QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or incorporation ) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
PAGE NUMBER | |||||||||||
PART I. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net Sales | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Selling, general, and administrative expense | |||||||||||
Income from operations | |||||||||||
Interest expense | |||||||||||
Other expense | |||||||||||
Income before taxes | |||||||||||
Provision for income taxes | |||||||||||
Income from continuing operations | |||||||||||
Discontinued operations: | |||||||||||
Income before taxes | |||||||||||
Provision for income taxes | |||||||||||
Income from discontinued operations | |||||||||||
Net income | $ | $ | |||||||||
Net earnings per share – Basic: | |||||||||||
Income from continuing operations | $ | $ | |||||||||
Income from discontinued operations | |||||||||||
Net income | $ | $ | |||||||||
Weighted average shares outstanding -- Basic | |||||||||||
Net earnings per share – Diluted: | |||||||||||
Income from continuing operations | $ | $ | |||||||||
Income from discontinued operations | |||||||||||
Net income | $ | $ | |||||||||
Weighted average shares outstanding -- Diluted | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | ( | ||||||||||
Minimum post retirement benefit plan adjustments | |||||||||||
Other comprehensive income (loss) | ( | ||||||||||
Total comprehensive income | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Assets of discontinued operations | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Goodwill | |||||||||||
Acquired intangibles | |||||||||||
Other assets | |||||||||||
$ | $ | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Billings in excess of cost | |||||||||||
Liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Non-current operating lease liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Cost of | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
$ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Income from discontinued operations | |||||||||||
Income from continuing operations | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock compensation expense | |||||||||||
Exit activity costs, non-cash | |||||||||||
Benefit of deferred income taxes | ( | ||||||||||
Other, net | ( | ||||||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Other current assets and other assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other non-current liabilities | ( | ( | |||||||||
Net cash used in operating activities of continuing operations | ( | ( | |||||||||
Net cash (used in) provided by operating activities of discontinued operations | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash Flows from Investing Activities | |||||||||||
Purchases of property, plant, and equipment | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Net proceeds from sale of business | |||||||||||
Net proceeds from sale of property and equipment | |||||||||||
Net cash provided by (used in) investing activities of continuing operations | ( | ||||||||||
Net cash used in investing activities of discontinued operations | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from long-term debt | |||||||||||
Long-term debt payments | ( | ||||||||||
Purchase of treasury stock at market prices | ( | ( | |||||||||
Net proceeds from issuance of common stock | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Minimum post retirement benefit plan adjustments, net of taxes of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net settlement of restricted stock units | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Standard | Description | Financial Statement Effect or Other Significant Matters | ||||||||||||
ASU No. 2019-12 Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes | The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. | The standard is effective for the Company as of January 1, 2021. The Company adopted the amendments in this update and the adoption did not have a material impact to the Company’s financial statements. Date of adoption: Q1 2021 |
March 31, 2021 | December 31, 2020 | ||||||||||
Trade accounts receivable | $ | $ | |||||||||
Costs in excess of billings | |||||||||||
Total accounts receivables | |||||||||||
Less allowance for doubtful accounts and contract assets | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
Beginning balance as of January 1, 2021 | $ | ||||
Bad debt expense, net of recoveries | ( | ||||
Accounts written off against allowance and other adjustments | ( | ||||
Ending balance as of March 31, 2021 | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Raw material | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Gross inventory | $ | $ | |||||||||
Less reserves | ( | ( | |||||||||
Total inventories, net | $ | $ |
Cash | $ | ||||
Working capital | |||||
Property, plant and equipment | |||||
Acquired intangible assets | |||||
Other assets | |||||
Other liabilities | ( | ||||
Goodwill | |||||
Fair value of purchase consideration | $ |
Fair Value | Weighted-Average Amortization Period | ||||||||||
Trademarks | $ | Indefinite | |||||||||
Trademarks | |||||||||||
Technology | |||||||||||
Customer relationships | |||||||||||
Non-compete agreements | |||||||||||
Backlog | Less than 1 year | ||||||||||
Total | $ |
Cash | $ | ||||
Working capital | ( | ||||
Property, plant and equipment | |||||
Acquired intangible assets | |||||
Other current assets | |||||
Other assets | |||||
Other liabilities | ( | ||||
Goodwill | |||||
Fair value of purchase consideration | $ |
Fair Value | Weighted-Average Amortization Period | ||||||||||
Trademarks | $ | Indefinite | |||||||||
Trademarks | |||||||||||
Technology | |||||||||||
Customer relationships | |||||||||||
Non-compete agreements | |||||||||||
Backlog | Less than | ||||||||||
Total | $ |
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Adjustments to prior year acquisitions | |||||||||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trademarks | $ | $ | $ | $ | |||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Trademarks | |||||||||||||||||||||||
Unpatented technology | |||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||
Non-compete agreements | |||||||||||||||||||||||
Backlog | |||||||||||||||||||||||
Total acquired intangible assets | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Amortization expense | $ | $ |
2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||||||||||
Amortization expense | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Revolving credit facility | $ | $ | |||||||||
Other debt | |||||||||||
Less unamortized debt issuance costs | ( | ||||||||||
Total debt | $ | $ |
Foreign Currency Translation Adjustment | Minimum post retirement benefit plan adjustments | Total Pre-Tax Amount | Tax (Benefit) Expense | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Minimum post retirement health care plan adjustments | — | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||
Foreign Currency Translation Adjustment | Minimum post retirement benefit plan adjustments | Total Pre-Tax Amount | Tax (Benefit) Expense | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Minimum post retirement health care plan adjustments | — | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | — | ( | — | ( | ||||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Awards | Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards (2) | Weighted Average Grant Date Fair Value | |||||||||||||||||||
Performance stock units (1) | $ | $ | |||||||||||||||||||||
Restricted stock units | $ | $ | |||||||||||||||||||||
2021 | 2020 | ||||||||||
Restricted stock units credited | |||||||||||
Share-based liabilities paid (in thousands) | $ | $ |
December 31, 2020 | |||||
Assets | |||||
Accounts receivable, net | $ | ||||
Inventories, net | |||||
Prepaid expenses and other current assets | |||||
Total current assets (1) | |||||
Property, plant, and equipment, net | |||||
Operating lease assets | |||||
Goodwill | |||||
Acquired intangibles | |||||
Loss recognized on classification as held for sale | ( | ||||
Total noncurrent assets (1) | |||||
Total assets classified as held for sale | $ | ||||
Liabilities | |||||
Accounts payable | $ | ||||
Accrued expenses | |||||
Total current liabilities (1) | |||||
Deferred income taxes | |||||
Non-current operating lease liabilities | |||||
Other non-current liabilities | |||||
Total noncurrent liabilities (1) | |||||
Total liabilities classified as held for sale | $ |
2021 | 2020 | ||||||||||
Net sales | $ | $ | |||||||||
Operating expenses | |||||||||||
Adjustment to loss on disposal | |||||||||||
Interest expense allocation | |||||||||||
Income from discontinued operations before taxes | $ | $ |
Three months ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Asset impairment charges | Exit activity costs (recoveries), net | Total | Asset impairment charges | Exit activity costs | Total | ||||||||||||||||||||||||||||||
Renewables | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||
Agtech | |||||||||||||||||||||||||||||||||||
Infrastructure | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total exit activity costs & asset impairments | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of sales | $ | $ | |||||||||
Selling, general, and administrative expense | |||||||||||
Total asset impairment and exit activity charges | $ | $ |
2021 | 2020 | ||||||||||
Balance at January 1 | $ | $ | |||||||||
Exit activity costs recognized | |||||||||||
Cash payments | ( | ( | |||||||||
Balance at March 31 | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Provision for income taxes | $ | $ | |||||||||
Effective tax rate | % | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | $ | |||||||||
Income from discontinued operations | |||||||||||
Net income available to common stockholders | $ | $ | |||||||||
Denominator for basic earnings per share: | |||||||||||
Weighted average shares outstanding | |||||||||||
Denominator for diluted earnings per share: | |||||||||||
Weighted average shares outstanding | |||||||||||
Common stock options and stock units | |||||||||||
Weighted average shares and conversions |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net sales: | |||||||||||
Renewables | $ | $ | |||||||||
Residential | |||||||||||
Agtech | |||||||||||
Infrastructure | |||||||||||
Total net sales | $ | $ | |||||||||
Income from operations: | |||||||||||
Renewables | $ | ( | $ | ||||||||
Residential | |||||||||||
Agtech | |||||||||||
Infrastructure | |||||||||||
Unallocated Corporate Expenses | ( | ( | |||||||||
Total income from operations | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Total assets: | |||||||||||
Renewables | $ | $ | |||||||||
Residential | |||||||||||
Agtech | |||||||||||
Infrastructure | |||||||||||
Unallocated corporate assets | |||||||||||
Assets of discontinued operations | |||||||||||
$ | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | ||||||||||||||||||||||||||||
Over Time | |||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Renewables | Residential | Agtech | Infrastructure | Total | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Point in Time | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Over Time | |||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ | $ |
Business Acquired | Date of Acquisition in 2020 | Purchase price ( in millions) 1 | Description | ||||||||
TerraSmart LLC | December 31 | $ | 223.7 | Provider of screw-based, ground-mount solar racking technology, particularly used for solar projects installed on challenging terrain | |||||||
Sunfig Corporation | December 11 | $ | 3.8 | Provider of software solutions that optimize solar energy investments through upstream design, performance and financial modeling | |||||||
Architectural Mailboxes | October 15 | $ | 26.9 | Provider, designer, and developer of decorative residential mailboxes and related products | |||||||
Delta Separations | February 13 | $ | 47.1 | Provider of ethanol-based extraction systems manufacturer and training and laboratory design and operations consultative partner | |||||||
Thermo Energy Systems | January 15 | $ | 7.3 | Provider of commercial greenhouse solutions in North America supporting the biologically grown organic food market |
2021 | 2020 | ||||||||||||||||||||||
Net sales | $ | 287,592 | 100.0 | % | $ | 215,401 | 100.0 | % | |||||||||||||||
Cost of sales | 227,574 | 79.1 | % | 165,540 | 76.9 | % | |||||||||||||||||
Gross profit | 60,018 | 20.9 | % | 49,861 | 23.1 | % | |||||||||||||||||
Selling, general, and administrative expense | 47,203 | 16.4 | % | 37,084 | 17.2 | % | |||||||||||||||||
Income from operations | 12,815 | 4.5 | % | 12,777 | 5.9 | % | |||||||||||||||||
Interest expense | 444 | 0.2 | % | 44 | 0.0 | % | |||||||||||||||||
Other expense | 315 | 0.1 | % | 518 | 0.2 | % | |||||||||||||||||
Income before taxes | 12,056 | 4.2 | % | 12,215 | 5.7 | % | |||||||||||||||||
Provision for income taxes | 1,560 | 0.6 | % | 2,313 | 1.1 | % | |||||||||||||||||
Income from continuing operations | 10,496 | 3.6 | % | 9,902 | 4.6 | % | |||||||||||||||||
Income from discontinued operations | 2,266 | 0.8 | % | 2,157 | 1.0 | % | |||||||||||||||||
Net income | $ | 12,762 | 4.4 | % | $ | 12,059 | 5.6 | % |
Change due to | |||||||||||||||||||||||||||||
2021 | 2020 | Total Change | Acquisitions | Operations | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||
Renewables | $ | 85,512 | $ | 47,263 | $ | 38,249 | $ | 37,256 | $ | 993 | |||||||||||||||||||
Residential | 140,217 | 103,419 | 36,798 | 8,734 | 28,064 | ||||||||||||||||||||||||
Agtech | 46,739 | 49,234 | (2,495) | 4,600 | (7,095) | ||||||||||||||||||||||||
Infrastructure | 15,124 | 15,485 | (361) | — | (361) | ||||||||||||||||||||||||
Consolidated | $ | 287,592 | $ | 215,401 | $ | 72,191 | $ | 50,590 | $ | 21,601 |
2021 | 2020 | Total Change | |||||||||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||||
Renewables | $ | (521) | (0.6) | % | $ | 4,359 | 9.2 | % | $ | (4,880) | |||||||||||||||||||
Residential | 22,934 | 16.4 | % | 13,725 | 13.3 | % | 9,209 | ||||||||||||||||||||||
Agtech | 929 | 2.0 | % | 1,340 | 2.7 | % | (411) | ||||||||||||||||||||||
Infrastructure | 2,037 | 13.5 | % | 1,576 | 10.2 | % | 461 | ||||||||||||||||||||||
Unallocated Corporate Expenses | (12,564) | (4.4) | % | (8,223) | (3.8) | % | (4,341) | ||||||||||||||||||||||
Consolidated income from operations | $ | 12,815 | 4.5 | % | $ | 12,777 | 5.9 | % | $ | 38 |
(in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Cash and cash equivalents | $ | 20,731 | $ | 32,054 | ||||||||||
Availability on revolving credit facility | 334,780 | 309,175 | ||||||||||||
$ | 355,511 | $ | 341,229 |
2021 | 2020 | ||||||||||
Cash (used in) provided by: | |||||||||||
Operating activities of continuing operations | $ | (1,214) | $ | (43,826) | |||||||
Investing activities of continuing operations | 22,600 | (56,631) | |||||||||
Financing activities of continuing operations | (30,388) | (4,160) | |||||||||
Discontinued operations | (2,187) | 136 | |||||||||
Effect of foreign exchange rate changes | (134) | (916) | |||||||||
Net decrease in cash and cash equivalents | $ | (11,323) | $ | (105,397) |
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of the President and Chief Executive Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | ||||||||
Certification of the Senior Vice President and Chief Financial Officer pursuant to Title 18, United States Code, Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document * | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document * | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document * | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document * | |||||||
101.PRA | XBRL Taxonomy Extension Presentation Linkbase Document * | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document * |
* | Submitted electronically with this Quarterly Report on Form 10-Q. |
/s/ William T. Bosway | ||
William T. Bosway | ||
President and Chief Executive Officer |
/s/ Timothy F. Murphy | ||
Timothy F. Murphy | ||
Senior Vice President and Chief Financial Officer |
Date: | May 5, 2021 | /s/ William T. Bosway | |||||||||
William T. Bosway | |||||||||||
President and Chief Executive Officer |
Date: | May 5, 2021 | /s/ Timothy F. Murphy | |||||||||
Timothy F. Murphy | |||||||||||
Senior Vice President and Chief Financial Officer |
/s/ William T. Bosway | ||
William T. Bosway | ||
President and Chief Executive Officer | ||
May 5, 2021 |
/s/ Timothy F. Murphy | ||
Timothy F. Murphy | ||
Senior Vice President and Chief Financial Officer | ||
May 5, 2021 |
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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net income | $ 12,762 | $ 12,059 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 3,198 | (5,898) |
Minimum post retirement benefit plan adjustments | 27 | 18 |
Other comprehensive income (loss) | 3,225 | (5,880) |
Total comprehensive income | $ 15,987 | $ 6,179 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 3,319 | $ 3,529 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 33,711,000 | 33,711,000 |
Common stock, shares outstanding (in shares) | 33,568,000 | 33,568,000 |
Treasury stock, shares (in shares) | 1,082,000 | 1,028,000 |
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Adjustment to pension benefit liability, taxes | $ 10 | $ 7 |
Consolidated Financial Statements |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements of Gibraltar Industries, Inc. (the "Company") have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The Company's operations are seasonal; for this and other reasons, such as the impact of the COVID-19 pandemic, financial results for any interim period are not necessarily indicative of the results expected for any subsequent interim period or for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our annual Form 10-K for the year ended December 31, 2020. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.
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Recent Accounting Pronouncements (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements Adopted
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Accounts Receivable and Allowance for Doubtful Accounts |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable consists of the following (in thousands):
Refer to Note 4 "Revenue" concerning the Company's costs in excess of billings. The following table provides a roll-forward of the allowance for credit losses, for the three month period ended March 31, 2021, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.
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Revenue |
3 Months Ended |
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Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Sales includes revenue from contracts with customers for: designing, engineering, manufacturing and installation of solar racking systems and greenhouse structures; electrical balance of systems; extraction systems; roof and foundation ventilation products; centralized mail systems and electronic package solutions; rain dispersion products and roofing accessories; retractable awnings; gutter guards; expansion joints and structural bearings. Refer to Note 15 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. As of March 31, 2021, the Company's remaining performance obligations are part of contracts that have an original expected duration of one year or less. Contract assets consist of costs in excess of billings. Contract liabilities consist of billings in excess of cost and unearned revenue. Unearned revenue as of March 31, 2021 and December 31, 2020 was $13.1 million and $21.3 million, respectively. Revenue recognized during the three months ended March 31, 2021 and 2020 that was in contract liabilities at the beginning of the respective periods was $40.7 million and $38.1 million, respectively.
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Inventories |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories consist of the following (in thousands):
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Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS 2020 Acquisitions During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, two of which are included within our Renewables segment, two in our Agtech segment, and one in our Residential segment. The purchase consideration for each acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. On December 31, 2020, the Company purchased all the outstanding membership interests of TerraSmart LLC ("TerraSmart"), a leading provider of screw-based, ground-mount solar racking technology, particularly used for solar projects installed on challenging terrain. The results of TerraSmart have been included in the Company's consolidated financial results since the date of acquisition within the Company's Renewables segment. The preliminary purchase consideration for the acquisition of TerraSmart was $223.7 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The purchase price for the TerraSmart acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has commenced the process to confirm the existence, condition and completeness of the assets acquired and liabilities assumed to establish fair values of such acquired assets and assumed liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition. Due to the timing of the acquisition, we continue to gather information supporting the acquired assets and assumed liabilities. Accordingly, all amounts recorded are provisional. These provisional amounts are subject to change if new information is obtained concerning facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The final determination of the fair value of certain assets and liabilities will be completed within a measurement period of up to one year from the date of acquisition. The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant and equipment and acquired intangible assets. The preliminary excess consideration was recorded as goodwill and approximated $153.7 million, all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic solar energy market. The final purchase price allocation will be completed no later than December 31, 2021. The preliminary allocation of the TerraSmart purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):
The intangible assets acquired in the TerraSmart acquisition consisted of the following (in thousands):
On December 11, 2020, the Company purchased all the outstanding stock of Sunfig Corporation ("Sunfig"), a provider of software solutions that optimize solar energy investments through upstream design, performance and financial modeling, for a preliminary purchase consideration of $3.8 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the stock purchase agreement. The results of Sunfig have been included in the Company's consolidated financial results since the date of acquisition within the Company's Renewables segment. The excess consideration was recorded as goodwill and approximated $3.2 million, all of which is deductible for tax purposes. On October 15, 2020, the Company purchased substantially all of the assets of Architectural Mailboxes LLC ("Architectural Mailboxes"), a complementary addition to the Company's existing mail and package solutions business within the Residential segment, for a preliminary purchase consideration of $26.9 million, which includes a working capital adjustment and certain other adjustments provided for in the asset purchase agreement. The results of Architectural Mailboxes have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment. The excess consideration was recorded as goodwill and approximated $7.4 million, all of which is deductible for tax purposes. On February 13, 2020, the Company purchased substantially all of the assets of Delta Separations, LLC and Teaching Tech, LLC (collectively, "Delta Separations") for a purchase consideration of $47.1 million, which includes a working capital adjustment and certain other adjustments provided for in the asset purchase agreement. Delta Separations was a privately-held engineering company primarily engaged in the assembly and sale of centrifugal ethanol-based extraction systems. The results of Delta Separations have been included in the Company's consolidated financial results since the date of acquisition within the Company's Agtech segment. The excess consideration was recorded as goodwill and approximated $32.2 million, all of which is deductible for tax purposes. On January 15, 2020, the Company purchased substantially all of the assets of Thermo Energy Systems Inc. ("Thermo"), a Canadian-based, privately held provider of commercial greenhouse solutions in North America providing growing infrastructure for the plant based organic food market, for a purchase consideration of $7.3 million. The results of Thermo have been included in the Company's consolidated financial results since the date of acquisition within the Company's Agtech segment. Goodwill of approximately $18.7 million was recorded, all of which is deductible for tax purposes. The preliminary allocation of the purchase price for Sunfig and Architectural Mailboxes remains subject to adjustments during the measurement period as third-party valuations are finalized. The preliminary and final allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands):
Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the respective markets. The intangible assets acquired in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo consisted of the following (in thousands):
In determining the allocation of the purchase price to the assets acquired and the liabilities assumed, the Company uses all available information to make fair value determinations using Level 3 unobservable inputs in which little or no market data exists, and therefore, engages independent valuation specialists to assist in the fair value determination of the acquired long-lived assets. The acquisition of TerraSmart was financed through a combination of cash on hand and borrowings under the Company's revolving credit facility. The acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo were funded from available cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees. These costs were recognized as a component of selling, general, and administrative expenses in the consolidated statement of operations. During the three months ended March 31, 2021 and 2020, the Company incurred $0.9 million and $1.3 million, respectively, in acquisition-related costs. The Company did not recognize acquisition-related costs as a component of cost of sales for the three months ended March 31, 2021 and 2020, respectively.
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Goodwill and Related Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND RELATED INTANGIBLE ASSETS | GOODWILL AND RELATED INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows (in thousands):
The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. Acquired Intangible Assets Acquired intangible assets consist of the following (in thousands):
The following table summarizes the acquired intangible asset amortization expense for the three months ended March 31 (in thousands):
Amortization expense related to acquired intangible assets for the remainder of fiscal 2021 and the next five years thereafter is estimated as follows (in thousands):
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Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands):
Senior Credit Agreement On January 24, 2019, the Company entered into a Sixth Amended and Restated Credit Agreement ("Senior Credit Agreement"), which amended and restated the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015, and provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing from the lenders to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Senior Credit Agreement. The Senior Credit Agreement contains three financial covenants. As of March 31, 2021, the Company was in compliance with all three covenants. Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125% to 2.00%. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio (as defined in the Senior Credit Agreement) and the daily average undrawn balance. The Senior Credit Agreement terminates on January 23, 2024. Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Standby letters of credit of $6.2 million have been issued under the Senior Credit Agreement on behalf of the Company as of March 31, 2021. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $334.8 million and $309.2 million of availability under the revolving credit facility at March 31, 2021 and December 31, 2020, respectively.
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Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following tables summarize the cumulative balance of each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, (in thousands):
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Equity-Based Compensation |
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Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION On May 4, 2018, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan provides for the issuance of up to 1,000,000 shares of common stock and supplements the remaining shares available for issuance under the Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 Plan"). Both the 2018 Plan and the 2015 Plan allow the Company to grant equity-based incentive compensation awards, in the form of non-qualified options, restricted shares, restricted stock units, performance shares, performance stock units, and stock rights to eligible participants. In 2016, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which allows the Company to grant awards of shares of the Company's common stock to non-employee Directors of the Company and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan. Equity Based Awards - Settled in Stock The following table sets forth the number of equity-based awards granted during the three months ended March 31, which will convert to shares upon vesting, along with the weighted average grant date fair values:
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of performance stock units granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one-year performance period or revenue, gross profit and operating profit thresholds over a c or three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total stockholder return (“TSR”) performance, on a percentile basis, over a three year performance period compared to the S&P Small Cap Industrial sector, over the same three year performance period. (2) PSUs granted in the first quarter of 2020 include 72,239 units that will be converted to shares and issued to recipients in the first quarter of 2023 at 109.5% of the target amount granted, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2020. Equity Based Awards - Settled in Cash The Company's equity-based liability is comprised of awards under a management stock purchase plan. As of March 31, 2021, the Company's total share-based liabilities recorded on the consolidated balance sheet were $19.3 million, of which $16.4 million was included in non-current liabilities. The share-based liabilities as of December 31, 2020 were $18.2 million, of which $14.7 million was included in non-current liabilities. The Management Stock Purchase Plan ("MSPP") provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their directors’ fees, convertible to restricted stock units. Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their compensation. The deferrals and related company match are credited to an account that represents a share-based liability. The portion of the account deferred to unrestricted investments is measured at fair market value of the unrestricted investments, and the portion of the account deferred to restricted stock units and company-matching restricted stock units is measured at a 200-day average of the Company’s stock price. The account will be converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company. The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the three months ended March 31,:
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On February 23, 2021, the Company sold the stock of its Industrial business which had been classified as held for sale and reported as a discontinued operation in the Company’s consolidated financial statements for the year ended December 31, 2020. Net proceeds of $38 million, consisting of cash and a $13 million seller note, resulted in an estimated pre-tax loss of $30 million, subject to working capital and other adjustments, of which $29.6 million was recorded when the assets of the Industrial business were written down to fair market value during the fourth quarter of 2020. The results of operations and financial position of the Industrial business have been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. The Company allocates interest to its discontinued operations in accordance with ASC Subtopic 205-20, “Presentation of Financial Statements – Discontinued Operations.” Interest was allocated based on the amount of net assets held by the discontinued operation in comparison to consolidated net assets. The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business has been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations, respectively, in the consolidated balance sheet at December 31, 2020 (in thousands):
(1) The assets and liabilities of the discontinued operations were classified as current on the December 31, 2020 consolidated balance sheet, as it was probable that the sale would occur and proceeds will be collected within one year. Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three months ended March 31 are as follows (in thousands):
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Exit Activity Costs and Asset Impairments |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTSThe Company has incurred exit activity costs and asset impairment charges as a result of its 80/20 simplification and portfolio management initiatives. These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, the simplification of processes, the sale and exiting of less profitable businesses or product lines, and a reduction in our manufacturing footprint. Exit activity costs were incurred during the three months ended March 31, 2021 which related to moving and closing costs, contract terminations, and severance, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company closed two facilities during the three months ended March 31, 2021. Exit activity costs were incurred from the above initiatives for the three months ended March 31, 2020. No facilities were closed as a result of these initiatives during the three months ended March 31, 2020. The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands):
The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three months ended March 31, (in thousands):
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three months ended March 31, and the applicable effective tax rates:
The effective tax rate for the three months ended March 31, 2021 and 2020, respectively, was less than the U.S. federal statutory rate of 21% due to favorable discrete items due to an excess tax benefit on stock-based compensation, partially offset by state taxes and nondeductible permanent differences.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings and weighted-average of diluted shares outstanding are as follows for the three months ended March 31, (in thousands):
The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards. There were no anti-dilutive shares outstanding for the three months ended March 31, 2021 and 18,000 for the three months ended March 31, 2020.
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Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is organized into four reportable segments on the basis of the production processes, products and services provided by each segment, identified as follows: (i)Renewables, which primarily includes designing, engineering, manufacturing and installation of solar racking and electrical balance of systems; (ii)Residential, which primarily includes roof and foundation ventilation products, centralized mail systems and electronic package solutions, retractable awnings and gutter guards, and rain dispersion products, trims and flashings and other accessories; (iii)Agtech, which provides growing and processing solutions including the designing, engineering, manufacturing and installation of greenhouses, and botanical extraction systems; and (iv)Infrastructure, which primarily includes structural bearings, expansion joints and pavement sealant for bridges, airport runways and roadways, elastomeric concrete, and bridge cable protection systems. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. During the first quarter of 2021, the Company reassessed its reportable segments. As a result, the Company's former Renewable Energy and Conservation segment was divided into two reportable segments: Renewables and Agtech. The following table illustrates certain measurements used by management to assess performance of the segments described above for the three months ended March 31, (in thousands):
The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three months ended March 31 (in thousands):
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Recent Accounting Pronouncements (Policies) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted
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Accounting Policies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Adopted
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Accounts Receivable and Allowance for Doubtful Accounts (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consists of the following (in thousands):
The following table provides a roll-forward of the allowance for credit losses, for the three month period ended March 31, 2021, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consist of the following (in thousands):
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Acquisitions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the TerraSmart purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):
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Schedule of Acquired Intangible Assets | The intangible assets acquired in the TerraSmart acquisition consisted of the following (in thousands):
The intangible assets acquired in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo consisted of the following (in thousands):
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Goodwill and Related Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows (in thousands):
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Schedule Of Acquired Intangible Assets | Acquired intangible assets consist of the following (in thousands):
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Schedule of Acquired Intangible Asset Amortization Expense | The following table summarizes the acquired intangible asset amortization expense for the three months ended March 31 (in thousands):
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Schedule Of Amortization Expense | Amortization expense related to acquired intangible assets for the remainder of fiscal 2021 and the next five years thereafter is estimated as follows (in thousands):
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Long-term debt consists of the following (in thousands):
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Components Of Accumulated Other Comprehensive Loss | The following tables summarize the cumulative balance of each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, (in thousands):
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Equity-Based Compensation (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Number Of Awards And Weighted Average Grant Date Fair Value | The following table sets forth the number of equity-based awards granted during the three months ended March 31, which will convert to shares upon vesting, along with the weighted average grant date fair values:
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of performance stock units granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one-year performance period or revenue, gross profit and operating profit thresholds over a c or three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total stockholder return (“TSR”) performance, on a percentile basis, over a three year performance period compared to the S&P Small Cap Industrial sector, over the same three year performance period. (2) PSUs granted in the first quarter of 2020 include 72,239 units that will be converted to shares and issued to recipients in the first quarter of 2023 at 109.5% of the target amount granted, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2020.
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Management Stock Purchase Plan | The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the three months ended March 31,:
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Discontinued Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following carrying amounts of the major classes of assets and liabilities included in discontinued operations related to the Industrial business has been segregated from the Company's continuing operations and are reported as assets and liabilities of discontinued operations, respectively, in the consolidated balance sheet at December 31, 2020 (in thousands):
(1) The assets and liabilities of the discontinued operations were classified as current on the December 31, 2020 consolidated balance sheet, as it was probable that the sale would occur and proceeds will be collected within one year. Components of income from discontinued operations before taxes, including the interest allocated to discontinued operations, for the three months ended March 31 are as follows (in thousands):
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Exit Activity Costs and Asset Impairments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Exit Activity Costs And Asset Impairments | The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands):
The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three months ended March 31, (in thousands):
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Reconciliation Of Liability For Exit Activity Costs Relating To Facility Consolidation Efforts | The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Provision For Income Taxes For Continuing Operations | The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three months ended March 31, and the applicable effective tax rates:
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Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Computation Of Basic And Diluted Loss Per Share | Basic earnings and weighted-average of diluted shares outstanding are as follows for the three months ended March 31, (in thousands):
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Sales To Earnings Before Income Taxes by Segment | The following table illustrates certain measurements used by management to assess performance of the segments described above for the three months ended March 31, (in thousands):
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Disaggregation of Revenue | The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three months ended March 31 (in thousands):
|
Accounts Receivable and Allowance for Doubtful Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Receivables [Abstract] | ||
Trade accounts receivable | $ 175,277 | $ 174,604 |
Costs in excess of billings | 27,640 | 26,915 |
Total accounts receivables | 202,917 | 201,519 |
Less allowance for doubtful accounts and contract assets | (3,319) | (3,529) |
Accounts receivable, net | $ 199,598 | $ 197,990 |
Accounts Receivable and Allowance for Doubtful Accounts - Schedule of Accounts Receivable Allowance for Credit Losses (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance as of January 1, 2021 | $ 3,529 |
Bad debt expense, net of recoveries | (159) |
Accounts written off against allowance and other adjustments | (51) |
Ending balance as of March 31, 2021 | $ 3,319 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unearned revenue | $ 13.1 | $ 21.3 | |
Revenue recognized that was in contract liabilities at the beginning of the period | $ 40.7 | $ 38.1 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maximum | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Remaining performance obligation expected timing of satisfaction | 1 year |
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw material | $ 73,364 | $ 66,018 |
Work-in-process | 4,844 | 5,382 |
Finished goods | 32,757 | 31,205 |
Gross inventory | 110,965 | 102,605 |
Less reserves | (3,961) | (4,298) |
Inventories, net | $ 107,004 | $ 98,307 |
Acquisitions (Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jan. 15, 2020 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 523,446 | $ 514,279 | |
TerraSmart LLC | |||
Business Acquisition [Line Items] | |||
Cash | 1,491 | ||
Working capital | 7,158 | ||
Property, plant, and equipment | 9,396 | ||
Acquired intangible assets | 51,700 | ||
Other assets | 1,855 | ||
Other liabilities | (1,636) | ||
Goodwill | 153,690 | ||
Fair value of purchase consideration | $ 223,654 | ||
Sunfig Corporation, Architectural Mailboxes, LLC, Delta Separations, LLC, and Thermo Energy Systems Inc. | |||
Business Acquisition [Line Items] | |||
Cash | $ 200 | ||
Working capital | (14,957) | ||
Property, plant, and equipment | 1,740 | ||
Acquired intangible assets | 38,296 | ||
Other current assets | 1,528 | ||
Other assets | 2,381 | ||
Other liabilities | (5,508) | ||
Goodwill | 61,422 | ||
Fair value of purchase consideration | $ 85,102 |
Goodwill and Related Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 4,743 | $ 1,984 |
Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 14,140 |
2022 | 12,120 |
2023 | 11,195 |
2024 | 11,014 |
2025 | 10,780 |
2026 | $ 8,700 |
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Less unamortized debt issuance costs | $ (977) | $ 0 |
Total debt | 58,023 | 85,636 |
Other Debt Obligations | ||
Debt Instrument [Line Items] | ||
Long term debt gross | 0 | 636 |
Line of Credit | 2019 Senior Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long term debt gross | $ 59,000 | $ 85,000 |
Equity-Based Compensation - Incentive Plan (Details) |
May 04, 2018
shares
|
---|---|
2018 Plan | Common Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized (in shares) | 1,000,000 |
Equity-Based Compensation (Equity Based Awards - Settled in Cash) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | $ 19,300,000 | $ 18,200,000 | |
Non Current Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued equity based compensation | 16,400,000 | $ 14,700,000 | |
Management Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based liabilities paid (in thousands) | $ 3,510,000 | $ 4,433,000 | |
Management Stock Purchase Plan | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average company stock price measurement period | 200 days | ||
Restricted stock units credited (in shares) | $ 24,085 | $ 52,411 |
Discontinued Operations - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Industrial Business Segment - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 22, 2021 |
Dec. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds | $ 38.0 | |
Net proceeds, seller note | 13.0 | |
Estimated pre-tax loss | $ 30.0 | |
Adjustment to loss on disposal | $ 29.6 |
Exit Activity Costs and Asset Impairments (Narrative) (Details) - facility |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring and Related Activities [Abstract] | ||
Number of facilities closed | 2 | 0 |
Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 5,240 | $ 293 |
Exit activity costs (recoveries), net | 4,047 | 293 |
Cost of sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | 5,047 | 69 |
Selling, general, and administrative expense | ||
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 193 | $ 224 |
Exit Activity Costs and Asset Impairments (Reconciles of Liability for Exit Activity Costs Relating to Facility Consolidation Efforts) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 1,030 | $ 2,083 |
Exit activity costs (recoveries), net | 4,047 | 293 |
Cash payments | (1,464) | (1,365) |
Ending balance | $ 3,613 | $ 1,011 |
Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,560 | $ 2,313 |
Effective tax rate | 12.90% | 18.90% |
Income Taxes (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
Earnings per Share (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Income from continuing operations | $ 10,496 | $ 9,902 |
Income from discontinued operations | 2,266 | 2,157 |
Net income available to common stockholders | $ 12,762 | $ 12,059 |
Weighted average basic shares outstanding (in shares) | 32,771,000 | 32,586,000 |
Common stock options and restricted stock (in shares) | 333,000 | 297,000 |
Weighted average shares outstanding, diluted (in shares) | 33,104,000 | 32,883,000 |
Common shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share calculation (in shares) | 0 | 18,000 |
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