rock-20210930
false2021Q3000091256212/31P2Y00009125622021-01-012021-09-30xbrli:shares00009125622021-10-26iso4217:USD00009125622021-07-012021-09-3000009125622020-07-012020-09-3000009125622020-01-012020-09-30iso4217:USDxbrli:shares00009125622021-09-3000009125622020-12-3100009125622019-12-3100009125622020-09-300000912562us-gaap:CommonStockMember2020-12-310000912562us-gaap:AdditionalPaidInCapitalMember2020-12-310000912562us-gaap:RetainedEarningsMember2020-12-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000912562us-gaap:TreasuryStockMember2020-12-310000912562us-gaap:RetainedEarningsMember2021-01-012021-03-3100009125622021-01-012021-03-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000912562us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000912562us-gaap:CommonStockMember2021-01-012021-03-310000912562us-gaap:TreasuryStockMember2021-01-012021-03-310000912562us-gaap:CommonStockMember2021-03-310000912562us-gaap:AdditionalPaidInCapitalMember2021-03-310000912562us-gaap:RetainedEarningsMember2021-03-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000912562us-gaap:TreasuryStockMember2021-03-3100009125622021-03-310000912562us-gaap:RetainedEarningsMember2021-04-012021-06-3000009125622021-04-012021-06-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000912562us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000912562us-gaap:CommonStockMember2021-04-012021-06-300000912562us-gaap:TreasuryStockMember2021-04-012021-06-300000912562us-gaap:CommonStockMember2021-06-300000912562us-gaap:AdditionalPaidInCapitalMember2021-06-300000912562us-gaap:RetainedEarningsMember2021-06-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000912562us-gaap:TreasuryStockMember2021-06-3000009125622021-06-300000912562us-gaap:RetainedEarningsMember2021-07-012021-09-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000912562us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000912562us-gaap:CommonStockMember2021-07-012021-09-300000912562us-gaap:TreasuryStockMember2021-07-012021-09-300000912562us-gaap:CommonStockMember2021-09-300000912562us-gaap:AdditionalPaidInCapitalMember2021-09-300000912562us-gaap:RetainedEarningsMember2021-09-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000912562us-gaap:TreasuryStockMember2021-09-300000912562us-gaap:CommonStockMember2019-12-310000912562us-gaap:AdditionalPaidInCapitalMember2019-12-310000912562us-gaap:RetainedEarningsMember2019-12-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000912562us-gaap:TreasuryStockMember2019-12-310000912562us-gaap:RetainedEarningsMember2020-01-012020-03-3100009125622020-01-012020-03-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000912562us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000912562us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000912562srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000912562us-gaap:CommonStockMember2020-01-012020-03-310000912562us-gaap:TreasuryStockMember2020-01-012020-03-310000912562us-gaap:CommonStockMember2020-03-310000912562us-gaap:AdditionalPaidInCapitalMember2020-03-310000912562us-gaap:RetainedEarningsMember2020-03-310000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000912562us-gaap:TreasuryStockMember2020-03-3100009125622020-03-310000912562us-gaap:RetainedEarningsMember2020-04-012020-06-3000009125622020-04-012020-06-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000912562us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000912562us-gaap:CommonStockMember2020-04-012020-06-300000912562us-gaap:TreasuryStockMember2020-04-012020-06-300000912562us-gaap:CommonStockMember2020-06-300000912562us-gaap:AdditionalPaidInCapitalMember2020-06-300000912562us-gaap:RetainedEarningsMember2020-06-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000912562us-gaap:TreasuryStockMember2020-06-3000009125622020-06-300000912562us-gaap:RetainedEarningsMember2020-07-012020-09-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000912562us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000912562us-gaap:CommonStockMember2020-07-012020-09-300000912562us-gaap:TreasuryStockMember2020-07-012020-09-300000912562us-gaap:CommonStockMember2020-09-300000912562us-gaap:AdditionalPaidInCapitalMember2020-09-300000912562us-gaap:RetainedEarningsMember2020-09-300000912562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000912562us-gaap:TreasuryStockMember2020-09-300000912562srt:MaximumMember2021-04-012021-09-30rock:business0000912562rock:RenewableEnergyandConservationMember2021-01-012021-03-310000912562rock:AgtechMember2021-01-012021-03-310000912562rock:ResidentialProductsMember2021-01-012021-03-310000912562rock:TerraSmartLLCMember2021-01-012021-06-300000912562rock:TerraSmartLLCMember2020-12-310000912562rock:TerraSmartLLCMemberus-gaap:TrademarksMember2021-01-012021-03-310000912562rock:TerraSmartLLCMemberus-gaap:TechnologyEquipmentMember2021-01-012021-03-310000912562rock:TerraSmartLLCMemberus-gaap:CustomerRelationshipsMember2021-01-012021-03-310000912562rock:TerraSmartLLCMemberrock:BacklogMember2021-01-012021-03-310000912562rock:TerraSmartLLCMember2021-01-012021-03-310000912562rock:SunfigCorporationMember2020-12-112020-12-110000912562rock:SunfigCorporationMember2020-12-110000912562rock:ArchitecturalMailboxesLLCMember2020-10-152020-10-150000912562rock:ArchitecturalMailboxesLLCMember2020-10-150000912562rock:DeltaSeparationsLLCMember2020-02-132020-02-130000912562rock:DeltaSeparationsLLCMember2020-02-130000912562rock:ThermoEnergySystemsMember2020-01-152020-01-150000912562rock:ThermoEnergySystemsMember2020-01-150000912562rock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-110000912562us-gaap:TrademarksMemberrock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562us-gaap:TrademarksMemberrock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562us-gaap:TechnologyEquipmentMemberrock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562us-gaap:TechnologyEquipmentMembersrt:MinimumMember2020-12-112020-12-110000912562us-gaap:TechnologyEquipmentMembersrt:MaximumMember2020-12-112020-12-110000912562rock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMemberus-gaap:CustomerRelationshipsMember2020-12-112020-12-110000912562srt:MinimumMemberus-gaap:CustomerRelationshipsMember2020-12-112020-12-110000912562us-gaap:CustomerRelationshipsMembersrt:MaximumMember2020-12-112020-12-110000912562us-gaap:NoncompeteAgreementsMemberrock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562rock:BacklogMemberrock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562rock:BacklogMember2020-12-112020-12-110000912562rock:SunfigCorporationArchitecturalMailboxesLLCDeltaSeparationsLLCAndThermoEnergySystemsIncMember2020-12-112020-12-110000912562us-gaap:CostOfSalesMember2021-07-012021-09-300000912562us-gaap:CostOfSalesMember2020-07-012020-09-300000912562us-gaap:CostOfSalesMember2021-01-012021-09-300000912562us-gaap:CostOfSalesMember2020-01-012020-09-300000912562us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300000912562us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012020-09-300000912562us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300000912562us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-300000912562rock:RenewableEnergyandConservationMember2020-12-310000912562rock:ResidentialProductsMember2020-12-310000912562rock:AgtechMember2020-12-310000912562rock:InfrastructureMember2020-12-310000912562rock:RenewableEnergyandConservationMember2021-01-012021-09-300000912562rock:ResidentialProductsMember2021-01-012021-09-300000912562rock:AgtechMember2021-01-012021-09-300000912562rock:InfrastructureMember2021-01-012021-09-300000912562rock:RenewableEnergyandConservationMember2021-09-300000912562rock:ResidentialProductsMember2021-09-300000912562rock:AgtechMember2021-09-300000912562rock:InfrastructureMember2021-09-300000912562us-gaap:TrademarksMember2021-09-300000912562us-gaap:TrademarksMember2020-12-310000912562us-gaap:TrademarksMember2021-09-300000912562us-gaap:TrademarksMember2020-12-310000912562us-gaap:UnpatentedTechnologyMember2021-09-300000912562us-gaap:UnpatentedTechnologyMember2020-12-310000912562us-gaap:CustomerRelationshipsMember2021-09-300000912562us-gaap:CustomerRelationshipsMember2020-12-310000912562us-gaap:NoncompeteAgreementsMember2021-09-300000912562us-gaap:NoncompeteAgreementsMember2020-12-310000912562rock:BacklogMember2021-09-300000912562rock:BacklogMember2020-12-310000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMember2021-09-300000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMember2020-12-310000912562us-gaap:OtherDebtSecuritiesMember2021-09-300000912562us-gaap:OtherDebtSecuritiesMember2020-12-310000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMember2019-01-240000912562rock:A2019SeniorCreditAgreementMemberus-gaap:MediumTermNotesMember2019-01-24rock:debtCovenant0000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMember2021-01-012021-09-30xbrli:pure0000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMembersrt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-242019-01-240000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMembersrt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-242019-01-240000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMembersrt:MinimumMember2019-01-242019-01-240000912562us-gaap:LineOfCreditMemberrock:A2019SeniorCreditAgreementMembersrt:MaximumMember2019-01-242019-01-240000912562us-gaap:StandbyLettersOfCreditMemberrock:SeniorCreditAgreementMember2021-09-300000912562rock:SeniorCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-09-300000912562rock:SeniorCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2020-12-310000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-09-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2019-12-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-03-310000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-06-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012020-09-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012020-09-300000912562us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300000912562us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-09-300000912562rock:A2018PlanMemberus-gaap:CommonStockMember2018-05-040000912562rock:NonEmployeeDirectorsPlanMemberus-gaap:CommonStockMember2016-12-310000912562us-gaap:PerformanceSharesMember2021-01-012021-09-300000912562us-gaap:PerformanceSharesMember2020-01-012020-09-300000912562us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000912562us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300000912562rock:DeferredStockUnitsMember2021-01-012021-09-300000912562rock:DeferredStockUnitsMember2020-01-012020-09-300000912562us-gaap:RestrictedStockMember2021-01-012021-09-300000912562us-gaap:RestrictedStockMember2020-01-012020-09-300000912562us-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-09-300000912562us-gaap:PerformanceSharesMembersrt:MaximumMember2021-01-012021-09-300000912562rock:SharebasedCompensationMeasurementReturnOnInvestedCapitalMemberus-gaap:PerformanceSharesMemberrock:A2018PlanMember2021-01-012021-09-300000912562rock:SharebasedCompensationMeasurementGrossProfitThresholdMemberus-gaap:PerformanceSharesMemberrock:A2018PlanMembersrt:MinimumMember2021-01-012021-09-300000912562rock:SharebasedCompensationMeasurementGrossProfitThresholdMemberus-gaap:PerformanceSharesMemberrock:A2018PlanMembersrt:MaximumMember2021-01-012021-09-300000912562rock:SharebasedCompensationMeasurementTotalShareholderReturnMemberus-gaap:PerformanceSharesMemberrock:A2018PlanMember2021-01-012021-09-300000912562us-gaap:PerformanceSharesMemberrock:A2018PlanMembersrt:ScenarioForecastMember2023-01-012023-03-310000912562us-gaap:PerformanceSharesMemberrock:A2018PlanMember2021-01-012021-09-300000912562rock:NonCurrentLiabilitiesMember2021-09-300000912562rock:NonCurrentLiabilitiesMember2020-12-310000912562rock:ManagementStockPurchasePlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000912562rock:ManagementStockPurchasePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300000912562rock:ManagementStockPurchasePlanMember2021-01-012021-09-300000912562rock:ManagementStockPurchasePlanMember2020-01-012020-09-300000912562us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberrock:IndustrialBusinessSegmentMember2021-02-230000912562us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberrock:IndustrialBusinessSegmentMember2021-02-232021-02-230000912562us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberrock:IndustrialBusinessSegmentMember2020-10-012020-12-310000912562us-gaap:DiscontinuedOperationsHeldforsaleMemberrock:IndustrialBusinessSegmentMember2020-12-310000912562rock:IndustrialBusinessSegmentMember2020-12-310000912562us-gaap:DiscontinuedOperationsHeldforsaleMemberrock:IndustrialBusinessSegmentMember2021-07-012021-09-300000912562us-gaap:DiscontinuedOperationsHeldforsaleMemberrock:IndustrialBusinessSegmentMember2020-07-012020-09-300000912562us-gaap:DiscontinuedOperationsHeldforsaleMemberrock:IndustrialBusinessSegmentMember2021-01-012021-09-300000912562us-gaap:DiscontinuedOperationsHeldforsaleMemberrock:IndustrialBusinessSegmentMember2020-01-012020-09-300000912562us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberrock:ApartmentTourApplicationBusinessMember2020-06-302020-06-30rock:facility0000912562rock:RenewableEnergyandConservationMember2021-07-012021-09-300000912562rock:RenewableEnergyandConservationMember2020-07-012020-09-300000912562rock:ResidentialProductsMember2021-07-012021-09-300000912562rock:ResidentialProductsMember2020-07-012020-09-300000912562rock:AgtechMember2021-07-012021-09-300000912562rock:AgtechMember2020-07-012020-09-300000912562rock:InfrastructureMember2021-07-012021-09-300000912562rock:InfrastructureMember2020-07-012020-09-300000912562us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000912562us-gaap:CorporateNonSegmentMember2020-07-012020-09-300000912562rock:RenewableEnergyandConservationMember2020-01-012020-09-300000912562rock:ResidentialProductsMember2020-01-012020-09-300000912562rock:AgtechMember2020-01-012020-09-300000912562rock:InfrastructureMember2020-01-012020-09-300000912562us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000912562us-gaap:CorporateNonSegmentMember2020-01-012020-09-300000912562us-gaap:CostOfSalesMember2021-07-012021-09-300000912562us-gaap:CostOfSalesMember2020-07-012020-09-300000912562us-gaap:CostOfSalesMember2021-01-012021-09-300000912562us-gaap:CostOfSalesMember2020-01-012020-09-300000912562rock:SellingGeneralAndAdministrativeExpenseMember2021-07-012021-09-300000912562rock:SellingGeneralAndAdministrativeExpenseMember2020-07-012020-09-300000912562rock:SellingGeneralAndAdministrativeExpenseMember2021-01-012021-09-300000912562rock:SellingGeneralAndAdministrativeExpenseMember2020-01-012020-09-300000912562us-gaap:CommonStockMember2021-07-012021-09-300000912562us-gaap:CommonStockMember2020-07-012020-09-300000912562us-gaap:CommonStockMember2021-01-012021-09-300000912562us-gaap:CommonStockMember2020-01-012020-09-30rock:segment0000912562rock:RenewablesAndAgtechMember2021-01-012021-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2021-07-012021-09-300000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2020-07-012020-09-300000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2021-01-012021-09-300000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2020-01-012020-09-300000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2021-09-300000912562rock:RenewablesMemberus-gaap:OperatingSegmentsMember2020-12-310000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2021-09-300000912562rock:ResidentialProductsMemberus-gaap:OperatingSegmentsMember2020-12-310000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2021-09-300000912562us-gaap:OperatingSegmentsMemberrock:AgtechMember2020-12-310000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2021-09-300000912562rock:InfrastructureMemberus-gaap:OperatingSegmentsMember2020-12-310000912562us-gaap:CorporateNonSegmentMember2021-09-300000912562us-gaap:CorporateNonSegmentMember2020-12-310000912562us-gaap:OperatingSegmentsMemberus-gaap:SegmentDiscontinuedOperationsMember2021-09-300000912562us-gaap:OperatingSegmentsMemberus-gaap:SegmentDiscontinuedOperationsMember2020-12-310000912562rock:RenewablesMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000912562rock:ResidentialProductsMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000912562rock:AgtechMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000912562rock:InfrastructureMemberus-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000912562us-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:RenewablesMember2021-07-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:ResidentialProductsMember2021-07-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:AgtechMember2021-07-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:InfrastructureMember2021-07-012021-09-300000912562us-gaap:TransferredOverTimeMember2021-07-012021-09-300000912562rock:RenewablesMember2021-07-012021-09-300000912562rock:RenewablesMemberus-gaap:TransferredAtPointInTimeMember2020-07-012020-09-300000912562rock:ResidentialProductsMemberus-gaap:TransferredAtPointInTimeMember2020-07-012020-09-300000912562rock:AgtechMemberus-gaap:TransferredAtPointInTimeMember2020-07-012020-09-300000912562rock:InfrastructureMemberus-gaap:TransferredAtPointInTimeMember2020-07-012020-09-300000912562us-gaap:TransferredAtPointInTimeMember2020-07-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:RenewablesMember2020-07-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:ResidentialProductsMember2020-07-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:AgtechMember2020-07-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:InfrastructureMember2020-07-012020-09-300000912562us-gaap:TransferredOverTimeMember2020-07-012020-09-300000912562rock:RenewablesMember2020-07-012020-09-300000912562rock:RenewablesMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000912562rock:ResidentialProductsMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000912562rock:AgtechMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000912562rock:InfrastructureMemberus-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000912562us-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:RenewablesMember2021-01-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:ResidentialProductsMember2021-01-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:AgtechMember2021-01-012021-09-300000912562us-gaap:TransferredOverTimeMemberrock:InfrastructureMember2021-01-012021-09-300000912562us-gaap:TransferredOverTimeMember2021-01-012021-09-300000912562rock:RenewablesMember2021-01-012021-09-300000912562rock:RenewablesMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-09-300000912562rock:ResidentialProductsMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-09-300000912562rock:AgtechMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-09-300000912562rock:InfrastructureMemberus-gaap:TransferredAtPointInTimeMember2020-01-012020-09-300000912562us-gaap:TransferredAtPointInTimeMember2020-01-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:RenewablesMember2020-01-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:ResidentialProductsMember2020-01-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:AgtechMember2020-01-012020-09-300000912562us-gaap:TransferredOverTimeMemberrock:InfrastructureMember2020-01-012020-09-300000912562us-gaap:TransferredOverTimeMember2020-01-012020-09-300000912562rock:RenewablesMember2020-01-012020-09-30

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/b148d9efe353e2d58cf56d304a6bc306-rock-20210930_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 September 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 000-22462
 
GIBRALTAR INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter) 
Delaware 16-1445150
(State of 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 October 26, 2021, the number of common shares outstanding was: 32,680,312.



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.

2


Table of Contents
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
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net Sales$369,353 $296,792 $1,005,334 $767,377 
Cost of sales286,101 218,297 781,133 573,460 
Gross profit83,252 78,495 224,201 193,917 
Selling, general, and administrative expense45,274 37,552 141,999 109,449 
Income from operations37,978 40,943 82,202 84,468 
Interest expense491 217 1,180 483 
Other expense (income)72 (48)(4,279)(1,422)
Income before taxes37,415 40,774 85,301 85,407 
Provision for income taxes9,561 9,440 20,578 19,714 
Income from continuing operations27,854 31,334 64,723 65,693 
Discontinued operations:
(Loss) Income before taxes(201)2,814 1,867 9,390 
Provision for income taxes97 388 323 1,972 
(Loss) Income from discontinued operations(298)2,426 1,544 7,418 
Net income$27,556 $33,760 $66,267 $73,111 
Net earnings per share – Basic:
Income from continuing operations$0.85 $0.96 $1.97 $2.01 
(Loss) Income from discontinued operations(0.01)0.07 0.05 0.23 
Net income$0.84 $1.03 $2.02 $2.24 
Weighted average shares outstanding -- Basic32,802 32,635 32,791 32,606 
Net earnings per share – Diluted:
Income from continuing operations$0.84 $0.95 $1.96 $2.00 
(Loss) Income from discontinued operations(0.01)0.07 0.05 0.22 
Net income$0.83 $1.02 $2.01 $2.22 
Weighted average shares outstanding -- Diluted33,050 32,969 33,055 32,902 
See accompanying notes to consolidated financial statements.
3


Table of Contents
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income $27,556 $33,760 $66,267 $73,111 
Other comprehensive (loss) income:
Foreign currency translation adjustment(1,057)2,200 2,902 (883)
Minimum post retirement benefit plan adjustments27 18 81 54 
Other comprehensive (loss) income(1,030)2,218 2,983 (829)
Total comprehensive income $26,526 $35,978 $69,250 $72,282 
See accompanying notes to consolidated financial statements.
4


Table of Contents
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,
2021
December 31,
2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents$13,934 $32,054 
Accounts receivable, net of allowance of $5,799 and $3,529, respectively
260,624 197,990 
Inventories, net156,494 98,307 
Prepaid expenses and other current assets20,592 19,671 
Assets of discontinued operations 77,438 
Total current assets451,644 425,460 
Property, plant, and equipment, net96,263 89,562 
Operating lease assets19,858 25,229 
Goodwill508,660 514,279 
Acquired intangibles154,655 156,365 
Other assets1,135 1,599 
$1,232,215 $1,212,494 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$165,940 $134,738 
Accrued expenses71,663 83,505 
Billings in excess of cost42,133 34,702 
Liabilities of discontinued operations 49,295 
Total current liabilities279,736 302,240 
Long-term debt59,695 85,636 
Deferred income taxes37,000 39,057 
Non-current operating lease liabilities12,837 17,730 
Other non-current liabilities28,263 24,026 
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
  
Common stock, $0.01 par value; 100,000 shares and 50,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; 33,782 shares and 33,568 shares issued and outstanding in 2021 and 2020
338 336 
Additional paid-in capital312,658 304,870 
Retained earnings536,210 469,943 
Accumulated other comprehensive income (loss)522 (2,461)
Cost of 1,102 and 1,028 common shares held in treasury in 2021 and 2020
(35,044)(28,883)
Total stockholders’ equity814,684 743,805 
$1,232,215 $1,212,494 
See accompanying notes to consolidated financial statements.
5


Table of Contents
GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited) 
Nine Months Ended
September 30,
 20212020
Cash Flows from Operating Activities
Net income $66,267 $73,111 
Income from discontinued operations1,544 7,418 
Income from continuing operations64,723 65,693 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization23,958 15,749 
Stock compensation expense6,769 6,151 
Gain on sale of business (1,881)
Exit activity costs, non-cash1,193 505 
(Benefit of) provision for deferred income taxes(689)680 
Other, net1,274 763 
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable(65,297)(40,883)
Inventories(65,906)2,007 
Other current assets and other assets(316)6,055 
Accounts payable32,029 12,856 
Accrued expenses and other non-current liabilities(12,261)(22,379)
Net cash (used in) provided by operating activities of continuing operations(14,523)45,316 
Net cash (used in) provided by operating activities of discontinued operations(2,002)10,878 
Net cash (used in) provided by operating activities (16,525)56,194 
Cash Flows from Investing Activities
Purchases of property, plant, and equipment(13,312)(7,893)
Acquisitions, net of cash acquired4,143 (54,385)
Net proceeds from sale of business38,062 723 
Net proceeds from sale of property and equipment61 1,355 
Net cash provided by (used in) investing activities of continuing operations28,954 (60,200)
Net cash used in investing activities of discontinued operations(176)(952)
Net cash provided by (used in) investing activities28,778 (61,152)
Cash Flows from Financing Activities
Proceeds from long-term debt58,500  
Long-term debt payments(83,636) 
Purchase of common stock at market prices(6,161)(6,408)
Net proceeds from issuance of common stock1,021 377 
Net cash used in financing activities(30,276)(6,031)
Effect of exchange rate changes on cash(97)(558)
Net decrease in cash and cash equivalents(18,120)(11,547)
Cash and cash equivalents at beginning of year32,054 191,363 
Cash and cash equivalents at end of period$13,934 $179,816 
See accompanying notes to consolidated financial statements.
6


Table of Contents
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 units118 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 units3   — — 1 (118)(118)
Balance at June 30, 202133,718 $337 $310,728 $508,654 $1,552 1,083 $(33,663)$787,608 
Net income— — — 27,556 — — — 27,556 
Foreign currency translation adjustment— — — — (1,057)— — (1,057)
Minimum post retirement benefit plan adjustments, net of taxes of $9
— — — — 27 — — 27 
Stock compensation expense— — 1,834 — — — — 1,834 
Stock options exercised10 — 97 — — — — 97 
Net settlement of restricted stock units54 1 (1)— — 19 (1,381)(1,381)
Balance at September 30, 202133,782 $338 $312,658 $536,210 $522 1,102 $(35,044)$814,684 

See accompanying notes to consolidated financial statements.
7


Table of Contents
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 units193 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 
Net income— — — 33,760 — — — 33,760 
Foreign currency translation adjustment— — — — 2,200 — — 2,200 
Minimum post retirement benefit plan adjustments, net of taxes of $7
— — — — 18 — — 18 
Stock compensation expense— — 1,980 — — — — 1,980 
Stock options exercised31 — 299 — — — — 299 
Net settlement of restricted stock units75 1 (1)— — 31 (1,946)(1,946)
Balance at September 30, 202033,519 $335 $302,107 $478,488 $(6,220)1,024 $(28,635)$746,075 

See accompanying notes to consolidated financial statements.
8


Table of Contents
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 report on 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.



9


Table of Contents


(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):
September 30, 2021December 31, 2020
Trade accounts receivable$213,133 $174,604 
Costs in excess of billings53,290 26,915 
Total accounts receivables266,423 201,519 
Less allowance for doubtful accounts and contract assets(5,799)(3,529)
Accounts receivable, net$260,624 $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 nine month period ended September 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 recoveries1,972 
Accounts written off against allowance and other adjustments298 
Ending balance as of September 30, 2021$5,799 


(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.

10


Table of Contents
As of September 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 presented within accounts receivable in the Company's consolidated balance sheets. Contract liabilities consist of billings in excess of cost, classified as current liabilities, and unearned revenue, presented within accrued expenses, in the Company's consolidated balance sheets. Unearned revenue as of September 30, 2021 and December 31, 2020 was $3.2 million and $21.3 million, respectively. Revenue recognized during the nine months ended September 30, 2021 and 2020 that was in contract liabilities at the beginning of the respective periods was $52.6 million and $56.5 million, respectively.


(5)    INVENTORIES

Inventories consist of the following (in thousands):
September 30, 2021December 31, 2020
Raw material$119,966 $66,018 
Work-in-process7,420 5,382 
Finished goods34,434 31,205 
Gross inventory$161,820 $102,605 
Less reserves(5,326)(4,298)
Total inventories, net$156,494 $98,307 


(6)    ACQUISITIONS

2020 Acquisitions

During the year ended December 31, 2020, the Company acquired five businesses in separate transactions, described further below, 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. 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 (purchase consideration over the aggregate value of the assets acquired net of liabilities assumed) 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
11


Table of Contents
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):
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 $3.5 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
12


Table of Contents
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 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(14,959)
Property, plant and equipment1,740 
Acquired intangible assets38,066 
Other current assets1,528 
Other assets2,381 
Other liabilities(5,576)
Goodwill61,722 
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$8,100 Indefinite
Trademarks1,177 3 years
Technology8,345 
5 - 15 years
Customer relationships18,480 
11 - 13 years
Non-compete agreements1,036 5 years
Backlog928 
Less than 1 year
Total$38,066 

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.

13


Table of Contents
The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Cost of sales$ $ $ $634 
Selling, general and administrative costs53 16 946 1,564 
Total acquisition-related costs$53 $16 $946 $2,198 


(7)    GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 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(4,323)   (4,323)
Foreign currency translation(990) (306) (