Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Significant Accounting Policies [Line Items] |
|
| Schedule of Net Sales by Product Category |
The following table disaggregates our net sales by product category for the years ended December 31:
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2024 |
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2023 |
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2022 |
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(in thousands) |
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Manufactured products |
|
$ |
3,931,647 |
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|
$ |
4,669,088 |
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|
$ |
5,678,570 |
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Windows, doors and millwork |
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4,226,871 |
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4,310,061 |
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4,651,250 |
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Specialty building products and services |
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4,050,027 |
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3,992,132 |
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4,311,123 |
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Lumber and lumber sheet goods |
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4,191,947 |
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4,126,049 |
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8,085,475 |
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Total net sales |
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$ |
16,400,492 |
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|
$ |
17,097,330 |
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|
$ |
22,726,418 |
|
As our product alignment continues to be refined, we have reclassified prior periods net sales by product category to conform to the current period presentation. The impact to each of the prior periods’ net sales for each product category was less than 1% for 2023 and 2022.
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| Reconciliation of Accounts Receivable - Classified |
The following table shows the changes in our allowance for credit losses:
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2024 |
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2023 |
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2022 |
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(in thousands) |
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Balance at January 1, |
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$ |
27,691 |
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|
$ |
50,383 |
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$ |
21,761 |
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Net additions (reversals) to provision |
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10,419 |
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(11,488 |
) |
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|
38,921 |
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Write-offs, net of recoveries |
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(11,276 |
) |
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(11,204 |
) |
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(10,299 |
) |
Balance at December 31, |
|
$ |
26,834 |
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|
$ |
27,691 |
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|
$ |
50,383 |
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| Summary of Calculation of Basic And Diluted EPS |
The table below presents the calculation of basic and diluted EPS for the years ended December 31:
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Years Ended December 31, |
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2024 |
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2023 |
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2022 |
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(in thousands, except per share amounts) |
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Numerator: |
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Net income |
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$ |
1,077,898 |
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$ |
1,540,555 |
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$ |
2,749,369 |
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Denominator: |
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Weighted average shares outstanding, basic |
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118,038 |
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127,777 |
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161,960 |
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Dilutive effect of options and RSUs |
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|
942 |
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1,221 |
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|
1,521 |
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Weighted average shares outstanding, diluted |
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118,980 |
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128,998 |
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163,481 |
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Net income per share: |
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Basic |
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$ |
9.13 |
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$ |
12.06 |
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$ |
16.98 |
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Diluted |
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$ |
9.06 |
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$ |
11.94 |
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$ |
16.82 |
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Antidilutive and contingent RSUs excluded from diluted EPS |
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|
147 |
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3 |
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|
99 |
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| Market Condition Based Restricted Stock Unit Grants |
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| Significant Accounting Policies [Line Items] |
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| Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions |
The fair value of RSU awards which are subject to or contain market conditions is estimated on the date of grant using the Monte Carlo simulation model with the following weighted average assumptions for the years ended December 31:
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2024 |
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2023 |
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2022 |
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Expected volatility (company) |
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43.8 |
% |
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|
46.5 |
% |
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|
53.0 |
% |
Expected volatility (peer group median) |
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30.5 |
% |
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|
32.1 |
% |
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|
34.6 |
% |
Correlation between the company and peer group median |
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|
0.5 |
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0.5 |
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0.6 |
|
Expected dividend yield |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
Risk-free rate |
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4.5 |
% |
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3.8 |
% |
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1.7 |
% |
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