations and the guarantees of those obligations are secured by substantially all of the assets of the Company and the Debt Guarantors, subject to certain exceptions and permitted liens, including, with respect to the Revolving Facility, a first-priority security interest in such assets that constitute Revolving Collateral (as defined below) and a second-priority security interest in such assets that constitute Notes Collateral (as defined below).

“Revolving Collateral” includes substantially all presently owned and after-acquired accounts receivable, inventory, rights of unpaid vendors with respect to inventory, deposit accounts, commodity accounts, securities accounts and lock boxes, investment property, cash and cash equivalents, and general intangibles, books and records, supporting obligations and documents and related letters of credit, commercial tort claims or other claims related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral that is not ABL Collateral.

The Revolving Facility contains restrictive covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $171.4 million as of December 31, 2024.

Senior Secured Notes due 2030

As of December 31, 2024, we have $550.0 million outstanding in aggregate principal amount of the 5.00% 2030 notes, which mature on March 1, 2030. Interest accrues on the 5.00% 2030 notes at a rate of 5.00% per annum and is payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2020.

The terms of the 5.00% 2030 notes are governed by the indenture, dated February 11, 2020 (the “2030 Indenture”), among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee. The 5.00% 2030 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by the Debt Guarantors. Subject to certain exceptions, future subsidiaries that guarantee the Revolving Facility, the 2032 notes or certain other indebtedness will also guarantee the 5.00% 2030 notes.

The 5.00% 2030 notes constitute senior unsecured obligations of the Company and the Debt Guarantors, pari passu in right of payment with all of the existing and future senior indebtedness of the Company, including indebtedness under the Revolving Facility, and the 2032 notes. The 5.00% 2030 notes are also (i) effectively subordinated to all existing and future secured indebtedness of the Company and the Debt Guarantors to the extent of the value of the assets securing such indebtedness, (ii) senior to all of the future subordinated indebtedness of the Company and the Debt Guarantors, and (iii) structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 5.00% 2030 notes.

At any time prior to March 1, 2025, the Company may redeem the 5.00% 2030 notes in whole or in part at a redemption price equal to 100% of the principal amount of the 5.00% 2030 notes plus the “applicable premium” set forth in the 2030 Indenture. At any time on or after March 1, 2025, the Company may redeem the 5.00% 2030 notes at the redemption prices set forth in the 2030 Indenture, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control events, holders of the 5.00% 2030 notes may require it to repurchase all or part of their 5.00% 2030 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

Senior Secured Notes due 2032

As described above, during 2022, the Company issued $300.0 million of 4.25% 2032 notes, which form part of the same series of notes as the $1.0 billion of 4.25% 2032 notes issued in July 2021, and $700.0 million of 6.375% 2032 notes (collectively, the “2032

notes”). The 4.25% 2032 notes mature on February 1, 2032, with interest accruing at a rate of 4.25% per annum and interest payable semi-annually on February 1 and August 1 of each year. The 6.375% 2032 notes mature on June 15, 2032, with interest accruing at a rate of 6.375% per annum and interest payable semi-annually on June 15 and December 15 of each year.

The terms of the 4.25% 2032 notes and the 6.375% 2032 notes are governed by the indentures, dated as of July 23, 2021, and June 15, 2022 (collectively the “2032 Indentures”), respectively, contain consistent terms and are among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee.

The 2032 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by the Debt Guarantors. Subject to certain exceptions, future subsidiaries that guarantee the Revolving Facility, the 5.00% 2030 notes or certain other indebtedness will also guarantee the 2032 notes.

The 2032 notes constitute senior unsecured obligations of the Company and Debt Guarantors, pari passu in right of payment, with all of the existing and future senior indebtedness of the Company, including indebtedness under the Revolving Facility and the 5.00% 2030 notes, effectively subordinated to all existing and future secured indebtedness of the Company and the Debt Guarantors (including indebtedness under the Revolving Facility and 2032 notes) to the extent of the value of the assets securing such indebtedness, senior to all of the future subordinated indebtedness of the Company and the Debt Guarantors and structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 2032 notes.

The Company may redeem the 2032 notes within five years from the date of issuance, in whole or in part, at a redemption price equal to 100% of the principal amount of each of the 2032 notes plus the “applicable premium” set forth in the 2032 Indentures. The Company may, within three years of the date of issuance, redeem up to 40% of the aggregate principal amount of each of the 2032 notes with the net cash proceeds of one or more equity offerings at a premium of the principal amount thereof, as described in the 2032 Indentures, plus accrued and unpaid interest, if any, to the redemption date. After the five-year period from original issuance, the Company may redeem each of the 2032 notes at the redemption prices set forth in the 2032 Indentures, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of each of the 2032 notes may require it to repurchase all or part of their notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

Senior Secured Notes due 2034

The 6.375% 2034 notes mature on March 1, 2034, with interest accruing at a rate of 6.375% per annum and interest payable semi-annually on March 1 and September 1 of each year.

The terms of the 6.375% 2034 Notes are governed by the indenture, dated as of February 29, 2024 (“2034 Indenture”). The 2034 Indenture contains consistent terms and are among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee.

The 6.375% 2034 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by each of the Company’s direct and indirect wholly owned subsidiaries (the “Guarantors”) that guarantee the Revolving Facility, the 5.00% 2030 notes, and the 2032 notes (collectively with the 5.00% 2030 notes, the “Existing notes”).

The 6.375% 2034 notes constitute senior unsecured obligations of the Company and Guarantors, pari passu in right of payment, with all of the existing and future senior indebtedness of the Company, including indebtedness under the Revolving Facility and the Existing notes effectively subordinated to all existing and future secured indebtedness of the Company and the Guarantors (including indebtedness under the Revolving Facility) to the extent of the value of the assets securing such indebtedness, senior to all of the future subordinated indebtedness of the Company and the Guarantors and structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 6.375% 2034 notes.

The Company may redeem the 6.375% 2034 notes within five years from the date of issuance, in whole or in part, at a redemption price equal to 100% of the principal amount of the 6.375% 2034 notes plus the “applicable premium” set forth in the 2034 Indenture. The Company may, within three years of the date of issuance, redeem up to 40% of the aggregate principal amount of the 6.375% 2034 notes with the net cash proceeds of one or more equity offerings at 106.375% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date. After the five-year period from original issuance, the Company may redeem the 6.375% 2034 notes at the redemption prices set forth in the 2034 Indenture, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of the 6.375% 2034 notes may require it to repurchase all or part of their notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

Each of the 2030 Indenture, the 2032 Indenture and the 2034 Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock, create liens, create restrictions on the Company’s subsidiaries’ ability to make payments to the Company, pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock, make certain investments or certain other restricted payments, guarantee indebtedness, designate unrestricted subsidiaries, sell certain kinds of assets, enter into certain types of transactions with affiliates, and effect mergers and consolidations.

As of December 31, 2024, we were not in violation of any covenants or restrictions imposed by any of our debt agreements.

Future maturities of long-term debt as of December 31, 2024, were as follows:

 

 

(in thousands)

 

2025

 

$

—

 

2026

 

 

—

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

Thereafter

 

 

3,550,000

 

Total long-term debt

 

$

3,550,000

 
v3.25.0.1
Leases and Other Finance Obligations
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases and Other Finance Obligations

9. Leases and Other Finance Obligations

 

Right-of-use assets and lease liabilities consisted of the following as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

$

594,301

 

 

$

502,184

 

Finance lease right-of-use assets, net (included in property, plant and equipment, net)

 

 

1,318

 

 

 

2,714

 

Total right-of-use assets

 

$

595,619

 

 

$

504,898

 

Liabilities

 

 

 

 

 

 

Current

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

103,499

 

 

$

98,217

 

Current portion of finance lease liabilities (included in current maturities of long-term debt)

 

 

470

 

 

 

1,184

 

Noncurrent

 

 

 

 

 

 

Noncurrent portion of operating lease liabilities

 

 

525,213

 

 

 

434,081

 

Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)

 

 

608

 

 

 

1,113

 

Total lease liabilities

 

$

629,790

 

 

$

534,595

 

 

Total lease costs consisted of the following for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease costs (1)

 

$

143,878

 

 

$

144,243

 

 

$

144,755

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of finance lease right-of-use assets

 

 

1,120

 

 

 

2,089

 

 

 

1,876

 

Interest on finance lease liabilities

 

 

95

 

 

 

201

 

 

 

179

 

Variable lease costs

 

 

34,781

 

 

 

34,408

 

 

 

30,590

 

Total lease costs

 

$

179,874

 

 

$

180,941

 

 

$

177,400

 

 

(1) Includes short-term lease costs and sublease income which were not material for all periods presented.

 

Future maturities of lease liabilities as of December 31, 2024, were as follows:

 

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(in thousands)

 

2025

 

$

512

 

 

$

136,195

 

2026

 

 

257

 

 

 

127,053

 

2027

 

 

210

 

 

 

112,578

 

2028

 

 

130

 

 

 

100,534

 

2029

 

 

55

 

 

 

80,167

 

Thereafter

 

 

—

 

 

 

218,774

 

Total lease payments

 

 

1,164

 

 

 

775,301

 

Less: amount representing interest

 

 

(86

)

 

 

(146,589

)

Present value of lease liabilities

 

 

1,078

 

 

 

628,712

 

Less: current portion

 

 

(470

)

 

 

(103,499

)

Long-term lease liabilities, net of current portion

 

$

608

 

 

$

525,213

 

 

Weighted average lease terms and discount rates as of December 31 were as follows:

 

 

2024

 

 

2023

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

7.0

 

 

 

6.6

 

Finance leases

 

 

3.0

 

 

 

2.8

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.0

%

 

 

6.0

%

Finance leases

 

 

5.7

%

 

 

6.1

%

 

The following table presents cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

132,989

 

 

$

127,562

 

 

$

125,311

 

Operating cash flows from finance leases

 

 

95

 

 

 

201

 

 

 

179

 

Financing cash flows from finance leases

 

 

1,182

 

 

 

2,214

 

 

 

1,844

 

 

Our lease agreements do not impose any significant restrictions or covenants on us. As of December 31, 2024, we do not have any material leases that have been signed but have not yet commenced and are not reflected on our consolidated balance sheet. Leases with related parties are not significant as of and for the years ended December 31, 2024, 2023 and 2022.

Other Finance Obligations

In addition to the operating and finance lease arrangements described above, the Company is party to 115 individual property lease agreements with a single lessor as of December 31, 2024. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms. A related agreement between the lessor and the Company gives the Company the right to acquire a limited number of the leased facilities at fair market value. These purchase rights represent a form of continuing involvement with these properties, which precluded sale-leaseback accounting. As a result, the Company treats all of the properties that it leases from this lessor as a financing arrangement.

We were deemed the owner of certain of our facilities during their construction period based on an evaluation made in accordance with the Leases topic of the Codification. Effectively, a sale and leaseback of these facilities occurred when construction was completed and the lease term began. These transactions did not qualify for sale-leaseback accounting. As a result, the Company treats the lease of these facilities as a financing arrangement.

As of December 31, 2024, other finance obligations consist of $190.3 million, with cash payments of $20.6 million for the year ended December 31, 2024. These other finance obligations are included on the consolidated balance sheets as part of long-term debt. The related assets are recorded as components of property, plant, and equipment on the consolidated balance sheets.

Future maturities for other finance obligations as of December 31, 2024, were as follows:

 

 

 

(in thousands)

 

2025

 

$

16,272

 

2026

 

 

15,939

 

2027

 

 

15,874

 

2028

 

 

15,887

 

2029

 

 

15,907

 

Thereafter

 

 

103,127

 

Total

 

$

183,006

 
v3.25.0.1
Employee Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Employee Stock-Based Compensation

10. Employee Stock-Based Compensation

2014 Incentive Plan

Under our 2014 Incentive Plan (“2014 Plan”), as amended, the Company is authorized to grant awards in the form of incentive stock options, non-qualified stock options, restricted stock shares, restricted stock units, other common stock-based awards and cash-based awards. As of December 31, 2024, the Company had reserved 15.1 million shares of common stock for the grant of awards under the 2014 Plan, subject to adjustment as provided by the 2014 Plan. All shares under the Plan may be made subject to options, stock appreciation rights (“SARs”), or stock-based awards. Stock options and SARs granted under the 2014 Plan may not have a term exceeding 10 years from the date of grant. The 2014 Plan also provides that all awards will become fully vested and/or exercisable upon a change in control (as defined in the 2014 Plan) if those awards (i) are not assumed or equitably substituted by the surviving entity or (ii) have been assumed or equitably substituted by the surviving entity, and the grantee’s employment is terminated under certain circumstances. Other specific terms for awards granted under the 2014 Plan shall be determined by our Compensation Committee (or the board of directors if so determined by the board of directors). Awards granted under the 2014 Plan generally vest ratably over a three to four-year period or cliff vest after a period of three to four years. As of December 31, 2024, 7.6 million shares were available for issuance under the 2014 Plan. If it is assumed that shares will be issued at the target vesting amount for outstanding RSUs with variable payout provisions, an additional 0.4 million shares would be included in the shares available for future issuance under the 2014 Plan.

Previous Incentive Plans

We were authorized to issue shares of common stock pursuant to awards granted in various forms under our 1998 Stock Incentive Plan, 2005 Equity Incentive Plan, and 2007 Incentive Plan. No further grants will be made under these plans and all remaining awards granted under these plans are fully vested and exercisable.

Stock Options

The following table summarizes our stock option activity:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Options

 

 

Price

 

 

Years

 

 

Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding at December 31, 2023

 

 

57

 

 

$

9.88

 

 

 

 

 

 

 

Exercised

 

 

(32

)

 

 

8.87

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

25

 

 

 

11.17

 

 

 

1.0

 

 

$

3,303

 

Exercisable at December 31, 2024

 

$

25

 

 

$

11.17

 

 

 

1.0

 

 

$

3,303

 

The outstanding options at December 31, 2024, are options granted under the 2014 plan and are exercisable. There were no outstanding options at December 31, 2024, under the 2007 Plan, the 2005 Plan, and the 1998 Plan. There were no options granted and no options vested during the years ended December 31, 2024, 2023 or 2022. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 were $5.4 million, $9.0 million and $3.6 million, respectively.

Restricted Stock Units

The total outstanding RSUs at December 31, 2024, include 1.0 million units granted under the 2014 Plan.

Time Based Restricted Stock Unit Grants

The Company grants RSUs to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2024:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2023

 

 

1,118

 

 

$

68.35

 

Granted

 

 

280

 

 

 

186.61

 

Vested

 

 

(716

)

 

 

62.46

 

Forfeited

 

 

(46

)

 

 

105.95

 

Nonvested at December 31, 2024

 

 

636

 

 

$

124.37

 

 

The weighted average grant date fair value of RSUs for which vesting is subject solely to service conditions granted during the years ended December 31, 2024, 2023 and 2022 was $186.61, $87.05, and $62.46, respectively.

Performance, Market and Service Condition Based Restricted Stock Unit Grants

The Company grants RSUs to employees under our 2014 Incentive Plan, that generally vest based on the Company’s level of achievement of performance goals relating to return on invested capital over a three-year period (“performance condition”) as well as continued employment during the performance period (“service condition”). The total number of shares of common stock that may be earned from the performance condition ranges from zero to 200% of the RSUs granted. The number of shares earned from the performance condition may be further increased or decreased by 10% based on the Company’s total shareholder return relative to a peer group during the performance period (“market condition”). The following table summarizes activity for these RSUs for the year ended December 31, 2024:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2023

 

 

406

 

 

$

72.22

 

Granted

 

 

86

 

 

 

201.97

 

Performance & market achievement adjustment (1)

 

 

73

 

 

 

47.85

 

Vested

 

 

(185

)

 

 

47.85

 

Forfeited

 

 

(22

)

 

 

105.81

 

Nonvested at December 31, 2024

 

 

358

 

 

$

108.87

 

 

(1) Represents RSUs granted prior to 2024 for which the performance and market achievement period was completed in 2024, resulting in incremental unit awards granted. These incremental awards are also included in the amount vested in 2024.

The weighted average grant date fair value of RSUs for which vesting is subject to performance, market and service conditions granted during the years ended December 31, 2024, 2023 and 2022 was $201.97, $88.48 and $70.77, respectively.

Our results of operations include stock compensation expense of $63.1 million, $48.5 million and $31.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We recognized excess tax benefits for stock options exercised and RSUs vested of $27.6 million, $16.3 million and $16.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. The total fair value of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $53.6 million, $37.6 million and $29.0 million, respectively.

As of December 31, 2024, there was $64.6 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 1.9 years.

v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The components of income tax expense were as follows for the years ended December 31:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

Federal

 

$

287,131

 

 

$

468,635

 

 

$

789,465

 

State

 

 

41,528

 

 

 

77,475

 

 

 

125,460

 

 

 

 

328,659

 

 

 

546,110

 

 

 

914,925

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

(16,453

)

 

 

(82,150

)

 

 

(73,016

)

State

 

 

(2,579

)

 

 

(20,311

)

 

 

(19,445

)

 

 

 

(19,032

)

 

 

(102,461

)

 

 

(92,461

)

Income tax expense

 

$

309,627

 

 

$

443,649

 

 

$

822,464

 

 

Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Deferred tax assets related to:

 

 

 

 

 

 

Operating lease liabilities

 

$

148,376

 

 

$

125,622

 

Insurance reserves

 

 

37,840

 

 

 

34,556

 

Accrued expenses

 

 

17,703

 

 

 

36,719

 

Operating loss and credit carryforwards

 

 

12,308

 

 

 

13,408

 

Stock-based compensation expense

 

 

10,931

 

 

 

8,643

 

Inventories

 

 

10,435

 

 

 

13,132

 

Accounts receivable

 

 

10,006

 

 

 

10,338

 

Other

 

 

312

 

 

 

7,813

 

Total deferred tax assets

 

 

247,911

 

 

 

250,231

 

Deferred tax liabilities related to:

 

 

 

 

 

 

Property, plant and equipment

 

 

(179,862

)

 

 

(166,799

)

Operating lease right-of-use assets

 

 

(140,255

)

 

 

(118,515

)

Goodwill and other intangible assets

 

 

(66,263

)

 

 

(121,052

)

Prepaid expenses

 

 

(9,698

)

 

 

(11,064

)

Total deferred tax liabilities

 

 

(396,078

)

 

 

(417,430

)

Net deferred tax liability

 

$

(148,167

)

 

$

(167,199

)

A reconciliation of the statutory federal income tax rate to our effective rate is provided below for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

Statutory federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

State income taxes, net of federal income tax

 

 

2.4

 

 

 

2.3

 

 

 

2.3

 

 

Stock-based compensation windfall benefit

 

 

(2.0

)

 

 

(0.8

)

 

 

(0.5

)

 

Permanent difference - 162(m) limitation

 

 

0.8

 

 

 

0.5

 

 

 

0.3

 

 

Permanent difference - credits

 

 

(0.5

)

 

 

(0.6

)

 

 

(0.2

)

 

Permanent difference - other

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

Other

 

 

0.4

 

 

 

(0.2

)

 

 

0.1

 

 

 

 

 

22.3

%

 

 

22.4

%

 

 

23.0

%

 

We have $34.5 million of state net operating loss carryforwards and $0.7 million of state tax credit carryforwards expiring at various dates through 2036. We also have $48.6 million of federal net operating loss carryforwards expiring at various dates through 2034. We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. In accordance with the Income Taxes topic of the Codification we assess whether it is more likely than not that some or all of our deferred tax assets will not be realized. Significant judgment is required in estimating valuation allowances for deferred tax assets and in making this determination, we consider all available positive and negative evidence and make certain assumptions. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the applicable carryforward period. Changes in our

estimates of future taxable income and tax planning strategies will affect our estimate of the realization of the tax benefits of these tax carryforwards. As of December 31, 2024, or 2023, we carried no valuation allowances against our net deferred tax assets.

We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses.

 

The balance for uncertain tax positions, excluding penalties and interest, was $19.7 million and $19.2 million as of December 31, 2024, and 2023, respectively, with $0.5 million, $2.9 million and $1.8 million recorded in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022. We accrue interest and penalties on our uncertain tax positions as a component of our provision for income taxes. We accrued no significant interest and penalties in 2024, 2023 or 2022.

We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions and in very limited situations, foreign jurisdictions. Based on completed examinations and the expiration of statutes of limitations, we have concluded all U.S. federal income tax matters for years through 2018. We are currently under IRS audit for various aspects of our 2019 and 2020 tax years. We report income-based tax in 41 states with various years open to examination.

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released Model Global Anti-Base Erosion rules under Pillar Two. These rules provide for the taxation of large multinational corporations at a minimum rate of 15%, calculated on a jurisdictional basis. Countries in which we operate enacted legislation to implement aspects of the Pillar Two rules beginning in 2024, with certain remaining impacts to be effective from January 1, 2025. The items enacted in 2024 did not have a material impact on our consolidated financial statements and we do not expect the items effective in 2025 to have a material impact on our consolidated financial statements.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

12. Employee Benefit Plans

We maintain active defined contribution 401(k) plans under which our employees are eligible to participate in the plan subject to certain employment eligibility provisions. Participants can contribute up to 75% of their annual compensation, subject to federally mandated maximums. Participants are immediately vested in their own contributions. We match a certain percentage of the contributions made by participating employees, subject to IRS limitations. Our matching contributions are subject to a pro-rata five-year vesting schedule. We recognized expense of $37.6 million, $36.5 million and $36.4 million in 2024, 2023 and 2022, respectively, for contributions to the plan.

The Company contributes to multiple collectively bargained union retirement plans including multiemployer plans. The Company does not administer the multiemployer plans, and contributions are determined in accordance with the provisions of negotiated labor contracts and subject to the normal risks of participating in these types of plans, including potentially being required to pay that plan an amount to stop participating (“withdrawal liability”). Contributions to the plans for the years ended December 31, 2024, 2023 and 2022 were not material.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13. Commitments and Contingencies

As of December 31, 2024, we had outstanding letters of credit totaling $83.3 million under our Revolving Facility that principally support our self-insurance programs.

The Company has a number of known and threatened construction defect legal claims. While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on the Company's financial position, results of operations or cash flows.

In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in such amounts in excess of our self-insured retention as we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

14. Related Party Transactions

A member of the Company’s board of directors was an executive officer of one of our customers, Ashton Woods USA, L.L.C., during 2022. Total net sales to Ashton Woods USA, L.L.C. were approximately 1% of our total net sales for the year ended December 31, 2022. For the years ended December 31, 2024 and 2023 there are no related party transactions.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

Business Combinations

On January 2, 2025, we completed our previously announced acquisition of Alpine Lumber Company, the largest independently operated supplier of building materials in Colorado and northern New Mexico. Alpine serves the Colorado Front Range, western Colorado and northern New Mexico through its 21 operating locations and provides a broad product range, including prefabricated trusses and wall panels and millwork.

On February 3, 2025, we completed the acquisition of O.C. Cluss Lumber, a lumber and building supplies provider in southwestern Pennsylvania, western Maryland and northern West Virginia.

The accounting for these business combinations has not been completed at the date of this filing given the proximity of the acquisition date.
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements present the results of operations, financial position, and cash flows of Builders FirstSource, Inc. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.
Accounting Estimates

Accounting Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Estimates are used when accounting for items such as revenue, vendor rebates, allowance for returns, discounts and credit losses, employee compensation programs, depreciation and amortization periods, income taxes, inventory values, insurance programs, goodwill, other intangible assets and long-lived assets.

Equity Investments

Equity Investments

The Company’s equity investments are accounted for using equity method accounting and are recorded as other assets, net in the accompanying Consolidated Balance Sheets and are not considered significant to the Company.

Reclassifications

Reclassifications

Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including changing the composition of our product categories, and amounts presented as repurchases of common stock and tax withholdings on and exercises of equity awards. Prior period amounts related to product categories as disclosed in this Note 2 under Revenue Recognition have been reclassified to conform to the current year presentation.

The prior period amounts related to tax withholdings on equity awards have been reclassified from repurchases of common stock and combined with exercises of stock options to conform to the present year presentation. Reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, financing cash flows, or total cash flows as previously reported.
Business Combinations

Business Combinations

When they meet the requirements under ASC 805, Business Combinations, merger and acquisition transactions are accounted for using the acquisition method, and accordingly the results of operations of the acquiree are included in the Company’s consolidated financial statements from the acquisition date. The consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on estimated fair values at the acquisition date, with any excess recorded as goodwill. Transaction-related costs are expensed in the period the costs are incurred. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill.
Revenue Recognition

Revenue Recognition

We recognize revenue as performance obligations are satisfied by transferring control of a promised good or service to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We generally classify our revenues into two types: (i) distribution sales; or (ii) sales related to contracts with service elements.

Distribution sales typically consist of the sale of building products we manufacture and the resale of purchased building products. We recognize revenue related to distribution sales at a point in time upon delivery of the ordered goods to our customers. Payment terms related to distribution sales are not significant as payment is generally received shortly after the point of sale.

Our contracts with service elements primarily relate to installation and construction services. We evaluate whether multiple contracts should be combined and accounted for as a single contract and whether a single or combined contract should be accounted for as a single performance obligation or multiple performance obligations. If a contract is separated into more than one performance obligation, we allocate the transaction price to each performance obligation generally based on observable standalone selling prices of the underlying goods or services. Revenue related to contracts with service elements is generally recognized over time based on the extent of progress towards completion of the performance obligation because of continuous transfer of control to the customer. We consider costs incurred to be indicative of goods and services delivered to the customer. As such, we use a cost-based input method to recognize revenue on our contracts with service elements as it best depicts the transfer of assets to our customers. Payment terms related to sales for contracts with service elements are specific to each customer and contract. However, they are considered to be short-term in nature as payments are normally received either throughout the life of the contract or shortly after the contract is complete.

Contract costs include all direct material and labor, equipment costs and those indirect costs related to contract performance. Provisions for estimated losses on uncompleted contracts are recognized in the period in which such losses are determinable. Prepayments for materials or services are deferred until such materials have been delivered or services have been provided. All sales recognized are net of allowances for discounts and estimated returns, based on historical experience. The Company records sales incentives provided to customers as a reduction of revenue. We present all sales tax on a net basis in our consolidated financial statements.

Costs to obtain contracts are expensed as incurred as our contracts are typically completed in one year or less, and where applicable, we generally would incur these costs whether or not we ultimately obtain the contract. We do not disclose the value of our remaining performance obligations on uncompleted contracts as our contracts generally have a duration of one year or less.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of customer advances and deposits, and deferred revenue.

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Manufactured products

 

$

3,931,647

 

 

$

4,669,088

 

 

$

5,678,570

 

Windows, doors and millwork

 

 

4,226,871

 

 

 

4,310,061

 

 

 

4,651,250

 

Specialty building products and services

 

 

4,050,027

 

 

 

3,992,132

 

 

 

4,311,123

 

Lumber and lumber sheet goods

 

 

4,191,947

 

 

 

4,126,049

 

 

 

8,085,475

 

Total net sales

 

$

16,400,492

 

 

$

17,097,330

 

 

$

22,726,418

 

As our product alignment continues to be refined, we have reclassified prior periods net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for each product category was less than 1% for 2023 and 2022.

Net sales from installation and construction services represents less than 10% of the Company’s net sales for each period presented.

Through December 31, 2024, 2023 and 2022, we recognized as revenue substantially all of the contract liabilities balance at December 31, 2023, 2022 and 2021, respectively.

Cash and Cash Equivalents and Checks Outstanding

Cash and Cash Equivalents and Checks Outstanding

Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity date of three months or less. Also included in cash and cash equivalents are proceeds due from credit card transactions that generally settle within two business days. We maintain cash at financial institutions in excess of federally insured limits. Further, we maintain various banking relationships with different financial institutions. Accordingly, when there is a negative net book cash balance resulting from outstanding checks that had not yet been paid by any single financial institution, they are reflected in accounts payable in the accompanying consolidated balance sheets.
Accounts Receivable

Accounts Receivable

We extend credit to qualified professional homebuilders and contractors, in many cases on a non-collateralized basis. Accounts receivable potentially expose us to concentrations of credit risk. Because our customers are dispersed among our various markets, our credit risk to any one customer or geographic economy is not significant. Other receivables consist primarily of vendor rebates receivables and income tax receivables.

Our customer mix is a balance of large national homebuilders, regional homebuilders, local and custom homebuilders and repair and remodeling contractors as well as multi-family builders. For the year ended December 31, 2024, our top 10 customers accounted for 15% of our net sales, with our largest customer accounting for 4% of net sales.

The allowance for credit losses is based on management’s assessment of the amount which may become uncollectible in the future and is estimated using specific review of problem accounts, overall portfolio quality, current and forecasted economic conditions that may affect the customer’s ability to pay, and historical experience. Accounts receivable are written off when deemed uncollectible.

We also establish reserves for credit memos and customer returns. The reserve balance was $14.4 million and $14.8 million at December 31, 2024, and 2023, respectively. The activity in this reserve was not material for each year presented.

The following table shows the changes in our allowance for credit losses:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Balance at January 1,

 

$

27,691

 

 

$

50,383

 

 

$

21,761

 

Net additions (reversals) to provision

 

 

10,419

 

 

 

(11,488

)

 

 

38,921

 

Write-offs, net of recoveries

 

 

(11,276

)

 

 

(11,204

)

 

 

(10,299

)

Balance at December 31,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

 

 
Inventories

Inventories

Inventories consist principally of materials purchased for resale, including lumber and lumber sheet goods, windows, doors and millwork, and other building products, as well as certain manufactured products and are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method, the use of which approximates the first-in, first-out method. We accrue for shrink based on the actual historical shrink results of our most recent physical inventories adjusted, if necessary, for current economic conditions. These estimates are compared with actual results as physical inventory counts are taken and reconciled to the general ledger.

During the year, we monitor our inventory levels by market and record provisions for excess inventories based on slower moving inventory. We define potential excess inventory as the amount of inventory on hand in excess of the historical usage, excluding special order items purchased in the last six months. We then apply our judgment as to forecasted demand and other factors, including liquidation value, to determine the required adjustments to net realizable value. Our inventories are generally not susceptible to technological obsolescence.

Our arrangements with vendors provide for rebates of a specified amount of consideration, payable at defined intervals, generally related to a stipulated level of purchases. We account for estimated rebates as a reduction of the prices of the vendor’s inventory until the product is sold, at which time such rebates reduce cost of sales in the accompanying consolidated statements of operations. Throughout the year we estimate the amount of the rebates based upon the expected level of purchases. We continually evaluate and revise these estimates, as necessary, based on actual purchase levels.

We source products from a large number of suppliers. Materials purchased from our largest single supplier represented 8% of our total materials purchased in 2024.

Shipping and Handling Costs

Shipping and Handling Costs

Handling costs incurred in manufacturing activities are included in cost of sales. All other shipping and handling costs are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and totaled $654.0 million, $656.0 million and $641.8 million in 2024, 2023 and 2022, respectively.

Income Taxes

Income Taxes

We account for income taxes utilizing the asset and liability method described in the Income Taxes topic of the FASB Accounting Standards Codification (“Codification”). Deferred income taxes are recorded to reflect consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which differences are expected to affect taxable earnings. We record a valuation allowance to reduce deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Warranty Expense

Warranty Expense

We have warranty obligations with respect to most manufactured products; however, the liability for the warranty obligations is not material as a result of third-party inspection and acceptance processes.

Debt Issuance Costs and Debt Discount/Premium

Debt Issuance Costs and Debt Discount/Premium

Loan costs are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Debt issuance costs associated with term debt are presented as a reduction to long-term debt. Debt issuance costs associated with revolving debt arrangements are presented as a component of other assets. Debt issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method. Debt issuance costs, discounts and premiums incurred in connection with term debt are amortized over the life of the related debt using the effective interest method. Amortization of debt issuance costs, discounts and premiums are included in interest expense. Upon changes to our debt structure, we evaluate debt issuance costs, discounts and premiums in accordance with the Debt topic of the Codification. We adjust debt issuance costs, discounts and premiums as necessary based on the results of this evaluation, as discussed in Note 8.
Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The estimated lives of the various classes of assets are as follows:

 

 Buildings and improvements

10 to 40 years

 Machinery and equipment

7 to 10 years

 Information technology, furniture and fixtures

3 to 5 years

Leasehold improvements

The shorter of the estimated useful life or the remaining lease term

Major additions and improvements are capitalized, while maintenance and repairs that do not extend the useful life of the property are charged to expense as incurred. Gains or losses from dispositions of property, plant and equipment are recorded in the period incurred. We also capitalize certain costs of computer software developed or obtained for internal use, including interest, provided that those costs are not research and development, and certain other criteria are met. Internal use computer software costs are included in information technology, furniture and fixtures, and generally depreciated using the straight-line method over the estimated useful lives of the assets, generally three years.

Cloud Computing Arrangements

We assess cloud computing arrangements to determine whether the contract meets the definition of a service contract or conveys a software license. When cloud computing arrangements meet the definition of a service contract, we capitalize expenditures for implementation, set-up, and other upfront costs incurred. Once the implementation of a cloud computing arrangement is complete and ready for its intended use, the Company amortizes the costs over the expected term of the hosting arrangement using the straight-line method to the same income statement line as the associated cloud operating expenses. As of December 31, 2024 and 2023, we had capitalized costs, net of amortization, of $9.3 million and $1.3 million included in Other current assets, respectively. As of December 31, 2024, we had capitalized costs, net of amortization, of $52.7 million included in Other assets, net. We did not have any non-current amounts recorded related to these agreements as of December 31, 2023. Amortization expense for these costs was $1.3 million and $1.4 million for the years ended December 31, 2024 and 2023, respectively, and is included in Selling, general and administrative expenses within the Consolidated Statements of Operations. We did not have any amortization expense related to these costs during the year ended December 31, 2022.
Leases

Leases

We lease certain land, buildings, rolling stock and other types of equipment for use in our operations. These leases typically have initial terms ranging from five to 15 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options generally have terms ranging from one to five years.

Under the Leases topic of the Codification, lessees are required to recognize the following for all leases, with the exception of short-term leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

We determine if an arrangement is a lease at the inception of the arrangement. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when it is determined that they are reasonably certain of exercise based on an analysis of the relevant facts and circumstances. As the implicit rate of return of our lease agreements is usually not readily determinable, we generally use our incremental borrowing rate in determining the present value of lease payments. We determine our incremental borrowing rate based on information available to us at the lease commencement date. Certain of our lease arrangements contain lease and non-lease components. We have elected to account for non-lease components as a part of the related lease components for all of our leases. Leases with an initial term of 12 months or less are not recognized on our balance sheet. We recognize the expense for these leases on a straight-line basis over the lease term.

We have certain lease agreements that are subject to changes based on the Consumer Price Index or another referenced index. In the event of changes to the relevant index, lease liabilities are not remeasured and incremental costs are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

Long-Lived Assets

Long-Lived Assets

We evaluate our long-lived assets, other than goodwill, for impairment when events or changes in circumstances indicate, in our judgment, that the carrying amount of such assets may not be recoverable. The determination of whether or not impairment exists is based on our estimate of undiscounted future cash flows before interest attributable to the assets as compared to the net carrying amount of the assets. If impairment is indicated, the amount of the impairment recognized is determined by estimating the fair value of the assets based on estimated discounted future cash flows and recording a provision for loss if the carrying amount is greater than estimated fair value. The net carrying amount of assets identified to be disposed of in the future is compared to their estimated fair value, usually the quoted market price obtained from an independent third-party less the cost to sell, to determine if impairment exists. Until the assets are disposed of, an estimate of the fair value is reassessed when related events or circumstances change.

Insurance

Insurance

We have established insurance programs to cover certain insurable risks consisting primarily of physical loss to property, business interruptions resulting from such loss, workers’ compensation, employee healthcare, and comprehensive general and auto liability. Third-party insurance coverage is obtained for exposures above predetermined deductibles as well as for those risks required to be insured by law or contract. On a quarterly basis, we engage an external actuarial professional to independently assess and estimate the total liability outstanding. Provisions for losses are developed from these valuations which rely upon our past claims experience, which considers both the frequency and settlement of claims. The legal costs associated with these claims are included in these developed provisions. We discount our worker’s compensation, general liability, and auto liability insurance reserves based upon estimated future payment streams at our risk-free rate. Our total insurance reserve balances were $206.3 million and $190.0 million as of December 31, 2024, and 2023, respectively. Of these balances, $103.4 million and $100.0 million were recorded as other long-term liabilities as of December 31, 2024, and 2023, respectively. Included in these reserve balances as of December 31, 2024, and 2023, were $17.1 million and $13.7 million, respectively, of claims that exceeded stop-loss limits and are expected to be recovered under insurance policies which are also recorded as other receivables and other assets in the accompanying consolidated balance sheets.
Net Income per Common Share

Net Income per Common Share

Net income per common share, or earnings per share (“EPS”), is calculated in accordance with the Earnings per Share topic of the Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,077,898

 

 

$

1,540,555

 

 

$

2,749,369

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

118,038

 

 

 

127,777

 

 

 

161,960

 

Dilutive effect of options and RSUs

 

 

942

 

 

 

1,221

 

 

 

1,521

 

Weighted average shares outstanding, diluted

 

 

118,980

 

 

 

128,998

 

 

 

163,481

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

9.13

 

 

$

12.06

 

 

$

16.98

 

Diluted

 

$

9.06

 

 

$

11.94

 

 

$

16.82

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

147

 

 

 

3

 

 

 

99

 

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Intangibles subject to amortization

We recognize an acquired intangible asset apart from goodwill whenever the intangible asset arises from contractual or other legal rights, or whenever it can be separated or divided from the acquired entity and sold, transferred, licensed, rented, or exchanged, either individually or in combination with a related contract, asset or liability. Impairment losses are recognized if the carrying amounts of an intangible asset subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its estimated fair value.

Goodwill

We recognize goodwill as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is tested for impairment on an annual basis and between annual tests whenever impairment is indicated. This annual test takes place as of December 31 each year. Impairment losses are recognized whenever the carrying amount of a reporting unit exceeds its fair value.

Stock-based Compensation

Stock-based Compensation

We have four stock-based employee compensation plans, which are described more fully in Note 10. We issue new common stock shares upon exercises of stock options and vesting of restricted stock units (“RSU”). We recognize the effect of pre-vesting forfeitures in the period they actually occur.

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2024

 

 

2023

 

 

2022

 

Expected volatility (company)

 

 

43.8

%

 

 

46.5

%

 

 

53.0

%

Expected volatility (peer group median)

 

 

30.5

%

 

 

32.1

%

 

 

34.6

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.6

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.5

%

 

 

3.8

%

 

 

1.7

%

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period.
Fair Value

Fair Value

The Fair Value Measurements and Disclosures topic of the Codification provides a framework for measuring the fair value of assets and liabilities and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1 — unadjusted quoted prices for identical assets or liabilities in active markets accessible by us

Level 2 — inputs that are observable in the marketplace other than those inputs classified as Level 1

Level 3 — inputs that are unobservable in the marketplace and significant to the valuation

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.

As of December 31, 2024, and 2023, the Company does not have any material financial instruments which are measured at fair value on a recurring basis. We have elected to report the value of our 5.00% 2030 notes, 4.25% 2032 notes, 6.375% 2032 notes, 6.375% 2034 notes, and Revolving Facility at amortized cost. The fair values of the 5.00% 2030 notes, 4.25% 2032 notes, 6.375% 2032 notes, and 6.375% 2034 notes at December 31, 2024, were $523.6 million, $1,149.2 million, $697.4 million and $988.8 million respectively, and were determined using Level 2 inputs based on market prices.

Comprehensive Income

Comprehensive Income

Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of net income and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income. Comprehensive income is equal to net income for the years ended December 31, 2024, 2023 and 2022.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose: (i) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold; (ii) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid net of refunds; (iii) the income or loss from continuing operations before income tax expense, or benefit, disaggregated between domestic and foreign; and (iv) income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application and early adoption is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Significant Accounting Policies [Line Items]  
Schedule of Net Sales by Product Category

The following table disaggregates our net sales by product category for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Manufactured products

 

$

3,931,647

 

 

$

4,669,088

 

 

$

5,678,570

 

Windows, doors and millwork

 

 

4,226,871

 

 

 

4,310,061

 

 

 

4,651,250

 

Specialty building products and services

 

 

4,050,027

 

 

 

3,992,132

 

 

 

4,311,123

 

Lumber and lumber sheet goods

 

 

4,191,947

 

 

 

4,126,049

 

 

 

8,085,475

 

Total net sales

 

$

16,400,492

 

 

$

17,097,330

 

 

$

22,726,418

 

As our product alignment continues to be refined, we have reclassified prior periods net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for each product category was less than 1% for 2023 and 2022.
Reconciliation of Accounts Receivable - Classified

The following table shows the changes in our allowance for credit losses:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Balance at January 1,

 

$

27,691

 

 

$

50,383

 

 

$

21,761

 

Net additions (reversals) to provision

 

 

10,419

 

 

 

(11,488

)

 

 

38,921

 

Write-offs, net of recoveries

 

 

(11,276

)

 

 

(11,204

)

 

 

(10,299

)

Balance at December 31,

 

$

26,834

 

 

$

27,691

 

 

$

50,383

 

 
Summary of Calculation of Basic And Diluted EPS

The table below presents the calculation of basic and diluted EPS for the years ended December 31:

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,077,898

 

 

$

1,540,555

 

 

$

2,749,369

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

 

118,038

 

 

 

127,777

 

 

 

161,960

 

Dilutive effect of options and RSUs

 

 

942

 

 

 

1,221

 

 

 

1,521

 

Weighted average shares outstanding, diluted

 

 

118,980

 

 

 

128,998

 

 

 

163,481

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

9.13

 

 

$

12.06

 

 

$

16.98

 

Diluted

 

$

9.06

 

 

$

11.94

 

 

$

16.82

 

 

 

 

 

 

 

 

 

 

 

Antidilutive and contingent RSUs excluded from diluted EPS

 

 

147

 

 

 

3

 

 

 

99

 

Market Condition Based Restricted Stock Unit Grants  
Significant Accounting Policies [Line Items]  
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions

The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:

 

 

 

2024

 

 

2023

 

 

2022

 

Expected volatility (company)

 

 

43.8

%

 

 

46.5

%

 

 

53.0

%

Expected volatility (peer group median)

 

 

30.5

%

 

 

32.1

%

 

 

34.6

%

Correlation between the company and peer group median

 

 

0.5

 

 

 

0.5

 

 

 

0.6

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Risk-free rate

 

 

4.5

%

 

 

3.8

%

 

 

1.7

%
v3.25.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the aggregate fair values of the assets acquired and liabilities assumed for acquisitions during the years ended December 31, 2024, and 2023:

 

 

Total Acquisitions

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

9,730

 

 

$

—

 

Accounts receivable

 

 

39,749

 

 

 

25,751

 

Other receivables

 

 

127

 

 

 

—

 

Inventories

 

 

35,585

 

 

 

36,789

 

Contract assets

 

 

454

 

 

 

—

 

Other current assets

 

 

426

 

 

 

70

 

Property, plant and equipment

 

 

55,385

 

 

 

15,053

 

Operating lease right-of-use assets

 

 

19,183

 

 

 

20,449

 

Finance lease right-of-use assets

 

 

—

 

 

 

528

 

Intangible assets

 

 

110,848

 

 

 

82,942

 

Other assets

 

 

134

 

 

 

138

 

Total assets

 

 

271,621

 

 

 

181,720

 

 

 

 

 

 

 

 

Accounts payable

 

 

8,842

 

 

 

3,122

 

Accrued liabilities

 

 

9,138

 

 

 

1,985

 

Contract liabilities

 

 

1,244

 

 

 

2,868

 

Operating lease liabilities

 

 

19,183

 

 

 

20,449

 

Finance lease liabilities

 

 

—

 

 

 

528

 

Total liabilities

 

 

38,407

 

 

 

28,952

 

 

 

 

 

 

 

 

Goodwill

 

 

121,948

 

 

 

99,702

 

Total purchase consideration

 

 

355,162

 

 

 

252,470

 

Accrued contingent consideration and purchase price adjustments

 

 

(8,974

)

 

 

(13,797

)

Less: cash acquired

 

 

(9,730

)

 

 

—

 

Total cash consideration

 

$

336,458

 

 

$

238,673

 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Land and improvements

 

$

401,374

 

 

$

369,574

 

Buildings and improvements

 

 

834,773

 

 

 

714,767

 

Machinery and equipment

 

 

1,530,119

 

 

 

1,303,312

 

Information technology, furniture and fixtures

 

 

256,095

 

 

 

213,066

 

Construction in progress

 

 

141,864

 

 

 

207,826

 

Finance lease right-of-use assets

 

 

3,479

 

 

 

7,268

 

Property, plant and equipment

 

 

3,167,704

 

 

 

2,815,813

 

Less: accumulated depreciation

 

 

1,205,973

 

 

 

1,011,989

 

Property, plant and equipment, net

 

$

1,961,731

 

 

$

1,803,824

 
Schedule of Balances Held Under Other Finance Obligations

The following balances held under other finance obligations are included in the accompanying consolidated balance sheet as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Land and improvements

 

$

105,833

 

 

$

106,163

 

Buildings and improvements

 

 

115,020

 

 

 

115,970

 

Assets held under other finance obligations

 

 

220,853

 

 

 

222,133

 

Less: accumulated amortization

 

 

34,718

 

 

 

31,246

 

Assets held under other finance obligations, net

 

$

186,135

 

 

$

190,887

 
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Carrying Amount of Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the years ended December 31, 2024, and 2023:

 

 

 

(in thousands)

 

Balance as of December 31, 2022 (1)

 

$

3,456,854

 

Acquisitions

 

 

99,702

 

Balance as of December 31, 2023 (1)

 

$

3,556,556

 

Acquisitions

 

 

121,948

 

Balance as of December 31, 2024 (1)

 

$

3,678,504

 

(1) Goodwill is presented net of accumulated impairment losses of $44.6 million.
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

The following table presents intangible assets as of December 31:

 

 

2024

 

 

2023

 

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

Gross
Carrying Amount

 

 

Accumulated Amortization

 

 

 

(in thousands)

 

Customer relationships

 

$

2,216,578

 

 

$

(1,198,125

)

 

$

2,105,730

 

 

$

(912,865

)

Trade names

 

 

64,500

 

 

 

(43,483

)

 

 

64,500

 

 

 

(36,459

)

Non-compete agreements

 

 

13,050

 

 

 

(8,599

)

 

 

13,050

 

 

 

(6,223

)

Developed technology

 

 

95,600

 

 

 

(35,887

)

 

 

95,600

 

 

 

(25,160

)

Total intangible assets

 

$

2,389,728

 

 

$

(1,286,094

)

 

$

2,278,880

 

 

$

(980,707

)
Estimated Amortization Expense for Intangible Assets The following table presents the estimated amortization expense for intangible assets for the years ending December 31:

 

 

(in thousands)

 

2025

 

$

252,871

 

2026

 

 

220,642

 

2027

 

 

164,988

 

2028

 

 

124,052

 

2029

 

 

71,710

 

Thereafter

 

 

269,371

 

Total future net intangible amortization expense

 

$

1,103,634

 
v3.25.0.1
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Summary of Accrued Liabilities

Accrued liabilities consisted of the following:

 

 

December 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Accrued payroll and other employee related expenses

 

$

310,073

 

 

$

383,157

 

Self-insurance reserves

 

 

102,876

 

 

 

89,987

 

Accrued business and other taxes

 

 

72,944

 

 

 

76,098

 

Accrued contingent consideration & purchase price adjustments

 

 

6,974

 

 

 

43,127

 

Accrued rebates payable

 

 

35,404

 

 

 

35,921

 

Accrued interest

 

 

55,454

 

 

 

34,537

 

Other

 

 

50,320

 

 

 

54,701

 

Total accrued liabilities

 

$

634,045

 

 

$

717,528

 
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt

Long-term debt consisted of the following:

 

 

December 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Revolving credit facility (1)

 

$

—

 

 

$

464,000

 

4.25% 2032 notes

 

 

1,300,000

 

 

 

1,300,000

 

6.375% 2034 notes

 

 

1,000,000

 

 

 

—

 

6.375% 2032 notes

 

 

700,000

 

 

 

700,000

 

5.00% 2030 notes

 

 

550,000

 

 

 

550,000

 

Other finance obligations

 

 

190,312

 

 

 

193,048

 

Finance lease obligations

 

 

1,078

 

 

 

2,297

 

 

 

 

3,741,390

 

 

 

3,209,345

 

Unamortized debt discount/premium and debt issuance costs

 

 

(37,277

)

 

 

(28,285

)

 

 

 

3,704,113

 

 

 

3,181,060

 

Less: current maturities of long-term debt

 

 

3,470

 

 

 

3,649

 

Long-term debt, net of current maturities, discounts and issuance costs

 

$

3,700,643

 

 

$

3,177,411

 

 

(1) The weighted average interest rate was 7.1% as of December 31, 2023.
Future Maturities of Long-Term Debt

Future maturities of long-term debt as of December 31, 2024, were as follows:

 

 

(in thousands)

 

2025

 

$

—

 

2026

 

 

—

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

Thereafter

 

 

3,550,000

 

Total long-term debt

 

$

3,550,000

 
v3.25.0.1
Leases and Other Finance Obligations (Table)
 12 Months Ended
Dec. 31, 2024
Lessee Lease Description [Line Items]  
Summary of Right-of-use Assets and Lease Liabilities

Right-of-use assets and lease liabilities consisted of the following as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

$

594,301

 

 

$

502,184

 

Finance lease right-of-use assets, net (included in property, plant and equipment, net)

 

 

1,318

 

 

 

2,714

 

Total right-of-use assets

 

$

595,619

 

 

$

504,898

 

Liabilities

 

 

 

 

 

 

Current

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

103,499

 

 

$

98,217

 

Current portion of finance lease liabilities (included in current maturities of long-term debt)

 

 

470

 

 

 

1,184

 

Noncurrent

 

 

 

 

 

 

Noncurrent portion of operating lease liabilities

 

 

525,213

 

 

 

434,081

 

Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities)

 

 

608

 

 

 

1,113

 

Total lease liabilities

 

$

629,790

 

 

$

534,595

 
Summary of Total Lease Costs

Total lease costs consisted of the following for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating lease costs (1)

 

$

143,878

 

 

$

144,243

 

 

$

144,755

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

Amortization of finance lease right-of-use assets

 

 

1,120

 

 

 

2,089

 

 

 

1,876

 

Interest on finance lease liabilities

 

 

95

 

 

 

201

 

 

 

179

 

Variable lease costs

 

 

34,781

 

 

 

34,408

 

 

 

30,590

 

Total lease costs

 

$

179,874

 

 

$

180,941

 

 

$

177,400

 

 

(1) Includes short-term lease costs and sublease income which were not material for all periods presented.
Summary of Future Maturities of Lease Liabilities

Future maturities of lease liabilities as of December 31, 2024, were as follows:

 

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(in thousands)

 

2025

 

$

512

 

 

$

136,195

 

2026

 

 

257

 

 

 

127,053

 

2027

 

 

210

 

 

 

112,578

 

2028

 

 

130

 

 

 

100,534

 

2029

 

 

55

 

 

 

80,167

 

Thereafter

 

 

—

 

 

 

218,774

 

Total lease payments

 

 

1,164

 

 

 

775,301

 

Less: amount representing interest

 

 

(86

)

 

 

(146,589

)

Present value of lease liabilities

 

 

1,078

 

 

 

628,712

 

Less: current portion

 

 

(470

)

 

 

(103,499

)

Long-term lease liabilities, net of current portion

 

$

608

 

 

$

525,213

 
Summary of Weighted Average Lease Terms and Discount Rates

Weighted average lease terms and discount rates as of December 31 were as follows:

 

 

2024

 

 

2023

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

7.0

 

 

 

6.6

 

Finance leases

 

 

3.0

 

 

 

2.8

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.0

%

 

 

6.0

%

Finance leases

 

 

5.7

%

 

 

6.1

%
Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities

The following table presents cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

132,989

 

 

$

127,562

 

 

$

125,311

 

Operating cash flows from finance leases

 

 

95

 

 

 

201

 

 

 

179

 

Financing cash flows from finance leases

 

 

1,182

 

 

 

2,214

 

 

 

1,844

 
Other Finance Obligations  
Lessee Lease Description [Line Items]  
Summary of Future Maturities of Other Finance Obligation

Future maturities for other finance obligations as of December 31, 2024, were as follows:

 

 

 

(in thousands)

 

2025

 

$

16,272

 

2026

 

 

15,939

 

2027

 

 

15,874

 

2028

 

 

15,887

 

2029

 

 

15,907

 

Thereafter

 

 

103,127

 

Total

 

$

183,006

 
v3.25.0.1
Employee Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes our stock option activity:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Options

 

 

Price

 

 

Years

 

 

Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding at December 31, 2023

 

 

57

 

 

$

9.88

 

 

 

 

 

 

 

Exercised

 

 

(32

)

 

 

8.87

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

25

 

 

 

11.17

 

 

 

1.0

 

 

$

3,303

 

Exercisable at December 31, 2024

 

$

25

 

 

$

11.17

 

 

 

1.0

 

 

$

3,303

 
Service Condition Based Restricted Stock Unit Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity The following table summarizes activity for RSUs subject solely to service conditions for the year ended December 31, 2024:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2023

 

 

1,118

 

 

$

68.35

 

Granted

 

 

280

 

 

 

186.61

 

Vested

 

 

(716

)

 

 

62.46

 

Forfeited

 

 

(46

)

 

 

105.95

 

Nonvested at December 31, 2024

 

 

636

 

 

$

124.37

 
Performance Market and Service Condition Based Restricted Stock Unit Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity The following table summarizes activity for these RSUs for the year ended December 31, 2024:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

 

 

(in thousands)

 

 

 

 

Nonvested at December 31, 2023

 

 

406

 

 

$

72.22

 

Granted

 

 

86

 

 

 

201.97

 

Performance & market achievement adjustment (1)

 

 

73

 

 

 

47.85

 

Vested

 

 

(185

)

 

 

47.85

 

Forfeited

 

 

(22

)

 

 

105.81

 

Nonvested at December 31, 2024

 

 

358

 

 

$

108.87

 

 

(1) Represents RSUs granted prior to 2024 for which the performance and market achievement period was completed in 2024, resulting in incremental unit awards granted. These incremental awards are also included in the amount vested in 2024.

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense were as follows for the years ended December 31:

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

Federal

 

$

287,131

 

 

$

468,635

 

 

$

789,465

 

State

 

 

41,528

 

 

 

77,475

 

 

 

125,460

 

 

 

 

328,659

 

 

 

546,110

 

 

 

914,925

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

(16,453

)

 

 

(82,150

)

 

 

(73,016

)

State

 

 

(2,579

)

 

 

(20,311

)

 

 

(19,445

)

 

 

 

(19,032

)

 

 

(102,461

)

 

 

(92,461

)

Income tax expense

 

$

309,627

 

 

$

443,649

 

 

$

822,464

 
Reconciliation of Deferred Tax Assets and Liabilities

Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Deferred tax assets related to:

 

 

 

 

 

 

Operating lease liabilities

 

$

148,376

 

 

$

125,622

 

Insurance reserves

 

 

37,840

 

 

 

34,556

 

Accrued expenses

 

 

17,703

 

 

 

36,719

 

Operating loss and credit carryforwards

 

 

12,308

 

 

 

13,408

 

Stock-based compensation expense

 

 

10,931

 

 

 

8,643

 

Inventories

 

 

10,435

 

 

 

13,132

 

Accounts receivable

 

 

10,006

 

 

 

10,338

 

Other

 

 

312

 

 

 

7,813

 

Total deferred tax assets

 

 

247,911

 

 

 

250,231

 

Deferred tax liabilities related to:

 

 

 

 

 

 

Property, plant and equipment

 

 

(179,862

)

 

 

(166,799

)

Operating lease right-of-use assets

 

 

(140,255

)

 

 

(118,515

)

Goodwill and other intangible assets

 

 

(66,263

)

 

 

(121,052

)

Prepaid expenses

 

 

(9,698

)

 

 

(11,064

)

Total deferred tax liabilities

 

 

(396,078

)

 

 

(417,430

)

Net deferred tax liability

 

$

(148,167

)

 

$

(167,199

)
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate

A reconciliation of the statutory federal income tax rate to our effective rate is provided below for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

Statutory federal income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

State income taxes, net of federal income tax

 

 

2.4

 

 

 

2.3

 

 

 

2.3

 

 

Stock-based compensation windfall benefit

 

 

(2.0

)

 

 

(0.8

)

 

 

(0.5

)

 

Permanent difference - 162(m) limitation

 

 

0.8

 

 

 

0.5

 

 

 

0.3

 

 

Permanent difference - credits

 

 

(0.5

)

 

 

(0.6

)

 

 

(0.2

)

 

Permanent difference - other

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

Other

 

 

0.4

 

 

 

(0.2

)

 

 

0.1

 

 

 

 

 

22.3

%

 

 

22.4

%

 

 

23.0

%

 
v3.25.0.1
Description of the Business - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
States
Store
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Entity formed, year 1998
Number of Locations | Store 590
Number of states | States 43
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
States
Store
Customer
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Feb. 29, 2024
Jun. 15, 2022
Jan. 21, 2022
Jul. 31, 2021
Significant Accounting Policies [Line Items]              
Number of Locations | Store 590            
Number of states | States 43            
Total net sales $ 16,400,492 $ 17,097,330 $ 22,726,418        
Sales return reserve $ 14,400 14,800          
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] Leasehold Improvements            
Property plant and equipment estimated remaining useful life The shorter of the estimated useful life or the remaining lease term            
Insurance reserve balance $ 206,300 $ 190,000          
Options granted | shares 0 0 0        
2030 Notes              
Significant Accounting Policies [Line Items]              
Private offered aggregate principal amount rate 5.00%            
2030 Notes | Level 2              
Significant Accounting Policies [Line Items]              
Fair value of long term debt $ 523,600            
4.25% 2032 notes              
Significant Accounting Policies [Line Items]              
Weighted average interest rate 4.25% 4.25%          
Private offered aggregate principal amount rate 4.25%   4.25%     4.25% 4.25%
4.25% 2032 notes | Level 2              
Significant Accounting Policies [Line Items]              
Fair value of long term debt $ 1,149,200            
Private offered aggregate principal amount rate 4.25%            
6.375% 2032 notes              
Significant Accounting Policies [Line Items]              
Weighted average interest rate 6.375% 6.375%          
Private offered aggregate principal amount rate 6.375%   6.375%   6.375%    
6.375% 2032 notes | Level 2              
Significant Accounting Policies [Line Items]              
Fair value of long term debt $ 697,400            
Private offered aggregate principal amount rate 6.375%            
6.375% 2034 notes              
Significant Accounting Policies [Line Items]              
Weighted average interest rate 6.375% 6.375%          
Private offered aggregate principal amount rate 6.375%     6.375%      
6.375% 2034 notes | Level 2              
Significant Accounting Policies [Line Items]              
Fair value of long term debt $ 988,800            
Private offered aggregate principal amount rate 6.375%            
Other Long-term Liabilities              
Significant Accounting Policies [Line Items]              
Insurance reserve balance $ 103,400 $ 100,000          
Other Receivables and Other Assets              
Significant Accounting Policies [Line Items]              
Insurance receivable for claims that exceeds stop-loss limits $ 17,100 13,700          
Computer Software              
Significant Accounting Policies [Line Items]              
Estimated useful lives 3 years            
Lumber and Lumber Sheet Goods              
Significant Accounting Policies [Line Items]              
Total net sales $ 4,191,947 4,126,049 $ 8,085,475        
Manufactured Products              
Significant Accounting Policies [Line Items]              
Total net sales 3,931,647 4,669,088 5,678,570        
Windows, Doors and Millwork              
Significant Accounting Policies [Line Items]              
Total net sales 4,226,871 4,310,061 4,651,250        
Shipping and Handling Costs              
Significant Accounting Policies [Line Items]              
Shipping and handling costs 654,000 656,000 641,800        
Specialty Building Products and Services              
Significant Accounting Policies [Line Items]              
Total net sales $ 4,050,027 $ 3,992,132 $ 4,311,123        
Customer Concentration Risk | Sales Revenue, Net              
Significant Accounting Policies [Line Items]              
Number of top sales customers | Customer 10            
Maximum net sale to single customer, percentage 4.00%            
Customer Concentration Risk | Sales Revenue, Net | Top Ten Customers              
Significant Accounting Policies [Line Items]              
Percentage of net revenue from major customers 15.00%            
Supplier Concentration Risk | Cost of Goods Sold              
Significant Accounting Policies [Line Items]              
Purchases from largest single supplier, percentage 8.00%            
Minimum | Lease Agreements              
Significant Accounting Policies [Line Items]              
Total lease term 5 years            
Renewal term 1 year            
Minimum | Buildings and Improvements              
Significant Accounting Policies [Line Items]              
Estimated useful lives 10 years            
Minimum | Machinery and Equipment              
Significant Accounting Policies [Line Items]              
Estimated useful lives 7 years            
Minimum | Information Technology, Furniture and Fixtures              
Significant Accounting Policies [Line Items]              
Estimated useful lives 3 years            
Maximum | Lease Agreements              
Significant Accounting Policies [Line Items]              
Total lease term 15 years            
Renewal term 5 years            
Maximum | Buildings and Improvements              
Significant Accounting Policies [Line Items]              
Estimated useful lives 40 years            
Maximum | Machinery and Equipment              
Significant Accounting Policies [Line Items]              
Estimated useful lives 10 years            
Maximum | Information Technology, Furniture and Fixtures              
Significant Accounting Policies [Line Items]              
Estimated useful lives 5 years            
Transferred over Time | Maximum              
Significant Accounting Policies [Line Items]              
Percentage of sales related to contracts with service 10.00%            
v3.25.0.1
Summary of Significant Accounting Policies - Net Sales by Product Category (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales $ 16,400,492 $ 17,097,330 $ 22,726,418
Lumber and Lumber Sheet Goods      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 4,191,947 4,126,049 8,085,475
Manufactured Products      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 3,931,647 4,669,088 5,678,570
Windows, Doors and Millwork      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales 4,226,871 4,310,061 4,651,250
Specialty Building Products and Services      
Entity Wide Information Revenue From External Customer [Line Items]      
Total net sales $ 4,050,027 $ 3,992,132 $ 4,311,123
v3.25.0.1
Summary of Significant Accounting Policies - Rollforward of Allowance for Credit Losses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Rollforward of allowance for doubtful accounts      
Beginning Balance $ 27,691 $ 50,383 $ 21,761
Net additions (reversals) to provision 10,419 (11,488) 38,921
Write-offs, net of recoveries (11,276) (11,204) (10,299)
Ending Balance $ 26,834 $ 27,691 $ 50,383
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Calculation of Basic And Diluted EPS (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income $ 1,077,898 $ 1,540,555 $ 2,749,369
Denominator:      
Weighted average shares outstanding, basic 118,038 127,777 161,960
Dilutive effect of options and RSUs 942 1,221 1,521
Weighted average shares outstanding, diluted 118,980 128,998 163,481
Net income per share:      
Basic $ 9.13 $ 12.06 $ 16.98
Diluted $ 9.06 $ 11.94 $ 16.82
Antidilutive and contingent RSUs excluded from diluted EPS 147 3 99
v3.25.0.1
Summary of Significant Accounting Policies - Restricted Stock Unit Valuation (Detail) - Market Condition Based Restricted Stock Unit Grants
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of fair value option award of weighted average assumptions      
Expected volatility (company) 43.80% 46.50% 53.00%
Expected volatility (peer group median) 30.50% 32.10% 34.60%
Correlation between the company and peer group median 0.5 0.5 0.6
Expected dividend yield 0.00% 0.00% 0.00%
Risk-free rate 4.50% 3.80% 1.70%
v3.25.0.1
Business Combinations - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Quality Door, Hanson Truss, RPM, Schoeneman, TRSMI, Western Truss, CRi, Wyoming Millwork, Sunrise Wood Designs, Reno Truss and High Mountain    
Business Acquisition [Line Items]    
Purchase price of certain assets acquired $ 345.4  
Noltex, BMS, JBM, Church's and FCC    
Business Acquisition [Line Items]    
Purchase price of certain assets acquired   $ 252.5
v3.25.0.1
Business Combinations - Summary of Aggregate Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Goodwill $ 3,678,504 $ 3,556,556 $ 3,456,854
Total cash consideration 336,458 238,673 $ 628,014
Quality Door, Hanson Truss, RPM, Schoeneman, TRSMI, Western Truss, CRi, Wyoming Millwork, Sunrise Wood Designs, Reno Truss and High Mountain      
Business Acquisition [Line Items]      
Cash and cash equivalents 9,730    
Accounts receivable 39,749    
Other receivables 127    
Inventories 35,585    
Contract assets 454    
Other current assets 426    
Property, plant and equipment 55,385    
Operating lease right-of-use assets 19,183    
Goodwill 121,948    
Intangible assets 110,848    
Other assets 134    
Total assets 271,621    
Accounts payable 8,842    
Accrued liabilities 9,138    
Contract liabilities 1,244    
Operating lease liabilities 19,183    
Total liabilities 38,407    
Total purchase consideration 355,162    
Less: accrued contingent consideration and purchase price adjustments (8,974)    
Less: cash acquired (9,730)    
Total cash consideration $ 336,458    
Noltex, BMS, JBM, Church's and FCC      
Business Acquisition [Line Items]      
Accounts receivable   25,751  
Inventories   36,789  
Other current assets   70  
Property, plant and equipment   15,053  
Operating lease right-of-use assets   20,449  
Finance lease right-of-use assets   528  
Goodwill   99,702  
Intangible assets   82,942  
Other assets   138  
Total assets   181,720  
Accounts payable   3,122  
Accrued liabilities   1,985  
Contract liabilities   2,868  
Operating lease liabilities   20,449  
Finance lease liabilities   528  
Total liabilities   28,952  
Total purchase consideration   252,470  
Less: accrued contingent consideration and purchase price adjustments   (13,797)  
Total cash consideration   $ 238,673  
v3.25.0.1
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Summary of Property, Plant and Equipment    
Property, plant and equipment $ 3,167,704 $ 2,815,813
Less: accumulated depreciation 1,205,973 1,011,989
Property, plant and equipment, net 1,961,731 1,803,824
Land and Improvements    
Summary of Property, Plant and Equipment    
Property, plant and equipment 401,374 369,574
Buildings and Improvements    
Summary of Property, Plant and Equipment    
Property, plant and equipment 834,773 714,767
Machinery and Equipment    
Summary of Property, Plant and Equipment    
Property, plant and equipment 1,530,119 1,303,312
Information Technology, Furniture and Fixtures    
Summary of Property, Plant and Equipment    
Property, plant and equipment 256,095 213,066
Construction in Progress    
Summary of Property, Plant and Equipment    
Property, plant and equipment 141,864 207,826
Finance Lease Right-of-use Assets    
Summary of Property, Plant and Equipment    
Property, plant and equipment $ 3,479 $ 7,268
v3.25.0.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 256.5 $ 222.6 $ 194.6
Depreciation expense included in cost of goods $ 78.7 $ 63.5 $ 48.7
v3.25.0.1
Property, Plant and Equipment - Schedule of Balances Held Under Other Finance Obligations (Detail) - Other Finance Obligations - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations $ 220,853 $ 222,133
Less: accumulated amortization 34,718 31,246
Assets held under other finance obligations, net 186,135 190,887
Land and Improvements    
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations 105,833 106,163
Buildings and Improvements    
Property Plant And Equipment [Line Items]    
Assets held under other finance obligations $ 115,020 $ 115,970
v3.25.0.1
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, Beginning Balance $ 3,556,556 $ 3,456,854
Acquisitions 121,948 99,702
Goodwill, Ending Balance $ 3,678,504 $ 3,556,556
v3.25.0.1
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Accumulated impairment losses $ 44.6 $ 44.6
v3.25.0.1
Goodwill - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Goodwill recognized from current year acquisitions $ 121,948,000 $ 99,702,000  
Goodwill amortization period 15 years    
Period of projection of financial performance 5 years    
Goodwill impairment charges $ 0 $ 0 $ 0
Other Acquisitions      
Goodwill [Line Items]      
Goodwill recognized from current year acquisitions $ 121,200,000    
v3.25.0.1
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,389,728 $ 2,278,880
Accumulated Amortization (1,286,094) (980,707)
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,216,578 2,105,730
Accumulated Amortization (1,198,125) (912,865)
Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 64,500 64,500
Accumulated Amortization (43,483) (36,459)
Non-compete Agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 13,050 13,050
Accumulated Amortization (8,599) (6,223)
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 95,600 95,600
Accumulated Amortization $ (35,887) $ (25,160)
v3.25.0.1
Intangible Assets - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Amortization expenses $ 305,400,000 $ 335,700,000 $ 302,600,000
Impairment charge against intangible assets $ 0 $ 0 $ 0
Current Year Acquisitions      
Finite-Lived Intangible Assets [Line Items]      
Weighted average useful lives of the acquired intangible assets 2 years 9 months 18 days    
Customer Relationships | Current Year Acquisitions      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets in connection with acquisition $ 110,800,000    
v3.25.0.1
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 252,871
2026 220,642
2027 164,988
2028 124,052
2029 71,710
Thereafter 269,371
Total future net intangible amortization expense $ 1,103,634
v3.25.0.1
Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Summary of accrued liabilities    
Accrued payroll and other employee related expenses $ 310,073 $ 383,157
Self-insurance reserves 102,876 89,987
Accrued business and other taxes 72,944 76,098
Accrued contingent consideration & purchase price adjustments 6,974 43,127
Accrued rebates payable 35,404 35,921
Accrued interest 55,454 34,537
Other 50,320 54,701
Total accrued liabilities $ 634,045 $ 717,528
v3.25.0.1
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)
Dec. 31, 2024
Feb. 29, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 15, 2022
Jul. 31, 2021
Debt Instrument [Line Items]            
Debt instrument carrying amount $ 3,741,390,000   $ 3,209,345,000     $ 1,000,000,000
Unamortized debt discount/premium and debt issuance costs (37,277,000)   (28,285,000)      
Long-term debt and capital lease obligation 3,704,113,000   3,181,060,000      
Less: current maturities of long-term debt 3,470,000   3,649,000      
Long-term debt, net of current maturities, discounts and issuance costs 3,700,643,000   3,177,411,000      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt instrument carrying amount 0   464,000,000      
4.25% 2032 notes            
Debt Instrument [Line Items]            
Debt instrument carrying amount 1,300,000,000   1,300,000,000      
6.375% 2034 notes            
Debt Instrument [Line Items]            
Debt instrument carrying amount 1,000,000,000 $ 1,000,000,000        
6.375% 2032 notes            
Debt Instrument [Line Items]            
Debt instrument carrying amount 700,000,000   700,000,000 $ 700,000,000 $ 700,000,000  
2030 Notes            
Debt Instrument [Line Items]            
Debt instrument carrying amount 550,000,000   550,000,000      
Other Finance Obligations            
Debt Instrument [Line Items]            
Debt instrument carrying amount 190,312,000   193,048,000      
Finance Lease Obligations            
Debt Instrument [Line Items]            
Debt instrument carrying amount $ 1,078,000   $ 2,297,000      
v3.25.0.1
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)
Dec. 31, 2024
Dec. 31, 2023
4.25% 2032 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 4.25% 4.25%
6.375% 2032 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.375% 6.375%
6.375% 2034 notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.375% 6.375%
Revolving Credit Facility    
Debt Instrument [Line Items]    
Weighted average interest rate   7.10%
v3.25.0.1
Long-Term Debt - 2022 Debt Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 15, 2022
Jan. 21, 2022
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Jun. 16, 2022
Jul. 31, 2021
Debt Instrument [Line Items]                
Debt instrument carrying amount       $ 3,209,345   $ 3,741,390   $ 1,000,000
Gain (loss) on extinguishment of debt       (728) $ (27,387)      
2032 Notes                
Debt Instrument [Line Items]                
Debt instrument carrying amount   $ 300,000            
Private offered aggregate principal amount rate   4.25%       4.25%   4.25%
Net percentage of proceeds from debt issuance   100.50%            
Proceeds from issuance of long-term debt   $ 1,500            
Debt issuance costs   $ 4,400            
4.25% 2032 notes                
Debt Instrument [Line Items]                
Debt instrument carrying amount       1,300,000   $ 1,300,000    
Private offered aggregate principal amount rate   4.25%     4.25% 4.25%   4.25%
6.375% 2032 notes                
Debt Instrument [Line Items]                
Debt instrument carrying amount $ 700,000     $ 700,000 $ 700,000 $ 700,000    
Private offered aggregate principal amount rate 6.375%       6.375% 6.375%    
Net percentage of proceeds from debt issuance 100.00%              
Debt issuance costs $ 10,400              
2027 notes                
Debt Instrument [Line Items]                
Gain (loss) on extinguishment of debt     $ 27,400          
Gain (Loss) on repurchase of debt instrument     20,700          
Write off of unamortized deferred loan cost     $ 6,700          
6.75% Senior Secured Notes Due 2027                
Debt Instrument [Line Items]                
Debt instrument carrying amount             $ 612,500  
Private offered aggregate principal amount rate             6.75%  
v3.25.0.1
Long-Term Debt - 2023 Debt Transactions - Additional Information (Detail) - USD ($)
 12 Months Ended
Apr. 03, 2023
Jan. 17, 2023
Feb. 04, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 31, 2021
Debt Instrument [Line Items]              
Debt instrument carrying amount       $ 3,741,390,000 $ 3,209,345,000   $ 1,000,000,000
Revolving credit facility, commitments $ 180,000,000            
Line of credit facility maximum borrowing capacity   $ 1,800,000,000          
Revolving credit facility due date Jan. 17, 2028            
Debt issuance costs       12,829,000 1,897,000 $ 16,797,000  
Gain (loss) on extinguishment of debt         (728,000) $ (27,387,000)  
Minimum              
Debt Instrument [Line Items]              
Debt instrument applicable rate   0.00%          
Maximum              
Debt Instrument [Line Items]              
Debt instrument applicable rate   0.50%          
SOFR | Minimum              
Debt Instrument [Line Items]              
Debt instrument applicable rate   1.10%          
SOFR | Maximum              
Debt Instrument [Line Items]              
Debt instrument applicable rate   1.60%          
2028 Facility              
Debt Instrument [Line Items]              
Revolving credit facility, commitments   $ 1,620,000,000          
Revolving credit facility due date   Jan. 17, 2028          
2026 Facility              
Debt Instrument [Line Items]              
Revolving credit facility, commitments   $ 180,000,000          
Revolving credit facility due date   Dec. 17, 2026          
Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt instrument carrying amount       0 $ 464,000,000    
Line of credit facility maximum borrowing capacity     $ 1,800,000,000 1,800,000,000      
Unamortized debt discount and debt issuance costs $ 700,000            
Debt issuance costs     $ 2,000,000 $ 1,900,000      
Revolving Credit Facility | Minimum              
Debt Instrument [Line Items]              
Debt instrument applicable rate       0.00%      
Revolving Credit Facility | Maximum              
Debt Instrument [Line Items]              
Debt instrument applicable rate       0.50%      
Revolving Credit Facility | SOFR | Minimum              
Debt Instrument [Line Items]              
Debt instrument applicable rate     1.35% 1.10%      
Revolving Credit Facility | SOFR | Maximum              
Debt Instrument [Line Items]              
Debt instrument applicable rate     1.60% 1.60%      
v3.25.0.1
Long-Term Debt - 2024 Debt Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
Feb. 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2021
Debt Instrument [Line Items]        
Debt instrument carrying amount   $ 3,741,390 $ 3,209,345 $ 1,000,000
6.375% 2034 notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount $ 1,000,000 $ 1,000,000    
Private offered aggregate principal amount rate 6.375% 6.375%    
Net percentage of proceeds from debt issuance 100.00%      
Debt issuance costs $ 12,800      
v3.25.0.1
Long-Term Debt - Revolving Credit Facility Amendments - Additional Information (Details) - USD ($)
 12 Months Ended
Jan. 17, 2023
Feb. 04, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]          
Line of credit facility maximum borrowing capacity $ 1,800,000,000        
Debt issuance costs     $ 12,829,000 $ 1,897,000 $ 16,797,000
Minimum          
Debt Instrument [Line Items]          
Debt instrument applicable rate 0.00%        
Minimum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate 1.10%        
Maximum          
Debt Instrument [Line Items]          
Debt instrument applicable rate 0.50%        
Maximum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate 1.60%        
Revolving Credit Facility          
Debt Instrument [Line Items]          
Increase in line of credit facility   $ 400,000,000      
Line of credit facility maximum borrowing capacity   $ 1,800,000,000 1,800,000,000    
Line of credit facility interest rate description   Effective with this amendment, the eurodollar rate loans and related interest rate benchmark were changed to term SOFR. The applicable margin ranges for term SOFR loans were amended to be from 1.35% to 1.60% and there are no changes to base rate loan borrowings.      
Debt issuance costs   $ 2,000,000 $ 1,900,000    
Revolving Credit Facility | Minimum          
Debt Instrument [Line Items]          
Debt instrument applicable rate     0.00%    
Revolving Credit Facility | Minimum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate   1.35% 1.10%    
Revolving Credit Facility | Maximum          
Debt Instrument [Line Items]          
Debt instrument applicable rate     0.50%    
Revolving Credit Facility | Maximum | SOFR          
Debt Instrument [Line Items]          
Debt instrument applicable rate   1.60% 1.60%    
v3.25.0.1
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - USD ($)
 12 Months Ended
Jan. 17, 2023
Feb. 04, 2022
Dec. 31, 2024
Feb. 29, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 15, 2022
Jan. 21, 2022
Jul. 31, 2021
Debt Instrument [Line Items]                  
Line of credit facility maximum borrowing capacity $ 1,800,000,000                
Line of credit facility outstanding     $ 3,741,390,000   $ 3,209,345,000       $ 1,000,000,000
Outstanding letters of credit     83,300,000            
Minimum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate 0.00%                
Minimum | SOFR                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate 1.10%                
Maximum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate 0.50%                
Maximum | SOFR                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate 1.60%                
4.25% 2032 notes                  
Debt Instrument [Line Items]                  
Line of credit facility outstanding     $ 1,300,000,000   1,300,000,000        
Private offered aggregate principal amount rate     4.25%     4.25%   4.25% 4.25%
6.375% 2032 notes                  
Debt Instrument [Line Items]                  
Line of credit facility outstanding     $ 700,000,000   700,000,000 $ 700,000,000 $ 700,000,000    
Private offered aggregate principal amount rate     6.375%     6.375% 6.375%    
6.375% 2034 notes                  
Debt Instrument [Line Items]                  
Line of credit facility outstanding     $ 1,000,000,000 $ 1,000,000,000          
Private offered aggregate principal amount rate     6.375% 6.375%          
Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of credit facility maximum borrowing capacity   $ 1,800,000,000 $ 1,800,000,000            
Line of credit facility, excess remaining borrowing capacity     1,600,000,000            
Line of credit facility outstanding     0   $ 464,000,000        
Outstanding letters of credit     $ 83,300,000            
Line of credit commitment fee percentage     0.20%            
Fronting fee per annum     0.125%            
Minimum fixed charge ratio     1.00            
Debt instrument, covenant description     In addition, the Revolving Facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $171.4 million as of December 31, 2024.            
Debt instrument minimum excess availability-dollars     $ 80,000,000            
Debt instrument minimum excess availability-percentage     10.00%            
Revolving Credit Facility | Minimum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate     0.00%            
Revolving Credit Facility | Minimum | SOFR                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate   1.35% 1.10%            
Revolving Credit Facility | Maximum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate     0.50%            
Revolving Credit Facility | Maximum | SOFR                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate   1.60% 1.60%            
Letter of Credit | Minimum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate     1.25%            
Letter of Credit | Maximum                  
Debt Instrument [Line Items]                  
Debt instrument applicable rate     1.50%            
v3.25.0.1
Long Term Debt - Senior Secured Notes due 2030 - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 03, 2023
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2021
Debt Instrument [Line Items]        
Debt instrument carrying amount   $ 3,741,390 $ 3,209,345 $ 1,000,000
Revolving credit facility due date Jan. 17, 2028      
2030 Notes        
Debt Instrument [Line Items]        
Debt instrument carrying amount   $ 550,000    
Revolving credit facility due date   Mar. 01, 2030    
Private offered aggregate principal amount rate   5.00%    
Debt instrument interest rate terms   payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2020.    
Purchase price, Percentage of principal amount   101.00%    
2030 Notes | Redemption Period Prior to March 1, 2025        
Debt Instrument [Line Items]        
Purchase price, Percentage of principal amount   100.00%    
v3.25.0.1
Long-Term Debt - Senior Secured Notes due 2032 - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 03, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 15, 2022
Jan. 21, 2022
Jul. 31, 2021
Debt Instrument [Line Items]              
Debt instrument carrying amount   $ 3,741,390 $ 3,209,345       $ 1,000,000
Senior secured term loan maturity date Jan. 17, 2028            
Redemption Period Within Five Years from Date of Issuance              
Debt Instrument [Line Items]              
Purchase price, Percentage of principal amount   100.00%          
Redemption Period Within Three Years from Date of Issuance | Maximum              
Debt Instrument [Line Items]              
Purchase price, Percentage of principal amount   40.00%          
2032 Notes              
Debt Instrument [Line Items]              
Debt instrument carrying amount           $ 300,000  
Private offered aggregate principal amount rate   4.25%       4.25% 4.25%
Purchase price, Percentage of principal amount   101.00%          
2032 Notes | Redemption Period Within Three Years from Date of Issuance | Maximum              
Debt Instrument [Line Items]              
Purchase price, Percentage of principal amount   40.00%          
4.25% 2032 notes              
Debt Instrument [Line Items]              
Debt instrument carrying amount   $ 1,300,000 1,300,000        
Debt instrument aggregate principal amount       $ 300,000     $ 1,000,000
Private offered aggregate principal amount rate   4.25%   4.25%   4.25% 4.25%
Senior secured term loan maturity date   Feb. 01, 2032          
Debt instrument interest rate terms   payable semi-annually on February 1 and August 1 of each year. The 6.375% 2032 notes mature on June 15, 2032, with interest accruing at a rate of 6.375% per annum and interest payable semi-annually on June 15 and December 15 of each year.          
6.375% 2032 notes              
Debt Instrument [Line Items]              
Debt instrument carrying amount   $ 700,000 $ 700,000 $ 700,000 $ 700,000    
Private offered aggregate principal amount rate   6.375%   6.375% 6.375%    
Senior secured term loan maturity date   Jun. 15, 2032          
Debt instrument interest rate terms   payable semi-annually on June 15 and December 15 of each year          
v3.25.0.1
Long-Term Debt - Senior Secured Notes due 2034 - Additional Information (Detail)
 12 Months Ended
Apr. 03, 2023
Dec. 31, 2024
Feb. 29, 2024
Debt Instrument [Line Items]      
Senior secured term loan maturity date Jan. 17, 2028    
Redemption Period Within Five Years from Date of Issuance      
Debt Instrument [Line Items]      
Purchase price, Percentage of principal amount   100.00%  
Redemption Period Within Three Years from Date of Issuance | Maximum      
Debt Instrument [Line Items]      
Purchase price, Percentage of principal amount   40.00%  
6.375% 2034 notes      
Debt Instrument [Line Items]      
Private offered aggregate principal amount rate   6.375% 6.375%
Senior secured term loan maturity date   Mar. 01, 2034  
Debt instrument interest rate terms   interest payable semi-annually on March 1 and September 1 of each year  
Purchase price, Percentage of principal amount   101.00%  
6.375% 2034 notes | Redemption Period Within Three Years from Date of Issuance      
Debt Instrument [Line Items]      
Purchase price, Percentage of principal amount   106.375%  
v3.25.0.1
Long-Term Debt - Future Maturities of Long-Term Debt (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]  
Thereafter $ 3,550,000
Total long-term debt $ 3,550,000
v3.25.0.1
Leases and Other Finance Obligations - Summary of Right-of-use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Operating lease right-of-use assets, net $ 594,301 $ 502,184
Finance lease right-of-use assets, net (included in property, plant and equipment, net) $ 1,318 $ 2,714
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Total right-of-use assets $ 595,619 $ 504,898
Current    
Current portion of operating lease liabilities 103,499 98,217
Current portion of finance lease liabilities (included in current maturities of long-term debt) $ 470 $ 1,184
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt Current maturities of long-term debt
Noncurrent    
Noncurrent portion of operating lease liabilities $ 525,213 $ 434,081
Noncurrent portion of finance lease liabilities (included in long-term debt, net of current maturities) $ 608 $ 1,113
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt, net of current maturities, discounts and issuance costs Long-term debt, net of current maturities, discounts and issuance costs
Total lease liabilities $ 629,790 $ 534,595
v3.25.0.1
Leases and Other Finance Obligations - Summary of Total Lease Costs (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]      
Operating lease costs $ 143,878 $ 144,243 $ 144,755
Amortization of finance lease right-of-use assets 1,120 2,089 1,876
Interest on finance lease liabilities 95 201 179
Variable lease costs 34,781 34,408 30,590
Total lease costs $ 179,874 $ 180,941 $ 177,400
v3.25.0.1
Leases and Other Finance Obligations - Summary of Future Maturities of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 136,195  
2026 127,053  
2027 112,578  
2028 100,534  
2029 80,167  
Thereafter 218,774  
Total lease payments 775,301  
Less: amount representing interest (146,589)  
Present value of lease liabilities 628,712  
Less: current portion (103,499) $ (98,217)
Long-term lease liabilities, net of current portion 525,213 434,081
Finance Leases    
2025 512  
2026 257  
2027 210  
2028 130  
2029 55  
Thereafter 0  
Total lease payments 1,164  
Less: amount representing interest (86)  
Present value of lease liabilities 1,078  
Less: current portion (470) (1,184)
Long-term lease liabilities, net of current portion $ 608 $ 1,113
v3.25.0.1
Leases and Other Finance Obligations - Summary of Weighted Average Lease Terms and Discount Rates (Detail)
Dec. 31, 2024
Dec. 31, 2023
Weighted average remaining lease term (years)    
Operating leases 7 years 6 years 7 months 6 days
Finance leases 3 years 2 years 9 months 18 days
Weighted average discount rate    
Operating leases 6.00% 6.00%
Finance leases 5.70% 6.10%
v3.25.0.1
Leases and Other Finance Obligations - Summary of Cash paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 132,989 $ 127,562 $ 125,311
Operating cash flows from finance leases 95 201 179
Financing cash flows from finance leases $ 1,182 $ 2,214 $ 1,844
v3.25.0.1
Leases and Other Finance Obligations - Other Finance Obligations - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Property
Other Finance Obligations [Line Items]  
Number of leased properties with single lessor | Property 115
Other finance obligation, renewal term 5 years
Total lease term 30 years
Master lease agreement description Company is party to 115 individual property lease agreements with a single lessor as of December 31, 2024. These lease agreements had initial terms ranging from nine to 15 years with renewal options in five-year increments providing for up to approximately 30-year total lease terms.
Other finance obligations $ 190.3
Payment of other finance obligation $ 20.6
Minimum  
Other Finance Obligations [Line Items]  
Other finance obligation, term 9 years
Maximum  
Other Finance Obligations [Line Items]  
Other finance obligation, term 15 years
v3.25.0.1
Leases and Other Finance Obligations - Summary of Future Maturities of Other Finance Obligation (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Other Finance Obligations [Abstract]  
2025 $ 16,272
2026 15,939
2027 15,874
2028 15,887
2029 15,907
Thereafter 103,127
Total $ 183,006
v3.25.0.1
Employee Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Option Outstanding 25,000 57,000  
Options granted 0 0 0
Options vested 0 0 0
Intrinsic value option exercised $ 5.4 $ 9.0 $ 3.6
Stock compensation expense 63.1 48.5 31.3
Recognized excess tax benefits for stock options exercised 27.6 16.3 16.2
Total unrecognized compensation cost $ 64.6    
Expected weighted average recognition period 1 year 10 months 24 days    
2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares reserved for share based compensation award 15,100,000    
Shares available for issuance 7,600,000    
Number of additional shares available for future issuance 400,000    
2014 Incentive Plan | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
2014 Incentive Plan | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 4 years    
2014 Incentive Plan | Cliff Vest | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
2014 Incentive Plan | Cliff Vest | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 4 years    
2007 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares available for issuance 0    
Option Outstanding 0    
2005 Equity Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares available for issuance 0    
Option Outstanding 0    
1998 Stock Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares available for issuance 0    
Option Outstanding 0    
Stock Options and SARS | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Granted term 10 years    
Restricted Stock Units (RSUs)      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total fair value of restricted stock/unit $ 53.6 $ 37.6 $ 29.0
Restricted Stock Units (RSUs) | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 1,000,000    
Service Condition Based Restricted Stock Unit Grants      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 636,000 1,118,000  
Weighted average grant date fair value, granted $ 186.61 $ 87.05 $ 62.46
Performance Market and Service Condition Based Restricted Stock Unit Grants      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
RSUs Outstanding 358,000 406,000  
Weighted average grant date fair value, granted $ 201.97 $ 88.48 $ 70.77
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock award granted vested period 3 years    
Increased or decreased percentage of total number of shares of additional common stock earned 10.00%    
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Percentage of number of shares of common stock earned 0.00%    
Performance Market and Service Condition Based Restricted Stock Unit Grants | 2014 Incentive Plan | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Percentage of number of shares of common stock earned 200.00%    
v3.25.0.1
Employee Stock-Based Compensation - Summary of Stock Option Activity (Detail)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Summarizes stock option activity  
Options, Outstanding Number, Beginning Balance | shares 57
Options, Exercised | shares (32)
Options, Outstanding Number, Ending Balance | shares 25
Exercisable Options, Outstanding Number, Ending Balance | shares 25
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 9.88
Weighted Average Exercise Price, Exercised | $ / shares 8.87
Weighted Average Exercise Price, Ending Balance | $ / shares 11.17
Exercisable, Weighted Average Exercise Price, Ending Balance | $ / shares $ 11.17
Weighted Average Remaining Years, Outstanding 1 year
Weighted Average Remaining Years, Exercisable 1 year
Aggregate Intrinsic Value, Outstanding | $ $ 3,303
Exercisable, Aggregate Intrinsic Value | $ $ 3,303
v3.25.0.1
Employee Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Service Condition Based Restricted Stock Unit Grants      
Summarizes restricted stock activity      
Shares, Nonvested, Beginning balance 1,118    
Shares, Granted 280    
Shares, Vested (716)    
Shares, Forfeited (46)    
Shares, Nonvested, Ending balance 636 1,118  
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance $ 68.35    
Weighted Average Grant Date Fair Value, Granted 186.61 $ 87.05 $ 62.46
Weighted Average Grant Date Fair Value, Vested 62.46    
Weighted Average Grant Date Fair Value, Forfeited 105.95    
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance $ 124.37 $ 68.35  
Performance Market and Service Condition Based Restricted Stock Unit Grants      
Summarizes restricted stock activity      
Shares, Nonvested, Beginning balance 406    
Shares, Granted 86    
Shares, Performance & market achievement adjustment 73    
Shares, Vested (185)    
Shares, Forfeited (22)    
Shares, Nonvested, Ending balance 358 406  
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance $ 72.22    
Weighted Average Grant Date Fair Value, Granted 201.97 $ 88.48 $ 70.77
Weighted Average Grant Date Fair Value, Performance & market achievement adjustment 47.85    
Weighted Average Grant Date Fair Value, Vested 47.85    
Weighted Average Grant Date Fair Value, Forfeited 105.81    
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance $ 108.87 $ 72.22  
v3.25.0.1
Income Taxes - Components of Income Tax Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal   $ 468,635 $ 789,465
State   77,475 125,460
Total current income tax expense (benefit)   546,110 914,925
Deferred:      
Federal   (82,150) (73,016)
State   (20,311) (19,445)
Total deferred income tax expense (benefit) $ (19,033) (102,461) (92,461)
Income tax expense $ 309,627 $ 443,649 $ 822,464
v3.25.0.1
Income Taxes - Reconciliation of Deferred Tax Assets and Liabilities (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Deferred tax assets related to:  
Operating lease liabilities $ 125,622
Accrued expenses 36,719
Insurance reserves 34,556
Operating loss and credit carryforwards 13,408
Inventories 13,132
Accounts receivable 10,338
Stock-based compensation expense 8,643
Other 7,813
Total deferred tax assets 250,231
Deferred tax liabilities related to:  
Property, plant and equipment (166,799)
Goodwill and other intangible assets (121,052)
Operating lease right-of-use assets (118,515)
Prepaid expenses (11,064)
Total deferred tax liabilities (417,430)
Net deferred tax liability $ (167,199)
v3.25.0.1
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal income tax 2.40% 2.30% 2.30%
Stock-based compensation windfall benefit (2.00%) (0.80%) (0.50%)
Permanent difference - credits (0.50%) (0.60%) (0.20%)
Permanent difference - other 0.20% 0.20%  
Other 0.40% (0.20%) 0.10%
Total effective rate for continuing operations 22.30% 22.40% 23.00%
162(m) Limitation      
Income Taxes [Line Items]      
Permanent difference 0.80% 0.50% 0.30%
v3.25.0.1
Income Taxes - Additional Information (Detail)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2024
USD ($)
States
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Income Taxes [Line Items]        
Uncertain tax position benefit affecting effective income tax rate   $ 19,700,000 $ 19,200,000  
Significant amount of uncertain tax position recorded in consolidated statement of operations and comprehensive income   2,900,000 1,800,000  
Accrued interest and penalties   $ 0 0 $ 0
Number of states | States   41    
Valuation allowance   $ 0 $ 0  
Minimum rate at which large multinational corporations are taxed 15.00%      
State        
Income Taxes [Line Items]        
State and Federal net Operating loss carry-forwards   34,500,000    
State and Federal Tax credit carry-forwards   $ 700,000    
State and Federal net Operating loss carry-forwards expiration year   2036    
Federal        
Income Taxes [Line Items]        
State and Federal net Operating loss carry-forwards expiration year   2034    
v3.25.0.1
Employee Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Contribution by Plan participants as annual compensation percentage 75.00%    
Plan Pro rata vesting period 5 years    
Plan Expenses recognized $ 37.6 $ 36.5 $ 36.4
v3.25.0.1
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding letters of credit $ 83.3
v3.25.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transactions [Abstract]      
Percentage of total net sales     1.00%
Related party transactions $ 0 $ 0  
v3.25.0.1
Segments - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
States
Store
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of Locations | Store 590    
Number of states | States 43    
Cost of sales | $ $ 11,017,448 $ 11,084,996 $ 14,982,039
v3.25.0.1
Subsequent Events - Additional Information (Detail) - Subsequent Event - OperatingLocations
Feb. 03, 2025
Jan. 02, 2025
Alpine Lumber Company    
Subsequent Event [Line Items]    
Effective date of acquisition   Jan. 02, 2025
Number of operating locations   21
O.C. Cluss Lumber    
Subsequent Event [Line Items]    
Effective date of acquisition Feb. 03, 2025