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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/f5f43651e903f38da0f98d9026b7fee9-rock-20210630_g1.jpg
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 0-22462
 
GIBRALTAR INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter) 
Delaware 16-1445150
(State or incorporation ) (I.R.S. Employer Identification No.)
3556 Lake Shore RoadP.O. Box 2028BuffaloNew York 14219-0228
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (716826-6500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per shareROCKNASDAQ Stock Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  

As of August 2, 2021, the number of common shares outstanding was: 32,636,340.



Table of Contents
GIBRALTAR INDUSTRIES, INC.
INDEX
 
 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.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Net Sales$348,389 $255,184 $635,981 $470,585 
Cost of sales267,458 189,623 495,032 355,163 
Gross profit80,931 65,561 140,949 115,422 
Selling, general, and administrative expense49,522 34,813 96,725 71,897 
Income from operations31,409 30,748 44,224 43,525 
Interest expense245 222 689 266 
Other income(4,666)(1,892)(4,351)(1,374)
Income before taxes35,830 32,418 47,886 44,633 
Provision for income taxes9,457 7,961 11,017 10,274 
Income from continuing operations26,373 24,457 36,869 34,359 
Discontinued operations:
(Loss) Income before taxes(502)3,746 2,068 6,576 
(Benefit from) Provision for income taxes(78)911 226 1,584 
(Loss) Income from discontinued operations(424)2,835 1,842 4,992 
Net income$25,949 $27,292 $38,711 $39,351 
Net earnings per share – Basic:
Income from continuing operations$0.80 $0.75 $1.12 $1.05 
(Loss) Income from discontinued operations(0.01)0.09 0.06 0.16 
Net income$0.79 $0.84 $1.18 $1.21 
Weighted average shares outstanding -- Basic32,790 32,605 32,791 32,596 
Net earnings per share – Diluted:
Income from continuing operations$0.80 $0.74 $1.11 $1.05 
(Loss) Income from discontinued operations(0.01)0.09 0.06 0.15 
Net income$0.79 $0.83 $1.17 $1.20 
Weighted average shares outstanding -- Diluted33,056 32,860 33,071 32,868 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
Net income $25,949 $27,292 $38,711 $39,351 
Other comprehensive income (loss):
Foreign currency translation adjustment761 2,815 3,959 (3,083)
Minimum post retirement benefit plan adjustments27 18 54 36 
Other comprehensive income (loss)788 2,833 4,013 (3,047)
Total comprehensive income $26,737 $30,125 $42,724 $36,304 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
June 30,
2021
December 31,
2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents$16,963 $32,054 
Accounts receivable, net of allowance of $5,294 and $3,529
225,315 197,990 
Inventories, net133,625 98,307 
Prepaid expenses and other current assets23,641 19,671 
Assets of discontinued operations 77,438 
Total current assets399,544 425,460 
Property, plant, and equipment, net95,837 89,562 
Operating lease assets21,651 25,229 
Goodwill508,857 514,279 
Acquired intangibles159,734 156,365 
Other assets510 1,599 
$1,186,133 $1,212,494 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$168,917 $134,738 
Accrued expenses68,677 83,505 
Billings in excess of cost49,215 34,702 
Liabilities of discontinued operations 49,295 
Total current liabilities286,809 302,240 
Long-term debt32,309 85,636 
Deferred income taxes37,555 39,057 
Non-current operating lease liabilities14,391 17,730 
Other non-current liabilities27,461 24,026 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
  
Common stock, $0.01 par value; 100,000 and 50,000 shares authorized as June 30, 2021 and December 31, 2020, respectively; 33,718 shares and 33,568 shares issued and outstanding in 2021 and 2020
337 336 
Additional paid-in capital310,728 304,870 
Retained earnings508,654 469,943 
Accumulated other comprehensive income (loss)1,552 (2,461)
Cost of 1,083 and 1,028 common shares held in treasury in 2021 and 2020
(33,663)(28,883)
Total stockholders’ equity787,608 743,805 
$1,186,133 $1,212,494 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited) 
Six Months Ended
June 30,
 20212020
Cash Flows from Operating Activities
Net income $38,711 $39,351 
Income from discontinued operations1,842 4,992 
Income from continuing operations36,869 34,359 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization16,014 9,942 
Stock compensation expense4,935 4,171 
Gain on sale of business (1,881)
Exit activity costs, non-cash1,193 346 
Benefit of deferred income taxes(36)(195)
Other, net349 429 
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable(29,150)(26,289)
Inventories(42,686)3,289 
Other current assets and other assets(611)1,893 
Accounts payable35,174 (989)
Accrued expenses and other non-current liabilities(9,274)(36,042)
Net cash provided by (used in) operating activities of continuing operations12,777 (10,967)
Net cash (used in) provided by operating activities of discontinued operations(2,002)3,712 
Net cash provided by (used in) operating activities 10,775 (7,255)
Cash Flows from Investing Activities
Purchases of property, plant, and equipment(9,474)(4,178)
Acquisitions, net of cash acquired(2)(54,385)
Net proceeds from sale of business39,991 704 
Net proceeds from sale of property and equipment 59 
Net cash provided by (used in) investing activities of continuing operations30,515 (57,800)
Net cash used in investing activities of discontinued operations(176)(1,053)
Net cash provided by (used in) investing activities30,339 (58,853)
Cash Flows from Financing Activities
Proceeds from long-term debt31,200  
Long-term debt payments(83,636) 
Purchase of treasury stock at market prices(4,780)(4,462)
Net proceeds from issuance of common stock924 78 
Net cash used in financing activities(56,292)(4,384)
Effect of exchange rate changes on cash87 (12)
Net decrease in cash and cash equivalents(15,091)(70,504)
Cash and cash equivalents at beginning of year32,054 191,363 
Cash and cash equivalents at end of period$16,963 $120,859 
See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited) 
 Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive (Loss) Income
Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance at December 31, 202033,568 $336 $304,870 $469,943 $(2,461)1,028 $(28,883)$743,805 
Net income— — — 12,762 — — — 12,762 
Foreign currency translation adjustment— — — — 3,198 — — 3,198 
Minimum post retirement benefit plan adjustments, net of taxes of $10
— — — — 27 — — 27 
Stock compensation expense— — 2,368 — — — — 2,368 
Stock options exercised25 — 910 — — — — 910 
Net settlement of restricted stock units
118 1 (1)— — 54 (4,662)(4,662)
Balance at March 31, 202133,711 $337 $308,147 $482,705 $764 1,082 $(33,545)$758,408 
Net income— — — 25,949 — — — 25,949 
Foreign currency translation adjustment— — — — 761 — — 761 
Minimum post retirement benefit plan adjustments, net of taxes of $10
— — — — 27 — — 27 
Stock compensation expense— — 2,567 — — — — 2,567 
Stock options exercised1 — 14 — — — — 14 
Awards of common shares3 — — — — — — — 
Net settlement of restricted stock units
3   — — 1 (118)(118)
Balance at June 30, 202133,718 $337 $310,728 $508,654 $1,552 1,083 $(33,663)$787,608 

See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited) 
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Treasury StockTotal
Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 201933,192 $332 $295,582 $405,668 $(5,391)906 $(22,227)$673,964 
Net income— — — 12,059 — — — 12,059 
Foreign currency translation adjustment— — — — (5,898)— — (5,898)
Minimum post retirement benefit plan adjustments, net of taxes of $7
— — — — 18 — — 18 
Stock compensation expense— — 1,665 — — — — 1,665 
Cumulative effect of accounting change
— — — (291)— — — (291)
Stock options exercised3 — 24 — — — — 24 
Net settlement of restricted stock units
193 2 (2)— — 80 (4,184)(4,184)
Balance at March 31, 202033,388 $334 $297,269 $417,436 $(11,271)986 $(26,411)$677,357 
Net income— — — 27,292 — — — 27,292 
Foreign currency translation adjustment— — — — 2,815 — — 2,815 
Minimum post retirement benefit plan adjustments, net of taxes of $6
— — — — 18 — — 18 
Stock compensation expense— — 2,506 — — — — 2,506 
Stock options exercised6 — 54 — — — — 54 
Awards of common shares4 — — — — — — — 
Net settlement of restricted stock units15   — — 7 (278)(278)
Balance at June 30, 202033,413 $334 $299,829 $444,728 $(8,438)993 $(26,689)$709,764 

See accompanying notes to consolidated financial statements.
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GIBRALTAR INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(1)    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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(2)    RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncements Adopted
StandardDescriptionFinancial 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


(3)    ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable consists of the following (in thousands):
June 30, 2021December 31, 2020
Trade accounts receivable$182,015 $174,604 
Costs in excess of billings48,594 26,915 
Total accounts receivables230,609 201,519 
Less allowance for doubtful accounts and contract assets(5,294)(3,529)
Accounts receivable, net$225,315 $197,990 

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 six month period ended June 30, 2021, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.
Beginning balance as of January 1, 2021$3,529 
Bad debt expense, net of recoveries1,297 
Accounts written off against allowance and other adjustments468 
Ending balance as of June 30, 2021$5,294 


(4)    REVENUE

Sales includes revenue from contracts with customers for: designing, engineering, manufacturing and installation of solar racking systems; electrical balance of systems; roof and foundation ventilation products; centralized mail systems and electronic package solutions; retractable awnings; gutter guards; rain dispersion products; trims and flashings and other accessories; designing, engineering, manufacturing and installation of greenhouses; botanical extraction systems; structural bearings; expansion joints; pavement sealant; elastomeric concrete; and bridge cable protection systems.

Refer to Note 15 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment.

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As of June 30, 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 June 30, 2021 and December 31, 2020 was $4.7 million and $21.3 million, respectively. Revenue recognized during the three months ended June 30, 2021 and 2020 that was in contract liabilities at the beginning of the respective periods was $49.2 million and $53.3 million, respectively.


(5)    INVENTORIES

Inventories consist of the following (in thousands):
June 30, 2021December 31, 2020
Raw material$99,074 $66,018 
Work-in-process6,197 5,382 
Finished goods33,623 31,205 
Gross inventory$138,894 $102,605 
Less reserves(5,269)(4,298)
Total inventories, net$133,625 $98,307 


(6)    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 and TerraTrak LLC (collectively, "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 purchase consideration for the acquisition of TerraSmart was $223.9 million, which includes a working capital adjustment and certain other adjustments provided for in the equity 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 $139.1 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.


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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):
Cash$1,491 
Working capital7,148 
Property, plant and equipment11,758 
Acquired intangible assets64,150 
Other assets1,854 
Other liabilities(1,640)
Goodwill139,106 
Fair value of purchase consideration$223,867 

The intangible assets acquired in the TerraSmart acquisition consisted of the following (in thousands):
Fair ValueWeighted-Average Amortization Period
Trademarks$20,830 Indefinite
Technology1,940 12 years
Customer relationships35,110 12 years
Backlog6,270 Less than 1 year
Total$64,150 


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 purchase consideration of $3.8 million, which includes a 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 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.

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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):
Cash$200 
Working capital(14,957)
Property, plant and equipment1,740 
Acquired intangible assets38,296 
Other current assets1,528 
Other assets2,381 
Other liabilities(5,508)
Goodwill61,422 
Fair value of purchase consideration$85,102 

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):
Fair ValueWeighted-Average Amortization Period
Trademarks$8,200 Indefinite
Trademarks1,177 3 years
Technology8,175 
7 - 15 years
Customer relationships18,780 
5 - 13 years
Non-compete agreements1,036 5 years
Backlog928 
Less than 1 year
Total$38,296 

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 recognized costs as a component of cost of sales related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. The Company also 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.

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The acquisition-related costs consisted of the following for the three and six months ended June 30 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Cost of sales$ $634 $ $634 
Selling, general and administrative costs 288 893 1,548 
Total acquisition-related costs$ $922 $893 $2,182 


(7)    GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill
The changes in the carrying amount of goodwill for the six months ended June 30, 2021 are as follows (in thousands):
RenewablesResidentialAgtechInfrastructureTotal
Balance at December 31, 2020$192,527 $205,452 $84,622 $31,678 $514,279 
Adjustments to prior year acquisitions(4,593)   (4,593)
Foreign currency translation(990) 161  (829)
Balance at June 30, 2021$186,944 $205,452 $84,783 $31,678 $508,857 

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):
 June 30, 2021December 31, 2020
 Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Indefinite-lived intangible assets:
Trademarks$61,100 $ $56,570 $ 
Finite-lived intangible assets:
Trademarks5,550 3,747 5,818 3,385 
Unpatented technology38,386 19,194 38,752 17,765 
Customer relationships109,329 35,658 98,500 31,580 
Non-compete agreements2,691 1,859 4,885 1,747 
Backlog7,216 4,080 7,228 911 
163,172 64,538 155,183 55,388 
Total acquired intangible assets$224,272 $64,538 $211,753 $55,388 

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The following table summarizes the acquired intangible asset amortization expense for the three and six months ended June 30 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Amortization expense$4,736 $2,018 $9,479 $4,002 
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):
202120222023202420252026
Amortization expense$9,414 $12,167 $11,236 $11,055 $10,820 $9,186 


(8)    LONG-TERM DEBT

Long-term debt consists of the following (in thousands):
June 30, 2021December 31, 2020
Revolving credit facility$33,200 $85,000 
Other debt 636 
Less unamortized debt issuance costs(891) 
Total debt$32,309 $85,636 

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 June 30, 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 $6.6 million have been issued under the Senior Credit Agreement on behalf of the Company as of June 30, 2021. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $360.2 million and $309.2 million of availability under the revolving credit facility at June 30, 2021 and December 31, 2020, respectively.


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(9)    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 and six months ended June 30, (in thousands):