0000912562-23-000037 | 10-Q | XBRL Viewer

Exit Activity Costs and Asset Impairments (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Summary Of Exit Activity Costs And Asset Impairments

The following tables set forth the exit activity costs (recoveries) and asset impairment charges (recoveries) incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands):


	Three Months Ended June 30,
	2023						2022
	Exit activity costs		Asset impairment charges		Total		Exit activity costs		Asset impairment charges		Total
Renewables	$	2,909	$	40	$	2,949	$	75	$	—	$	75
Residential	—		—		—		1,295		—		1,295
Agtech	156		—		156		97		—		97
Infrastructure	—		—		—		—		—		—
Corporate	—		—		—		62		—		62
Total	$	3,065	$	40	$	3,105	$	1,529	$	—	$	1,529


	Six Months Ended June 30,
	2023						2022
	Exit activity costs		Asset impairment recovery		Total		Exit activity costs (recoveries), net		Asset impairment charges		Total
Renewables	$	2,909	$	(23)	$	2,886	$	1,403	$	1,198	$	2,601
Residential	114		—		114		1,298		—		1,298
Agtech	717		—		717		88		—		88
Infrastructure	—		—		—		(63)		—		(63)
Corporate	—		—		—		82		—		82
Total	$	3,740	$	(23)	$	3,717	$	2,808	$	1,198	$	4,006

The following table provides a summary of where the exit activity costs and asset impairment charges were recorded in the consolidated statements of income for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	3,098	$	80	$	3,611	$	2,288
Selling, general, and administrative expense	7		1,449		106		1,718
Total exit activity and asset impairment charges	$	3,105	$	1,529	$	3,717	$	4,006

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):


	2023		2022
Balance at January 1	$	2,417	$	272
Exit activity costs recognized	3,740		2,808
Cash payments	(2,377)		(1,951)
Balance at June 30	$	3,780	$	1,129

Acquisition

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

On August 22, 2022, the Company purchased all the issued and outstanding membership interests of Quality Aluminum Products ("QAP"), a manufacturer of aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding. The results of QAP have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment. The purchase consideration for the acquisition of QAP was $52.1 million, which includes a working capital adjustment and certain other adjustments provided for in the membership interest purchase agreement.

The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has completed the process to confirm the existence, condition, and completeness of the assets acquired and liabilities assumed to establish fair value of such assets and liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition. The final determination of the fair value of certain assets and liabilities has been completed within a measurement period of up to one year from the date of acquisition. The excess consideration was recorded as goodwill and approximated $4.0 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 building products markets.

The allocation of the 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	$	1,018
Working capital	23,372
Property, plant and equipment	8,486
Acquired intangible assets	14,700
Other assets	1,813
Other liabilities	(1,295)
Goodwill	3,991
Fair value of purchase consideration	$	52,085

The intangible assets acquired in this acquisition consisted of the following (in thousands):


	Fair Value		Weighted-Average Amortization Period
Trademarks	$	2,800	Indefinite


Customer relationships	11,900		12 years
Total	$	14,700

In determining the allocation of the purchase price to the assets acquired and 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 QAP was financed primarily through borrowings under the Company's revolving credit facility.

The Company recognized costs related to recent acquisitions comprised of legal and consulting fees within selling, general, and administrative ("SG&A") expense. While no SG&A expenses were incurred during the three months ended June 30, 2023 and 2022, the Company recognized expenses of $21 thousand and $7 thousand for the six months ended June 30, 2023 and 2022, respectively.

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		33,799
Balance, value at Dec. 31, 2021	$ 825,258	$ 338	$ 314,541	$ 545,572	$ 187	$ (35,380)
Beginning balance (in shares) at Dec. 31, 2021						(1,107)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,763			44,763
Foreign currency translation adjustment	(3,425)				(3,425)
Minimum post retirement benefit plan adjustments, net of taxes	25				25
Stock compensation expense	4,125		4,125
Net settlement of restricted stock units (in shares)		174				72
Net settlement of restricted stock units	(3,468)	$ 2	(2)			$ (3,468)
Awards of common stock (in shares)		16
Common stock repurchased under stock repurchase program (in shares)						1,195
Common stock repurchased under stock repurchase program	(50,000)					$ (50,000)
Ending balance (in shares) at Jun. 30, 2022		33,989
Balance, value at Jun. 30, 2022	817,278	$ 340	318,664	590,335	(3,213)	$ (88,848)
Ending balance (in shares) at Jun. 30, 2022						(2,374)
Beginning balance (in shares) at Mar. 31, 2022		33,972
Balance, value at Mar. 31, 2022	838,402	$ 340	315,891	561,028	(16)	$ (38,841)
Beginning balance (in shares) at Mar. 31, 2022						(1,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,307			29,307
Foreign currency translation adjustment	(3,198)				(3,198)
Minimum post retirement benefit plan adjustments, net of taxes	1				1
Stock compensation expense	2,773		2,773
Net settlement of restricted stock units (in shares)		1
Net settlement of restricted stock units	(7)					$ (7)
Awards of common stock (in shares)		16
Common stock repurchased under stock repurchase program (in shares)						1,195
Common stock repurchased under stock repurchase program	(50,000)					$ (50,000)
Ending balance (in shares) at Jun. 30, 2022		33,989
Balance, value at Jun. 30, 2022	$ 817,278	$ 340	318,664	590,335	(3,213)	$ (88,848)
Ending balance (in shares) at Jun. 30, 2022						(2,374)
Beginning balance (in shares) at Dec. 31, 2022	34,060	34,060
Balance, value at Dec. 31, 2022	$ 822,099	$ 340	322,873	627,978	(3,432)	$ (125,660)
Beginning balance (in shares) at Dec. 31, 2022	(3,199)					(3,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 51,822			51,822
Foreign currency translation adjustment	(699)				(699)
Minimum post retirement benefit plan adjustments, net of taxes	16				16
Stock compensation expense	5,056		5,056
Net settlement of restricted stock units (in shares)		126				50
Net settlement of restricted stock units	(2,803)	$ 2	(2)			$ (2,803)
Awards of common stock (in shares)		8
Common stock repurchased under stock repurchase program (in shares)						521
Common stock repurchased under stock repurchase program	$ (25,181)					$ (25,181)
Ending balance (in shares) at Jun. 30, 2023	34,060	34,194
Balance, value at Jun. 30, 2023	$ 850,310	$ 342	327,927	679,800	(4,115)	$ (153,644)
Ending balance (in shares) at Jun. 30, 2023	(3,770)					(3,770)
Beginning balance (in shares) at Mar. 31, 2023		34,148
Balance, value at Mar. 31, 2023	$ 835,387	$ 341	324,466	649,077	(3,539)	$ (134,958)
Beginning balance (in shares) at Mar. 31, 2023						(3,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,723			30,723
Foreign currency translation adjustment	(584)				(584)
Minimum post retirement benefit plan adjustments, net of taxes	8				8
Stock compensation expense	3,462		3,462
Net settlement of restricted stock units (in shares)		38				14
Net settlement of restricted stock units	(874)	$ 1	(1)			$ (874)
Awards of common stock (in shares)		8
Common stock repurchased under stock repurchase program (in shares)						367
Common stock repurchased under stock repurchase program	$ (17,812)					$ (17,812)
Ending balance (in shares) at Jun. 30, 2023	34,060	34,194
Balance, value at Jun. 30, 2023	$ 850,310	$ 342	$ 327,927	$ 679,800	$ (4,115)	$ (153,644)
Ending balance (in shares) at Jun. 30, 2023	(3,770)					(3,770)

Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Exit activity costs	$ 3,065	$ 1,529	$ 3,740	$ 2,808
Asset impairment charges	40	0		1,198
Asset impairment recovery			(23)
Total	3,105	1,529	3,717	4,006
Renewables
Restructuring Cost and Reserve [Line Items]
Exit activity costs	2,909	75	2,909	1,403
Asset impairment charges	40	0		1,198
Asset impairment recovery			(23)
Total	2,949	75	2,886	2,601
Residential
Restructuring Cost and Reserve [Line Items]
Exit activity costs	0	1,295	114	1,298
Asset impairment charges	0	0		0
Asset impairment recovery			0
Total	0	1,295	114	1,298
Agtech
Restructuring Cost and Reserve [Line Items]
Exit activity costs	156	97	717	88
Asset impairment charges	0	0		0
Asset impairment recovery			0
Total	156	97	717	88
Infrastructure
Restructuring Cost and Reserve [Line Items]
Exit activity costs	0	0	0
Exit activity costs				(63)
Asset impairment charges	0	0		0
Asset impairment recovery			0
Total	0	0	0
Total				(63)
Corporate
Restructuring Cost and Reserve [Line Items]
Exit activity costs	0	62	0	82
Asset impairment charges	0	0		0
Asset impairment recovery			0
Total	$ 0	$ 62	$ 0	$ 82

Acquisition - Schedule of Acquisition Related Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Acquisition related costs	$ 0	$ 0	$ 21,000	$ 7,000

Income Taxes (Narrative) (Details)	6 Months Ended
Income Taxes (Narrative) (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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 and six months ended June 30, and the applicable effective tax rates:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Provision for income taxes	$	11,555		$	9,895		$	18,732		$	14,996
Effective tax rate	27.3		%	25.2		%	26.6		%	25.1		%

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unearned revenue	$ 6.5		$ 4.6
Revenue recognized that was in contract liabilities at the beginning of the period	$ 33.7	$ 38.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction	1 year

Long-Term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving credit facility	$	11,800	$	91,000

Less unamortized debt issuance costs	(2,010)		(2,238)
Total debt	$	9,790	$	88,762

Revolving Credit Facility

On December 8, 2022, the Company entered into a Credit Agreement (the "Credit Agreement"), and concurrently with entering into the Credit Agreement, the Company paid off all amounts owed under the Sixth Amended and Restated Credit Agreement dated as of January 24, 2019. The Credit Agreement provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing 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 Credit Agreement. The Credit Agreement contains two financial covenants. As of June 30, 2023, the Company was in compliance with all financial covenants. The Credit Agreement terminates on December 8, 2027.

Borrowings under the Credit Agreement bear interest, at the Company’s option, at a rate equal to the applicable margin plus (a) a base rate, (b) a daily simple secured overnight financing rate ("SOFR") rate, (c) a term SOFR rate or (d) for certain foreign currencies, a foreign currency rate, in each case subject to a 0% floor. Through March 31, 2023, the Credit Agreement had an initial applicable margin of 0.125% for base rate loans and 1.125% for SOFR and alternative currency loans. Thereafter, the applicable margin ranges from 0.125% to 1.00% for base rate loans and from 1.125% to 2.00% for SOFR and alternative currency loans based on the Company’s Total Net Leverage Ratio, as defined in the Credit Agreement. In addition, the Credit Agreement is subject to an annual commitment fee, payable quarterly, which was initially 0.20% of the daily average undrawn balance of the revolving credit facility and, from and after April 1, 2023, ranges between 0.20% and 0.25% of the daily average undrawn balance of the revolving credit facility based on the Company’s Total Net Leverage Ratio.

Borrowings under the Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Capital distributions are subject to certain Total Net Leverage Ratio requirements and capped by an annual aggregate limit under the Credit Agreement.

For the three and six months ended June 30, 2022, interest rates on the revolving credit facility under the Sixth Amended and Restated Credit Agreement were based on LIBOR plus an additional margin that ranged from 1.125% to 2.00%. In addition, the revolving credit facility under the Sixth Amended and Restated Credit Agreement was subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio and the daily average undrawn balance.

Standby letters of credit of $4.3 million have been issued under the Credit Agreement to third parties on behalf of the Company as of June 30, 2023. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $383.9 million and $304.5 million of availability under the revolving credit facility as of June 30, 2023 and December 31, 2022, respectively.

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance			$ 2,417	$ 272
Exit activity costs	$ 3,065	$ 1,529	3,740	2,808
Cash payments			(2,377)	(1,951)
Ending balance	$ 3,780	$ 1,129	$ 3,780	$ 1,129

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

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, rain dispersion products, trims and flashings and other accessories;

(iii)Agtech, which provides growing solutions including the designing, engineering, manufacturing and installation of greenhouses; 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.

The following table illustrates certain measurements used by management to assess performance of the segments described above for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales:
Renewables	$	77,459	$	101,549	$	136,664	$	180,332
Residential	228,234		200,245		407,729		379,730
Agtech	35,028		43,680		70,880		86,108
Infrastructure	24,193		21,475		42,908		38,644
Total net sales	$	364,914	$	366,949	$	658,181	$	684,814

Income from operations:
Renewables	$	5,908	$	6,829	$	8,177	$	(155)
Residential	43,959		35,664		73,468		69,099
Agtech	(1,117)		1,542		1,213		1,573
Infrastructure	5,828		2,887		8,542		4,068
Unallocated Corporate Expenses	(11,501)		(6,783)		(18,953)		(13,251)
Total income from operations	$	43,077	$	40,139	$	72,447	$	61,334


	June 30, 2023		December 31, 2022
Total assets:
Renewables	$	404,447	$	392,368
Residential	546,480		519,567
Agtech	182,942		193,966
Infrastructure	84,255		80,264
Unallocated corporate assets	20,453		24,448

	$	1,238,577	$	1,210,613

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands):


	Three Months Ended June 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	10,633	$	226,618	$	880	$	8,848	$	246,979
Over Time	66,826		1,616		34,148		15,345		117,935
Total net sales	$	77,459	$	228,234	$	35,028	$	24,193	$	364,914


	Three Months Ended June 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	5,259	$	198,854	$	4,029	$	8,936	$	217,078
Over Time	96,290		1,391		39,651		12,539		149,871
Total net sales	$	101,549	$	200,245	$	43,680	$	21,475	$	366,949


	Six Months Ended June 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	19,727	$	404,560	$	4,803	$	14,909	$	443,999
Over Time	116,937		3,169		66,077		27,999		214,182
Total net sales	$	136,664	$	407,729	$	70,880	$	42,908	$	658,181


	Six Months Ended June 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	10,909	$	376,985	$	5,642	$	15,239	$	408,775
Over Time	169,423		2,745		80,466		23,405		276,039
Total net sales	$	180,332	$	379,730	$	86,108	$	38,644	$	684,814

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Trade accounts receivable	$	232,177	$	179,170
Costs in excess of billings	39,159		41,732
Total accounts receivable	271,336		220,902
Less allowance for doubtful accounts and contract assets	(4,849)		(3,746)
Accounts receivable, net	$	266,487	$	217,156

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, 2023, that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (in thousands):


Beginning balance as of January 1, 2023	$	3,746

Bad debt expense, net of recoveries	1,328
Accounts written off against allowance and other adjustments	(225)
Ending balance as of June 30, 2023	$	4,849

Long-Term Debt (Narrative) (Details)			6 Months Ended
Long-Term Debt (Narrative) (Details)	Dec. 08, 2022 debtCovenant	Jan. 24, 2019 USD ($)	Jun. 30, 2022	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
2022 Senior Credit Agreement \| Foreign Currency Rate Floor
Debt Instrument [Line Items]
Initial applicable margin				0.00%
2022 Senior Credit Agreement \| Applicable rate through March 31, 2023
Debt Instrument [Line Items]
Annual commitment fee (as a percentage)	0.20%
2022 Senior Credit Agreement \| Applicable rate through March 31, 2023 \| Base Rate
Debt Instrument [Line Items]
Initial applicable margin	0.125%
2022 Senior Credit Agreement \| Applicable rate through March 31, 2023 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Initial applicable margin	1.125%
2022 Senior Credit Agreement \| Applicable rate after April 1, 2023 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Initial applicable margin	0.125%
2022 Senior Credit Agreement \| Applicable rate after April 1, 2023 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Initial applicable margin	1.00%
2022 Senior Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Number of debt covenants \| debtCovenant	2
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity		$ 400,000,000
Letters of credit issued		$ 700,000,000
Revolving credit facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Annual commitment fee		0.20%	0.15%
Revolving credit facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Annual commitment fee		0.25%	0.25%
Revolving credit facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
LIBOR floor, plus		1.125%	1.125%
Revolving credit facility \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
LIBOR floor, plus		2.00%	2.00%
Revolving credit facility \| Medium-term Notes
Debt Instrument [Line Items]
Term loan (up to)		$ 300,000,000
Senior Credit Agreement \| Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit issued				$ 4,300,000
Senior Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, availability amount				$ 383,900,000	$ 304,500,000

Subsequent Events (Details) $ in Millions	Jul. 05, 2023 USD ($)
Subsequent Event \| Utah Based Privately Held Company
Subsequent Event [Line Items]
Asset Acquisition, Consideration Transferred	$ 10.4

Goodwill and Related Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,760	$ 2,819	$ 5,526	$ 5,917

Recent Accounting Pronouncements (Notes)	6 Months Ended
Recent Accounting Pronouncements (Notes)	Jun. 30, 2023
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTSThe Company considers the applicability and impact of Accounting Standards Updates ("ASUs"), and ASUs effective in or after 2023, respectively, which were assessed and determined to be either not applicable, or had or are expected to have minimal impact on the Company's consolidated financial statements and related disclosures.

Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
To be converted to shares (in units)	62,201
Target amount granted, as a percentage		60.50%
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards (in shares)		85,323	108,464
Weighted average grant date fair value (in USD per share)		$ 53.22	$ 47.00
Forfeited in period (in shares)	5,653
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards (in shares)		53,862	67,158
Weighted average grant date fair value (in USD per share)		$ 53.49	$ 45.84
Deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards (in shares)		6,351	2,460
Weighted average grant date fair value (in USD per share)		$ 54.33	$ 42.69
Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards (in shares)		8,468	15,652
Weighted average grant date fair value (in USD per share)		$ 54.33	$ 42.49
Minimum \| Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants based on targeted thresholds, percent		0.00%
Maximum \| Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants based on targeted thresholds, percent		200.00%
Return on Invested Capital \| 2018 Plan \| Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		1 year

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of Components Of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the three months ended June 30, (in thousands):


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax Benefit (Expense)		Accumulated Other Comprehensive (Loss) Income
Balance at March 31, 2023	$	(3,497)	$	(384)	$	(3,881)	$	(342)	$	(3,539)

Postretirement health care plan adjustments	—		11		11		3		8
Foreign currency translation adjustment	(584)		—		(584)		—		(584)
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)


Balance at March 31, 2022	$	1,413	$	(2,213)	$	(800)	$	784	$	(16)

Postretirement health care plan adjustments	—		1		1		—		1
Foreign currency translation adjustment	(3,198)		—		(3,198)		—		(3,198)
Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	784	$	(3,213)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the six months ended June 30, (in thousands):


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax Benefit (Expense)		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2022	$	(3,382)	$	(395)	$	(3,777)	$	(345)	$	(3,432)

Postretirement health care plan adjustments	—		22		22		6		16
Foreign currency translation adjustment	(699)		—		(699)		—		(699)
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)


Balance at December 31, 2021	$	1,640	$	(2,247)	$	(607)	$	794	$	187

Postretirement health care plan adjustments	—		35		35		(10)		25
Foreign currency translation adjustment	(3,425)		—		(3,425)		—		(3,425)
Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	784	$	(3,213)

Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Earnings per Share (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to common stockholders	$ 30,723	$ 29,307	$ 51,822	$ 44,763
Diluted (in shares)	30,554,000	32,585,000	30,725,000	32,748,000
Common stock options and restricted stock (in shares)	130,000	75,000	121,000	95,000
Weighted average shares outstanding, diluted (in shares)	30,684,000	32,660,000	30,846,000	32,843,000
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share calculation (in shares)	19,000	225,000	17,000	65,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Adjustment to pension benefit liability, taxes	$ 3	$ 0	$ 6	$ 10

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income available to common stockholders	$ 51,822	$ 44,763
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,665	12,677
Stock compensation expense	5,056	4,125
Exit activity (recoveries) costs, non-cash	(23)	1,198
Provision for deferred income taxes	179	29
Other, net	2,680	2,666
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	(54,979)	(40,473)
Inventories	12,130	(33,616)
Other current assets and other assets	4,069	(1,612)
Accounts payable	48,327	(10,501)
Accrued expenses and other non-current liabilities	31,168	21,288
Net cash provided by operating activities	114,094	544
Cash Flows from Investing Activities
Purchases of property, plant, and equipment, net	(5,284)	(11,202)
Acquisitions, net of cash acquired	554	0
Net cash used in investing activities	(4,730)	(11,202)
Cash Flows from Financing Activities
Proceeds from long-term debt	40,800	120,500
Long-term debt payments	(120,000)	(51,000)
Purchase of common stock at market prices	(28,770)	(53,468)
Net cash (used in) provided by financing activities	(107,970)	16,032
Effect of exchange rate changes on cash	(381)	(1,074)
Net increase in cash and cash equivalents	1,013	4,300
Cash and cash equivalents at beginning of year	17,608	12,849
Cash and cash equivalents at end of period	$ 18,621	$ 17,149

Equity-Based Compensation (Incentive Plan) (Details) - Common Stock - shares	May 03, 2023	May 02, 2023	May 04, 2022	May 03, 2022
Amended 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,550,000	1,000,000
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	81,707
Non-Employee Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			200,000	100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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+ Details

Equity-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATIONOn May 3, 2023, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. Amended and Restated 2018 Equity Incentive Plan (the "Amended 2018 Plan") which increases the total number of shares for issuance by the Company from 1,000,000 shares to 1,550,000 shares. In addition, 81,707 shares that were unissued and available for grant under the Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 Plan") were consolidated with the Amended 2018 Plan. No further grants will be made under the 2015 Plan. Consistent with the Gibraltar Industries, Inc. 2018 Equity Incentive Plan and the 2015 Plan, the Amended 2018 Plan allows 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.

On May 4, 2022, the stockholders of the Company approved the adoption of the Gibraltar Industries, Inc. Amended and Restated 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which increases the total number of shares for issuance by the Company thereunder from 100,000 shares to 200,000 shares, allows the Company to grant awards of shares of the Company's common stock to current 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 six months ended June 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:


	2023			2022
Awards	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards (2)	Weighted Average Grant Date Fair Value
Performance stock units (1)	85,323	$	53.22	108,464	$	47.00
Restricted stock units	53,862	$	53.49	67,158	$	45.84
Deferred stock units	6,351	$	54.33	2,460	$	42.69
Common shares	8,468	$	54.33	15,652	$	42.49

(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance. The number of shares to be issued may vary between 0% and 200% of the number of PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on the Company’s return on invested capital (“ROIC”) over a one-year performance period.

(2) PSUs granted in the first quarter of 2022 includes 5,653 units that were forfeited in the first quarter of 2023 and 62,201 units that will be converted to shares and issued to recipients in the first quarter of 2025 at 60.5% of the target amount granted, based on the Company's actual ROIC compared to ROIC target for the performance period ended December 31, 2022.

Equity Based Awards - Settled in Cash

The Company's equity-based awards that are settled in cash are the awards under the Management Stock Purchase Plan (the “MSPP”) which is authorized under the Company's equity incentive plans. The 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.

Total MSPP liabilities recorded on the consolidated balance sheet as of June 30, 2023 was $16.9 million, of which $2.0 million was included in current accrued expenses and $14.9 million was included in non-current liabilities. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2022 was $15.4 million, of which $2.3 million was included in current accrued expenses and $13.1 million was included in non-current liabilities. The value of the restricted stock units within the MSPP liability were $14.6 million and $13.4 million at June 30, 2023 and December 31, 2022, respectively.

The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to MSPP liabilities during the six months ended June 30,:


	2023		2022
Restricted stock units credited	44,102		6,234
MSPP liabilities paid (in thousands)	$	2,147	$	2,545

Exit Activity Costs and Asset Impairments (Narrative) (Details) - facility	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Number of facilities opened	1
Number of facilities closed		1

Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 11,555	$ 9,895	$ 18,732	$ 14,996
Effective tax rate	27.30%	25.20%	26.60%	25.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Acquisition (Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Aug. 22, 2022
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			$ (1,295)
Goodwill	$ 511,961	$ 512,363
Quality Aluminum Products
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			1,018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital			23,372
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			8,486
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			14,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			1,813
Goodwill			3,991
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total			$ 52,085

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTOn July 5, 2023, the Company acquired the assets of a Utah based privately held company that manufactures and distributes roof flashing and accessory products, for $10.4 million in an all cash transaction. The company sells direct to roofing wholesalers and will be reported as a part of our Residential segment. The preliminary purchase price allocation has not yet been determined.

Revenue	6 Months Ended
Revenue	Jun. 30, 2023
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; 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; structural bearings; expansion joints; pavement sealant; elastomeric concrete; and bridge cable protection systems. Refer to Note 14 "Segment Information" for additional information related to revenue recognized by timing of transfer of control by reportable segment. As of June 30, 2023, 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 June 30, 2023 and December 31, 2022 was $6.5 million and $4.6 million, respectively. Revenue recognized during the six months ended June 30, 2023 and 2022 that was in contract liabilities at the beginning of the respective periods was $33.7 million and $38.6 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,621	$ 17,608
Accounts receivable, net of allowance of $4,849 and $3,746, respectively	266,487	217,156
Inventories, net	159,542	170,360
Prepaid expenses and other current assets	18,320	18,813
Total current assets	462,970	423,937
Property, plant, and equipment, net	106,130	109,584
Operating lease assets	25,041	26,502
Goodwill	511,961	512,363
Acquired intangibles	131,925	137,526
Other assets	550	701
Total assets	1,238,577	1,210,613
Current liabilities:
Accounts payable	155,464	106,582
Accrued expenses	82,746	73,721
Billings in excess of cost	54,838	35,017
Total current liabilities	293,048	215,320
Long-term debt	9,790	88,762
Deferred income taxes	47,024	47,088
Non-current operating lease liabilities	18,502	19,041
Other non-current liabilities	19,903	18,303
Stockholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding	0	0
Common stock, $0.01 par value; authorized 100,000 shares; 34,194 and 34,060 shares issued and outstanding in 2023 and 2022	342	340
Additional paid-in capital	327,927	322,873
Retained earnings	679,800	627,978
Accumulated other comprehensive loss	(4,115)	(3,432)
Cost of 3,770 and 3,199 common shares held in treasury in 2023 and 2022	(153,644)	(125,660)
Total stockholders’ equity	850,310	822,099
Total liabilities and shareholders' equity	$ 1,238,577	$ 1,210,613

Acquisition (Schedule of Acquired Intangible Assets) (Details) - Quality Aluminum Products $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 14,700
Trademarks
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired	2,800
Customer relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 11,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Trade accounts receivable	$	232,177	$	179,170
Costs in excess of billings	39,159		41,732
Total accounts receivable	271,336		220,902
Less allowance for doubtful accounts and contract assets	(4,849)		(3,746)
Accounts receivable, net	$	266,487	$	217,156


Beginning balance as of January 1, 2023	$	3,746

Bad debt expense, net of recoveries	1,328
Accounts written off against allowance and other adjustments	(225)
Ending balance as of June 30, 2023	$	4,849

Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 5,526
2024	10,872
2025	10,735
2026	9,335
2027	7,702
2028	$ 6,834

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw material	$ 105,401	$ 111,187
Work-in-process	13,658	17,944
Finished goods	46,336	47,523
Gross inventory	165,395	176,654
Less reserves	(5,853)	(6,294)
Inventories, net	$ 159,542	$ 170,360

Acquisition (Narrative) (Details) - USD ($)		3 Months Ended		6 Months Ended
Acquisition (Narrative) (Details) - USD ($)	Aug. 22, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 511,961,000		$ 511,961,000		$ 512,363,000
Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Acquisition related costs		$ 0	$ 0	$ 21,000	$ 7,000
Quality Aluminum Products
Business Acquisition [Line Items]
Acquisition purchase price	$ 52,100,000
Measurement period				1 year
Goodwill	$ 3,991,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule Of Number Of Awards And Weighted Average Grant Date Fair Value


	2023			2022
Awards	Number of Awards	Weighted Average Grant Date Fair Value		Number of Awards (2)	Weighted Average Grant Date Fair Value
Performance stock units (1)	85,323	$	53.22	108,464	$	47.00
Restricted stock units	53,862	$	53.49	67,158	$	45.84
Deferred stock units	6,351	$	54.33	2,460	$	42.69
Common shares	8,468	$	54.33	15,652	$	42.49

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 MSPP liabilities during the six months ended June 30,:


	2023		2022
Restricted stock units credited	44,102		6,234
MSPP liabilities paid (in thousands)	$	2,147	$	2,545

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 364,914	$ 366,949	$ 658,181	$ 684,814
Renewables
Disaggregation of Revenue [Line Items]
Net sales	77,459	101,549	136,664	180,332
Residential
Disaggregation of Revenue [Line Items]
Net sales	228,234	200,245	407,729	379,730
Agtech
Disaggregation of Revenue [Line Items]
Net sales	35,028	43,680	70,880	86,108
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	24,193	21,475	42,908	38,644
Point in Time
Disaggregation of Revenue [Line Items]
Net sales	246,979	217,078	443,999	408,775
Point in Time \| Renewables
Disaggregation of Revenue [Line Items]
Net sales	10,633	5,259	19,727	10,909
Point in Time \| Residential
Disaggregation of Revenue [Line Items]
Net sales	226,618	198,854	404,560	376,985
Point in Time \| Agtech
Disaggregation of Revenue [Line Items]
Net sales	880	4,029	4,803	5,642
Point in Time \| Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	8,848	8,936	14,909	15,239
Over Time
Disaggregation of Revenue [Line Items]
Net sales	117,935	149,871	214,182	276,039
Over Time \| Renewables
Disaggregation of Revenue [Line Items]
Net sales	66,826	96,290	116,937	169,423
Over Time \| Residential
Disaggregation of Revenue [Line Items]
Net sales	1,616	1,391	3,169	2,745
Over Time \| Agtech
Disaggregation of Revenue [Line Items]
Net sales	34,148	39,651	66,077	80,466
Over Time \| Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	$ 15,345	$ 12,539	$ 27,999	$ 23,405

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Goodwill and Related Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Changes In Carrying Amount Of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 are as follows (in thousands):


	Renewables		Residential		Agtech		Infrastructure		Total
Balance at December 31, 2022	$	188,030	$	209,056	$	83,599	$	31,678	$	512,363

Adjustments to prior year acquisitions	—		387		—		—		387
Foreign currency translation	(990)		—		201		—		(789)
Balance at June 30, 2023	$	187,040	$	209,443	$	83,800	$	31,678	$	511,961

Schedule Of Acquired Intangible Assets

Acquired intangible assets consisted of the following (in thousands):


	June 30, 2023				December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-lived intangible assets:
Trademarks	$	55,500	$	—	$	55,500	$	—
Finite-lived intangible assets:
Trademarks	5,472		4,572		5,448		4,481
Unpatented technology	34,232		23,205		34,163		22,037
Customer relationships	114,507		50,303		115,125		46,557
Non-compete agreements	2,374		2,080		2,371		2,006

	156,585		80,160		157,107		75,081
Total acquired intangible assets	$	212,085	$	80,160	$	212,607	$	75,081

Schedule of Acquired Intangible Asset Amortization Expense

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,
	2023		2022		2023		2022
Amortization expense	$	2,760	$	2,819	$	5,526	$	5,917

Schedule Of Amortization Expense

Amortization expense related to acquired intangible assets for the remainder of fiscal 2023 and the next five years thereafter is estimated as follows (in thousands):


	2023		2024		2025		2026		2027		2028
Amortization expense	$	5,526	$	10,872	$	10,735	$	9,335	$	7,702	$	6,834

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales:
Renewables	$	77,459	$	101,549	$	136,664	$	180,332
Residential	228,234		200,245		407,729		379,730
Agtech	35,028		43,680		70,880		86,108
Infrastructure	24,193		21,475		42,908		38,644
Total net sales	$	364,914	$	366,949	$	658,181	$	684,814

Income from operations:
Renewables	$	5,908	$	6,829	$	8,177	$	(155)
Residential	43,959		35,664		73,468		69,099
Agtech	(1,117)		1,542		1,213		1,573
Infrastructure	5,828		2,887		8,542		4,068
Unallocated Corporate Expenses	(11,501)		(6,783)		(18,953)		(13,251)
Total income from operations	$	43,077	$	40,139	$	72,447	$	61,334


	June 30, 2023		December 31, 2022
Total assets:
Renewables	$	404,447	$	392,368
Residential	546,480		519,567
Agtech	182,942		193,966
Infrastructure	84,255		80,264
Unallocated corporate assets	20,453		24,448

	$	1,238,577	$	1,210,613

Disaggregation of Revenue

The following tables illustrate segment revenue disaggregated by timing of transfer of control to the customer for the three and six months ended June 30 (in thousands):


	Three Months Ended June 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	10,633	$	226,618	$	880	$	8,848	$	246,979
Over Time	66,826		1,616		34,148		15,345		117,935
Total net sales	$	77,459	$	228,234	$	35,028	$	24,193	$	364,914


	Three Months Ended June 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	5,259	$	198,854	$	4,029	$	8,936	$	217,078
Over Time	96,290		1,391		39,651		12,539		149,871
Total net sales	$	101,549	$	200,245	$	43,680	$	21,475	$	366,949


	Six Months Ended June 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	19,727	$	404,560	$	4,803	$	14,909	$	443,999
Over Time	116,937		3,169		66,077		27,999		214,182
Total net sales	$	136,664	$	407,729	$	70,880	$	42,908	$	658,181


	Six Months Ended June 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	10,909	$	376,985	$	5,642	$	15,239	$	408,775
Over Time	169,423		2,745		80,466		23,405		276,039
Total net sales	$	180,332	$	379,730	$	86,108	$	38,644	$	684,814

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 364,914	$ 366,949	$ 658,181	$ 684,814
Cost of sales	268,175	276,678	484,513	529,699
Gross profit	96,739	90,271	173,668	155,115
Selling, general, and administrative expense	53,662	50,132	101,221	93,781
Income from operations	43,077	40,139	72,447	61,334
Interest expense	1,308	656	2,799	1,141
Other (income) expense	(509)	281	(906)	434
Income before taxes	42,278	39,202	70,554	59,759
Provision for income taxes	11,555	9,895	18,732	14,996
Net income	$ 30,723	$ 29,307	$ 51,822	$ 44,763
Net earnings per share:
Basic (in dollars per share)	$ 1.01	$ 0.90	$ 1.69	$ 1.37
Diluted (in dollars per share)	$ 1.00	$ 0.90	$ 1.68	$ 1.36
Weighted average shares outstanding:
Basic (in shares)	30,554	32,585	30,725	32,748
Diluted (in shares)	30,684	32,660	30,846	32,843

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw material	$	105,401	$	111,187
Work-in-process	13,658		17,944
Finished goods	46,336		47,523
Gross inventory	165,395		176,654
Less reserves	(5,853)		(6,294)
Total inventories, net	$	159,542	$	170,360

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	$ (3,881)	$ (800)	$ (3,777)	$ (607)
Accumulated other comprehensive income, tax, beginning balance	(342)	784	(345)	794
Accumulated other comprehensive income, beginning balance	(3,539)	(16)	(3,432)	187
Other comprehensive income (loss), net of tax	(576)	(3,197)	(683)	(3,400)
AOCI before tax, ending balance	(4,454)	(3,997)	(4,454)	(3,997)
Accumulated other comprehensive income, tax, ending balance	(339)	784	(339)	784
Accumulated other comprehensive income, ending balance	(4,115)	(3,213)	(4,115)	(3,213)
Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income adjustments	11	1	22	35
Tax benefit (expense)	3	0	6	(10)
Other comprehensive income (loss), net of tax	8	1	16	25
Accumulated Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	(3,497)	1,413	(3,382)	1,640
Other comprehensive income adjustments	(584)	(3,198)	(699)	(3,425)
Tax benefit (expense)	0	0	0	0
Other comprehensive income (loss), net of tax	(584)	(3,198)	(699)	(3,425)
AOCI before tax, ending balance	(4,081)	(1,785)	(4,081)	(1,785)
Postretirement Benefit Plan Adjustments \| Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	(384)	(2,213)	(395)	(2,247)
Other comprehensive income adjustments	11	1	22	35
AOCI before tax, ending balance	$ (373)	$ (2,212)	$ (373)	$ (2,212)

Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 3,105	$ 1,529	$ 3,717	$ 4,006
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total	3,098	80	3,611	2,288
Selling, general, and administrative expense
Restructuring Cost and Reserve [Line Items]
Total	$ 7	$ 1,449	$ 106	$ 1,718

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes the provision for income taxes for continuing operations (in thousands) for the three and six months ended June 30, and the applicable effective tax rates:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Provision for income taxes	$	11,555		$	9,895		$	18,732		$	14,996
Effective tax rate	27.3		%	25.2		%	26.6		%	25.1		%

The effective tax rate for the three and six months ended June 30, 2023 and 2022, respectively, was greater than the U.S. federal statutory rate of 21% due to state taxes and nondeductible permanent differences partially offset by favorable discrete item

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 17
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of reportable segments \| segment			4
Net sales	$ 364,914	$ 366,949	$ 658,181	$ 684,814
Total consolidated income from operations	43,077	40,139	72,447	61,334
Total assets	1,238,577		1,238,577		$ 1,210,613
Renewables
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	77,459	101,549	136,664	180,332
Residential
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	228,234	200,245	407,729	379,730
Agtech
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	35,028	43,680	70,880	86,108
Infrastructure
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	24,193	21,475	42,908	38,644
Operating Segments \| Renewables
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	77,459	101,549	136,664	180,332
Total consolidated income from operations	5,908	6,829	8,177	(155)
Total assets	404,447		404,447		392,368
Operating Segments \| Residential
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	228,234	200,245	407,729	379,730
Total consolidated income from operations	43,959	35,664	73,468	69,099
Total assets	546,480		546,480		519,567
Operating Segments \| Agtech
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	35,028	43,680	70,880	86,108
Total consolidated income from operations	(1,117)	1,542	1,213	1,573
Total assets	182,942		182,942		193,966
Operating Segments \| Infrastructure
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	24,193	21,475	42,908	38,644
Total consolidated income from operations	5,828	2,887	8,542	4,068
Total assets	84,255		84,255		80,264
Corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated income from operations	(11,501)	$ (6,783)	(18,953)	$ (13,251)
Total assets	$ 20,453		$ 20,453		$ 24,448

Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	$ 156,585	$ 157,107
Total acquired intangible assets, Gross Carrying Amount	212,085	212,607
Accumulated Amortization, Finite-lived intangible assets	80,160	75,081
Total acquired intangible assets, Accumulated Amortization	80,160	75,081
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	5,472	5,448
Accumulated Amortization, Finite-lived intangible assets	4,572	4,481
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	34,232	34,163
Accumulated Amortization, Finite-lived intangible assets	23,205	22,037
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	114,507	115,125
Accumulated Amortization, Finite-lived intangible assets	50,303	46,557
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	2,374	2,371
Accumulated Amortization, Finite-lived intangible assets	2,080	2,006
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Indefinite-lived intangible assets	55,500	55,500
Accumulated Amortization, Indefinite-lived intangible assets	$ 0	$ 0

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving credit facility	$	11,800	$	91,000

Less unamortized debt issuance costs	(2,010)		(2,238)
Total debt	$	9,790	$	88,762

Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 512,363
Adjustments to prior year acquisitions	387
Foreign currency translation	(789)
Balance at June 30, 2023	511,961
Renewables
Goodwill [Roll Forward]
Balance at December 31, 2022	188,030
Adjustments to prior year acquisitions	0
Foreign currency translation	(990)
Balance at June 30, 2023	187,040
Residential
Goodwill [Roll Forward]
Balance at December 31, 2022	209,056
Adjustments to prior year acquisitions	387
Foreign currency translation	0
Balance at June 30, 2023	209,443
Agtech
Goodwill [Roll Forward]
Balance at December 31, 2022	83,599
Adjustments to prior year acquisitions	0
Foreign currency translation	201
Balance at June 30, 2023	83,800
Infrastructure
Goodwill [Roll Forward]
Balance at December 31, 2022	31,678
Adjustments to prior year acquisitions	0
Foreign currency translation	0
Balance at June 30, 2023	$ 31,678

- Definition

+ References + Details

Goodwill and Related Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2023 are as follows (in thousands):


	Renewables		Residential		Agtech		Infrastructure		Total
Balance at December 31, 2022	$	188,030	$	209,056	$	83,599	$	31,678	$	512,363

Adjustments to prior year acquisitions	—		387		—		—		387
Foreign currency translation	(990)		—		201		—		(789)
Balance at June 30, 2023	$	187,040	$	209,443	$	83,800	$	31,678	$	511,961

Goodwill is recognized net of accumulated impairment losses of $133.2 million as of June 30, 2023 and December 31, 2022, respectively.

The Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company determined that no triggering event had occurred as of June 30, 2023 which would require an interim impairment test to be performed.

Acquired Intangible Assets

Acquired intangible assets consisted of the following (in thousands):


	June 30, 2023				December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-lived intangible assets:
Trademarks	$	55,500	$	—	$	55,500	$	—
Finite-lived intangible assets:
Trademarks	5,472		4,572		5,448		4,481
Unpatented technology	34,232		23,205		34,163		22,037
Customer relationships	114,507		50,303		115,125		46,557
Non-compete agreements	2,374		2,080		2,371		2,006

	156,585		80,160		157,107		75,081
Total acquired intangible assets	$	212,085	$	80,160	$	212,607	$	75,081

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,
	2023		2022		2023		2022
Amortization expense	$	2,760	$	2,819	$	5,526	$	5,917

Amortization expense related to acquired intangible assets for the remainder of fiscal 2023 and the next five years thereafter is estimated as follows (in thousands):


	2023		2024		2025		2026		2027		2028
Amortization expense	$	5,526	$	10,872	$	10,735	$	9,335	$	7,702	$	6,834

Goodwill and Related Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, accumulated impairment losses	$ 133.2	$ 133.2

Accounts Receivable, Net (Schedule of Accounts Receivable Allowance for Credit Losses) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance as of January 1, 2023	$ 3,746
Bad debt expense, net of recoveries	1,328
Accounts written off against allowance and other adjustments	(225)
Ending balance as of June 30, 2023	$ 4,849

Consolidated Financial Statements	6 Months Ended
Consolidated Financial Statements	Jun. 30, 2023
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 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 the Company's annual report on Form 10-K for the year ended December 31, 2022. The consolidated balance sheet at December 31, 2022 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.

Earnings per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:


Net income available to common stockholders	$	30,723	$	29,307	$	51,822	$	44,763
Denominator for basic earnings per share:
Weighted average shares outstanding	30,554		32,585		30,725		32,748
Denominator for diluted earnings per share:
Weighted average shares outstanding	30,554		32,585		30,725		32,748
Common stock units	130		75		121		95
Weighted average shares and conversions	30,684		32,660		30,846		32,843

The weighted average number of diluted shares does not include potential anti-dilutive common shares issuable pursuant to equity based incentive compensation awards. The following table provides the potential anti-dilutive common stock units for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Common stock units	19	225	17	65

Accounts Receivable, Net (Schedule of Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 232,177	$ 179,170
Costs in excess of billings	39,159	41,732
Total accounts receivable	271,336	220,902
Less allowance for doubtful accounts and contract assets	(4,849)	(3,746)
Accounts receivable, net	$ 266,487	$ 217,156

Exit Activity Costs and Asset Impairments

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS

The 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 the Company's manufacturing footprint.

Exit activity costs (recoveries) were incurred during the six months ended June 30, 2023 and 2022 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges (recoveries) related to the write-down of inventory associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company recorded costs during the six months ended June 30, 2023 associated with the final closure and sale of a facility closed during the fourth quarter of 2022. During the six months ended June 30, 2022, the Company exited a facility, relocating to a new one, and separately, closed one other facility as a result of these initiatives.


	Three Months Ended June 30,
	2023						2022
	Exit activity costs		Asset impairment charges		Total		Exit activity costs		Asset impairment charges		Total
Renewables	$	2,909	$	40	$	2,949	$	75	$	—	$	75
Residential	—		—		—		1,295		—		1,295
Agtech	156		—		156		97		—		97
Infrastructure	—		—		—		—		—		—
Corporate	—		—		—		62		—		62
Total	$	3,065	$	40	$	3,105	$	1,529	$	—	$	1,529


	Six Months Ended June 30,
	2023						2022
	Exit activity costs		Asset impairment recovery		Total		Exit activity costs (recoveries), net		Asset impairment charges		Total
Renewables	$	2,909	$	(23)	$	2,886	$	1,403	$	1,198	$	2,601
Residential	114		—		114		1,298		—		1,298
Agtech	717		—		717		88		—		88
Infrastructure	—		—		—		(63)		—		(63)
Corporate	—		—		—		82		—		82
Total	$	3,740	$	(23)	$	3,717	$	2,808	$	1,198	$	4,006


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	3,098	$	80	$	3,611	$	2,288
Selling, general, and administrative expense	7		1,449		106		1,718
Total exit activity and asset impairment charges	$	3,105	$	1,529	$	3,717	$	4,006

The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):


	2023		2022
Balance at January 1	$	2,417	$	272
Exit activity costs recognized	3,740		2,808
Cash payments	(2,377)		(1,951)
Balance at June 30	$	3,780	$	1,129

Acquisition (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed

The allocation of the 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	$	1,018
Working capital	23,372
Property, plant and equipment	8,486
Acquired intangible assets	14,700
Other assets	1,813
Other liabilities	(1,295)
Goodwill	3,991
Fair value of purchase consideration	$	52,085

Schedule of Acquired Intangible Assets

The intangible assets acquired in this acquisition consisted of the following (in thousands):


	Fair Value		Weighted-Average Amortization Period
Trademarks	$	2,800	Indefinite


Customer relationships	11,900		12 years
Total	$	14,700

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 4,849	$ 3,746
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)	100,000,000	100,000,000
Common stock, shares issued (in shares)	34,194,000	34,194,000
Common stock, shares outstanding (in shares)	34,060,000	34,060,000
Treasury stock, shares (in shares)	3,770,000	3,199,000

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw material	$	105,401	$	111,187
Work-in-process	13,658		17,944
Finished goods	46,336		47,523
Gross inventory	165,395		176,654
Less reserves	(5,853)		(6,294)
Total inventories, net	$	159,542	$	170,360

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-22462
Entity Registrant Name	GIBRALTAR INDUSTRIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1445150
Entity Address, Address Line One	3556 Lake Shore Road
Entity Address, Address Line Two	P.O. Box 2028
Entity Address, City or Town	Buffalo
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14219-0228
City Area Code	716
Local Phone Number	826-6500
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ROCK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,423,657
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000912562
Current Fiscal Year End Date	--12-31

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net income	$ 30,723	$ 29,307	$ 51,822	$ 44,763
Other comprehensive (loss) income:
Foreign currency translation adjustment	(584)	(3,198)	(699)	(3,425)
Postretirement benefit plan adjustments, net of tax	(8)	(1)	(16)	(25)
Other comprehensive loss	(576)	(3,197)	(683)	(3,400)
Total comprehensive income	$ 30,147	$ 26,110	$ 51,139	$ 41,363

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule Of Computation Of Basic And Diluted Loss Per Share

Earnings per share and the weighted average shares outstanding used in calculating basic and diluted earnings per share are as follows for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:


Net income available to common stockholders	$	30,723	$	29,307	$	51,822	$	44,763
Denominator for basic earnings per share:
Weighted average shares outstanding	30,554		32,585		30,725		32,748
Denominator for diluted earnings per share:
Weighted average shares outstanding	30,554		32,585		30,725		32,748
Common stock units	130		75		121		95
Weighted average shares and conversions	30,684		32,660		30,846		32,843

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table provides the potential anti-dilutive common stock units for the three and six months ended June 30, (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Common stock units	19	225	17	65

Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less unamortized debt issuance costs	$ (2,010)	$ (2,238)
Total debt	9,790	88,762
Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Long term debt gross	$ 11,800	$ 91,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity-Based Compensation (Equity Based Awards - Settled in Cash) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	$ 16,900,000		$ 15,400,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	14,600,000		13,400,000
Non Current Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	14,900,000		13,100,000
Accrued Expenses, Current
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	2,000,000		$ 2,300,000
Management Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
MSPP liabilities paid (in thousands)	$ 2,147,000	$ 2,545,000
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)	$ 44,102	$ 6,234

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the three months ended June 30, (in thousands):


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax Benefit (Expense)		Accumulated Other Comprehensive (Loss) Income
Balance at March 31, 2023	$	(3,497)	$	(384)	$	(3,881)	$	(342)	$	(3,539)

Postretirement health care plan adjustments	—		11		11		3		8
Foreign currency translation adjustment	(584)		—		(584)		—		(584)
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)


Balance at March 31, 2022	$	1,413	$	(2,213)	$	(800)	$	784	$	(16)

Postretirement health care plan adjustments	—		1		1		—		1
Foreign currency translation adjustment	(3,198)		—		(3,198)		—		(3,198)
Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	784	$	(3,213)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the six months ended June 30, (in thousands):


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax Benefit (Expense)		Accumulated Other Comprehensive (Loss) Income
Balance at December 31, 2022	$	(3,382)	$	(395)	$	(3,777)	$	(345)	$	(3,432)

Postretirement health care plan adjustments	—		22		22		6		16
Foreign currency translation adjustment	(699)		—		(699)		—		(699)
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)


Balance at December 31, 2021	$	1,640	$	(2,247)	$	(607)	$	794	$	187

Postretirement health care plan adjustments	—		35		35		(10)		25
Foreign currency translation adjustment	(3,425)		—		(3,425)		—		(3,425)
Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	784	$	(3,213)

The realized adjustments relating to the Company’s postretirement health care costs were reclassified from accumulated other comprehensive loss and included in other expense in the consolidated statements of income.