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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2018
Revenue from Contract with Customer [Abstract] |
Summary of Impact of Adopting Topic 606 on Condensed Consolidated Balance Sheet, Condensed Consolidated Statements of Operations and Comprehensive Income | The following table summarizes the impact of the new revenue standard on the Condensed Consolidated Balance Sheet as of September 30, 2018, including the cumulative effect of applying the new standard to all contracts upon adoption (in thousands):
|  | Impact of Change in Accounting Policy |
|  | As reported |  |  | Adjustments |  |  | Without adoption |
Inventories |  | $ | 51,491 |  |  | $ | 7,003 |  |  | $ | 58,494 |
Other current assets |  |  | 32,836 |  |  |  | (10,689 | ) |  |  | 22,147 |
Total assets |  |  | 863,106 |  |  |  | (3,686 | ) |  |  | 859,420 |
Deferred income taxes |  |  | 7,758 |  |  |  | (921 | ) |  |  | 6,837 |
Retained earnings |  |  | 88,736 |  |  |  | (2,765 | ) |  |  | 85,971 |
Total liabilities and stockholders’ equity |  |  | 863,106 |  |  |  | (3,686 | ) |  |  | 859,420 |
The following table summarizes the impact of the new revenue standard on the Condensed Consolidated Statements of Operations and Comprehensive Income (in thousands):
|  | Three months ended September 30, 2018 |  |  | Nine months ended September 30, 2018 |
|  | As reported |  |  | Adjustments |  |  | Without adoption |  |  | As reported |  |  | Adjustments |  |  | Without adoption |
Net revenue |  | $ | 348,999 |  |  | $ | 60 |  |  | $ | 349,059 |  |  | $ | 983,311 |  |  | $ | (2,612 | ) |  | $ | 980,699 |
Cost of sales |  |  | 251,665 |  |  |  | (207 | ) |  |  | 251,458 |  |  |  | 710,358 |  |  |  | (1,781 | ) |  |  | 708,577 |
Income before income taxes |  | $ | 20,921 |  |  | $ | 267 |  |  | $ | 21,188 |  |  | $ | 51,034 |  |  | $ | (831 | ) |  | $ | 50,203 |
Income tax provision |  |  | 5,358 |  |  |  | 68 |  |  |  | 5,426 |  |  |  | 12,762 |  |  |  | (208 | ) |  |  | 12,554 |
Net income |  | $ | 15,563 |  |  | $ | 199 |  |  | $ | 15,762 |  |  | $ | 38,272 |  |  | $ | (623 | ) |  | $ | 37,649 |
Summary of Revenues Disaggregated by End Market and Product | The following tables present our revenues disaggregated by end market and product (in thousands):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  |  |  |  | 2017(1) |  |  |  |  |  | 2018 |  |  |  |  |  | 2017(1) |  |  |  |
Residential new construction |  | $ | 268,254 |  |  |  | 77 | % |  | $ | 228,526 |  |  |  | 77 | % |  | $ | 755,800 |  |  |  | 77 | % |  | $ | 637,915 |  |  |  | 77 | %
Repair and remodel |  |  | 23,107 |  |  |  | 7 | % |  |  | 18,722 |  |  |  | 6 | % |  |  | 65,453 |  |  |  | 7 | % |  |  | 53,597 |  |  |  | 6 | %
Commercial |  |  | 57,638 |  |  |  | 16 | % |  |  | 47,945 |  |  |  | 17 | % |  |  | 162,058 |  |  |  | 16 | % |  |  | 141,546 |  |  |  | 17 | %
Net revenues |  | $ | 348,999 |  |  |  | 100 | % |  | $ | 295,193 |  |  |  | 100 | % |  | $ | 983,311 |  |  |  | 100 | % |  | $ | 833,058 |  |  |  | 100 | %
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  |  |  |  | 2017(1) |  |  |  |  |  | 2018 |  |  |  |  |  | 2017(1) |  |  |  |
Insulation |  | $ | 225,503 |  |  |  | 65 | % |  | $ | 195,872 |  |  |  | 66 | % |  | $ | 646,270 |  |  |  | 66 | % |  | $ | 561,462 |  |  |  | 67 | %
Waterproofing |  |  | 25,980 |  |  |  | 7 | % |  |  | 21,571 |  |  |  | 7 | % |  |  | 73,477 |  |  |  | 7 | % |  |  | 64,695 |  |  |  | 8 | %
Shower doors, shelving and mirrors |  |  | 23,190 |  |  |  | 7 | % |  |  | 21,849 |  |  |  | 7 | % |  |  | 66,222 |  |  |  | 7 | % |  |  | 53,107 |  |  |  | 6 | %
Garage doors |  |  | 21,781 |  |  |  | 6 | % |  |  | 15,874 |  |  |  | 6 | % |  |  | 56,574 |  |  |  | 6 | % |  |  | 45,338 |  |  |  | 5 | %
Rain gutters |  |  | 12,163 |  |  |  | 4 | % |  |  | 10,863 |  |  |  | 4 | % |  |  | 31,429 |  |  |  | 3 | % |  |  | 29,493 |  |  |  | 4 | %
Blinds |  |  | 7,811 |  |  |  | 2 | % |  |  | 2,634 |  |  |  | 1 | % |  |  | 21,196 |  |  |  | 2 | % |  |  | 5,909 |  |  |  | 1 | %
Other building products |  |  | 32,571 |  |  |  | 9 | % |  |  | 26,530 |  |  |  | 9 | % |  |  | 88,143 |  |  |  | 9 | % |  |  | 73,054 |  |  |  | 9 | %
Net revenues |  | $ | 348,999 |  |  |  | 100 | % |  | $ | 295,193 |  |  |  | 100 | % |  | $ | 983,311 |  |  |  | 100 | % |  | $ | 833,058 |  |  |  | 100 | %
(1) | As noted above, prior period amounts have not been adjusted under the modified retrospective method.
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 thousands):
|  | September 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
Contract assets |  | $ | 17,229 |  |  | $ | 14,476 |
Contract liabilities |  |  | (8,039 | ) |  |  | (7,519 | )
Schedule of Cost and Estimated Earnings on Uncompleted Contracts | Uncompleted contracts were as follows (in thousands):
|  | September 30, 2018 |  |  | December 31, 2017 |
Costs incurred on uncompleted contracts |  | $ | 112,444 |  |  | $ | 84,563 |
Estimated earnings |  |  | 57,834 |  |  |  | 47,000 |
Total |  |  | 170,278 |  |  |  | 131,563 |
Less: Billings to date |  |  | 158,218 |  |  |  | 122,144 |
Net under (over) billings |  | $ | 12,060 |  |  | $ | 9,419 |
Schedule of Net Under (Over) Billings | Net under (over) billings were as follows (in thousands):
|  | September 30, 2018 |  |  | December 31, 2017 |
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) |  | $ | 17,229 |  |  | $ | 14,476 |
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) |  |  | (5,169 | ) |  |  | (5,057 | )
Net under (over) billings |  | $ | 12,060 |  |  | $ | 9,419 |

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