0000912562-23-000046 | 10-Q | XBRL Viewer

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Recent Accounting Pronouncements (Notes)	9 Months Ended
Recent Accounting Pronouncements (Notes)	Sep. 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.

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of reportable segments \| segment			4
Net sales	$ 390,744	$ 391,291	$ 1,048,925	$ 1,076,105
Total consolidated income from operations	53,190	47,396	125,637	108,730
Total assets	1,288,046		1,288,046		$ 1,210,613
Renewables
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	106,362	111,119	243,026	291,451
Residential
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	227,747	215,592	635,476	595,322
Agtech
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	31,666	44,217	102,546	130,325
Infrastructure
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	24,969	20,363	67,877	59,007
Operating Segments \| Renewables
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	106,362	111,119	243,026	291,451
Total consolidated income from operations	12,907	14,216	21,084	14,061
Total assets	399,969		399,969		392,368
Operating Segments \| Residential
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	227,747	215,592	635,476	595,322
Total consolidated income from operations	42,158	35,802	115,626	104,901
Total assets	539,800		539,800		519,567
Operating Segments \| Agtech
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	31,666	44,217	102,546	130,325
Total consolidated income from operations	2,136	3,777	3,349	5,350
Total assets	182,988		182,988		193,966
Operating Segments \| Infrastructure
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net sales	24,969	20,363	67,877	59,007
Total consolidated income from operations	6,386	2,572	14,928	6,640
Total assets	79,877		79,877		80,264
Corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated income from operations	(10,397)	$ (8,971)	(29,350)	$ (22,222)
Total assets	$ 85,412		$ 85,412		$ 24,448

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	$ (4,454)	$ (3,997)	$ (3,777)	$ (607)
Accumulated other comprehensive income, tax, beginning balance	(339)	(784)	(345)	(794)
Accumulated other comprehensive income, beginning balance	(4,115)	(3,213)	(3,432)	187
Other comprehensive income (loss), net of tax	(1,368)	(3,556)	(2,051)	(6,956)
AOCI before tax, ending balance	(5,819)	(7,548)	(5,819)	(7,548)
Accumulated other comprehensive income, tax, ending balance	(336)	(779)	(336)	(779)
Accumulated other comprehensive income, ending balance	(5,483)	(6,769)	(5,483)	(6,769)
Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income adjustments	11	17	33	52
Tax benefit (expense)	3	5	9	15
Other comprehensive income (loss), net of tax	8	12	24	37
Accumulated Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	(4,081)	(1,785)	(3,382)	1,640
Other comprehensive income adjustments	(1,376)	(3,568)	(2,075)	(6,993)
Tax benefit (expense)	0	0	0	0
Other comprehensive income (loss), net of tax	(1,376)	(3,568)	(2,075)	(6,993)
AOCI before tax, ending balance	(5,457)	(5,353)	(5,457)	(5,353)
Postretirement Benefit Plan Adjustments \| Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI before tax, beginning balance	(373)	(2,212)	(395)	(2,247)
Other comprehensive income adjustments	11	17	33	52
AOCI before tax, ending balance	$ (362)	$ (2,195)	$ (362)	$ (2,195)

Acquisition (Narrative) (Details) - USD ($) $ in Thousands	Jul. 05, 2023	Aug. 22, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 515,344	$ 512,363
Privately Held Utah-Based Company
Business Acquisition [Line Items]
Acquisition purchase price	$ 10,400
Measurement period	1 year
Goodwill	$ 4,133
Quality Aluminum Products
Business Acquisition [Line Items]
Acquisition purchase price		$ 52,100
Measurement period		1 year
Goodwill		$ 3,991

- 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

Revenue	9 Months Ended
Revenue	Sep. 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 September 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 September 30, 2023 and December 31, 2022 was $7.2 million and $4.6 million, respectively. Revenue recognized during the nine months ended September 30, 2023 and 2022 that was in contract liabilities at the beginning of the respective periods was $32.2 million and $41.2 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
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+ Details

Income Taxes (Narrative) (Details)	9 Months Ended
Income Taxes (Narrative) (Details)	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%

Consolidated Financial Statements	9 Months Ended
Consolidated Financial Statements	Sep. 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.

Acquisition (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 05, 2023	Sep. 30, 2023
Privately Held Utah-Based Company
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 5,200
Privately Held Utah-Based Company \| Customer relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 4,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Privately Held Utah-Based Company \| Trademarks
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Quality Aluminum Products
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 14,700
Quality Aluminum Products \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired		2,800
Quality Aluminum Products \| Customer relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		$ 11,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		12 years

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income available to common stockholders	$ 91,099	$ 79,058
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,574	19,192
Stock compensation expense	7,257	5,889
Exit activity costs, non-cash	572	1,427
Provision for deferred income taxes	179	181
Other, net	2,945	3,620
Changes in operating assets and liabilities net of effects from acquisitions:
Accounts receivable	(44,331)	(25,538)
Inventories	30,431	(19,840)
Other current assets and other assets	(1,426)	393
Accounts payable	53,198	(24,756)
Accrued expenses and other non-current liabilities	46,158	(1,065)
Net cash provided by operating activities	206,656	38,561
Cash Flows from Investing Activities
Purchases of property, plant, and equipment, net	(7,976)	(15,704)
Acquisitions, net of cash acquired	(9,863)	(51,621)
Net cash used in investing activities	(17,839)	(67,325)
Cash Flows from Financing Activities
Proceeds from long-term debt	50,000	197,800
Long-term debt payments	(141,000)	(100,000)
Purchase of common stock at market prices	(29,182)	(58,125)
Net cash (used in) provided by financing activities	(120,182)	39,675
Effect of exchange rate changes on cash	(778)	(1,841)
Net increase in cash and cash equivalents	67,857	9,070
Cash and cash equivalents at beginning of year	17,608	12,849
Cash and cash equivalents at end of period	$ 85,465	$ 21,919

Income Taxes (Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 14,536	$ 11,690	$ 33,268	$ 26,686
Effective tax rate	27.00%	25.40%	26.70%	25.20%

- Definition

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

+ References + Details

Accounts Receivable, Net

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Trade accounts receivable	$	216,754	$	179,170
Costs in excess of billings	43,715		41,732
Total accounts receivable	260,469		220,902
Less allowance for doubtful accounts and contract assets	(4,069)		(3,746)
Accounts receivable, net	$	256,400	$	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 nine month period ended September 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	1,479
Accounts written off against allowance and other adjustments	(1,156)
Ending balance as of September 30, 2023	$	4,069

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw material	$	91,069	$	111,187
Work-in-process	13,675		17,944
Finished goods	42,497		47,523
Gross inventory	147,241		176,654
Less reserves	(6,233)		(6,294)
Total inventories, net	$	141,008	$	170,360

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net income	$ 39,277	$ 34,295	$ 91,099	$ 79,058
Other comprehensive (loss) income:
Foreign currency translation adjustment	(1,376)	(3,568)	(2,075)	(6,993)
Postretirement benefit plan adjustments, net of tax	8	12	24	37
Other comprehensive loss	(1,368)	(3,556)	(2,051)	(6,956)
Total comprehensive income	$ 37,909	$ 30,739	$ 89,048	$ 72,102

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, and the applicable effective tax rates:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Provision for income taxes	$	14,536		$	11,690		$	33,268		$	26,686
Effective tax rate	27.0		%	25.4		%	26.7		%	25.2		%

Accounts Receivable, Net (Schedule of Receivables) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivable	$ 216,754	$ 179,170
Costs in excess of billings	43,715	41,732
Total accounts receivable	260,469	220,902
Less allowance for doubtful accounts and contract assets	(4,069)	(3,746)
Accounts receivable, net	$ 256,400	$ 217,156

Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	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	79,058			79,058
Foreign currency translation adjustment	(6,993)				(6,993)
Minimum post retirement benefit plan adjustments, net of taxes	37				37
Stock compensation expense	5,889		5,889
Net settlement of restricted stock units (in shares)		219				90
Net settlement of restricted stock units	(4,217)	$ 2	(2)			$ (4,217)
Awards of common stock (in shares)		16
Common stock repurchased under stock repurchase program (in shares)						1,333
Common stock repurchased under stock repurchase program	(55,541)					$ (55,541)
Ending balance (in shares) at Sep. 30, 2022		34,034
Balance, value at Sep. 30, 2022	843,491	$ 340	320,428	624,630	(6,769)	$ (95,138)
Ending balance (in shares) at Sep. 30, 2022						2,530
Beginning 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)
Beginning balance (in shares) at Jun. 30, 2022						2,374
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,295			34,295
Foreign currency translation adjustment	(3,568)				(3,568)
Minimum post retirement benefit plan adjustments, net of taxes	12				12
Stock compensation expense	1,764		1,764
Net settlement of restricted stock units (in shares)		45				18
Net settlement of restricted stock units	(749)					$ (749)
Common stock repurchased under stock repurchase program (in shares)						138
Common stock repurchased under stock repurchase program	(5,541)					$ (5,541)
Ending balance (in shares) at Sep. 30, 2022		34,034
Balance, value at Sep. 30, 2022	$ 843,491	$ 340	320,428	624,630	(6,769)	$ (95,138)
Ending balance (in shares) at Sep. 30, 2022						2,530
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	$ 91,099			91,099
Foreign currency translation adjustment	(2,075)				(2,075)
Minimum post retirement benefit plan adjustments, net of taxes	24				24
Stock compensation expense	7,257		7,257
Net settlement of restricted stock units (in shares)		144				56
Net settlement of restricted stock units	(3,215)	$ 2	(2)			$ (3,215)
Awards of common stock (in shares)		8
Excise tax on repurchase of common stock	(159)					$ (159)
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 Sep. 30, 2023	34,060	34,212
Balance, value at Sep. 30, 2023	$ 889,849	$ 342	330,128	719,077	(5,483)	$ (154,215)
Ending balance (in shares) at Sep. 30, 2023	3,776					3,776
Beginning balance (in shares) at Jun. 30, 2023		34,194
Balance, value at Jun. 30, 2023	$ 850,310	$ 342	327,927	679,800	(4,115)	$ (153,644)
Beginning balance (in shares) at Jun. 30, 2023						3,770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,277			39,277
Foreign currency translation adjustment	(1,376)				(1,376)
Minimum post retirement benefit plan adjustments, net of taxes	8				8
Stock compensation expense	2,201		2,201
Net settlement of restricted stock units (in shares)		18				6
Net settlement of restricted stock units	(412)					$ (412)
Excise tax on repurchase of common stock	$ (159)					(159)
Ending balance (in shares) at Sep. 30, 2023	34,060	34,212
Balance, value at Sep. 30, 2023	$ 889,849	$ 342	$ 330,128	$ 719,077	$ (5,483)	$ (154,215)
Ending balance (in shares) at Sep. 30, 2023	3,776					3,776

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company had no outstanding debt as of September 30, 2023 and unamortized debt issuance costs, included in other assets on the consolidated balance sheet, were $1.9 million. As of December 31, 2022, the Company's total outstanding debt was $88.8 million, which included $91.0 million on the Company's revolving credit facility net of $2.2 million in unamortized debt issuance costs. 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 September 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 nine months ended September 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 $3.9 million have been issued under the Credit Agreement to third parties on behalf of the Company as of September 30, 2023. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $396.1 million and $304.5 million of availability under the revolving credit facility as of September 30, 2023 and December 31, 2022, respectively.

Earnings per Share (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:


Net income available to common stockholders	$	39,277	$	34,295	$	91,099	$	79,058
Denominator for basic earnings per share:
Weighted average shares outstanding	30,485		31,707		30,638		32,396
Denominator for diluted earnings per share:
Weighted average shares outstanding	30,485		31,707		30,638		32,396
Common stock units	230		105		170		107
Weighted average shares and conversions	30,715		31,812		30,808		32,503

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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Common stock units	17	51	19	48

Accounts Receivable, Net (Schedule of Accounts Receivable Allowance for Credit Losses) (Details) $ in Thousands	9 Months Ended
	Sep. 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	1,479
Accounts written off against allowance and other adjustments	(1,156)
Ending balance as of September 30, 2023	$ 4,069

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		30,436,438
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000912562
Current Fiscal Year End Date	--12-31

Accounts Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Trade accounts receivable	$	216,754	$	179,170
Costs in excess of billings	43,715		41,732
Total accounts receivable	260,469		220,902
Less allowance for doubtful accounts and contract assets	(4,069)		(3,746)
Accounts receivable, net	$	256,400	$	217,156


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

Bad debt expense, net of recoveries	1,479
Accounts written off against allowance and other adjustments	(1,156)
Ending balance as of September 30, 2023	$	4,069

Acquisition (Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jul. 05, 2023	Dec. 31, 2022	Aug. 22, 2022
Business Acquisition [Line Items]
Other liabilities				$ (1,295)
Goodwill	$ 515,344		$ 512,363
Quality Aluminum Products
Business Acquisition [Line Items]
Cash				1,018
Working capital				23,372
Property, plant and equipment				8,486
Acquired intangible assets				14,700
Other assets				1,813
Goodwill				3,991
Fair value of purchase consideration				$ 52,085
Privately Held Utah-Based Company
Business Acquisition [Line Items]
Working capital		$ 889
Property, plant and equipment		195
Acquired intangible assets		5,200
Goodwill		4,133
Fair value of purchase consideration		$ 10,417

Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2023

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

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


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax (Benefit) Expense		Accumulated Other Comprehensive Loss
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)

Postretirement health care plan adjustments	—		11		11		3		8
Foreign currency translation adjustment	(1,376)		—		(1,376)		—		(1,376)
Balance at September 30, 2023	$	(5,457)	$	(362)	$	(5,819)	$	(336)	$	(5,483)


Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	(784)	$	(3,213)

Postretirement health care plan adjustments	—		17		17		5		12
Foreign currency translation adjustment	(3,568)		—		(3,568)		—		(3,568)
Balance at September 30, 2022	$	(5,353)	$	(2,195)	$	(7,548)	$	(779)	$	(6,769)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the nine months ended September 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	—		33		33		9		24
Foreign currency translation adjustment	(2,075)		—		(2,075)		—		(2,075)
Balance at September 30, 2023	$	(5,457)	$	(362)	$	(5,819)	$	(336)	$	(5,483)


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

Postretirement health care plan adjustments	—		52		52		15		37
Foreign currency translation adjustment	(6,993)		—		(6,993)		—		(6,993)
Balance at September 30, 2022	$	(5,353)	$	(2,195)	$	(7,548)	$	(779)	$	(6,769)

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.

Exit Activity Costs and Asset Impairments

9 Months Ended

Sep. 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 nine months ended September 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 and other charges associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company recorded costs during the nine months ended September 30, 2023 associated with the final closure and sale of a facility closed during the fourth quarter of 2022. During the nine months ended September 30, 2022, the Company exited a facility, relocating to a new one, and separately, closed one other facility as a result of these initiatives.

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


	Three Months Ended September 30,
	2023						2022
	Exit Activity		Asset Impairment		Total		Exit Activity		Asset Impairment		Total
Renewables	$	4,389	$	(59)	$	4,330	$	(44)	$	—	$	(44)
Residential	22		654		676		—		12		12
Agtech	5		—		5		15		217		232
Infrastructure	—		—		—		—		—		—
Corporate	(33)		—		(33)		11		—		11
Total	$	4,383	$	595	$	4,978	$	(18)	$	229	$	211


	Nine Months Ended September 30,
	2023						2022
	Exit Activity		Asset Impairment		Total		Exit Activity		Asset Impairment		Total
Renewables	$	7,298	$	(82)	$	7,216	$	1,359	$	1,198	$	2,557
Residential	136		654		790		1,298		12		1,310
Agtech	722		—		722		103		217		320
Infrastructure	—		—		—		(63)		—		(63)
Corporate	(33)		—		(33)		93		—		93
Total	$	8,123	$	572	$	8,695	$	2,790	$	1,427	$	4,217

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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	4,544	$	(39)	$	8,155	$	2,249
Selling, general, and administrative expense	434		250		540		1,968
Total exit activity and asset impairment charges	$	4,978	$	211	$	8,695	$	4,217

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	8,123		2,790
Cash payments	(3,254)		(2,782)
Balance at September 30	$	7,286	$	280

Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales:
Renewables	$	106,362	$	111,119	$	243,026	$	291,451
Residential	227,747		215,592		635,476		595,322
Agtech	31,666		44,217		102,546		130,325
Infrastructure	24,969		20,363		67,877		59,007
Total net sales	$	390,744	$	391,291	$	1,048,925	$	1,076,105

Income from operations:
Renewables	$	12,907	$	14,216	$	21,084	$	14,061
Residential	42,158		35,802		115,626		104,901
Agtech	2,136		3,777		3,349		5,350
Infrastructure	6,386		2,572		14,928		6,640
Unallocated Corporate Expenses	(10,397)		(8,971)		(29,350)		(22,222)
Total income from operations	$	53,190	$	47,396	$	125,637	$	108,730


	September 30, 2023		December 31, 2022
Total assets:
Renewables	$	399,969	$	392,368
Residential	539,800		519,567
Agtech	182,988		193,966
Infrastructure	79,877		80,264
Unallocated corporate assets	85,412		24,448

	$	1,288,046	$	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 nine months ended September 30 (in thousands):


	Three Months Ended September 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	15,903	$	225,985	$	777	$	9,922	$	252,587
Over Time	90,459		1,762		30,889		15,047		138,157
Total net sales	$	106,362	$	227,747	$	31,666	$	24,969	$	390,744


	Three Months Ended September 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	7,660	$	214,175	$	3,510	$	9,938	$	235,283
Over Time	103,459		1,417		40,707		10,425		156,008
Total net sales	$	111,119	$	215,592	$	44,217	$	20,363	$	391,291


	Nine Months Ended September 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	35,630	$	630,545	$	5,580	$	24,831	$	696,586
Over Time	207,396		4,931		96,966		43,046		352,339
Total net sales	$	243,026	$	635,476	$	102,546	$	67,877	$	1,048,925


	Nine Months Ended September 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	18,569	$	591,160	$	9,152	$	25,177	$	644,058
Over Time	272,882		4,162		121,173		33,830		432,047
Total net sales	$	291,451	$	595,322	$	130,325	$	59,007	$	1,076,105

Acquisition (Tables)

9 Months Ended

Sep. 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 preliminary 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):



Working capital	$	889
Property, plant and equipment	195
Acquired intangible assets	5,200


Goodwill	4,133
Fair value of purchase consideration	$	10,417

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	$	300	2 years

Customer relationships	4,900		12 years
Total	$	5,200

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

Schedule of Business Combination Costs

The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	12	$	476	$	12	$	476
Selling, general and administrative costs	224		522		245		529
Total acquisition related costs	$	236	$	998	$	257	$	1,005

Goodwill and Related Intangible Assets (Tables)

9 Months Ended

Sep. 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 nine months ended September 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

Acquired goodwill	—		4,133		—		—		4,133
Adjustments to prior year acquisitions	—		387		—		—		387
Foreign currency translation	(1,273)		—		(266)		—		(1,539)
Balance at September 30, 2023	$	186,757	$	213,576	$	83,333	$	31,678	$	515,344

Schedule Of Acquired Intangible Assets

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


	September 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	5,745		4,616		5,448		4,481
Unpatented technology	34,155		23,749		34,163		22,037
Customer relationships	119,078		52,323		115,125		46,557
Non-compete agreements	2,370		2,113		2,371		2,006

	161,348		82,801		157,107		75,081
Total acquired intangible assets	$	216,848	$	82,801	$	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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	2,893	$	2,801	$	8,419	$	8,718

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	$	2,899	$	11,416	$	11,204	$	9,738	$	8,111	$	7,244

- 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
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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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

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-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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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
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill and Related Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND RELATED INTANGIBLE ASSETS

Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 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

Acquired goodwill	—		4,133		—		—		4,133
Adjustments to prior year acquisitions	—		387		—		—		387
Foreign currency translation	(1,273)		—		(266)		—		(1,539)
Balance at September 30, 2023	$	186,757	$	213,576	$	83,333	$	31,678	$	515,344

Goodwill is recognized net of accumulated impairment losses of $133.2 million as of September 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 September 30, 2023 which would require an interim impairment test to be performed.

Acquired Intangible Assets

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


	September 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	5,745		4,616		5,448		4,481
Unpatented technology	34,155		23,749		34,163		22,037
Customer relationships	119,078		52,323		115,125		46,557
Non-compete agreements	2,370		2,113		2,371		2,006

	161,348		82,801		157,107		75,081
Total acquired intangible assets	$	216,848	$	82,801	$	212,607	$	75,081

The following table summarizes the acquired intangible asset amortization expense for the three and nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization expense	$	2,893	$	2,801	$	8,419	$	8,718

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	$	2,899	$	11,416	$	11,204	$	9,738	$	8,111	$	7,244

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Adjustment to pension benefit liability, taxes	$ 3	$ 5	$ 9	$ 15

Exit Activity Costs and Asset Impairments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2023 facility
Restructuring and Related Activities [Abstract]
Number of facilities opened	1
Number of facilities closed	1

Goodwill and Related Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	$ 161,348	$ 157,107
Total acquired intangible assets, Gross Carrying Amount	216,848	212,607
Accumulated Amortization, Finite-lived intangible assets	82,801	75,081
Total acquired intangible assets, Accumulated Amortization	82,801	75,081
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	5,745	5,448
Accumulated Amortization, Finite-lived intangible assets	4,616	4,481
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	34,155	34,163
Accumulated Amortization, Finite-lived intangible assets	23,749	22,037
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	119,078	115,125
Accumulated Amortization, Finite-lived intangible assets	52,323	46,557
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Finite-lived intangible assets	2,370	2,371
Accumulated Amortization, Finite-lived intangible assets	2,113	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

Acquisition - Schedule of Acquisition Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Acquisition related costs	$ 236	$ 998	$ 257	$ 1,005
Cost of sales
Business Acquisition [Line Items]
Acquisition related costs	12	476	12	476
Selling, general and administrative costs
Business Acquisition [Line Items]
Acquisition related costs	$ 224	$ 522	$ 245	$ 529

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
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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Equity-Based Compensation (Schedule of Number of Awards and Weighted Average Grant Date Fair Value) (Details) - $ / shares	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 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)		89,713	123,351
Weighted average grant date fair value (in USD per share)		$ 61.21	$ 43.42
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

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 390,744	$ 391,291	$ 1,048,925	$ 1,076,105
Cost of sales	285,360	296,735	769,873	826,434
Gross profit	105,384	94,556	279,052	249,671
Selling, general, and administrative expense	52,194	47,160	153,415	140,941
Income from operations	53,190	47,396	125,637	108,730
Interest expense	417	1,048	3,216	2,189
Other (income) expense	(1,040)	363	(1,946)	797
Income before taxes	53,813	45,985	124,367	105,744
Provision for income taxes	14,536	11,690	33,268	26,686
Net income	$ 39,277	$ 34,295	$ 91,099	$ 79,058
Net earnings per share:
Basic (in dollars per share)	$ 1.29	$ 1.08	$ 2.97	$ 2.44
Diluted (in dollars per share)	$ 1.28	$ 1.08	$ 2.96	$ 2.43
Weighted average shares outstanding:
Basic (in shares)	30,485	31,707	30,638	32,396
Diluted (in shares)	30,715	31,812	30,808	32,503

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

Earnings per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:


Net income available to common stockholders	$	39,277	$	34,295	$	91,099	$	79,058
Denominator for basic earnings per share:
Weighted average shares outstanding	30,485		31,707		30,638		32,396
Denominator for diluted earnings per share:
Weighted average shares outstanding	30,485		31,707		30,638		32,396
Common stock units	230		105		170		107
Weighted average shares and conversions	30,715		31,812		30,808		32,503

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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Common stock units	17	51	19	48

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 4,069	$ 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)	34,212,000	34,212,000
Common stock, shares outstanding (in shares)	34,060,000	34,060,000
Treasury stock, shares (in shares)	3,776,000	3,199,000

Income Taxes

9 Months Ended

Sep. 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 nine months ended September 30, and the applicable effective tax rates:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Provision for income taxes	$	14,536		$	11,690		$	33,268		$	26,686
Effective tax rate	27.0		%	25.4		%	26.7		%	25.2		%

The effective tax rate for the three and nine months ended September 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
-Topic 740
-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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 740
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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
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-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
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

Equity-Based Compensation (Equity Based Awards - Settled in Cash) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	$ 18,300,000		$ 15,400,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	15,900,000		13,400,000
Non Current Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued equity based compensation	16,300,000		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)	$ 2,392,000	$ 2,961,000
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)	$ 46,843	$ 9,564

- 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

Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales:
Renewables	$	106,362	$	111,119	$	243,026	$	291,451
Residential	227,747		215,592		635,476		595,322
Agtech	31,666		44,217		102,546		130,325
Infrastructure	24,969		20,363		67,877		59,007
Total net sales	$	390,744	$	391,291	$	1,048,925	$	1,076,105

Income from operations:
Renewables	$	12,907	$	14,216	$	21,084	$	14,061
Residential	42,158		35,802		115,626		104,901
Agtech	2,136		3,777		3,349		5,350
Infrastructure	6,386		2,572		14,928		6,640
Unallocated Corporate Expenses	(10,397)		(8,971)		(29,350)		(22,222)
Total income from operations	$	53,190	$	47,396	$	125,637	$	108,730


	September 30, 2023		December 31, 2022
Total assets:
Renewables	$	399,969	$	392,368
Residential	539,800		519,567
Agtech	182,988		193,966
Infrastructure	79,877		80,264
Unallocated corporate assets	85,412		24,448

	$	1,288,046	$	1,210,613

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


	Three Months Ended September 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	15,903	$	225,985	$	777	$	9,922	$	252,587
Over Time	90,459		1,762		30,889		15,047		138,157
Total net sales	$	106,362	$	227,747	$	31,666	$	24,969	$	390,744


	Three Months Ended September 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	7,660	$	214,175	$	3,510	$	9,938	$	235,283
Over Time	103,459		1,417		40,707		10,425		156,008
Total net sales	$	111,119	$	215,592	$	44,217	$	20,363	$	391,291


	Nine Months Ended September 30, 2023
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	35,630	$	630,545	$	5,580	$	24,831	$	696,586
Over Time	207,396		4,931		96,966		43,046		352,339
Total net sales	$	243,026	$	635,476	$	102,546	$	67,877	$	1,048,925


	Nine Months Ended September 30, 2022
	Renewables		Residential		Agtech		Infrastructure		Total
Net sales:
Point in Time	$	18,569	$	591,160	$	9,152	$	25,177	$	644,058
Over Time	272,882		4,162		121,173		33,830		432,047
Total net sales	$	291,451	$	595,322	$	130,325	$	59,007	$	1,076,105

- 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
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-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
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-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

Exit Activity Costs and Asset Impairments (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Summary Of Exit Activity Costs And Asset Impairments


	Three Months Ended September 30,
	2023						2022
	Exit Activity		Asset Impairment		Total		Exit Activity		Asset Impairment		Total
Renewables	$	4,389	$	(59)	$	4,330	$	(44)	$	—	$	(44)
Residential	22		654		676		—		12		12
Agtech	5		—		5		15		217		232
Infrastructure	—		—		—		—		—		—
Corporate	(33)		—		(33)		11		—		11
Total	$	4,383	$	595	$	4,978	$	(18)	$	229	$	211


	Nine Months Ended September 30,
	2023						2022
	Exit Activity		Asset Impairment		Total		Exit Activity		Asset Impairment		Total
Renewables	$	7,298	$	(82)	$	7,216	$	1,359	$	1,198	$	2,557
Residential	136		654		790		1,298		12		1,310
Agtech	722		—		722		103		217		320
Infrastructure	—		—		—		(63)		—		(63)
Corporate	(33)		—		(33)		93		—		93
Total	$	8,123	$	572	$	8,695	$	2,790	$	1,427	$	4,217


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	4,544	$	(39)	$	8,155	$	2,249
Selling, general, and administrative expense	434		250		540		1,968
Total exit activity and asset impairment charges	$	4,978	$	211	$	8,695	$	4,217

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	8,123		2,790
Cash payments	(3,254)		(2,782)
Balance at September 30	$	7,286	$	280

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 390,744	$ 391,291	$ 1,048,925	$ 1,076,105
Renewables
Disaggregation of Revenue [Line Items]
Net sales	106,362	111,119	243,026	291,451
Residential
Disaggregation of Revenue [Line Items]
Net sales	227,747	215,592	635,476	595,322
Agtech
Disaggregation of Revenue [Line Items]
Net sales	31,666	44,217	102,546	130,325
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	24,969	20,363	67,877	59,007
Point in Time
Disaggregation of Revenue [Line Items]
Net sales	252,587	235,283	696,586	644,058
Point in Time \| Renewables
Disaggregation of Revenue [Line Items]
Net sales	15,903	7,660	35,630	18,569
Point in Time \| Residential
Disaggregation of Revenue [Line Items]
Net sales	225,985	214,175	630,545	591,160
Point in Time \| Agtech
Disaggregation of Revenue [Line Items]
Net sales	777	3,510	5,580	9,152
Point in Time \| Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	9,922	9,938	24,831	25,177
Over Time
Disaggregation of Revenue [Line Items]
Net sales	138,157	156,008	352,339	432,047
Over Time \| Renewables
Disaggregation of Revenue [Line Items]
Net sales	90,459	103,459	207,396	272,882
Over Time \| Residential
Disaggregation of Revenue [Line Items]
Net sales	1,762	1,417	4,931	4,162
Over Time \| Agtech
Disaggregation of Revenue [Line Items]
Net sales	30,889	40,707	96,966	121,173
Over Time \| Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	$ 15,047	$ 10,425	$ 43,046	$ 33,830

- 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

Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Earnings per Share (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to common stockholders	$ 39,277	$ 34,295	$ 91,099	$ 79,058
Diluted (in shares)	30,485,000	31,707,000	30,638,000	32,396,000
Common stock options and restricted stock (in shares)	230,000	105,000	170,000	107,000
Weighted average shares outstanding, diluted (in shares)	30,715,000	31,812,000	30,808,000	32,503,000
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share calculation (in shares)	17,000	51,000	19,000	48,000

- Definition

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

+ References

+ Details

Equity-Based Compensation

9 Months Ended

Sep. 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 available 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 nine months ended September 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	89,713	$	61.21	123,351	$	43.42
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 September 30, 2023 were $18.3 million, of which $2.0 million was included in current accrued expenses and $16.3 million was included in non-current liabilities. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2022 were $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 liabilities was $15.9 million and $13.4 million at September 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 nine months ended September 30,:


	2023		2022
Restricted stock units credited	46,843		9,564
MSPP liabilities paid (in thousands)	$	2,392	$	2,961

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 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, net of tax, for the three months ended September 30, (in thousands):


	Foreign Currency Translation Adjustment		Postretirement Benefit Plan Adjustments		Total Pre-Tax Amount		Tax (Benefit) Expense		Accumulated Other Comprehensive Loss
Balance at June 30, 2023	$	(4,081)	$	(373)	$	(4,454)	$	(339)	$	(4,115)

Postretirement health care plan adjustments	—		11		11		3		8
Foreign currency translation adjustment	(1,376)		—		(1,376)		—		(1,376)
Balance at September 30, 2023	$	(5,457)	$	(362)	$	(5,819)	$	(336)	$	(5,483)


Balance at June 30, 2022	$	(1,785)	$	(2,212)	$	(3,997)	$	(784)	$	(3,213)

Postretirement health care plan adjustments	—		17		17		5		12
Foreign currency translation adjustment	(3,568)		—		(3,568)		—		(3,568)
Balance at September 30, 2022	$	(5,353)	$	(2,195)	$	(7,548)	$	(779)	$	(6,769)

The following tables summarize the cumulative balance of each component of accumulated other comprehensive (loss) income, net of tax, for the nine months ended September 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	—		33		33		9		24
Foreign currency translation adjustment	(2,075)		—		(2,075)		—		(2,075)
Balance at September 30, 2023	$	(5,457)	$	(362)	$	(5,819)	$	(336)	$	(5,483)


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

Postretirement health care plan adjustments	—		52		52		15		37
Foreign currency translation adjustment	(6,993)		—		(6,993)		—		(6,993)
Balance at September 30, 2022	$	(5,353)	$	(2,195)	$	(7,548)	$	(779)	$	(6,769)

Goodwill and Related Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 2,899
2024	11,416
2025	11,204
2026	9,738
2027	8,111
2028	$ 7,244

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 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	89,713	$	61.21	123,351	$	43.42
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


	2023		2022
Restricted stock units credited	46,843		9,564
MSPP liabilities paid (in thousands)	$	2,392	$	2,961

Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 4,978	$ 211	$ 8,695	$ 4,217
Cost of sales
Restructuring Cost and Reserve [Line Items]
Total	4,544	(39)	8,155	2,249
Selling, general, and administrative expense
Restructuring Cost and Reserve [Line Items]
Total	$ 434	$ 250	$ 540	$ 1,968

- 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

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw material	$ 91,069	$ 111,187
Work-in-process	13,675	17,944
Finished goods	42,497	47,523
Gross inventory	147,241	176,654
Less reserves	(6,233)	(6,294)
Inventories, net	$ 141,008	$ 170,360

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance		$ 2,417	$ 272
Exit Activity	$ 4,383	8,123	2,790
Cash payments		(3,254)	(2,782)
Ending balance	$ 7,286	$ 7,286	$ 280

Goodwill and Related Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,893	$ 2,801	$ 8,419	$ 8,718

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Raw material	$	91,069	$	111,187
Work-in-process	13,675		17,944
Finished goods	42,497		47,523
Gross inventory	147,241		176,654
Less reserves	(6,233)		(6,294)
Total inventories, net	$	141,008	$	170,360

Long-Term Debt (Narrative) (Details)			3 Months Ended		9 Months Ended
Long-Term Debt (Narrative) (Details)	Dec. 08, 2022 debtCovenant	Jan. 24, 2019 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long term debt			$ 0
Debt issuance costs			$ 1,900,000
Line of Credit
Debt Instrument [Line Items]
Long term debt						$ 88,800,000
Debt issuance costs						2,200,000
Long term debt gross						91,000,000
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
2019 Senior Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity		$ 400,000,000
Letters of credit issued		$ 700,000,000
2019 Senior Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Annual commitment fee		0.20%		0.15%	0.15%
2019 Senior Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Annual commitment fee		0.25%		0.25%	0.25%
2019 Senior Credit Agreement \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
LIBOR floor, plus		1.125%	1.125%		1.125%
2019 Senior Credit Agreement \| Line of Credit \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
LIBOR floor, plus		2.00%	2.00%		2.00%
2019 Senior Credit Agreement \| 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			$ 3,900,000
Senior Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, availability amount			$ 396,100,000			$ 304,500,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 85,465	$ 17,608
Accounts receivable, net of allowance of $4,069 and $3,746, respectively	256,400	217,156
Inventories, net	141,008	170,360
Prepaid expenses and other current assets	24,817	18,813
Total current assets	507,690	423,937
Property, plant, and equipment, net	105,537	109,584
Operating lease assets	23,004	26,502
Goodwill	515,344	512,363
Acquired intangibles	134,047	137,526
Other assets	2,424	701
Total assets	1,288,046	1,210,613
Current liabilities:
Accounts payable	160,742	106,582
Accrued expenses	100,657	73,721
Billings in excess of cost	51,616	35,017
Total current liabilities	313,015	215,320
Long-term debt	0	88,762
Deferred income taxes	47,007	47,088
Non-current operating lease liabilities	16,901	19,041
Other non-current liabilities	21,274	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; 34,212 and 34,060 shares issued and outstanding in 2023 and 2022	342	340
Additional paid-in capital	330,128	322,873
Retained earnings	719,077	627,978
Accumulated other comprehensive loss	(5,483)	(3,432)
Cost of 3,776 and 3,199 common shares held in treasury in 2023 and 2022	(154,215)	(125,660)
Total stockholders’ equity	889,849	822,099
Total liabilities and shareholders' equity	$ 1,288,046	$ 1,210,613

Goodwill and Related Intangible Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 512,363
Acquired goodwill	4,133
Adjustments to prior year acquisitions	387
Foreign currency translation	(1,539)
Balance at September 30, 2023	515,344
Renewables
Goodwill [Roll Forward]
Balance at December 31, 2022	188,030
Acquired goodwill	0
Adjustments to prior year acquisitions	0
Foreign currency translation	(1,273)
Balance at September 30, 2023	186,757
Residential
Goodwill [Roll Forward]
Balance at December 31, 2022	209,056
Acquired goodwill	4,133
Adjustments to prior year acquisitions	387
Foreign currency translation	0
Balance at September 30, 2023	213,576
Agtech
Goodwill [Roll Forward]
Balance at December 31, 2022	83,599
Acquired goodwill	0
Adjustments to prior year acquisitions	0
Foreign currency translation	(266)
Balance at September 30, 2023	83,333
Infrastructure
Goodwill [Roll Forward]
Balance at December 31, 2022	31,678
Acquired goodwill	0
Adjustments to prior year acquisitions	0
Foreign currency translation	0
Balance at September 30, 2023	$ 31,678

- Definition

+ References + Details

Acquisition

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

On July 5, 2023, the Company acquired the assets of a privately held Utah-based company that manufactures and distributes roof flashing and accessory products, and sells direct to roofing wholesalers. The results of this company have been included in the Company's consolidated financial results since the date of acquisition within the Company's Residential segment. The preliminary purchase consideration for this acquisition was $10.4 million, which includes a preliminary working capital adjustment and certain other adjustments provided for in the asset purchase agreement.

The purchase price for the acquisition was preliminarily allocated to the assets acquired and liabilities assumed based upon their respective fair values estimated as of the date of acquisition. The Company has commenced the process to confirm the existence, condition, and completeness of the assets acquired and liabilities assumed to establish fair value of such assets and liabilities and to determine the amount of goodwill to be recognized as of the date of acquisition. Due to the timing of the acquisition, the Company continues to gather information supporting the acquired assets and assumed liabilities. Accordingly, all amounts recorded are provisional. These provisional amounts are subject to change if new information is obtained concerning facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. The final determination of the fair value of certain assets and liabilities will be completed within a measurement period of up to one year from the date of acquisition. The final values may also result in changes to depreciation and amortization expense related to certain assets such as property, plant, and equipment and acquired intangible assets. The preliminary excess consideration was recorded as goodwill and approximated $4.1 million, all of which is deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the domestic building products markets. The final purchase price allocation will be completed no later than the third quarter of fiscal year 2024.

The preliminary 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):



Working capital	$	889
Property, plant and equipment	195
Acquired intangible assets	5,200


Goodwill	4,133
Fair value of purchase consideration	$	10,417

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


	Fair Value		Weighted-Average Amortization Period

Trademarks	$	300	2 years

Customer relationships	4,900		12 years
Total	$	5,200

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 the privately held Utah-based company and the acquisition of QAP were financed primarily through borrowings under the Company's revolving credit facility.

The Company recognized costs as a component of cost of sales related to the sale of inventory at fair value as a result of allocating the purchase price of recent acquisitions. The Company also incurred certain acquisition-related costs comprised of legal and consulting fees within selling, general, and administrative ("SG&A") expense.

The acquisition-related costs consisted of the following for the three and nine months ended September 30 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	12	$	476	$	12	$	476
Selling, general and administrative costs	224		522		245		529
Total acquisition related costs	$	236	$	998	$	257	$	1,005

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unearned revenue	$ 7.2		$ 4.6
Revenue recognized that was in contract liabilities at the beginning of the period	$ 32.2	$ 41.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected timing of satisfaction	1 year

Exit Activity Costs and Asset Impairments (Summary of Exit Activity Costs and Asset Impairments by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Exit Activity	$ 4,383		$ 8,123	$ 2,790
Exit Activity		$ (18)
Asset Impairment	595	229	572	1,427
Total	4,978	211	8,695	4,217
Operating Segments \| Renewables
Restructuring Cost and Reserve [Line Items]
Exit Activity	4,389		7,298	1,359
Exit Activity		(44)
Asset Impairment		0		1,198
Asset Impairment	(59)		(82)
Total	4,330		7,216	2,557
Total		(44)
Operating Segments \| Residential
Restructuring Cost and Reserve [Line Items]
Exit Activity	22	0	136	1,298
Asset Impairment	654	12	654	12
Total	676	12	790	1,310
Operating Segments \| Agtech
Restructuring Cost and Reserve [Line Items]
Exit Activity	5	15	722	103
Asset Impairment	0	217	0	217
Total	5	232	722	320
Operating Segments \| Infrastructure
Restructuring Cost and Reserve [Line Items]
Exit Activity	0	0	0
Exit Activity				(63)
Asset Impairment	0	0	0	0
Total	0	0	0
Total				(63)
Corporate
Restructuring Cost and Reserve [Line Items]
Exit Activity		11		93
Exit Activity	(33)		(33)
Asset Impairment	0	0	0	0
Total		$ 11		$ 93
Total	$ (33)		$ (33)