0001580905-24-000038 | 10-Q | XBRL Viewer | Installed Building Products INC

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Leases - Undiscounted Cash Flows (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finance Leases
Remainder of 2024	$ 1.8
2025	3.3
2026	3.0
2027	2.0
2028	0.7
Thereafter	0.1
Total minimum lease payments	10.9
Less: Amounts representing interest	(1.4)
Present value of future minimum lease payments	9.5
Less: Current obligation under leases	(2.8)	$ (2.7)
Finance lease obligations	6.7	6.6
Operating Leases
Remainder of 2024	18.0
2025	30.8
2026	22.3
2027	12.4
2028	6.0
Thereafter	4.9
Total minimum lease payments	94.4
Less: Amounts representing interest	(8.5)
Present value of future minimum lease payments	85.9
Less: Current obligation under leases	(30.6)	(28.3)
Operating lease obligations	55.3	$ 49.9
Related Party
Operating Leases
Remainder of 2024	0.6
2025	1.1
2026	0.5
2027	0.1
2028	0.0
Thereafter	0.0
Total minimum lease payments	2.3
Other
Operating Leases
Remainder of 2024	17.4
2025	29.7
2026	21.8
2027	12.3
2028	6.0
Thereafter	4.9
Total minimum lease payments	$ 92.1

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On July 29, 2024, we acquired the assets of Euroview Enterprises, LLC and Contract Mirror and Supply Co. for total consideration of approximately $20.2 million. The initial accounting for the business combination was not complete at the time the financial statements were issued due to the timing of the acquisitions and the filing of this Quarterly Report on Form 10-Q. As a result, disclosures required under ASC 805-10-50, Business Combinations, cannot be made at this time. We announced on August 1st, 2024 that our board of directors declared a quarterly dividend, payable on September 30, 2024 to stockholders of record on September 15, 2024, at a rate of 35.0 cents per share.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to prevent the information presented from being misleading when read in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”), as filed with the SEC on February 22, 2024. The December 31, 2023 Condensed Consolidated Balance Sheet data herein was derived from the audited consolidated financial statements, but the related footnotes do not include all disclosures required by U.S. GAAP.

Our interim operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected in future operating quarters.

Note 2 to the audited consolidated financial statements in our 2023 Form 10-K describes the significant accounting policies and estimates used in preparation of the audited consolidated financial statements. Other than the recently implemented accounting policy described below, there have been no changes to our significant accounting policies during the six months ended June 30, 2024.

Recently Adopted Accounting Pronouncements

Standard

Effective Date

Adoption

ASU 2023-01 “Leases” (Topic 842): Accounting for leasehold improvements associated with common control leases.

December 15, 2023

This pronouncement amends Topic 842 to require all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This did not materially affect our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:

Standard

Description

Effective Date

Effect on the financial statements or other significant matters

ASU 2023-07 "Segment Reporting" (Topic 280): Improvements to Reportable Segment Disclosures.

This pronouncement amends Topic 280 to require all entities to disclose, on an annual and interim basis, significant segment expenses and an amount for other segment items by reportable segment.

Effective for annual periods beginning after December 15, 2023. Early adoption is permitted.

The Company will adopt and apply the guidance as prescribed by this ASU to segment reporting that occurs after the effective date. We do not anticipate this ASU will materially affect our consolidated financial statements.

ASU 2023-09 "Income Taxes" (Topic 740): Improvements to Income Tax Disclosures.

This pronouncement amends Topic 740 to require all entities to disclose specific categories in the rate reconciliation, income taxes paid, and other income tax information.

Effective for annual periods beginning after December 15, 2024. Early adoption is permitted.

The Company will adopt and apply the guidance as prescribed by this ASU to income tax disclosures that occur after the effective date. We are currently assessing the impact of the adoption on our consolidated financial information.

Long-Term Debt - Schedule Of Maturities Of Long Term Debt (Details) $ in Millions	Jun. 30, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
Remainder of 2022	$ 16.4
2025	29.5
2026	25.2
2027	20.6
2028	313.3
Thereafter	$ 477.4

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36307
Entity Registrant Name	Installed Building Products, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3707650
Entity Address, Address Line One	495 South High Street
Entity Address, Address Line Two	Suite 50
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43215
City Area Code	614
Local Phone Number	221-3399
Title of 12(b) Security	Common Stock,
Trading Symbol	IBP
Security Exchange Name	NYSE
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		28,234,462
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001580905
Current Fiscal Year End Date	--12-31

Commitments and Contingencies - Narrative (Details) aluminumPound in Millions	6 Months Ended
	Jun. 30, 2024 supplier aluminumPound
Commitments and Contingencies Disclosure [Abstract]
Number of suppliers \| supplier	1
2023 (in pounds)	12.0
2024 (in pounds)	14.4
2025 (in pounds)	17.3
Materials purchased in 2023 (in pounds)	1.7

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Postemployment Benefits [Abstract]

Summary of Workers' Compensation Known Claims and IBNR Reserves

Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other current liabilities	$	9.5	$	9.5
Included in other long-term liabilities	16.9		17.0
	$	26.4	$	26.5

Schedule of Insurance Receivable for Claims

This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other non-current assets	$	3.8	$	3.0

Summary of Equity-based Awards for Employees

Amounts and changes for each category of equity-based award were as follows:


	Common Stock Awards			Performance-Based Stock Awards			Performance-Based Restricted Stock Units
	Awards	Weighted Average Grant Date Fair Value Per Share		Awards	Weighted Average Grant Date Fair Value Per Share		Units	Weighted Average Grant Date Fair Value Per Share
Nonvested awards/units at December 31, 2023	116,482	$	103.02	148,459	$	108.83	14,382	$	111.71
Granted	37,884	235.11		35,320	205.96		8,130	242.85
Vested	(54,834)	103.81		(51,215)	111.12		(14,271)	111.71
Forfeited/Cancelled	(398)	156.62		—	—		(253)	185.27
Nonvested awards/units at June 30, 2024	99,134	$	152.85	132,564	$	133.82	7,988	$	242.85

Summary of Stock Compensation Expenses

The following table summarizes the share-based compensation expense recognized by award type (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Common Stock Awards	$	1.8	$	1.5	$	3.0	$	2.9
Non-Employee Common Stock Awards	0.2		0.1		0.4		0.3
Performance-Based Stock Awards	1.8		1.6		3.6		3.1
Liability Performance-Based Stock Awards	0.4		0.1		0.8		0.1
Performance-Based Restricted Stock Units	0.5		0.4		0.9		0.7
	$	4.7	$	3.7	$	8.7	$	7.1

We recorded the following stock compensation expense by income statement category (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of sales	$	0.3	$	0.2	$	0.6	$	0.4
Selling	0.2		0.1		0.2		0.2
Administrative	4.2		3.4		7.9		6.5
	$	4.7	$	3.7	$	8.7	$	7.1

Unrecognized Share-Based Compensation Expense Related to Unvested Awards

Unrecognized share-based compensation expense related to unvested awards was as follows (in millions):


	As of June 30, 2024
	Unrecognized Compensation Expense on Unvested Awards		Weighted Average Remaining Vesting Period
Common Stock Awards	$	12.5	2.1 years
Performance-Based Stock Awards	10.5		1.9 years
Performance-Based Restricted Stock Units	1.4		0.8 years
Total unrecognized compensation expense related to unvested awards	$	24.4

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long term debt	$ 875.8	$ 867.3
Less: current maturities	(31.8)	(32.2)
Long-term debt, less current maturities	844.0	835.1
Senior Notes \| 5.75% Senior Notes Due 2028
Debt Instrument [Line Items]
Total long term debt	297.8	297.5
Unamortized debt issuance costs	$ 2.2	2.5
Notes payable interest rate (as a percent)	5.75%
Medium-term Notes \| Term Loan Agreement
Debt Instrument [Line Items]
Total long term debt	$ 494.3	485.6
Unamortized debt issuance costs	4.4	4.4
Notes Payable
Debt Instrument [Line Items]
Total long term debt	$ 0.6	$ 1.2
Notes Payable \| Maximum
Debt Instrument [Line Items]
Notes payable interest rate (as a percent)	5.00%	5.00%
Notes Payable \| Vehicle and Equipment
Debt Instrument [Line Items]
Total long term debt	$ 83.1	$ 83.0
Notes Payable \| Vehicle and Equipment \| Minimum
Debt Instrument [Line Items]
Notes payable interest rate (as a percent)	1.90%	1.90%
Notes Payable \| Vehicle and Equipment \| Maximum
Debt Instrument [Line Items]
Notes payable interest rate (as a percent)	7.30%	7.30%

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	24.80%	25.50%	25.70%	26.10%

Fair Value Measurements - Summary of Long Lived Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Property and equipment assets impairment	$ 0.2	$ 0.0	$ 0.2	$ 0.0
Right-of-use assets impairment	0.1	0.0	0.1	0.0
Intangible assets impairment	4.6	0.0	4.6	0.0
Total asset impairments	$ 4.9	$ 0.0	$ 4.9	$ 0.0

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Change in Accumulated Other Comprehensive Income Related to Interest Rate Derivatives

The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Accumulated gain at beginning of period	$	38.4	$	34.3	$	33.7	$	40.6
Unrealized (loss) gain in fair value of interest rate derivatives	(0.8)		4.6		3.1		(2.5)
Reclassifications of realized net losses to earnings	0.8		0.8		1.6		1.6
Accumulated gain at end of period	$	38.4	$	39.7	$	38.4	$	39.7

Dividends Declared and Paid

During the six months ended June 30, 2024, we declared and paid the following cash dividends (amount declared and amount paid in millions):


Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2024	3/15/2024	3/31/2024	$	1.60	$	45.5	$	45.1
2/22/2024	3/15/2024	3/31/2024	0.35		10.0		9.8
5/9/2024	6/15/2024	6/30/2024	0.35		9.8		9.8

During the six months ended June 30, 2023, we declared and paid the following cash dividends (amount declared and amount paid in millions):


Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2023	3/15/2023	3/31/2023	$	0.90	$	25.5	$	25.3
2/22/2023	3/15/2023	3/31/2023	0.33		9.4		9.2
5/5/2023	6/15/2023	6/30/2023	0.33		9.4		9.3

Fair Value Measurements - Summary of Change in Fair Value of Contingent Consideration (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 400
Preliminary purchase price	300
Fair value adjustments	(0)
Accretion in value	0
Ending balance	$ 700

Credit Losses

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Credit Losses

CREDIT LOSSES

Our expected loss allowance methodology for accounts receivable is developed using historical experience, present economic conditions and other factors management considers relevant to estimate expected credit losses. We also perform ongoing evaluations of creditworthiness of our existing and potential customers.

Changes in our allowance for credit losses were as follows (in millions):


Balance as of January 1, 2024	$	11.2
Current period provision	3.1
Recoveries collected and additions	0.5
Amounts written off	(3.4)
Balance as of June 30, 2024	$	11.4

Derivative and Hedging Activities - Interest Rate Swap Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Benefit) associated with swap net settlements	$ (4,500)	$ (4,100)	$ (9,000)	$ (7,800)
Expense associated with amortization of amended/terminated swaps	$ 1,100	$ 1,100	$ 2,200	$ 2,200

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

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


	As of June 30,		As of December 31,
	2024		2023
Senior Notes due 2028, net of unamortized debt issuance costs of $2.2 and $2.5, respectively	$	297.8	$	297.5
Term loan, net of unamortized debt issuance costs of $4.4 for each period, respectively	494.3		485.6
Vehicle and equipment notes, maturing through June 2029; payable in various monthly installments, including interest rates ranging from 1.9% to 7.3%	83.1		83.0
Note payable, maturing April 2025; payable in annual installments, including interest rate at 5.0%	0.6		1.2
	875.8		867.3
Less: current maturities	(31.8)		(32.2)
Long-term debt, less current maturities	$	844.0	$	835.1

Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of June 30, 2024 are as follows (in millions):


Remainder of 2024	$	16.4
2025	29.5
2026	25.2
2027	20.6
2028	313.3
Thereafter	477.4

Term Loan Agreement Amendment

In March 2024, we entered into Amendment No. 3 to our Term Loan Credit Agreement ("Third Amendment"). The Third Amendment amended certain terms of the existing seven-year term loan facility due December 2028, as amended (the "Term Loan Credit Agreement") and allowed for the issuance of a new term loan ("New Term Loan") in the amount of $500.0 million which will mature on March 28, 2031. Net proceeds of the New Term Loan were used to refinance the remaining $490.0 million on our existing term loan, pay fees and increase working capital. The New Term Loan does not have any financial maintenance covenants, eliminates the credit spread adjustment and the floor is reduced to 0.00%. The New Term Loan bears interest, at our option, at a rate equal to either: the adjusted term secured overnight financing rate plus 2.00% per annum, or an alternative base rate plus 1.00%. The New Term Loan also includes (i) a six-month “soft call” protection provision during which a 1.00% premium will be charged in connection with certain repricing transactions, and (ii) a 50 basis points most favored nation protection for 12 months following the effective date. As of June 30, 2024, we had $494.3 million, net of unamortized debt issuance costs, due on our New Term Loan. We have various interest rates swaps that serve to hedge $400.0 million of the variable cash flows on our New Term Loan through December 14, 2028. For further information about our interest rate swaps, see Note 11, Derivatives and Hedging Activities.

We wrote off $1.1 million in previously capitalized loan costs during the six months ended June 30, 2024. In addition, we expensed loan costs that did not meet the requirements for capitalization of approximately $3.1 million during the six months ended June 30, 2024. We had no such write-offs or expenses during the six months ended June 30, 2023.

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Installed Building Products (“IBP”), a Delaware corporation formed on October 28, 2011, and its wholly-owned subsidiaries (collectively referred to as the “Company,” and “we,” “us” and “our”) primarily install insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company operates in more than 250 locations and its corporate office is located in Columbus, Ohio. The vast majority of our sales originate from our one reportable segment, Installation. Substantially all of our Installation segment sales are derived from the service-based installation of various products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. Each of our Installation branches has the capacity to serve all of our end markets. See Note 3, Revenue Recognition, for information on our revenues by product and end market, and see Note 10, Information on Segments, for information on how we segment the business.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our provision for income taxes as a percentage of pretax earnings is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. During the three and six months ended June 30, 2024, our effective tax rate was 24.8% and 25.7%, respectively. During the three and six months ended June 30, 2023, our effective tax rate was 25.5% and 26.1%, respectively. The rates for each of the three and six months ended June 30, 2024 and 2023 were favorably impacted by

- Definition

The entire disclosure for income tax.

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+ Details

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 439.6	$ 423.3
Affiliated Entity
Related Party Transaction [Line Items]
Accounts receivable, related parties	2.2	1.4
Related Party
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 2.5	$ 1.8

Goodwill and Intangibles - Summary of Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Goodwill [Roll Forward]
Goodwill (gross), beginning balance	$ 468.8
Business combinations	7.2
Other adjustments	0.1
Goodwill (gross), ending balance	476.1
Accumulated impairment losses	(70.0)
Goodwill (net)	406.1	$ 398.8	$ 14.6
Installation
Goodwill [Roll Forward]
Goodwill (gross), beginning balance	375.2
Business combinations	6.6
Other adjustments	0.1
Goodwill (gross), ending balance	381.9
Accumulated impairment losses	(70.0)
Goodwill (net)	311.9
Other
Goodwill [Roll Forward]
Goodwill (gross), beginning balance	93.6
Business combinations	0.6
Other adjustments	0.0
Goodwill (gross), ending balance	94.2
Accumulated impairment losses	0.0
Goodwill (net)	$ 94.2

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Information on Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables represent our segment information for the three and six months ended June 30, 2024 and 2023 (in millions):


	Three months ended June 30, 2024												Six months ended June 30, 2024
	Installation			Other			Eliminations			Consolidated			Installation			Other			Eliminations			Consolidated
Revenue	$	697.3		$	44.0		$	(3.7)		$	737.6		$	1,353.2		$	84.3		$	(7.0)		$	1,430.5
Cost of sales (1)	443.1			32.5			(2.8)			472.8			862.4			61.0			(5.1)			918.3
Segment gross profit	$	254.2		$	11.5		$	(0.9)		$	264.8		$	490.8		$	23.3		$	(1.9)		$	512.2
Segment gross profit percentage	36.5		%	26.2		%	25.8		%	35.9		%	36.3		%	27.7		%	27.5		%	35.8		%


	Three months ended June 30, 2023												Six months ended June 30, 2023
	Installation			Other			Eliminations			Consolidated			Installation			Other			Eliminations			Consolidated
Revenue	$	651.9		$	42.3		$	(2.1)		$	692.1		$	1,274.6		$	81.0		$	(4.2)		$	1,351.4
Cost of sales (1)	418.6			30.3			(1.5)			447.4			829.0			58.8			(3.3)			884.5
Segment gross profit	$	233.3		$	12.0		$	(0.6)		$	244.7		$	445.6		$	22.2		$	(0.9)		$	466.9
Segment gross profit percentage	35.8		%	28.2		%	22.7		%	35.3		%	35.0		%	27.4		%	20.3		%	34.5		%

(1)Cost of sales included in segment gross profit is exclusive of depreciation and amortization for the three and six months ended June 30, 2024 and 2023.

The reconciliation between consolidated segment gross profit for each period as shown in the tables above to consolidated income before income taxes is as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Segment gross profit - consolidated	$	264.8	$	244.7	$	512.2	$	466.9
Depreciation and amortization (1)	13.4		12.2		26.3		24.0
Gross profit, as reported	251.4		232.5		485.9		442.9
Operating expenses	156.6		140.2		303.2		273.7
Operating income	94.8		92.3		182.7		169.2
Other expense, net	8.1		9.6		19.6		19.1
Income before income taxes	$	86.7	$	82.7	$	163.1	$	150.1

(1)Depreciation and amortization is excluded from segment gross profit for the three and six months ended June 30, 2024 and 2023.

Leases - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 8,900	$ 7,900	$ 17,300	$ 15,600
Operating cash flows for finance leases	100	200	300	300
Financing cash flows for finance leases	$ 700	$ 700	$ 1,500	$ 1,400

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net change on cash flow hedges, tax (provision) benefit	$ 0.0	$ (1.9)	$ (1.7)	$ 0.3

Business Combinations - Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information [Abstract]
Net revenue	$ 741,300	$ 707,800	$ 1,440,400	$ 1,391,000
Net income	$ 65,300	$ 62,600	$ 121,400	$ 113,200
Basic net income per share (in USD per share)	$ 2.32	$ 2.22	$ 4.31	$ 4.02
Diluted net income per share (in USD per share)	$ 2.31	$ 2.21	$ 4.28	$ 4.00

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Standard

Effective Date

Adoption

ASU 2023-01 “Leases” (Topic 842): Accounting for leasehold improvements associated with common control leases.

December 15, 2023

Recently Issued Accounting Pronouncements Not Yet Adopted

We are currently evaluating the impact of the following Accounting Standards Update ("ASU") on our Condensed Consolidated Financial Statements or Notes to Condensed Consolidated Financial Statements:

Standard

Description

Effective Date

Effect on the financial statements or other significant matters

ASU 2023-07 "Segment Reporting" (Topic 280): Improvements to Reportable Segment Disclosures.

This pronouncement amends Topic 280 to require all entities to disclose, on an annual and interim basis, significant segment expenses and an amount for other segment items by reportable segment.

Effective for annual periods beginning after December 15, 2023. Early adoption is permitted.

ASU 2023-09 "Income Taxes" (Topic 740): Improvements to Income Tax Disclosures.

This pronouncement amends Topic 740 to require all entities to disclose specific categories in the rate reconciliation, income taxes paid, and other income tax information.

Effective for annual periods beginning after December 15, 2024. Early adoption is permitted.

Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of June 30, 2024 and December 31, 2023, we had the following interest rate swap derivatives (notional amount in millions):


Effective Date	Notional Amount		Fixed Rate		Maturity Date
April 28, 2023	$	200.0	0.46	%	December 31, 2025
April 28, 2023	100.0		1.32	%	December 31, 2025
April 28, 2023	100.0		1.32	%	December 31, 2025
December 31, 2025	300.0		3.06	%	December 14, 2028
December 31, 2025	100.0		2.93	%	December 14, 2028

Derivative Instruments, Gain (Loss)

The following table summarizes amounts recorded to interest expense, net included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to our interest rate swaps (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
(Benefit) associated with swap net settlements	$	(4.5)	$	(4.1)	$	(9.0)	$	(7.8)
Expense associated with amortization of amended/terminated swaps	1.1		1.1		2.2		2.2

Business Combinations - Summary of Business Acquisitions (Details) - USD ($) $ in Thousands		3 Months Ended		4 Months Ended	6 Months Ended
	Mar. 12, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Cash Paid						$ 40,200
Seller Obligations						3,100
Total Purchase Price						43,300
Revenue			$ 10,700			13,400
Net Income (Loss)			400			500
Various
Business Acquisition [Line Items]
Cash Paid					$ 22,700	4,300
Seller Obligations					2,200	400
Total Purchase Price					24,900	4,700
Revenue		$ 4,800	1,400		5,200	1,900
Net Income (Loss)		$ 300	0		$ 300	0
Anchor
Business Acquisition [Line Items]
Cash Paid	$ 35,900					35,900
Seller Obligations	2,700					$ 2,700
Total Purchase Price	$ 38,600
Revenue			9,300	$ 11,500
Net Income (Loss)			$ 400	$ 500

Employee Benefits - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefits - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) installment shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Healthcare benefit expense, net of employee contributions \| $	$ 8.7	$ 8.6	$ 17.0	$ 16.1
Accrued compensation \| $	56.6		56.6		$ 59.6
Administration expense related to employee contribution plan \| $	$ 0.9	$ 0.9	$ 1.9	$ 1.8
Share-based awards granted (in shares)	30,000	62,000		62,000
Number of shares surrendered to satisfy tax withholding obligations (in shares)			36,000
2014 Omnibus Incentive Plan
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Common stock shares available for issuance (in shares)	1,800,000		1,800,000
Common stock shares authorized (in shares)	2,100,000		2,100,000
Performance-Based Stock Awards
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Share-based awards granted (in shares)			35,320
Liability Performance-Based Stock Awards
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Share-based awards granted (in shares)			4,000	8,000
Board of Directors
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Share-based awards granted (in shares)	4,000	7,000	4,000	7,000
Officer \| Performance-Based Stock Awards
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Share-based awards granted (in shares)			67,000
Officer \| Performance-Based Stock Awards \| Common Stock
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Number of equal installments for common stock \| installment			2
Cost of sales
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Workers' compensation expense \| $	$ 2.9	$ 4.7	$ 8.7	$ 10.5
Medical IBNR Included in Accrued Compensation
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Accrued compensation \| $	$ 4.4		$ 4.4		$ 3.9

Revenue Recognition - Summary of Revenues Disaggregated by End Market and Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 737,600	$ 692,100	$ 1,430,500	$ 1,351,400
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	100.00%	100.00%	100.00%	100.00%
Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	100.00%	100.00%	100.00%	100.00%
Net revenue, Installation
Disaggregation of Revenue [Line Items]
Net revenue	$ 697,300	$ 651,900	$ 1,353,200	$ 1,274,600
Net revenue, Installation \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	95.00%	94.00%	95.00%	94.00%
Insulation
Disaggregation of Revenue [Line Items]
Net revenue	$ 447,800	$ 416,900	$ 875,700	$ 810,900
Insulation \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	61.00%	60.00%	61.00%	60.00%
Shower doors, shelving and mirrors
Disaggregation of Revenue [Line Items]
Net revenue	$ 53,400	$ 47,800	$ 102,300	$ 93,300
Shower doors, shelving and mirrors \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	7.00%	7.00%	7.00%	7.00%
Garage doors
Disaggregation of Revenue [Line Items]
Net revenue	$ 43,200	$ 40,900	$ 85,900	$ 84,200
Garage doors \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	6.00%	6.00%	6.00%	6.00%
Waterproofing
Disaggregation of Revenue [Line Items]
Net revenue	$ 34,500	$ 33,000	$ 65,200	$ 62,900
Waterproofing \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	5.00%	5.00%	5.00%	5.00%
Rain gutters
Disaggregation of Revenue [Line Items]
Net revenue	$ 32,100	$ 29,600	$ 59,500	$ 57,400
Rain gutters \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	4.00%	4.00%	4.00%	4.00%
Fireproofing/firestopping
Disaggregation of Revenue [Line Items]
Net revenue	$ 22,400	$ 19,800	$ 43,100	$ 35,000
Fireproofing/firestopping \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	3.00%	3.00%	3.00%	3.00%
Window blinds
Disaggregation of Revenue [Line Items]
Net revenue	$ 20,200	$ 16,300	$ 37,200	$ 32,200
Window blinds \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	3.00%	2.00%	3.00%	2.00%
Other building products
Disaggregation of Revenue [Line Items]
Net revenue	$ 43,700	$ 47,600	$ 84,300	$ 98,700
Other building products \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	6.00%	7.00%	6.00%	7.00%
Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 40,300	$ 40,200	$ 77,300	$ 76,800
Other \| Revenue from Contract with Customer, Product and Service Benchmark \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	5.00%	6.00%	5.00%	6.00%
Net revenue, Installation
Disaggregation of Revenue [Line Items]
Net revenue	$ 697,300	$ 651,900	$ 1,353,200	$ 1,274,600
Net revenue, Installation \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	95.00%	94.00%	95.00%	94.00%
Residential new construction
Disaggregation of Revenue [Line Items]
Net revenue	$ 542,400	$ 495,700	$ 1,045,200	$ 970,800
Residential new construction \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	74.00%	71.00%	73.00%	72.00%
Repair and remodel
Disaggregation of Revenue [Line Items]
Net revenue	$ 42,500	$ 38,900	$ 82,600	$ 76,600
Repair and remodel \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	6.00%	6.00%	6.00%	5.00%
Commercial
Disaggregation of Revenue [Line Items]
Net revenue	$ 112,400	$ 117,300	$ 225,400	$ 227,200
Commercial \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	15.00%	17.00%	16.00%	17.00%
Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 40,300	$ 40,200	$ 77,300	$ 76,800
Other \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	5.00%	6.00%	5.00%	6.00%

Derivative and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) instrument	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) instrument	Jun. 30, 2023 USD ($)	Jul. 31, 2022 instrument
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amortized interest expense of financing element	$ 1,800	$ 1,800	$ 3,700	$ 3,700
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amortization of unrealized gain (loss)	1,100	1,100	2,200	2,200
Interest Rate Swap \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 400,000		$ 400,000
Interest Rate Swap \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivatives \| instrument	2		2		3
Reclassification from accumulated other comprehensive income to interest expense			$ 12,300
Interest Rate Swaps Effective April 28, 2023 \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amortization of unrealized gain (loss)	$ 1,800	1,800	3,500	3,500
Interest Rate Swap Terminated August 2020 \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amortization of unrealized gain (loss)	$ (1,000)	$ (1,000)	$ (2,100)	$ (2,100)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 121,100	$ 110,900
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	28,000	25,400
Amortization of operating lease right-of-use assets	16,300	14,400
Amortization of intangibles	21,200	22,700
Amortization of deferred financing costs and debt discount	800	1,000
Provision for credit losses	3,100	3,200
Write-off of debt issuance costs	1,100	0
Gain on sale of property and equipment	(1,200)	(1,200)
Non-cash stock compensation	8,700	7,100
Asset impairment	4,900	0
Other, net	(6,800)	(5,500)
Changes in assets and liabilities, excluding effects of acquisitions
Accounts receivable	(18,400)	(17,500)
Inventories	(11,400)	14,700
Other assets	5,100	4,900
Accounts payable	(1,600)	(16,300)
Income taxes receivable/payable	(600)	(4,800)
Other liabilities	(6,500)	(20,900)
Net cash provided by operating activities	163,800	138,100
Cash flows from investing activities
Purchases of property and equipment	(42,600)	(28,300)
Acquisitions of businesses, net of cash acquired of $— in 2024 and 2023, respectively	(22,700)	(40,200)
Proceeds from sale of property and equipment	1,800	1,500
Settlements with interest rate swap counterparties	9,000	7,800
Other	(700)	(300)
Net cash used in investing activities	(55,200)	(59,500)
Cash flows from financing activities
Proceeds from Term Loan	142,900	0
Payments on Term Loan	(134,200)	(2,500)
Proceeds from vehicle and equipment notes payable	15,000	18,300
Debt issuance costs	(1,500)	0
Principal payments on long-term debt	(15,500)	(14,800)
Principal payments on finance lease obligations	(1,500)	(1,400)
Dividends paid	(65,200)	(44,500)
Acquisition-related obligations	(1,000)	(2,200)
Repurchase of common stock	(45,700)	0
Surrender of common stock awards by employees	(8,100)	(5,900)
Net cash used in financing activities	(114,800)	(53,000)
Net change in cash and cash equivalents	(6,200)	25,600
Cash and cash equivalents at beginning of period	386,500	229,600
Cash and cash equivalents at end of period	380,300	255,200
Supplemental disclosures of cash flow information
Interest	21,900	20,800
Income taxes, net of refunds	42,700	44,100
Supplemental disclosure of non-cash activities
Right-of-use assets obtained in exchange for operating lease obligations	23,600	14,700
Property and equipment obtained in exchange for finance lease obligations	1,800	2,200
Seller obligations in connection with acquisition of businesses	2,200	7,700
Unpaid purchases of property and equipment included in accounts payable	$ 2,700	$ 4,900

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 350.2	$ 344.8

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels.

Assets Measured at Fair Value on a Nonrecurring Basis

Certain assets, specifically other intangible and long-lived assets, are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis as of June 30, 2024 and December 31, 2023 are categorized based on the lowest level of significant input to the valuation. The assets are measured at fair value when our impairment assessment indicates a carrying value for each of the assets in excess of the asset’s estimated fair value. Discounted cash flows, a Level 3 input, are utilized in determining estimated fair values. Certain long-lived assets were impaired based on estimated future cash flows due to the wind down of a single branch during the three months ended June 30, 2024.

The table below presents asset impairment information related to long-lived assets (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and equipment assets impairment	$	0.2	$	—	$	0.2	$	—
Right-of-use assets impairment	0.1		—		0.1		—
Intangible assets impairment	4.6		—		4.6		—
Total asset impairments	$	4.9	$	—	$	4.9	$	—

Estimated Fair Value of Financial Instruments

Accounts receivable, accounts payable and accrued liabilities as of June 30, 2024 and December 31, 2023 approximate fair value due to the short-term maturities of these financial instruments. The carrying amounts of certain long-term debt, including the Term Loan and ABL Revolver as of June 30, 2024 and December 31, 2023, approximate fair value due to the variable rate nature of the agreements. The carrying amounts of our operating lease right-of-use assets and the obligations associated with our operating and finance leases as well as our vehicle and equipment notes approximate fair value as of June 30, 2024 and December 31, 2023. All debt classifications represent Level 2 fair value measurements. Derivative financial instruments are measured at fair value based on observable market information and appropriate valuation methods.

Contingent consideration liabilities arise from future earnout payments to the sellers associated with certain acquisitions and are based on predetermined calculations of certain future results. These future payments are estimated by considering various factors, including business risk and projections. The contingent consideration liabilities are measured at fair value by discounting estimated future payments, calculated based on a weighted average of various future forecast scenarios, to their net present value.

The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in millions):


	As of June 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds	$	350.2	$	350.2	$	—	$	—	$	344.8	$	344.8	$	—	$	—
Derivative financial instruments	29.1		—		29.1		—		24.9		—		24.9		—
Total financial assets	$	379.3	$	350.2	$	29.1	$	—	$	369.7	$	344.8	$	24.9	$	—
Financial liabilities:
Contingent consideration	$	0.7	$	—	$	—	$	0.7	$	0.4	$	—	$	—	$	0.4

See Note 5, Cash and Cash Equivalents, for more information on money market funds included in the table above. Also see Note 11, Derivatives and Hedging Activities, for more information on derivative financial instruments.

The change in fair value of the contingent consideration (a Level 3 input) was as follows (in millions):


Contingent consideration liability - January 1, 2024	$	0.4
Preliminary purchase price	0.3
Fair value adjustments	0.0
Accretion in value	0.0



Contingent consideration liability - June 30, 2024	$	0.7

The accretion in value of contingent consideration liabilities is included within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The carrying value and associated fair value of financial liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include our $300.0 million in aggregate principal amount of 5.75% senior unsecured notes ("Senior Notes"). To estimate the fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes represent a Level 2 fair value measurement and are as follows (in millions):


	As of June 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Senior Notes(1)	$	300.0	$	292.7	$	300.0	$	296.2

(1)Excludes the impact of unamortized debt issuance costs.

See Note 7, Long-Term Debt, for more information on our Senior Notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenue	$ 737,600	$ 692,100	$ 1,430,500	$ 1,351,400
Cost of sales	486,200	459,600	944,600	908,500
Gross profit	251,400	232,500	485,900	442,900
Operating expenses
Selling	34,500	32,900	67,800	65,500
Administrative	106,700	96,000	209,300	185,500
Asset impairment	4,900	0	4,900	0
Amortization	10,500	11,300	21,200	22,700
Operating income	94,800	92,300	182,700	169,200
Other expense, net
Interest expense, net	8,200	9,800	20,100	19,500
Other (income)	(100)	(200)	(500)	(400)
Income before income taxes	86,700	82,700	163,100	150,100
Income tax provision	21,500	21,100	42,000	39,200
Net income	65,200	61,600	121,100	110,900
Other comprehensive income (loss), net of tax:
Net change on cash flow hedges, net of tax (provision) benefit of $— and $(1.9) for the three months ended June 30, 2024 and 2023, respectively, and $(1.7) and $0.3 for the six months ended June 30, 2024 and 2023, respectively	0	5,400	4,700	(900)
Comprehensive income	$ 65,200	$ 67,000	$ 125,800	$ 110,000
Earnings per share:
Basic (in USD per share)	$ 2.32	$ 2.19	$ 4.30	$ 3.94
Diluted (in USD per share)	$ 2.30	$ 2.18	$ 4.27	$ 3.92
Weighted average shares outstanding:
Basic (in shares)	28,174,677	28,174,279	28,173,061	28,125,251
Diluted (in shares)	28,317,801	28,273,334	28,351,401	28,276,049
Cash dividends declared per share (in USD per share)	$ 0.35	$ 0.33	$ 2.30	$ 1.56

Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

The change in carrying amount of goodwill by reporting segment was as follows (in millions):


	Installation		Other		Consolidated

Goodwill (gross) - January 1, 2024	$	375.2	$	93.6	$	468.8
Business combinations	6.6		0.6		7.2
Other adjustments	0.1		—		0.1
Goodwill (gross) - June 30, 2024	381.9		94.2		476.1
Accumulated impairment losses	(70.0)		—		(70.0)
Goodwill (net) - June 30, 2024	$	311.9	$	94.2	$	406.1

Schedule of Gross Carrying Amount, Accumulated Amortization and Net Book Value

The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in millions):


	As of June 30,						As of December 31,
	2024						2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortized intangibles:
Customer relationships	$	362.8	$	192.1	$	170.7	$	357.4	$	177.8	$	179.6
Covenants not-to-compete	33.0		25.4		7.6		32.1		23.7		8.4
Trademarks and tradenames	129.5		51.2		78.3		128.0		47.4		80.6
Backlog	21.6		21.6		—		21.6		21.5		0.1
	$	546.9	$	290.3	$	256.6	$	539.1	$	270.4	$	268.7

Schedule of Estimated Aggregate Annual Amortization

Remaining estimated aggregate annual amortization expense is as follows (amounts, in millions, are for the fiscal year ended):


Remainder of 2024	$	20.6
2025	36.1
2026	32.1
2027	27.8
2028	24.5
Thereafter	115.5

- 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
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Cash and Cash Equivalents	6 Months Ended
Cash and Cash Equivalents	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS Cash and cash equivalents include money market funds which are highly liquid instruments with insignificant interest rate risk and original or remaining maturities of three months or less at the time of purchase. These money market funds amounted to approximately $350.2 million and $344.8 million as of June 30, 2024 and December 31, 2023, respectively. See Note 9, Fair Value Measurements, for additional information.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

LEASES

We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. During the six months ended June 30, 2024, we impaired the operating lease right-of-use asset for one of our branches due to its wind down, as described in Note 9, Fair Value Measurements.

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):


		As of June 30,			As of December 31,
	Classification	2024			2023
Assets
Non-Current
Operating	Operating lease right-of-use assets	$	86.1		$	78.1
Finance	Property and equipment, net	9.3			9.1
Total lease assets		$	95.4		$	87.2
Liabilities
Current
Operating	Current maturities of operating lease obligations	$	30.6		$	28.3
Financing	Current maturities of finance lease obligations	2.8			2.7
Non-Current
Operating	Operating lease obligations	55.3			49.9
Financing	Finance lease obligations	6.7			6.6
Total lease liabilities		$	95.4		$	87.5

Weighted-average remaining lease term:
Operating leases		3.5 years			3.6 years
Finance leases		3.4 years			3.5 years
Weighted-average discount rate:
Operating leases		5.56		%	5.23		%
Finance leases		7.56		%	6.91		%

Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases (in millions):


		Three months ended June 30,				Six months ended June 30,
	Classification	2024		2023		2024		2023
Operating lease cost(1)	Administrative	$	10.8	$	9.4	$	21.1	$	18.6
Finance lease cost:
Amortization of leased assets(2)	Cost of sales	1.0		0.9		2.0		1.9
Interest on finance lease obligations	Interest expense, net	0.1		0.2		0.3		0.3
Total lease costs		$	11.9	$	10.5	$	23.4	$	20.8

(1)Includes variable lease costs of $1.3 million and $1.1 million for the three months ended June 30, 2024 and 2023, respectively, and $2.5 million and $2.3 million for the six months ended June 30, 2024 and 2023, respectively, and short-term lease costs of $0.7 million and $0.3 million for the three months ended June 30, 2024 and 2023, respectively and $1.3 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively.

(2)Includes variable lease costs of $0.2 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million for each of the six months ended June 30, 2024 and 2023, respectively.

Other Information

The table below presents supplemental cash flow information related to leases (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.9	$	7.9	$	17.3	$	15.6
Operating cash flows for finance leases	0.1		0.2		0.3		0.3
Financing cash flows for finance leases	0.7		0.7		1.5		1.4

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of June 30, 2024 (in millions):


	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	1.8	$	0.6	$	17.4	$	18.0
2025	3.3		1.1		29.7		30.8
2026	3.0		0.5		21.8		22.3
2027	2.0		0.1		12.3		12.4
2028	0.7		—		6.0		6.0
Thereafter	0.1		—		4.9		4.9
Total minimum lease payments	10.9		$	2.3	$	92.1	94.4

Less: Amounts representing interest	(1.4)						(8.5)
Present value of future minimum lease payments	9.5						85.9
Less: Current obligation under leases	(2.8)						(30.6)
Long-term lease obligations	$	6.7					$	55.3

Leases

LEASES

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):


		As of June 30,			As of December 31,
	Classification	2024			2023
Assets
Non-Current
Operating	Operating lease right-of-use assets	$	86.1		$	78.1
Finance	Property and equipment, net	9.3			9.1
Total lease assets		$	95.4		$	87.2
Liabilities
Current
Operating	Current maturities of operating lease obligations	$	30.6		$	28.3
Financing	Current maturities of finance lease obligations	2.8			2.7
Non-Current
Operating	Operating lease obligations	55.3			49.9
Financing	Finance lease obligations	6.7			6.6
Total lease liabilities		$	95.4		$	87.5

Weighted-average remaining lease term:
Operating leases		3.5 years			3.6 years
Finance leases		3.4 years			3.5 years
Weighted-average discount rate:
Operating leases		5.56		%	5.23		%
Finance leases		7.56		%	6.91		%

Lease Costs

The table below presents certain information related to the lease costs for finance and operating leases (in millions):


		Three months ended June 30,				Six months ended June 30,
	Classification	2024		2023		2024		2023
Operating lease cost(1)	Administrative	$	10.8	$	9.4	$	21.1	$	18.6
Finance lease cost:
Amortization of leased assets(2)	Cost of sales	1.0		0.9		2.0		1.9
Interest on finance lease obligations	Interest expense, net	0.1		0.2		0.3		0.3
Total lease costs		$	11.9	$	10.5	$	23.4	$	20.8

Other Information

The table below presents supplemental cash flow information related to leases (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.9	$	7.9	$	17.3	$	15.6
Operating cash flows for finance leases	0.1		0.2		0.3		0.3
Financing cash flows for finance leases	0.7		0.7		1.5		1.4

Undiscounted Cash Flows


	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	1.8	$	0.6	$	17.4	$	18.0
2025	3.3		1.1		29.7		30.8
2026	3.0		0.5		21.8		22.3
2027	2.0		0.1		12.3		12.4
2028	0.7		—		6.0		6.0
Thereafter	0.1		—		4.9		4.9
Total minimum lease payments	10.9		$	2.3	$	92.1	94.4

Less: Amounts representing interest	(1.4)						(8.5)
Present value of future minimum lease payments	9.5						85.9
Less: Current obligation under leases	(2.8)						(30.6)
Long-term lease obligations	$	6.7					$	55.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Employee Benefits - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Included in other non-current assets	$ 3.8	$ 3.0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Accrued General Liability and Auto Insurance

Accrued general liability and auto insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other current liabilities	$	9.7	$	9.1
Included in other long-term liabilities	21.8		16.3
	$	31.5	$	25.4

We also had insurance receivables and indemnification assets included on the Condensed Consolidated Balance Sheets that, in aggregate, offset equal liabilities included within the reserve amounts noted above. The amounts were as follows (in millions):


	June 30, 2024		December 31, 2023
Insurance receivables and indemnification assets for claims under fully insured policies	$	2.5	$	1.7
Insurance receivables for claims that exceeded the stop loss limit	0.7		0.1
Total insurance receivables and indemnification assets included in other non-current assets	$	3.2	$	1.8

Leases

See Note 8, Leases, for further information regarding our lease commitments.

Other Commitments and Contingencies

From time to time, various claims and litigation are asserted or commenced against us principally arising from contractual matters and personnel and employment disputes. In determining loss contingencies, management considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recorded when it is considered probable that such a liability has been incurred and when the amount of loss can be reasonably estimated. As litigation is subject to inherent uncertainties, we cannot be certain that we will prevail in these matters. However, we do not believe that the ultimate outcome of any pending matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

We have a supply agreement with variable pricing with one of our suppliers to purchase a portion of the materials we utilize in our business. This agreement is effective March 31, 2023 through March 31, 2026 with a purchase obligation of 12.0 million pounds for the period ending May 15, 2024, 14.4 million pounds for the period ending March 31, 2025 and 17.3 million pounds for the period ending March 31, 2026. Through June 30, 2024, we have purchased approximately 1.7 million pounds of materials under the agreement period ending March 31, 2025. The agreement for the period ending May 15, 2024 has been satisfied as of June 30, 2024.

Commitments and Contingencies - Schedule of Accrued General Insurance Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Included in other current liabilities	$ 9.7	$ 9.1
Included in other long-term liabilities	21.8	16.3
Total	$ 31.5	$ 25.4

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liability revenue recognized	$ 1,600,000		$ 17,100,000
Impairment losses on contract assets		$ 0		$ 0
Transaction price allocated to uncompleted contracts	$ 120,100,000		$ 120,100,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected timing of satisfaction, period	18 months		18 months

- 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

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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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Reference 85: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
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Reference 87: http://www.xbrl.org/2003/role/disclosureRef
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Reference 88: http://www.xbrl.org/2003/role/disclosureRef
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Common or Related Party Transactions

The amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Sales	$	6.6	$	4.9	$	11.6	$	8.9
Purchases	0.6		0.6		1.2		1.3
Rent	0.2		0.3		0.5		0.7

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease-Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):


		As of June 30,			As of December 31,
	Classification	2024			2023
Assets
Non-Current
Operating	Operating lease right-of-use assets	$	86.1		$	78.1
Finance	Property and equipment, net	9.3			9.1
Total lease assets		$	95.4		$	87.2
Liabilities
Current
Operating	Current maturities of operating lease obligations	$	30.6		$	28.3
Financing	Current maturities of finance lease obligations	2.8			2.7
Non-Current
Operating	Operating lease obligations	55.3			49.9
Financing	Finance lease obligations	6.7			6.6
Total lease liabilities		$	95.4		$	87.5

Weighted-average remaining lease term:
Operating leases		3.5 years			3.6 years
Finance leases		3.4 years			3.5 years
Weighted-average discount rate:
Operating leases		5.56		%	5.23		%
Finance leases		7.56		%	6.91		%

Schedule of Lease Costs for Finance and Operating Leases

The table below presents certain information related to the lease costs for finance and operating leases (in millions):


		Three months ended June 30,				Six months ended June 30,
	Classification	2024		2023		2024		2023
Operating lease cost(1)	Administrative	$	10.8	$	9.4	$	21.1	$	18.6
Finance lease cost:
Amortization of leased assets(2)	Cost of sales	1.0		0.9		2.0		1.9
Interest on finance lease obligations	Interest expense, net	0.1		0.2		0.3		0.3
Total lease costs		$	11.9	$	10.5	$	23.4	$	20.8

The table below presents supplemental cash flow information related to leases (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.9	$	7.9	$	17.3	$	15.6
Operating cash flows for finance leases	0.1		0.2		0.3		0.3
Financing cash flows for finance leases	0.7		0.7		1.5		1.4

Schedule of Undiscounted Cash Flows Finance Lease Obligations


	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	1.8	$	0.6	$	17.4	$	18.0
2025	3.3		1.1		29.7		30.8
2026	3.0		0.5		21.8		22.3
2027	2.0		0.1		12.3		12.4
2028	0.7		—		6.0		6.0
Thereafter	0.1		—		4.9		4.9
Total minimum lease payments	10.9		$	2.3	$	92.1	94.4

Less: Amounts representing interest	(1.4)						(8.5)
Present value of future minimum lease payments	9.5						85.9
Less: Current obligation under leases	(2.8)						(30.6)
Long-term lease obligations	$	6.7					$	55.3

Schedule of Undiscounted Cash Flows Operating Lease Obligations


	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	1.8	$	0.6	$	17.4	$	18.0
2025	3.3		1.1		29.7		30.8
2026	3.0		0.5		21.8		22.3
2027	2.0		0.1		12.3		12.4
2028	0.7		—		6.0		6.0
Thereafter	0.1		—		4.9		4.9
Total minimum lease payments	10.9		$	2.3	$	92.1	94.4

Less: Amounts representing interest	(1.4)						(8.5)
Present value of future minimum lease payments	9.5						85.9
Less: Current obligation under leases	(2.8)						(30.6)
Long-term lease obligations	$	6.7					$	55.3

Income Per Common Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Dilutive effect of outstanding restricted stock awards after application of the Treasury Stock Method (in shares)	143	99	178	151

Revenue Recognition - Schedule of Net Under (Over) Billings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)	$ 34.2	$ 31.7
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)	(10.7)	(10.1)
Net under billings	$ 23.5	$ 21.6

Business Combinations

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

BUSINESS COMBINATIONS

As part of our ongoing strategy to expand geographically and increase market share in certain markets, as well as diversify our products and end markets, we completed five business combinations and one insignificant tuck-in acquisition merged into an existing operation during the six months ended June 30, 2024 and four business combinations and one insignificant tuck-in acquisition merged into an existing operation during the six months ended June 30, 2023. The largest of these acquisitions was Anchor Insulation Co., Inc. ("Anchor") in March 2023.

Below is a summary of each significant acquisition by year, including revenue and net income since date of acquisition shown for the year of acquisition. Net income includes amortization and taxes when appropriate.

For the three and six months ended June 30, 2024 (in millions):


									Three months ended June 30, 2024				Six months ended June 30, 2024
2024 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income		Revenue		Net Income

Various	Various	Asset	$	22.7	$	2.2	$	24.9	$	4.8	$	0.3	$	5.2	$	0.3

For the three and six months ended June 30, 2023 (in millions):


									Three months ended June 30, 2023				Six months ended June 30, 2023
2023 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)		Revenue		Net Income (Loss)
Anchor	3/12/2023	Share	$	35.9	$	2.7	$	38.6	$	9.3	$	0.4	$	11.5	$	0.5
Other	Various	Asset	4.3		0.4		4.7		1.4		—		1.9		—
			$	40.2	$	3.1	$	43.3	$	10.7	$	0.4	$	13.4	$	0.5

Acquisition-related costs recorded within administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income amounted to $0.6 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively and $1.1 million for each of the six months ended June 30, 2024 and 2023, respectively.

The goodwill recognized in conjunction with these business combinations represents the excess cost of the acquired entity over the net amount assigned to assets acquired and liabilities assumed (including the identifiable intangible assets). The goodwill recognized for Anchor reflects the value of its location, revenue enhancements, assembled workforce and other synergies that are expected to be realized from the acquisition. We expect to deduct approximately $6.7 million of goodwill for tax purposes as a result of 2024 acquisitions.

Purchase Price Allocations

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following (in millions):


	Six months ended June 30, 2024		Six months ended June 30, 2023
	Various		Anchor		Other		Total
Estimated fair values:

Accounts receivable	$	1.0	$	5.0	$	—	$	5.0
Inventories	1.5		1.6		0.2		1.8
Other current assets	—		1.9		—		1.9
Property and equipment	2.3		2.3		1.0		3.3
Operating lease right-of-use asset	—		—		—		—
Intangibles	13.6		16.4		2.2		18.6
Goodwill	7.2		13.3		1.3		14.6
Other non-current assets	0.2		0.2		—		0.2
Accounts payable and other current liabilities	(0.9)		(2.1)		—		(2.1)




Fair value of assets acquired and purchase price	24.9		38.6		4.7		43.3
Less seller obligations	2.2		2.7		0.4		3.1
Cash paid	$	22.7	$	35.9	$	4.3	$	40.2

Contingent consideration, non-compete agreements and/or amounts based on working capital calculations are included as “seller obligations” in the above table or within “fair value of assets acquired” if subsequently paid during the period presented. Contingent consideration payments consist primarily of earnouts based on performance that are recorded at fair value at the time of acquisition. When these payments are expected to be made over one year from the acquisition date, the contingent consideration is discounted to net present value of future payments based on a weighted average of various future forecast scenarios.

Further adjustments to the allocation for each acquisition still under its measurement period are expected as third-party or internal valuations are finalized, certain tax aspects of the transaction are completed and customary post-closing reviews are concluded during the measurement period attributable to each individual business combination. As a result, adjustments to the fair value of assets acquired, and in some cases total purchase price, have been made to certain business combinations since the date of acquisition and future adjustments may be made through the end of each measurement period. Any acquisition acquired after June 30, 2023 is deemed to be within the measurement period and its purchase price considered preliminary.

Goodwill and intangibles per the above table may not agree to the total gross increase of these assets as shown in Note 6, Goodwill and Intangibles, during each of the six months ended June 30, 2024 and 2023 due to adjustments to goodwill for the allocation of certain acquisitions still under measurement as well as intangible impairment charges and other immaterial intangible assets added during the ordinary course of business. One immaterial acquisition had its respective goodwill assigned to Other during the six months ended June 30, 2024. All other acquisitions during the six months ended June 30, 2024 and 2023 had their respective goodwill assigned to our Installation operating segment.

Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):


	For the six months ended June 30,
	2024			2023
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	9.4	12	$	11.7	12
Trademarks and tradenames	3.3		15	5.7		15
Non-competition agreements	0.9		5	0.4		5
Backlog	—		0	0.8		1

Pro Forma Information

The unaudited pro forma information for the combined results of the Company has been prepared as if the 2024 acquisitions had taken place on January 1, 2023 and the 2023 acquisitions had taken place on January 1, 2022. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2023 and 2022, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in millions, except per share data):


	Unaudited pro forma for the three months ended June 30,				Unaudited pro forma for the six months ended June 30,
	2024		2023		2024		2023
Net revenue	$	741.3	$	707.8	$	1,440.4	$	1,391.0
Net income	65.3		62.6		121.4		113.2
Basic net income per share	2.32		2.22		4.31		4.02
Diluted net income per share	2.31		2.21		4.28		4.00

Unaudited pro forma net income reflects additional intangible asset amortization expense of approximately $0.2 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively, as well as additional income tax expense of approximately $23 thousand and $0.3 million for the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively, that would have been recorded had the 2024 acquisitions taken place on January 1, 2023 and the 2023 acquisitions taken place on January 1, 2022.

Employee Benefits - Summary of Equity-Based Awards for Employees (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Awards
Granted (in shares)	30,000	62,000		62,000
Common Stock Awards
Awards
Nonvested common stock awards, Beginning balance (in shares)			116,482
Granted (in shares)			37,884
Vested (in shares)			(54,834)
Forfeited/Cancelled (in shares)			(398)
Nonvested common stock awards, Ending balance (in shares)	99,134		99,134
Weighted Average Grant Date Fair Value Per Share
Nonvested performance-based stock awards, Beginning balance (in USD per share)			$ 103.02
Granted (in USD per share)			235.11
Vested (in USD per share)			103.81
Forfeited/Cancelled (in USD per share)			156.62
Nonvested performance-based stock awards, Ending balance (in USD per share)	$ 152.85		$ 152.85
Performance-Based Stock Awards
Awards
Nonvested performance-based stock awards/units, Beginning balance (in shares)			148,459
Granted (in shares)			35,320
Forfeited/Cancelled (in shares)			0
Vested (in shares)			(51,215)
Nonvested performance-based stock awards/units, Ending balance (in shares)	132,564		132,564
Weighted Average Grant Date Fair Value Per Share
Nonvested performance-based stock awards/units, Beginning balance (in USD per share)			$ 108.83
Granted (in USD per share)			205.96
Vested (in USD per share)			111.12
Forfeited/Cancelled (in USD per share)			0
Nonvested performance-based stock awards/units, Ending balance (in USD per share)	$ 133.82		$ 133.82
Performance-Based Restricted Stock Units
Awards
Nonvested performance-based stock awards/units, Beginning balance (in shares)			14,382
Granted (in shares)			8,130
Forfeited/Cancelled (in shares)			(253)
Vested (in shares)			(14,271)
Nonvested performance-based stock awards/units, Ending balance (in shares)	7,988		7,988
Weighted Average Grant Date Fair Value Per Share
Nonvested performance-based stock awards/units, Beginning balance (in USD per share)			$ 111.71
Granted (in USD per share)			242.85
Vested (in USD per share)			111.71
Forfeited/Cancelled (in USD per share)			185.27
Nonvested performance-based stock awards/units, Ending balance (in USD per share)	$ 242.85		$ 242.85

Revenue Recognition - Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 34.2	$ 31.7
Contract liabilities	$ (19.0)	$ (19.0)

Employee Benefits - Summary of Workers' Compensation Known Claims and IBNR Reserves (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Included in other current liabilities	$ 9.5	$ 9.5
Included in other long-term liabilities	16.9	17.0
Workers' compensation liability	$ 26.4	$ 26.5

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 65,200	$ 61,600	$ 121,100	$ 110,900

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 10,800	$ 9,400	$ 21,100	$ 18,600
Finance lease cost:
Amortization of leased assets	1,000	900	2,000	1,900
Interest on finance lease obligations	100	200	300	300
Total lease costs	11,900	10,500	23,400	20,800
Operating Lease
Finance lease cost:
Variable lease costs	1,300	1,100	2,500	2,300
Short-term lease costs	700	300	1,300	600
Finance Lease
Finance lease cost:
Variable lease costs	$ 200	$ 100	$ 400	$ 400

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Net revenue	$ 737,600	$ 692,100	$ 1,430,500	$ 1,351,400
Related Party
Related Party Transaction [Line Items]
Net revenue	6,600	4,900	11,600	8,900
Purchases	600	600	1,200	1,300
Rent	$ 200	$ 300	$ 500	$ 700

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Employee Benefits - Unrecognized Share-Based Compensation Expense Related to Unvested Awards (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 24.4
Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 12.5
Weighted Average Remaining Vesting Period (in years)	2 years 1 month 6 days
Performance-Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 10.5
Weighted Average Remaining Vesting Period (in years)	1 year 10 months 24 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 1.4
Weighted Average Remaining Vesting Period (in years)	9 months 18 days

- Definition

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

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+ Details

Commitments and Contingencies - Schedule of Insurance Receivable for Claims (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments And Contingencies Disclosure [Line Items]
Total insurance receivables and indemnification assets included in other non-current assets	$ 3.8	$ 3.0
General Liability
Commitments And Contingencies Disclosure [Line Items]
Insurance receivables and indemnification assets for claims under fully insured policies	2.5	1.7
Insurance receivables for claims that exceeded the stop loss limit	0.7	0.1
Total insurance receivables and indemnification assets included in other non-current assets	$ 3.2	$ 1.8

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenues Disaggregated by End Market and Product

The following tables present our net revenues disaggregated by end market and product (in millions):


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
Installation:
Residential new construction	$	542.4	74	%	$	495.7	71	%	$	1,045.2	73	%	$	970.8	72	%
Repair and remodel	42.5		6	%	38.9		6	%	82.6		6	%	76.6		5	%
Commercial	112.4		15	%	117.3		17	%	225.4		16	%	227.2		17	%
Net revenue, Installation	$	697.3	95	%	$	651.9	94	%	$	1,353.2	95	%	$	1,274.6	94	%

Other	40.3		5	%	40.2		6	%	77.3		5	%	76.8		6	%
Net revenue, as reported	$	737.6	100	%	$	692.1	100	%	$	1,430.5	100	%	$	1,351.4	100	%


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
Installation:
Insulation	$	447.8	61	%	$	416.9	60	%	$	875.7	61	%	$	810.9	60	%
Shower doors, shelving and mirrors	53.4		7	%	47.8		7	%	102.3		7	%	93.3		7	%
Garage doors	43.2		6	%	40.9		6	%	85.9		6	%	84.2		6	%
Waterproofing	34.5		5	%	33.0		5	%	65.2		5	%	62.9		5	%
Rain gutters	32.1		4	%	29.6		4	%	59.5		4	%	57.4		4	%
Fireproofing/firestopping	22.4		3	%	19.8		3	%	43.1		3	%	35.0		3	%
Window blinds	20.2		3	%	16.3		2	%	37.2		3	%	32.2		2	%
Other building products	43.7		6	%	47.6		7	%	84.3		6	%	98.7		7	%
Net revenue, Installation	$	697.3	95	%	$	651.9	94	%	$	1,353.2	95	%	$	1,274.6	94	%
Other	40.3		5	%	40.2		6	%	77.3		5	%	76.8		6	%
Net revenue, as reported	$	737.6	100	%	$	692.1	100	%	$	1,430.5	100	%	$	1,351.4	100	%

Summary of Assets and Liabilities Related to Uncompleted Contracts and Customer Deposits

Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in millions):


	June 30, 2024		December 31, 2023
Contract assets	$	34.2	$	31.7
Contract liabilities	(19.0)		(19.0)

Schedule of Cost and Estimated Earnings on Uncompleted Contracts

Uncompleted contracts were as follows (in millions):


	June 30, 2024		December 31, 2023
Costs incurred on uncompleted contracts	$	276.0	$	268.9
Estimated earnings	131.9		124.4
Total	407.9		393.3
Less: Billings to date	384.4		371.7
Net under billings	$	23.5	$	21.6

Schedule of Net Under Billings

Net under billings were as follows (in millions):


	June 30, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)	$	34.2	$	31.7
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)	(10.7)		(10.1)
Net under billings	$	23.5	$	21.6

Income Per Common Share	6 Months Ended
Income Per Common Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Income Per Common Share	INCOME PER COMMON SHARE Basic net income per common share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per common share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per common share calculation when dilutive. The dilutive effect of outstanding restricted stock awards after application of the treasury stock method was approximately 143 thousand and 178 thousand shares for the three and six months ended June 30, 2024, respectively, and 99 thousand and 151 thousand shares for the three and six months ended June 30, 2023, respectively. Shares of potential common stock that were not included in the calculation of diluted net income per common share because the effect would have been anti-dilutive were not material for the three and six months ended June 30, 2024 and 2023.

Employee Benefits

6 Months Ended

Jun. 30, 2024

Postemployment Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Healthcare

We participate in multiple healthcare plans, the largest of which is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual/family. Our healthcare benefit expense (net of employee contributions) was $8.7 million and $8.6 million for the three months ended June 30, 2024 and 2023, respectively and $17.0 million and $16.1 million for the six months ended June 30, 2024 and 2023, respectively. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $4.4 million and $3.9 million as of June 30, 2024 and December 31, 2023, respectively.

Workers’ Compensation

Workers’ compensation expense totaled $2.9 million and $4.7 million for the three months ended June 30, 2024 and 2023, respectively and $8.7 million and $10.5 million for the six months ended June 30, 2024 and 2023, respectively.

Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other current liabilities	$	9.5	$	9.5
Included in other long-term liabilities	16.9		17.0
	$	26.4	$	26.5

We also had an insurance receivable for claims that exceeded the stop loss limit under our self-insured policies as well as claims under our fully insured policies included on the Condensed Consolidated Balance Sheets. This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other non-current assets	$	3.8	$	3.0

Retirement Plans

We participate in multiple 401(k) plans, whereby we provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. We recognized 401(k) plan expenses of $0.9 million during each of the three months ended June 30, 2024 and 2023, and $1.9 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively. These expenses are included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

Multiemployer Pension Plans

We participate in various multiemployer pension plans under collective bargaining agreements in Washington, Oregon, California and Illinois with other companies in the construction industry. These plans cover our union-represented employees and contributions to these plans are expensed as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. We do not participate in any multiemployer pension plans that are considered to be individually significant.

Share-Based Compensation

Common Stock Awards

We periodically grant shares of our common stock to non-employee members of our board of directors and our employees. We granted approximately four thousand and seven thousand shares during the three and six months ended June 30, 2024 and 2023, respectively, under our 2023 Omnibus Incentive Plan to non-employee members of our board of directors.

In addition, we granted approximately 30 thousand and 62 thousand shares of our common stock to employees during the three and six months ended June 30, 2024 and 2023, respectively.

Employees – Performance-Based Stock Awards

During the six months ended June 30, 2024, we issued approximately 67 thousand shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2025 and April 20, 2026. In addition, during the six months ended June 30, 2024, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2025 contingent upon achievement of these targets.

In addition, there are long-term performance-based restricted stock awards to be issued to certain employees annually through the 2024 performance period contingent upon achievement of certain performance targets. These awards are accounted for as liability-based awards since they represent a predominantly-fixed monetary amount that will be settled with a variable number of common shares annually. These awards will vest in 2025 and are included in other current liabilities on the Condensed Consolidated Balance Sheets. During the six months ended June 30, 2024 and 2023, we issued approximately four thousand and eight thousand shares of our common stock, respectively.

Employees – Performance-Based Restricted Stock Units

During 2023, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards which were issued to certain employees in 2024 based upon achievement of a performance target. In addition, during the six months ended June 30, 2024, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards to be issued to certain employees in 2025 based upon

achievement of a performance target. These units will be accounted for as equity-based awards that will be settled with a fixed number of common shares.

Share-Based Compensation Summary

Amounts and changes for each category of equity-based award were as follows:


	Common Stock Awards			Performance-Based Stock Awards			Performance-Based Restricted Stock Units
	Awards	Weighted Average Grant Date Fair Value Per Share		Awards	Weighted Average Grant Date Fair Value Per Share		Units	Weighted Average Grant Date Fair Value Per Share
Nonvested awards/units at December 31, 2023	116,482	$	103.02	148,459	$	108.83	14,382	$	111.71
Granted	37,884	235.11		35,320	205.96		8,130	242.85
Vested	(54,834)	103.81		(51,215)	111.12		(14,271)	111.71
Forfeited/Cancelled	(398)	156.62		—	—		(253)	185.27
Nonvested awards/units at June 30, 2024	99,134	$	152.85	132,564	$	133.82	7,988	$	242.85

The following table summarizes the share-based compensation expense recognized by award type (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Common Stock Awards	$	1.8	$	1.5	$	3.0	$	2.9
Non-Employee Common Stock Awards	0.2		0.1		0.4		0.3
Performance-Based Stock Awards	1.8		1.6		3.6		3.1
Liability Performance-Based Stock Awards	0.4		0.1		0.8		0.1
Performance-Based Restricted Stock Units	0.5		0.4		0.9		0.7
	$	4.7	$	3.7	$	8.7	$	7.1

We recorded the following stock compensation expense by income statement category (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of sales	$	0.3	$	0.2	$	0.6	$	0.4
Selling	0.2		0.1		0.2		0.2
Administrative	4.2		3.4		7.9		6.5
	$	4.7	$	3.7	$	8.7	$	7.1

Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while cost of sales and selling stock compensation represents all stock compensation earned by our installation and sales employees, respectively.

Unrecognized share-based compensation expense related to unvested awards was as follows (in millions):


	As of June 30, 2024
	Unrecognized Compensation Expense on Unvested Awards		Weighted Average Remaining Vesting Period
Common Stock Awards	$	12.5	2.1 years
Performance-Based Stock Awards	10.5		1.9 years
Performance-Based Restricted Stock Units	1.4		0.8 years
Total unrecognized compensation expense related to unvested awards	$	24.4

Total unrecognized compensation expense is subject to future adjustments for forfeitures. This expense is expected to be recognized over the remaining weighted-average period shown above on a straight-line basis except for the Performance-Based Stock Awards which uses the graded-vesting method. Shares forfeited are returned as treasury shares and available for future issuances.

During the six months ended June 30, 2024, our employees surrendered approximately 36 thousand shares of our common stock to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2023 and 2014 Omnibus Incentive Plans.

In May 2023, our stockholders approved a new 2023 Omnibus Incentive Plan which became effective on May 26, 2023. All future awards as of this date will be granted under the new plan, and awards granted previously under the 2014 Omnibus Incentive Plan will not be modified or impacted by this adoption. As of June 30, 2024, approximately 1.8 million of the 2.1 million shares of common stock authorized for issuance were available for issuance under the 2023 Omnibus Incentive Plan.

Employee Benefits - Summary of Share-Based Compensation Expense Under the 2014 Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,700	$ 3,700	$ 8,700	$ 7,100
2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4,700	3,700	8,700	7,100
2014 Omnibus Incentive Plan \| Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,800	1,500	3,000	2,900
2014 Omnibus Incentive Plan \| Common Stock Awards \| Non-Employee Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	200	100	400	300
2014 Omnibus Incentive Plan \| Performance-Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,800	1,600	3,600	3,100
2014 Omnibus Incentive Plan \| Liability Performance-Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	400	100	800	100
2014 Omnibus Incentive Plan \| Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 500	$ 400	$ 900	$ 700

- 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

Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 12, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Estimated fair values:
Accounts receivable			$ 5.0
Inventories			1.8
Other current assets			1.9
Property and equipment			3.3
Operating lease right-of-use asset			0.0
Intangibles			18.6
Goodwill		$ 406.1	14.6	$ 398.8
Other non-current assets			0.2
Accounts payable and other current liabilities			(2.1)
Fair value of assets acquired and purchase price			43.3
Seller Obligations			3.1
Cash Paid			40.2
Various
Estimated fair values:
Accounts receivable		1.0	0.0
Inventories		1.5	0.2
Other current assets		0.0	0.0
Property and equipment		2.3	1.0
Operating lease right-of-use asset		0.0	0.0
Intangibles		13.6	2.2
Goodwill		7.2	1.3
Other non-current assets		0.2	0.0
Accounts payable and other current liabilities		(0.9)	0.0
Fair value of assets acquired and purchase price		24.9	4.7
Seller Obligations		2.2	0.4
Cash Paid		$ 22.7	4.3
Anchor
Estimated fair values:
Accounts receivable			5.0
Inventories			1.6
Other current assets			1.9
Property and equipment			2.3
Operating lease right-of-use asset			0.0
Intangibles			16.4
Goodwill			13.3
Other non-current assets			0.2
Accounts payable and other current liabilities			(2.1)
Fair value of assets acquired and purchase price			38.6
Seller Obligations	$ 2.7		2.7
Cash Paid	$ 35.9		$ 35.9

Employee Benefits - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 4,700	$ 3,700	$ 8,700	$ 7,100
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	300	200	600	400
Selling
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	200	100	200	200
Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 4,200	$ 3,400	$ 7,900	$ 6,500

- 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

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

RELATED PARTY TRANSACTIONS

We sell installation services to other companies related to us through common or affiliated ownership and/or board of directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or affiliated ownership.

We lease our headquarters and certain other facilities from related parties. See Note 8, Leases, for future minimum lease payments to be paid to these related parties.

The amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Sales	$	6.6	$	4.9	$	11.6	$	8.9
Purchases	0.6		0.6		1.2		1.3
Rent	0.2		0.3		0.5		0.7

We had related party balances of approximately $2.5 million and $1.8 million included in accounts receivable on our Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. These balances primarily represented trade accounts receivable arising during the normal course of business with various related parties. M/I Homes,

Inc., a customer whose Chairman, Chief Executive Officer and President serves on our board of directors, accounted for $2.2 million and $1.4 million of the related party accounts receivable balances as of June 30, 2024 and December 31, 2023, respectively. Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the three and six months ended June 30, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Total	Common Stock	Additional Paid In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income
BEGINNING BALANCE (in shares) at Dec. 31, 2022		33,429,557
BEGINNING BALANCE at Dec. 31, 2022	$ 493,500,000	$ 300,000	$ 228,800,000	$ 513,100,000		$ 40,600,000
BEGINING BALANCE, Treasury Stock (in shares) at Dec. 31, 2022					(5,123,075)
BEGINING BALANCE, Treasury Stock at Dec. 31, 2022					$ (289,300,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,900,000			110,900,000
Issuance of common stock awards to employees (in shares)		146,308
Surrender of common stock awards (in shares)					(48,760)
Surrender of common stock awards	(5,800,000)				$ (5,800,000)
Share-based compensation expense	7,000,000.0		7,000,000.0
Share-based compensation issued to directors (in shares)		6,538
Share-based compensation issued to directors	300,000		300,000
Dividends declared	(44,300,000)			(44,300,000)
Other comprehensive income (loss), net of tax	(900,000)					(900,000)
ENDING BALANCE (in shares) at Jun. 30, 2023		33,582,403
ENDING BALANCE at Jun. 30, 2023	560,700,000	$ 300,000	236,100,000	579,700,000		39,700,000
ENDING BALANCE, Treasury Stock (in shares) at Jun. 30, 2023					(5,171,835)
ENDING BALANCE, Treasury Stock at Jun. 30, 2023					$ (295,100,000)
BEGINNING BALANCE (in shares) at Mar. 31, 2023		33,498,693
BEGINNING BALANCE at Mar. 31, 2023	505,300,000	$ 300,000	232,500,000	527,500,000		34,300,000
BEGINING BALANCE, Treasury Stock (in shares) at Mar. 31, 2023					(5,123,656)
BEGINING BALANCE, Treasury Stock at Mar. 31, 2023					$ (289,300,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,600,000			61,600,000
Issuance of common stock awards to employees (in shares)		77,172
Surrender of common stock awards (in shares)					(48,179)
Surrender of common stock awards	(5,800,000)				$ (5,800,000)
Share-based compensation expense	3,500,000		3,500,000
Share-based compensation issued to directors (in shares)		6,538
Share-based compensation issued to directors	100,000		100,000
Dividends declared	(9,400,000)			(9,400,000)
Other comprehensive income (loss), net of tax	5,400,000					5,400,000
ENDING BALANCE (in shares) at Jun. 30, 2023		33,582,403
ENDING BALANCE at Jun. 30, 2023	$ 560,700,000	$ 300,000	236,100,000	579,700,000		39,700,000
ENDING BALANCE, Treasury Stock (in shares) at Jun. 30, 2023					(5,171,835)
ENDING BALANCE, Treasury Stock at Jun. 30, 2023					$ (295,100,000)
BEGINNING BALANCE (in shares) at Dec. 31, 2023	33,587,701	33,587,701
BEGINNING BALANCE at Dec. 31, 2023	$ 670,300,000	$ 300,000	244,700,000	693,800,000		33,700,000
BEGINING BALANCE, Treasury Stock (in shares) at Dec. 31, 2023	(5,220,363)				(5,220,363)
BEGINING BALANCE, Treasury Stock at Dec. 31, 2023	$ (302,200,000)				$ (302,200,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	121,100,000			121,100,000
Issuance of common stock awards to employees (in shares)		114,493
Surrender of common stock awards (in shares)					(36,691)
Surrender of common stock awards	(8,000,000.0)				$ (8,000,000.0)
Share-based compensation expense	7,800,000		7,800,000
Share-based compensation issued to directors (in shares)		4,186
Share-based compensation issued to directors	400,000		400,000
Dividends declared	$ (65,300,000)			(65,300,000)
Common stock repurchase (in shares)	(215,000)				(214,864)
Common stock repurchase	$ (45,700,000)				$ (45,700,000)
Other comprehensive income (loss), net of tax	$ 4,700,000					4,700,000
ENDING BALANCE (in shares) at Jun. 30, 2024	33,706,380	33,706,380
ENDING BALANCE at Jun. 30, 2024	$ 685,300,000	$ 300,000	252,900,000	749,600,000		38,400,000
ENDING BALANCE, Treasury Stock (in shares) at Jun. 30, 2024	(5,471,918)				(5,471,918)
ENDING BALANCE, Treasury Stock at Jun. 30, 2024	$ (355,900,000)				$ (355,900,000)
BEGINNING BALANCE (in shares) at Mar. 31, 2024		33,658,330
BEGINNING BALANCE at Mar. 31, 2024	679,200,000	$ 300,000	248,700,000	694,200,000		38,400,000
BEGINING BALANCE, Treasury Stock (in shares) at Mar. 31, 2024					(5,221,772)
BEGINING BALANCE, Treasury Stock at Mar. 31, 2024					$ (302,400,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,200,000			65,200,000
Issuance of common stock awards to employees (in shares)		43,864
Surrender of common stock awards (in shares)					(35,282)
Surrender of common stock awards	(7,800,000)				$ (7,800,000)
Share-based compensation expense	4,000,000.0		4,000,000.0
Share-based compensation issued to directors (in shares)		4,186
Share-based compensation issued to directors	200,000		200,000
Dividends declared	$ (9,800,000)			(9,800,000)
Common stock repurchase (in shares)	(215,000)				(214,864)
Common stock repurchase	$ (45,700,000)				$ (45,700,000)
Other comprehensive income (loss), net of tax	$ 0
ENDING BALANCE (in shares) at Jun. 30, 2024	33,706,380	33,706,380
ENDING BALANCE at Jun. 30, 2024	$ 685,300,000	$ 300,000	$ 252,900,000	$ 749,600,000		$ 38,400,000
ENDING BALANCE, Treasury Stock (in shares) at Jun. 30, 2024	(5,471,918)				(5,471,918)
ENDING BALANCE, Treasury Stock at Jun. 30, 2024	$ (355,900,000)				$ (355,900,000)

Fair Value Measurements - Narrative (Details)	3 Months Ended	6 Months Ended
Fair Value Measurements - Narrative (Details)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2024 USD ($) segment
Debt Instrument [Line Items]
Wind down, number of branches impacted \| segment	1	1
5.75% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 300,000,000	$ 300,000,000
Notes payable interest rate (as a percent)	5.75%	5.75%

- Definition

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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Allowance for credit losses	$ 11.4	$ 11.2
Stockholders’ equity
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	33,706,380	33,587,701
Common stock, shares outstanding (in shares)	28,234,462	28,367,338
Treasury stock (in shares)	5,471,918	5,220,363

Information on Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Information on Segments

INFORMATION ON SEGMENTS

Our Chief Executive Officer, who is also our Chief Operating Decision Maker ("CODM"), reviews financial information of our three operating segments consisting of Installation, Distribution and Manufacturing for the purpose of assessing business performance, managing the business and allocating resources.

Our Installation operating segment represents the majority of our net revenue and gross profit and forms our one reportable segment. This operating segment represents the service-based installation of insulation and complementary building products in the residential new construction, repair and remodel and commercial construction end markets from our national network of branch locations. These branch locations have similar economic and operating characteristics including the nature of products and services offered, operating procedures and risks, customer bases, employee incentives, material procurement and shared corporate resources and therefore combine to form one operating segment.

The Other category reported below reflects the operations of our two remaining operating segments, Distribution and Manufacturing, which do not meet the quantitative thresholds for separate reporting. Our Distribution operating segment includes our businesses that sell insulation, gutters and accessories primarily to installers of these products who operate in multiple end markets. Our Manufacturing operating segment consists of our cellulose insulation manufacturing operation. In addition to sales of cellulose insulation, revenues from this operating segment consist of sales of asphalt and industrial fibers to distributors and installers of these products.

The Installation reportable segment includes substantially all of our net revenue from services while net revenue included in the Other category includes substantially all of our net revenue from sales of products. The intercompany sales from the Other category to the Installation reportable segment include a profit margin while our Installation segment records these transactions at cost. These transactions are shown in the Eliminations column in the tables below.

The key metrics used by our CODM to assess performance, manage the business and allocate resources of our operating segments are revenue and segment gross profit. We define segment gross profit as revenue less cost of sales, excluding depreciation and amortization. We do not report total assets, depreciation and amortization expenses included in reported cost of sales, operating expenses or other expense, net by segment because our CODM does not regularly receive or use this information. The following tables represent our segment information for the three and six months ended June 30, 2024 and 2023 (in millions):


	Three months ended June 30, 2024												Six months ended June 30, 2024
	Installation			Other			Eliminations			Consolidated			Installation			Other			Eliminations			Consolidated
Revenue	$	697.3		$	44.0		$	(3.7)		$	737.6		$	1,353.2		$	84.3		$	(7.0)		$	1,430.5
Cost of sales (1)	443.1			32.5			(2.8)			472.8			862.4			61.0			(5.1)			918.3
Segment gross profit	$	254.2		$	11.5		$	(0.9)		$	264.8		$	490.8		$	23.3		$	(1.9)		$	512.2
Segment gross profit percentage	36.5		%	26.2		%	25.8		%	35.9		%	36.3		%	27.7		%	27.5		%	35.8		%


	Three months ended June 30, 2023												Six months ended June 30, 2023
	Installation			Other			Eliminations			Consolidated			Installation			Other			Eliminations			Consolidated
Revenue	$	651.9		$	42.3		$	(2.1)		$	692.1		$	1,274.6		$	81.0		$	(4.2)		$	1,351.4
Cost of sales (1)	418.6			30.3			(1.5)			447.4			829.0			58.8			(3.3)			884.5
Segment gross profit	$	233.3		$	12.0		$	(0.6)		$	244.7		$	445.6		$	22.2		$	(0.9)		$	466.9
Segment gross profit percentage	35.8		%	28.2		%	22.7		%	35.3		%	35.0		%	27.4		%	20.3		%	34.5		%

(1)Cost of sales included in segment gross profit is exclusive of depreciation and amortization for the three and six months ended June 30, 2024 and 2023.

The reconciliation between consolidated segment gross profit for each period as shown in the tables above to consolidated income before income taxes is as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Segment gross profit - consolidated	$	264.8	$	244.7	$	512.2	$	466.9
Depreciation and amortization (1)	13.4		12.2		26.3		24.0
Gross profit, as reported	251.4		232.5		485.9		442.9
Operating expenses	156.6		140.2		303.2		273.7
Operating income	94.8		92.3		182.7		169.2
Other expense, net	8.1		9.6		19.6		19.1
Income before income taxes	$	86.7	$	82.7	$	163.1	$	150.1

(1)Depreciation and amortization is excluded from segment gross profit for the three and six months ended June 30, 2024 and 2023.

- 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.

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+ Details

Business Combinations - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) acquistion	Jun. 30, 2023 USD ($) acquistion
Business Acquisition [Line Items]
Number of businesses acquired \| acquistion			5	4
Number of insignificant acquisitions \| acquistion			1	1
Acquisition-related costs	$ 600	$ 500	$ 1,100	$ 1,100
Goodwill deduction for tax purposes	6,700		6,700
Amortization	10,500	11,300	21,200	22,700
Income tax expense	21,500	21,100	$ 42,000	39,200
Other
Business Acquisition [Line Items]
Contingent payment period (in years)			1 year
Combined Business Acquisitions
Business Acquisition [Line Items]
Amortization	200	500	$ 400	1,500
Income tax expense	$ 23	$ 300	$ 100	$ 800

Goodwill and Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

Goodwill

The change in carrying amount of goodwill by reporting segment was as follows (in millions):


	Installation		Other		Consolidated

Goodwill (gross) - January 1, 2024	$	375.2	$	93.6	$	468.8
Business combinations	6.6		0.6		7.2
Other adjustments	0.1		—		0.1
Goodwill (gross) - June 30, 2024	381.9		94.2		476.1
Accumulated impairment losses	(70.0)		—		(70.0)
Goodwill (net) - June 30, 2024	$	311.9	$	94.2	$	406.1

Other adjustments presented in the above table primarily include one immaterial acquisition and adjustments for the allocation of certain acquisitions still under measurement made during the six months ended June 30, 2024.

We test goodwill for impairment annually during the fourth quarter of our fiscal year or earlier if there is an impairment indicator. The accumulated impairment losses included within the above table were all associated with the Installation segment and substantially all of the impairment losses were recorded prior to the year ended December 31, 2010. During the three months ended June 30, 2024, we made the determination to wind down one of our branches. The fair value of the impaired goodwill associated with this branch was not material.

Intangibles, net

The following table provides the gross carrying amount, accumulated amortization and net book value for each major class of intangibles (in millions):


	As of June 30,						As of December 31,
	2024						2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Amortized intangibles:
Customer relationships	$	362.8	$	192.1	$	170.7	$	357.4	$	177.8	$	179.6
Covenants not-to-compete	33.0		25.4		7.6		32.1		23.7		8.4
Trademarks and tradenames	129.5		51.2		78.3		128.0		47.4		80.6
Backlog	21.6		21.6		—		21.6		21.5		0.1
	$	546.9	$	290.3	$	256.6	$	539.1	$	270.4	$	268.7

The gross carrying amount of intangibles increased during the six months ended June 30, 2024 primarily due to business combinations, offset by a $4.6 million intangible impairment charge related to the wind down of a single branch. For more information on business combinations and asset impairments, see Note 17, Business Combinations and Note 9, Fair Value Measurements, respectively.

Remaining estimated aggregate annual amortization expense is as follows (amounts, in millions, are for the fiscal year ended):


Remainder of 2024	$	20.6
2025	36.1
2026	32.1
2027	27.8
2028	24.5
Thereafter	115.5

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 380,300	$ 386,500
Accounts receivable (less allowance for credit losses of $11.4 and $11.2 at June 30, 2024 and December 31, 2023, respectively)	439,600	423,300
Inventories	175,600	162,800
Prepaid expenses and other current assets	91,900	97,400
Total current assets	1,087,400	1,070,000
Non-current assets
Property and equipment, net	154,800	137,200
Operating lease right-of-use assets	86,100	78,100
Goodwill	406,100	398,800
Intangibles, net	256,600	268,700
Other non-current assets	34,200	28,500
Total assets	2,025,200	1,981,300
Current liabilities
Current maturities of long-term debt	31,800	32,200
Current maturities of operating lease obligations	30,600	28,300
Current maturities of finance lease obligations	2,800	2,700
Accounts payable	157,500	158,600
Accrued compensation	56,600	59,600
Other current liabilities	73,300	65,000
Total current liabilities	352,600	346,400
Long-term debt	844,000	835,100
Operating lease obligations	55,300	49,900
Finance lease obligations	6,700	6,600
Deferred income taxes	25,900	24,500
Other long-term liabilities	55,400	48,500
Total liabilities	1,339,900	1,311,000
Commitments and contingencies (Note 16)
Stockholders’ equity
Preferred stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	0	0
Common stock; $0.01 par value: 100,000,000 authorized, 33,706,380 and 33,587,701 issued and 28,234,462 and 28,367,338 shares outstanding at June 30, 2024 and December 31, 2023, respectively	300	300
Additional paid in capital	252,900	244,700
Retained earnings	749,600	693,800
Treasury stock; at cost: 5,471,918 and 5,220,363 shares at June 30, 2024 and December 31, 2023, respectively	(355,900)	(302,200)
Accumulated Other Comprehensive Income (Loss), Net of Tax	38,400	33,700
Total stockholders’ equity	685,300	670,300
Total liabilities and stockholders’ equity	2,025,200	1,981,300
Customer relationships
Non-current assets
Intangibles, net	170,700	179,600
Other intangibles, net
Non-current assets
Intangibles, net	$ 85,900	$ 89,100

Information on Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Information on Segments (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			3
Number of reportable segments \| segment			1
Revenue	$ 737,600	$ 692,100	$ 1,430,500	$ 1,351,400
Cost of sales	472,800	447,400	918,300	884,500
Segment gross profit	$ 264,800	$ 244,700	$ 512,200	$ 466,900
Segment gross profit percentage	35.90%	35.30%	35.80%	34.50%
Depreciation and amortization	$ 13,400	$ 12,200	$ 26,300	$ 24,000
Gross profit, as reported	251,400	232,500	485,900	442,900
Operating expenses	156,600	140,200	303,200	273,700
Operating income	94,800	92,300	182,700	169,200
Other expense, net	8,100	9,600	19,600	19,100
Income before income taxes	86,700	82,700	163,100	150,100
Eliminations
Segment Reporting Information [Line Items]
Revenue	(3,700)	(2,100)	(7,000)	(4,200)
Cost of sales	(2,800)	(1,500)	(5,100)	(3,300)
Segment gross profit	$ (900)	$ (600)	$ (1,900)	$ (900)
Segment gross profit percentage	25.80%	22.70%	27.50%	20.30%
Installation
Segment Reporting Information [Line Items]
Number of operating segments \| segment			1
Installation \| Operating segments
Segment Reporting Information [Line Items]
Revenue	$ 697,300	$ 651,900	$ 1,353,200	$ 1,274,600
Cost of sales	443,100	418,600	862,400	829,000
Segment gross profit	$ 254,200	$ 233,300	$ 490,800	$ 445,600
Segment gross profit percentage	36.50%	35.80%	36.30%	35.00%
Other
Segment Reporting Information [Line Items]
Number of operating segments \| segment			2
Other \| Operating segments
Segment Reporting Information [Line Items]
Revenue	$ 44,000	$ 42,300	$ 84,300	$ 81,000
Cost of sales	32,500	30,300	61,000	58,800
Segment gross profit	$ 11,500	$ 12,000	$ 23,300	$ 22,200
Segment gross profit percentage	26.20%	28.20%	27.70%	27.40%

Revenue Recognition - Schedule of Cost and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs incurred on uncompleted contracts	$ 276.0	$ 268.9
Estimated earnings	131.9	124.4
Total	407.9	393.3
Less: Billings to date	384.4	371.7
Net under billings	$ 23.5	$ 21.6

Goodwill and Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 546.9	$ 539.1
Accumulated Amortization	290.3	270.4
Net Book Value	256.6	268.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	362.8	357.4
Accumulated Amortization	192.1	177.8
Net Book Value	170.7	179.6
Covenants not-to-compete
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33.0	32.1
Accumulated Amortization	25.4	23.7
Net Book Value	7.6	8.4
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	129.5	128.0
Accumulated Amortization	51.2	47.4
Net Book Value	78.3	80.6
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21.6	21.6
Accumulated Amortization	21.6	21.5
Net Book Value	$ 0.0	$ 0.1

- 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

Stockholders' Equity - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		6 Months Ended
	Jun. 30, 2024	May 09, 2024	Mar. 31, 2024	Feb. 22, 2024	Jun. 30, 2023	May 05, 2023	Mar. 31, 2023	Feb. 22, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends Payable [Line Items]
Cash dividends declared per share (in USD per share)		$ 0.35				$ 0.33			$ 0.35	$ 0.33	$ 2.30	$ 1.56
Amount Declared		$ 9,800				$ 9,400			$ 9,800	$ 9,400	$ 65,300	$ 44,300
Amount Paid	$ 9,800				$ 9,300						$ 65,200	$ 44,500
Dividend One
Dividends Payable [Line Items]
Cash dividends declared per share (in USD per share)				$ 1.60				$ 0.90
Amount Declared				$ 45,500				$ 25,500
Amount Paid			$ 45,100				$ 25,300
Dividend Two
Dividends Payable [Line Items]
Cash dividends declared per share (in USD per share)				$ 0.35				$ 0.33
Amount Declared				$ 10,000				$ 9,400
Amount Paid			$ 9,800				$ 9,200

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2024 location segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of locations the company operates (more than) \| location	250
Number of reportable segments \| segment	1

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

We disaggregate our revenue from contracts with customers for our Installation segment by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues for the Other category are presented net of intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in millions):


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
Installation:
Residential new construction	$	542.4	74	%	$	495.7	71	%	$	1,045.2	73	%	$	970.8	72	%
Repair and remodel	42.5		6	%	38.9		6	%	82.6		6	%	76.6		5	%
Commercial	112.4		15	%	117.3		17	%	225.4		16	%	227.2		17	%
Net revenue, Installation	$	697.3	95	%	$	651.9	94	%	$	1,353.2	95	%	$	1,274.6	94	%

Other	40.3		5	%	40.2		6	%	77.3		5	%	76.8		6	%
Net revenue, as reported	$	737.6	100	%	$	692.1	100	%	$	1,430.5	100	%	$	1,351.4	100	%


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
Installation:
Insulation	$	447.8	61	%	$	416.9	60	%	$	875.7	61	%	$	810.9	60	%
Shower doors, shelving and mirrors	53.4		7	%	47.8		7	%	102.3		7	%	93.3		7	%
Garage doors	43.2		6	%	40.9		6	%	85.9		6	%	84.2		6	%
Waterproofing	34.5		5	%	33.0		5	%	65.2		5	%	62.9		5	%
Rain gutters	32.1		4	%	29.6		4	%	59.5		4	%	57.4		4	%
Fireproofing/firestopping	22.4		3	%	19.8		3	%	43.1		3	%	35.0		3	%
Window blinds	20.2		3	%	16.3		2	%	37.2		3	%	32.2		2	%
Other building products	43.7		6	%	47.6		7	%	84.3		6	%	98.7		7	%
Net revenue, Installation	$	697.3	95	%	$	651.9	94	%	$	1,353.2	95	%	$	1,274.6	94	%
Other	40.3		5	%	40.2		6	%	77.3		5	%	76.8		6	%
Net revenue, as reported	$	737.6	100	%	$	692.1	100	%	$	1,430.5	100	%	$	1,351.4	100	%

Contract Assets and Liabilities

Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets.

Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in millions):


	June 30, 2024		December 31, 2023
Contract assets	$	34.2	$	31.7
Contract liabilities	(19.0)		(19.0)

Uncompleted contracts were as follows (in millions):


	June 30, 2024		December 31, 2023
Costs incurred on uncompleted contracts	$	276.0	$	268.9
Estimated earnings	131.9		124.4
Total	407.9		393.3
Less: Billings to date	384.4		371.7
Net under billings	$	23.5	$	21.6

Net under billings were as follows (in millions):


	June 30, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)	$	34.2	$	31.7
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)	(10.7)		(10.1)
Net under billings	$	23.5	$	21.6

The difference between contract assets and contract liabilities as of June 30, 2024 compared to December 31, 2023 is primarily the result of timing differences between our performance of obligations under contracts and customer payments and billings. During the three and six months ended June 30, 2024, we recognized $1.6 million and $17.1 million of revenue that was included in the contract liability balance at December 31, 2023. We did not recognize any impairment losses on our contract assets during the three and six months ended June 30, 2024 or 2023.

Remaining performance obligations represent the transaction price of contracts for which work has not been performed and excludes unexercised contract options and potential modifications. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $120.1 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from investing activities
Cash acquired, net	$ 0	$ 0

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Feb. 22, 2024
Statement Of Shareholders Equity [Line Items]
Common stock repurchase (in shares)	215	215
Share repurchase, amount	$ 45,700,000	$ 45,700,000
Share repurchase, price per share (in usd per share)	$ 212.83	$ 212.83
Stock repurchase program, authorized				$ 300,000,000.0
Dividends		$ 500,000	$ 600,000

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Accumulated other comprehensive income

The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Accumulated gain at beginning of period	$	38.4	$	34.3	$	33.7	$	40.6
Unrealized (loss) gain in fair value of interest rate derivatives	(0.8)		4.6		3.1		(2.5)
Reclassifications of realized net losses to earnings	0.8		0.8		1.6		1.6
Accumulated gain at end of period	$	38.4	$	39.7	$	38.4	$	39.7

The reclassifications of realized net losses to earnings in the above table are recorded within interest expense, net.

Share repurchases

During the three and six months ended June 30, 2024, we repurchased approximately 215 thousand shares of our common stock with an aggregate price of approximately $45.7 million, or $212.83 average price per share. The effect of these treasury shares

in reducing the number of common shares outstanding is reflected in our earnings per share calculation. We did not repurchase any common stock during the three and six months ended June 30, 2023.

On February 22, 2024, we announced that our board of directors authorized a new stock repurchase program that allows for the repurchase of up to $300.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2025.

Dividends

During the six months ended June 30, 2024, we declared and paid the following cash dividends (amount declared and amount paid in millions):


Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2024	3/15/2024	3/31/2024	$	1.60	$	45.5	$	45.1
2/22/2024	3/15/2024	3/31/2024	0.35		10.0		9.8
5/9/2024	6/15/2024	6/30/2024	0.35		9.8		9.8

During the six months ended June 30, 2023, we declared and paid the following cash dividends (amount declared and amount paid in millions):


Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2023	3/15/2023	3/31/2023	$	0.90	$	25.5	$	25.3
2/22/2023	3/15/2023	3/31/2023	0.33		9.4		9.2
5/5/2023	6/15/2023	6/30/2023	0.33		9.4		9.3

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. During the six months ended June 30, 2024 and 2023, we also paid $0.5 million and $0.6 million, respectively, in accrued dividends not included in the table above related to the vesting of these awards. The payment of future dividends will be at the discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors.

- Definition

The entire disclosure for equity.

+ References

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Accrued General Insurance Reserves

Accrued general liability and auto insurance reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):


	June 30, 2024		December 31, 2023
Included in other current liabilities	$	9.7	$	9.1
Included in other long-term liabilities	21.8		16.3
	$	31.5	$	25.4

Schedule of Insurance Receivable for Claims


	June 30, 2024		December 31, 2023
Insurance receivables and indemnification assets for claims under fully insured policies	$	2.5	$	1.7
Insurance receivables for claims that exceeded the stop loss limit	0.7		0.1
Total insurance receivables and indemnification assets included in other non-current assets	$	3.2	$	1.8

Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Settlements with interest rate swap counterparties	$ 9.0	$ 7.8

Derivative and Hedging Activities - Open Interest Swap Contract Summary (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap One, Effective April 28, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 200.0	$ 200.0
Interest rate of derivative instruments (as a percent)	0.46%	0.46%
Interest Rate Swap Two, Effective April 28, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 100.0	$ 100.0
Interest rate of derivative instruments (as a percent)	1.32%	1.32%
Interest Rate Swap Three, Effective April 28, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 100.0	$ 100.0
Interest rate of derivative instruments (as a percent)	1.32%	1.32%
Interest Rate Swap Four, Effective December 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 300.0	$ 300.0
Interest rate of derivative instruments (as a percent)	3.06%	3.06%
Interest Rate Swap Five, Effective December 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative instruments	$ 100.0	$ 100.0
Interest rate of derivative instruments (as a percent)	2.93%	2.93%

Business Combinations - Estimates of Acquired Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Accounts receivable		$ 5.0
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 9.4	$ 11.7
Weighted Average Estimated Useful Life (in years)	12 years	12 years
Trademarks and tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 3.3	$ 5.7
Weighted Average Estimated Useful Life (in years)	15 years	15 years
Covenants not-to-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 0.9	$ 0.4
Weighted Average Estimated Useful Life (in years)	5 years	5 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 0.0	$ 0.8
Weighted Average Estimated Useful Life (in years)	0 years	1 year

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares			3 Months Ended		6 Months Ended
	May 09, 2024	May 05, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in USD per share)	$ 0.35	$ 0.33	$ 0.35	$ 0.33	$ 2.30	$ 1.56

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Consolidation	The accompanying consolidated financial statements include all of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Basis of Presentation	The information furnished in the Condensed Consolidated Financial Statements includes normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) have been omitted pursuant to such rules and regulations.
Revenue from Contract with Customer	We disaggregate our revenue from contracts with customers for our Installation segment by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

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

+ Details

Long-Term Debt - Narrative (Details) $ in Millions	1 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2021	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding debt			$ 875.8		$ 867.3
Write-off of debt issuance costs			1.1	$ 0.0
Interest Rate Swap \| Cash Flow Hedging
Debt Instrument [Line Items]
Notional amount of derivative instruments			400.0
Term Loan Agreement \| Medium-term Notes
Debt Instrument [Line Items]
Outstanding debt			494.3		$ 485.6
Write-off of debt issuance costs			1.1	0.0
Non capitalized loan costs expensed in period			$ 3.1	$ 0.0
Term Loan Agreement, Second Amendment \| Medium-term Notes
Debt Instrument [Line Items]
Term loan facility maturity period		7 years
Outstanding debt	$ 490.0
Term Loan Agreement, Third Amendment \| Term SOFR
Debt Instrument [Line Items]
Interest rate floor (as a percent)	0.0000
Variable interest rate (as percent)	2.00%
Term Loan Agreement, Third Amendment \| Alternative Base Rate
Debt Instrument [Line Items]
Variable interest rate (as percent)	1.00%
Term Loan Agreement, Third Amendment \| Protection Provision
Debt Instrument [Line Items]
Variable interest rate (as percent)	1.00%
Term Loan Agreement, Third Amendment \| Nation Protection Provision
Debt Instrument [Line Items]
Variable interest rate (as percent)	0.50%
Term Loan Agreement, Third Amendment \| Medium-term Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500.0
Protection provision, term	6 months

Goodwill and Intangibles - Schedule of Estimated Aggregate Annual Amortization (Details) $ in Millions	Jun. 30, 2024 USD ($)
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract]
Remainder of 2023	$ 20.6
2025	36.1
2026	32.1
2027	27.8
2028	24.5
Thereafter	$ 115.5

Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

DERIVATIVES AND HEDGING ACTIVITIES

Cash Flow Hedges of Interest Rate Risk

Our purpose for using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. During the six months ended June 30, 2024, we used interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not use derivatives for trading or speculative purposes and we currently do not have any derivatives that are not designated as hedges. As of June 30, 2024, we have not posted any collateral related to these agreements.

As of June 30, 2024 and December 31, 2023, we had the following interest rate swap derivatives (notional amount in millions):


Effective Date	Notional Amount		Fixed Rate		Maturity Date
April 28, 2023	$	200.0	0.46	%	December 31, 2025
April 28, 2023	100.0		1.32	%	December 31, 2025
April 28, 2023	100.0		1.32	%	December 31, 2025
December 31, 2025	300.0		3.06	%	December 14, 2028
December 31, 2025	100.0		2.93	%	December 14, 2028

As of June 30, 2024, our two forward interest rate swaps, combined with our three active swaps, serve to hedge $400.0 million of the variable cash flows on our variable rate Term Loan through December 14, 2028. The assets associated with these interest rate swaps are included in other current assets and other non-current assets on the Consolidated Balance Sheets at their fair value amounts as described in Note 9, Fair Value Measurements.

In July 2022, we amended the maturity date of each of our three active interest rate swaps to December 31, 2025 with the other terms remaining unchanged. The remaining unrealized gains will be amortized as a decrease to interest expense, net through the original maturity dates of April 15, 2030 and December 15, 2028. For each of the three months ended June 30, 2024 and 2023, we amortized $1.8 million, respectively, and for each of the six months ended June 30, 2024 and 2023, we amortized $3.5 million, respectively, of the remaining unrealized gains as a decrease to interest expense, net. During each of the three months ended June 30, 2024 and 2023, we amortized $1.0 million, respectively, and during each of the six months ended June 30, 2024 and 2023, we amortized $2.1 million, respectively, of the remaining unrealized losses associated with the August 2020 terminated swaps as an increase to interest expense, net.

The amended swaps included off-market terms at inception. This other-than-insignificant financing element will be amortized as an increase to interest expense, net through the December 31, 2025 maturity date of the amended swaps. For each of the three months ended June 30, 2024 and 2023, we amortized $1.8 million, respectively, and for each of the six months ended June 30, 2024 and 2023, we amortized $3.7 million, respectively, of the financing element as an increase to interest expense, net. Cash settlements with interest rate counterparties are recognized through cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows due to the other-than-insignificant financing element.

The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in other comprehensive income (loss), net of tax on the Condensed Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income on the Condensed Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We had no such changes during the six months ended June 30, 2024 and 2023.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense, net as interest payments are made on our variable-rate debt, and as our terminated and amended swaps are amortized. Over the next twelve months, we estimate that an additional $12.3 million will be reclassified as a decrease to interest expense, net.


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
(Benefit) associated with swap net settlements	$	(4.5)	$	(4.1)	$	(9.0)	$	(7.8)
Expense associated with amortization of amended/terminated swaps	1.1		1.1		2.2		2.2

Goodwill and Intangibles - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment acquistion	Jun. 30, 2023 USD ($) acquistion
Goodwill and Intangible Assets Disclosure [Abstract]
Number of insignificant acquisitions \| acquistion			1	1
Wind down, number of branches impacted \| segment	1		1
Intangible assets impairment \| $	$ 4.6	$ 0.0	$ 4.6	$ 0.0

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Long Lived Asset Impairment

The table below presents asset impairment information related to long-lived assets (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Property and equipment assets impairment	$	0.2	$	—	$	0.2	$	—
Right-of-use assets impairment	0.1		—		0.1		—
Intangible assets impairment	4.6		—		4.6		—
Total asset impairments	$	4.9	$	—	$	4.9	$	—

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of financial assets and liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in millions):


	As of June 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Money market funds	$	350.2	$	350.2	$	—	$	—	$	344.8	$	344.8	$	—	$	—
Derivative financial instruments	29.1		—		29.1		—		24.9		—		24.9		—
Total financial assets	$	379.3	$	350.2	$	29.1	$	—	$	369.7	$	344.8	$	24.9	$	—
Financial liabilities:
Contingent consideration	$	0.7	$	—	$	—	$	0.7	$	0.4	$	—	$	—	$	0.4

Summary of Change in Fair Value of Contingent Consideration

The change in fair value of the contingent consideration (a Level 3 input) was as follows (in millions):


Contingent consideration liability - January 1, 2024	$	0.4
Preliminary purchase price	0.3
Fair value adjustments	0.0
Accretion in value	0.0



Contingent consideration liability - June 30, 2024	$	0.7

Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities

The Senior Notes represent a Level 2 fair value measurement and are as follows (in millions):


	As of June 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Senior Notes(1)	$	300.0	$	292.7	$	300.0	$	296.2

(1)Excludes the impact of unamortized debt issuance costs.

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Non-Current
Operating	$ 86.1	$ 78.1
Finance	9.3	9.1
Total lease assets	$ 95.4	$ 87.2
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Current
Operating	$ 30.6	$ 28.3
Financing	2.8	2.7
Non-Current
Operating	55.3	49.9
Financing	6.7	6.6
Total lease liabilities	$ 95.4	$ 87.5
Weighted-average remaining lease term:
Operating leases (in years)	3 years 6 months	3 years 7 months 6 days
Finance leases (in years)	3 years 4 months 24 days	3 years 6 months
Weighted-average discount rate:
Operating leases (as percent)	5.56%	5.23%
Finance leases (as percent)	7.56%	6.91%

Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Money market funds	$ 350.2	$ 344.8
Derivative financial instruments	29.1	24.9
Total financial assets	379.3	369.7
Financial liabilities:
Contingent consideration	0.7	0.4
Level 1
Financial assets:
Money market funds	350.2	344.8
Derivative financial instruments	0.0	0.0
Total financial assets	350.2	344.8
Financial liabilities:
Contingent consideration	0.0	0.0
Level 2
Financial assets:
Money market funds	0.0	0.0
Derivative financial instruments	29.1	24.9
Total financial assets	29.1	24.9
Financial liabilities:
Contingent consideration	0.0	0.0
Level 3
Financial assets:
Money market funds	0.0	0.0
Derivative financial instruments	0.0	0.0
Total financial assets	0.0	0.0
Financial liabilities:
Contingent consideration	$ 0.7	$ 0.4

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	As of June 30,		As of December 31,
	2024		2023
Senior Notes due 2028, net of unamortized debt issuance costs of $2.2 and $2.5, respectively	$	297.8	$	297.5
Term loan, net of unamortized debt issuance costs of $4.4 for each period, respectively	494.3		485.6
Vehicle and equipment notes, maturing through June 2029; payable in various monthly installments, including interest rates ranging from 1.9% to 7.3%	83.1		83.0
Note payable, maturing April 2025; payable in annual installments, including interest rate at 5.0%	0.6		1.2
	875.8		867.3
Less: current maturities	(31.8)		(32.2)
Long-term debt, less current maturities	$	844.0	$	835.1

Schedule of Maturities of Long-term Debt

Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of June 30, 2024 are as follows (in millions):


Remainder of 2024	$	16.4
2025	29.5
2026	25.2
2027	20.6
2028	313.3
Thereafter	477.4

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		6 Months Ended
	Aug. 01, 2024	Jul. 29, 2024	May 09, 2024	May 05, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Business combination total consideration transferred								$ 43.3
Cash dividends declared per share (in USD per share)			$ 0.35	$ 0.33	$ 0.35	$ 0.33	$ 2.30	$ 1.56
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share (in USD per share)	$ 0.350
Subsequent Event \| Euroview Enterprises, LLC and Contract Mirror and Supply Co.
Subsequent Event [Line Items]
Business combination total consideration transferred		$ 20.2

Fair Value Measurements - Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities (Details) - 5.75% Senior Notes Due 2028 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 2
Financial assets:
Senior Notes	$ 292.7	$ 296.2
Carrying Value
Financial assets:
Senior Notes	$ 300.0	$ 300.0

Stockholders' Equity - Change in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
BEGINNING BALANCE	$ 679,200	$ 505,300	$ 670,300	$ 493,500
ENDING BALANCE	685,300	560,700	685,300	560,700
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
BEGINNING BALANCE	38,400	34,300	33,700	40,600
Unrealized (loss) gain in fair value of interest rate derivatives	(800)	4,600	3,100	(2,500)
Reclassifications of realized net losses to earnings	800	800	1,600	1,600
ENDING BALANCE	$ 38,400	$ 39,700	$ 38,400	$ 39,700

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Credit Losses (Details) $ in Millions	6 Months Ended
Credit Losses (Details) $ in Millions	Jun. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11.2
Current period provision	3.1
Recoveries collected and additions	0.5
Amounts written off	(3.4)
Ending balance	$ 11.4

Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Schedule of Changes In Allowance for Credit Losses

Changes in our allowance for credit losses were as follows (in millions):


Balance as of January 1, 2024	$	11.2
Current period provision	3.1
Recoveries collected and additions	0.5
Amounts written off	(3.4)
Balance as of June 30, 2024	$	11.4

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Combinations

For the three and six months ended June 30, 2024 (in millions):


									Three months ended June 30, 2024				Six months ended June 30, 2024
2024 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income		Revenue		Net Income

Various	Various	Asset	$	22.7	$	2.2	$	24.9	$	4.8	$	0.3	$	5.2	$	0.3

For the three and six months ended June 30, 2023 (in millions):


									Three months ended June 30, 2023				Six months ended June 30, 2023
2023 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)		Revenue		Net Income (Loss)
Anchor	3/12/2023	Share	$	35.9	$	2.7	$	38.6	$	9.3	$	0.4	$	11.5	$	0.5
Other	Various	Asset	4.3		0.4		4.7		1.4		—		1.9		—
			$	40.2	$	3.1	$	43.3	$	10.7	$	0.4	$	13.4	$	0.5

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following (in millions):


	Six months ended June 30, 2024		Six months ended June 30, 2023
	Various		Anchor		Other		Total
Estimated fair values:

Accounts receivable	$	1.0	$	5.0	$	—	$	5.0
Inventories	1.5		1.6		0.2		1.8
Other current assets	—		1.9		—		1.9
Property and equipment	2.3		2.3		1.0		3.3
Operating lease right-of-use asset	—		—		—		—
Intangibles	13.6		16.4		2.2		18.6
Goodwill	7.2		13.3		1.3		14.6
Other non-current assets	0.2		0.2		—		0.2
Accounts payable and other current liabilities	(0.9)		(2.1)		—		(2.1)




Fair value of assets acquired and purchase price	24.9		38.6		4.7		43.3
Less seller obligations	2.2		2.7		0.4		3.1
Cash paid	$	22.7	$	35.9	$	4.3	$	40.2

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):


	For the six months ended June 30,
	2024			2023
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	9.4	12	$	11.7	12
Trademarks and tradenames	3.3		15	5.7		15
Non-competition agreements	0.9		5	0.4		5
Backlog	—		0	0.8		1

Pro Forma Results of Operations

The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2023 and 2022, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in millions, except per share data):


	Unaudited pro forma for the three months ended June 30,				Unaudited pro forma for the six months ended June 30,
	2024		2023		2024		2023
Net revenue	$	741.3	$	707.8	$	1,440.4	$	1,391.0
Net income	65.3		62.6		121.4		113.2
Basic net income per share	2.32		2.22		4.31		4.02
Diluted net income per share	2.31		2.21		4.28		4.00