0001564590-22-019150 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Entity Registrant Name	BUILDERS FIRSTSOURCE, INC.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	BLDR
Security Exchange Name	NYSE
Entity Central Index Key	0001316835
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Entity Common Stock, Shares Outstanding		172,763,699
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-40620
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2084569
Entity Address, Address Line One	2001 Bryan Street
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	880-3500
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 5,681,131	$ 4,173,775
Cost of sales	3,848,758	3,104,221
Gross margin	1,832,373	1,069,554
Selling, general and administrative expenses	968,568	821,598
Income from operations	863,805	247,956
Interest expense, net	41,314	31,844
Income before income taxes	822,491	216,112
Income tax expense	182,851	43,532
Net income	$ 639,640	$ 172,580
Net income per share:
Basic	$ 3.61	$ 0.84
Diluted	$ 3.56	$ 0.83
Weighted average common shares:
Basic	177,120	206,571
Diluted	179,546	208,624

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 281,802	$ 42,603
Accounts receivable, less allowances of $47,266 and $39,510 at March 31, 2022 and December 31, 2021, respectively	2,290,513	1,708,796
Other receivables	223,070	255,075
Inventories, net	2,188,056	1,626,244
Contract assets	240,668	207,587
Other current assets	155,824	127,964
Total current assets	5,379,933	3,968,269
Property, plant and equipment, net	1,385,998	1,385,441
Operating lease right-of-use assets, net	446,876	457,833
Goodwill	3,270,192	3,270,192
Intangible assets, net	1,537,695	1,603,409
Other assets, net	30,491	29,199
Total assets	12,051,185	10,714,343
Current liabilities:
Accounts payable	1,563,334	1,093,370
Accrued liabilities	772,373	718,904
Contract liabilities	249,478	216,097
Current portion of operating lease liabilities	94,968	96,680
Current maturities of long-term debt	2,914	3,660
Total current liabilities	2,683,067	2,128,711
Noncurrent portion of operating lease liabilities	366,524	375,289
Long-term debt, net of current maturities, discounts and issuance costs	3,391,629	2,926,122
Deferred income taxes	354,723	362,121
Other long-term liabilities	119,195	119,619
Total liabilities	6,915,138	5,911,862
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000 shares authorized; zero shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized; 176,886 and 179,820 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,769	1,798
Additional paid-in capital	4,240,540	4,260,670
Retained earnings	893,738	540,013
Total stockholders' equity	5,136,047	4,802,481
Total liabilities and stockholders' equity	$ 12,051,185	$ 10,714,343

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 47,266	$ 39,510
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	176,886,000	179,820,000
Common stock, shares outstanding	176,886,000	179,820,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 639,640	$ 172,580
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	111,946	134,331
Deferred income taxes	(7,398)	(8,857)
Stock-based compensation expense	8,841	10,402
Other non-cash adjustments	2,037	2,874
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Receivables	(549,712)	(294,129)
Inventories	(561,813)	(340,940)
Contract assets	(33,081)	(89,994)
Other current assets	(27,860)	(27,664)
Other assets and liabilities	407	1,999
Accounts payable	470,198	241,621
Accrued liabilities	93,237	2,039
Contract liabilities	33,380	(4,770)
Net cash provided by (used in) operating activities	179,822	(200,508)
Cash flows from investing activities:
Cash acquired in BMC Merger		167,490
Purchases of property, plant and equipment	(50,475)	(39,263)
Proceeds from sale of property, plant and equipment	2,140	3,194
Net cash (used in) provided by investing activities	(48,335)	131,421
Cash flows from financing activities:
Borrowings under revolving credit facility	1,906,000	410,000
Repayments under revolving credit facility	(1,738,000)	(260,000)
Proceeds from long-term debt and other loans	301,500
Repayments of long-term debt and other loans	(827)	(468,671)
Payments of debt extinguishment costs		(2,475)
Payments of loan costs	(6,416)	(4,272)
Exercise of stock options	420	235
Repurchase of common stock	(354,965)	(10,418)
Net cash provided by (used in) financing activities	107,712	(335,601)
Net change in cash and cash equivalents	239,199	(404,688)
Cash and cash equivalents at beginning of period	42,603	423,806
Cash and cash equivalents at end of period	281,802	19,118
Supplemental disclosures of cash flow information:
Cash paid for interest	52,528	21,922
Cash paid for income taxes	202	21,701
Supplemental disclosures of non-cash activities:
Non-cash consideration for the BMC Merger		3,658,362
Accrued purchases of property, plant and equipment	6,024	6,734
Right-of-use assets obtained in exchange for operating lease obligations	14,918	13,707
Assets acquired under finance lease obligations		$ 1,644
Amounts accrued for repurchases of common stock	$ 11,917

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Balance at Dec. 31, 2020

$ 1,152,783

$ 1,168

$ 589,241

$ 562,374

Balance, shares at Dec. 31, 2020

116,829,000

Merger consideration

3,658,362

$ 896

3,657,466

Merger consideration, shares

89,586,000

Vesting of restricted stock units

$ 6

(6)

Vesting of restricted stock units, shares

648,000

Stock-based compensation expense

10,402

Exercise of stock options

235

$ 1

234

Exercise of stock options, shares

27,000

Shares withheld for restricted stock units vested

(10,417)

$ (2)

(10,415)

Shares withheld for restricted stock units vested, shares

(232,000)

Net income

172,580

Balance at Mar. 31, 2021

4,983,945

$ 2,069

4,246,922

734,954

Balance, shares at Mar. 31, 2021

206,858,000

Balance at Dec. 31, 2021

$ 4,802,481

$ 1,798

4,260,670

540,013

Balance, shares at Dec. 31, 2021

179,820,000

Vesting of restricted stock units

$ 11

(11)

Vesting of restricted stock units, shares

1,018,000

Stock-based compensation expense

$ 8,840

8,840

Repurchase of common stock

^[1]

(285,951)

$ (36)

(285,915)

Exercise of stock options

421

Exercise of stock options, shares

42,000

Shares withheld for restricted stock units vested

(29,384)

$ (4)

(29,380)

Shares withheld for restricted stock units vested, shares

(401,000)

Net income

639,640

Balance at Mar. 31, 2022

$ 5,136,047

$ 1,769

$ 4,240,540

$ 893,738

Balance, shares at Mar. 31, 2022

176,886,000

Repurchase of common stock, shares

(3.6)

(3,593,000)

^[1]

[1]

During the three months ended March 31, 2022, we repurchased and retired approximately 3.6 million shares of our common stock at an average price of $79.58 per share for $286.0 million, net of fees, pursuant to the repurchase programs authorized by our board of directors in November 2021 and February 2022.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)
$ in Thousands

3 Months Ended

Mar. 31, 2022

USD ($)

$ / shares

Statement Of Stockholders Equity [Abstract]

Repurchased and retired common stock, shares | shares

3.6

Repurchased and retired common stock, net of fees | $

$ 285,951

^[1]

Average price of common shares repurchased and retired | $ / shares

$ 79.58

[1]

Basis of Presentation

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

Builders FirstSource, Inc., a Delaware corporation formed in 1998, is a leading supplier and manufacturer of building materials, manufactured components and construction services to professional homebuilders, sub-contractors, remodelers and consumers. The Company operates approximately 565 locations in 42 states across the United States. In this quarterly report, references to the “Company,” “we,” “our,” “ours” or “us” refer to Builders FirstSource, Inc. and its consolidated subsidiaries unless otherwise stated or the context otherwise requires.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Intercompany transactions are eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. This condensed consolidated balance sheet as of December 31, 2021 and the unaudited condensed consolidated financial statements included herein should be read in conjunction with the more detailed audited consolidated financial statements for the year ended December 31, 2021 included in our most recent annual report on Form 10-K (“Form 10-K”). Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K.

The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, whom we have determined to be our chief operating decision maker, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements.

Comprehensive Income

Comprehensive income is equal to net income for all periods presented.

Reclassifications

Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including presenting contract assets and contract liabilities separately on the face of the financial statements, whereas, these contract assets and contract liabilities had previously been presented as a component of accounts receivable and accrued liabilities, respectively. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, or cash flows as previously reported. We have changed the composition of our product categories, resulting in a decrease to four product categories. As a result of this change, prior period amounts have been reclassified to conform to the current year presentation.

Recent Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which intends to address diversity and inconsistency in the accounting related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. The amendments and optional expedients in this update are effective, as elected, beginning March 12, 2020 through December 31, 2022 and may be elected by topic. We have not elected adoption of this optional guidance and do not intend to elect this guidance before the sunset date of December 31, 2022, as there is no material impact on our consolidated financial statements.

Revenue

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue

2. Revenue

The following table disaggregates our sales by product category (in thousands):

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Lumber & lumber sheet goods	$	2,325,355	$	1,769,299
Manufactured products		1,354,587		860,913
Windows, doors & millwork		1,011,572		736,156
Specialty building products & services		989,617		807,407
Net sales	$	5,681,131	$	4,173,775

Net sales from installation and construction services were less than 10% of the Company’s net sales for each period presented.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, unbilled receivables, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of deferred revenue and customer advances and deposits.

For the three months ended March 31, 2022 and 2021, we recognized as revenue approximately 70% and 78% of the contract liabilities balance at December 31, 2021 and 2020, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Net Income per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income per Common Share

3. Net Income per Common Share

Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

The table below presents the calculation of basic and diluted EPS:

	Three Months Ended March 31,
	2022		2021
	(in thousands, except per share amounts)
Numerator:
Net income	$	639,640	$	172,580

Denominator:
Weighted average shares outstanding, basic		177,120		206,571
Dilutive effect of options and RSUs		2,426		2,053
Weighted average shares outstanding, diluted		179,546		208,624

Net income per share:
Basic	$	3.61	$	0.84
Diluted	$	3.56	$	0.83

Antidilutive and contingent RSUs excluded from diluted EPS	71		78

Accrued Liabilities

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Accrued Liabilities

4. Accrued Liabilities

Accrued liabilities consisted of the following as of:

	March 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and other employee related expenses	$	303,935	$	385,800
Income taxes payable		154,406		2,230
Accrued business taxes		118,077		81,055
Self-insurance reserves		72,413		68,060
Accrued rebates payable		30,925		51,805
Amounts accrued for repurchases of common stock		11,917		51,545
Accrued interest		25,432		31,666
Other		55,268		46,743
Total accrued liabilities	$	772,373	$	718,904

Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

5. Long-Term Debt

Long-term debt consisted of the following as of:

	March 31, 2022			December 31, 2021
	(in thousands)
2026 revolving credit facility (1)	$	756,000		$	588,000
2027 notes		612,500			612,500
2030 notes		550,000			550,000
2032 notes		1,300,000			1,000,000
Other finance obligations		202,263			202,995
Finance lease obligations		3,419			3,787
		3,424,182			2,957,282
Unamortized debt discount/premium and debt issuance costs		(29,639	)		(27,500	)
		3,394,543			2,929,782
Less: current maturities of long-term debt		2,914			3,660
Long-term debt, net of current maturities, discounts and issuance costs	$	3,391,629		$	2,926,122

(1)

The weighted average interest rate was 3.5% and 2.8% as of March 31, 2022 and December 31, 2021, respectively.

2022 Debt Transactions

On January 21, 2022, the Company completed a private offering of an additional $300.0 million in aggregate principal amount of 4.25% senior unsecured notes due 2032 (“2032 notes”) at an issue price equal to 100.50% of par value. The net proceeds from the offering were used to repay indebtedness outstanding under our $1.4 billion revolving credit facility (“2026 facility”) and pay related transaction fees and expenses.

The additional $1.5 million in proceeds received in excess of par value represents a debt premium which has been recorded as an increase to long-term debt. In connection with the offering, we incurred approximately $4.4 million of various third-party fees and expenses which have been recorded as a reduction to long-term debt. The debt premium and third-party costs will be amortized over the contractual life of the 2032 notes using the effective interest method.

On February 4, 2022, the Company amended the 2026 facility to increase the total commitments by an aggregate amount of $400.0 million resulting in a new $1.8 billion amended credit facility. All other material terms of the credit facility remain unchanged from those of the previous agreement. Effective with this amendment, the eurodollar rate loans and related interest rate benchmark were changed to the Secured Overnight Financing Rate (“SOFR”). The applicable margin ranges for Term SOFR loans were amended to be from 1.35% to 1.60% and there are no changes to base rate loan borrowings. In connection with this amendment, we incurred approximately $2.0 million of new debt issuance costs which have been recorded as other assets and will be amortized straight-line through December 2026. The 2026 facility is discussed in more detail below.

2026 Revolving Credit Facility

The 2026 facility provides for a $1.8 billion revolving credit line to be used for working capital, general corporate purposes and funding capital expenditures and growth opportunities. In addition, we may use borrowings under the 2026 facility to facilitate debt repayment and consolidation. The available borrowing capacity, or borrowing base, is derived from a percentage of the Company’s eligible receivables and inventory, as defined by the agreement, subject to certain reserves. As of March 31, 2022, we had $756.0 million in outstanding borrowings under our 2026 facility and our net excess borrowing availability was $917.1 million after being reduced by outstanding letters of credit totaling $126.9 million.

Borrowings under the 2026 facility bear interest, at our option, at either a Term SOFR rate or a base rate, plus, in each case, an applicable margin. The applicable margin ranges from 1.35% to 1.60% per annum in the case of Term SOFR loans and 0.25% to 0.50% per annum in the case of base rate loans. The margin in either case is based on a measure of availability under the 2026 facility. A commitment fee, currently 0.20% per annum, is charged on the unused amount of the revolver based on quarterly average loan utilization. Letters of credit under the 2026 facility are assessed at a rate equal to 1.25% or 1.50%, based on the average excess availability, as well as a fronting fee at a rate of 0.125% per annum. These fees are payable quarterly in arrears at the end of March, June, September, and December.

All obligations under the 2026 facility are guaranteed jointly and severally by the Company and all other subsidiaries that guarantee the 6.75% senior secured notes due 2027 (“2027 notes”), our 5.00% senior unsecured notes due 2030 (the “2030 notes”), and our 2032 notes (such subsidiaries, the “Debt Guarantors”). All obligations and the guarantees of those obligations are secured by substantially all of the assets of the Company and the Debt Guarantors subject to certain exceptions and permitted liens, including with respect to the 2026 facility, a first-priority security interest in such assets that constitute ABL Collateral (as defined below) and a second-priority security interest in such assets that constitute Notes Collateral (as defined below).

“ABL Collateral” includes substantially all presently owned and after-acquired accounts receivable, inventory, rights of unpaid vendors with respect to inventory, deposit accounts, commodity accounts, securities accounts and lock boxes, investment property, cash and cash equivalents, and general intangibles, books and records, supporting obligations and documents and related letters of credit, commercial tort claims or other claims related to and proceeds of each of the foregoing. “Notes Collateral” includes all collateral that is not ABL Collateral.

The 2026 facility contains restrictive covenants which, among other things, limit the Company’s ability to incur additional indebtedness, incur liens, engage in mergers or other fundamental changes, sell certain assets, pay dividends, make acquisitions or investments, prepay certain indebtedness, change the nature of our business, and engage in certain transactions with affiliates. In addition, the 2026 facility also contains a financial covenant requiring the satisfaction of a minimum fixed charge ratio of 1.00 to 1.00 if our excess availability falls below the greater of $80.0 million or 10% of the maximum borrowing amount, which was $180.0 million as of March 31, 2022.

Senior Unsecured Notes due 2032

As of March 31, 2022, we have $1.3 billion outstanding in aggregate principal amount of the 2032 notes, which mature on February 1, 2032. Interest accrues on the 2032 notes at a rate of 4.25% per annum and is payable semi-annually on February 1 and August 1 of each year.

The terms of the 2032 notes are governed by the indenture, dated as of the July 23, 2021 (the “2032 Indenture”), among the Company, the guarantors named therein and Wilmington Trust, National Association, as trustee. The 2032 notes, subject to certain exceptions, are guaranteed, jointly and severally, on a senior unsecured basis, by the Debt Guarantors. Subject to certain exceptions, future subsidiaries that guarantee the 2026 facility, the 2027 notes, the 2030 notes or certain other indebtedness will also guarantee the 2032 notes.

The 2032 notes constitute senior unsecured obligations of the Company and Debt Guarantors, pari passu in right of payment with all of the existing and future senior indebtedness of the Company, including indebtedness under the 2026 facility, the 2027 notes and the 2030 notes, effectively subordinated to all existing and future secured indebtedness of the Company and the Debt Guarantors (including indebtedness under the 2026 facility and the 2027 notes) to the extent of the value of the assets securing such indebtedness, senior to all of the future subordinated indebtedness of the Company and the Debt Guarantors and structurally subordinated to any existing and future indebtedness and other liabilities, including preferred stock, of the Company’s subsidiaries that do not guarantee the 2032 notes.

The 2032 Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional debt or issue preferred stock, create liens, create restrictions on the Company’s subsidiaries’ ability to make payments to the Company, pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock, make certain investments or certain other restricted payments, guarantee indebtedness, designate unrestricted subsidiaries, sell certain kinds of assets, enter into certain types of transactions with affiliates, and effect mergers and consolidations.

At any time prior to August 1, 2026, the Company may redeem the 2032 notes in whole or in part at a redemption price equal to 100% of the principal amount of the 2032 notes plus the “applicable premium” set forth in the 2032 Indenture. At any time on or after August 1, 2026, the Company may redeem the 2032 notes at the redemption prices set forth in the 2032 Indenture, plus accrued and unpaid interest, if any, to the redemption date. At any time prior to August 1, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 2032 notes with the net cash proceeds of one or more equity offerings, as described in the 2032 Indenture, at a price equal to 104.25% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences certain change of control triggering events, holders of the 2032 notes may require it to repurchase all or part of their 2032 notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the repurchase date.

Fair Value

As of March 31, 2022 and December 31, 2021, the Company does not have any financial instruments that are measured at fair value on a recurring basis. We have elected to report the value of our 2027 notes, 2030 notes, 2032 notes and 2026 facility at amortized cost. The fair values of the 2027 notes, 2030 notes and 2032 notes at March 31, 2022 were approximately $636.2 million $542.4 million and $1,212.3 million, respectively, and were determined using Level 2 inputs based on market prices. The carrying value of the 2026 facility at March 31, 2022 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the 2026 facility was also classified as Level 2 in the hierarchy.

We were not in violation of any covenants or restrictions imposed by any of our debt agreements at March 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Employee Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Employee Stock-Based Compensation

6. Employee Stock-Based Compensation

Time Based Restricted Stock Unit Grants

In the first three months of 2022, our board of directors granted 156,700 restricted stock units (“RSUs”) to employees under our 2014 Incentive Plan for which vesting is based solely on continuous employment over the requisite service period. All of these RSUs vest at 33% per year at each anniversary of the grant date over the next three years. The weighted average grant date fair value for these RSUs was $69.11 per unit, which was based on the closing stock price on the respective grant dates.

Performance, Market and Service Condition Based Restricted Stock Unit Grants

In the first three months of 2022, our board of directors granted 150,600 RSUs to employees under our 2014 Incentive Plan, that cliff vest on the third anniversary of the grant date based on the Company’s level of achievement of performance goals relating to return on invested capital over a three-year period (“performance condition”) as well as continued employment during the performance period. The total number of shares of common stock that may be earned from the performance condition ranges from zero to 200% of the RSUs granted. The number of shares earned from the performance condition may be further increased by 10% or decreased by 10% based on the Company’s total shareholder return relative to a peer group during the performance period (“market condition”). The average grant date fair value for these RSUs, with consideration of the market condition, was $70.77 per unit, which was determined using the Monte Carlo simulation model applying the following assumptions:

Expected volatility (company)	53.0%
Expected volatility (peer group median)	34.6%
Correlation between the Company and peer group median	0.6
Expected dividend yield	0.0%
Risk-free rate	1.7%

The expected volatilities and correlation are based on the historical daily returns of our common stock and the common stocks of the constituents of the Company’s peer group over the most recent period equal to the measurement period. The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant and has a term equal to the measurement period.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below:


	2022			2021
Statutory federal income tax rate		21.0	%		21.0	%
State income taxes, net of federal income tax		2.9			1.7
Stock-based compensation windfall benefit		(1.7	)		(1.9	)
Permanent differences and other		—			(0.7	)
		22.2	%		20.1	%

We base our estimate of deferred tax assets and liabilities on current tax laws and rates. In certain cases, we also base our estimate on business plan forecasts and other expectations about future outcomes. Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, as well as the residential homebuilding industry’s cyclicality and sensitivity to changes in economic conditions, it is possible that actual results could differ from the estimates used in previous analyses.

Accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations or financial position.

- Definition

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

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

As of March 31, 2022, we had outstanding letters of credit totaling $126.9 million under our 2026 facility that principally support our self-insurance programs.

The Company has a number of known and threatened construction defect legal claims. While these claims are generally covered under the Company’s existing insurance programs to the extent any loss exceeds the deductible, there is a reasonable possibility of loss that is not able to be estimated at this time because (i) many of the proceedings are in the discovery stage, (ii) the outcome of future litigation is uncertain, and/or (iii) the complex nature of the claims. Although the Company cannot estimate a reasonable range of loss based on currently available information, the resolution of these matters could have a material adverse effect on the Company's financial position, results of operations or cash flows.

In addition, we are involved in various other claims and lawsuits incidental to the conduct of our business in the ordinary course. We carry insurance coverage in such amounts in excess of our self-insured retention as we believe to be reasonable under the circumstances and that may or may not cover any or all of our liabilities in respect of such claims and lawsuits. Although the ultimate disposition of these other proceedings cannot be predicted with certainty, management believes the outcome of any such claims that are pending or threatened, either individually or on a combined basis, will not have a material adverse effect on our consolidated financial position, cash flows or results of operations. However, there can be no assurances that future adverse judgments and costs would not be material to our results of operations or liquidity for a particular period.

Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

9. Related Party Transactions

An executive officer of one of our customers, Ashton Woods USA, L.L.C., serves as a member of the Company’s board of directors. Accounts receivable due from and net sales to Ashton Woods USA, L.L.C. were approximately 1% of our total accounts receivable and our total net sales, respectively, as of March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021. Further, the Company has entered into certain leases of land and buildings with certain employees or non-affiliate stockholders. Activity associated with these related party transactions was not significant as of or for the three months ended March 31, 2022 or 2021.

Transactions between the Company and other related parties occur in the ordinary course of business. However, the Company carefully monitors and assesses related party relationships. Management does not believe that any of these transactions with related parties had a material impact on the Company’s results for the three months ended March 31, 2022 or 2021.

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

Business Combinations

On April 1, 2022, we completed two transactions to acquire certain assets and the operations of (i) Panel Truss of Longview, Inc., Panel Truss – Hearne, LLC, Case-Hill, Inc., Panel Truss-Dallas, LLC, Truss Ops Trucking, LLC and Truss Ops, LLC (the “Texas Panel Truss Businesses”), and Panel Truss – Oakwood, LLC Panel Truss – Townville, LLC and Panel Truss – Ringgold, LLC (the “East Panel Truss Businesses”) and (ii) Valley Truss Co., Inc. (“Valley Truss”) for $169.4 million in cash and $31.2 million in cash, respectively, subject to certain closing adjustments.

Each of the Texas Panel Truss Businesses and the East Panel Truss Businesses provide building components primarily to multi-family markets, with the Texas Panel Truss Businesses primarily serving such markets in Texas and East Panel Truss Businesses primarily serving such markets in Georgia and South Carolina.

Valley Truss is a manufacturer of floor and roof trusses located in Boise, Idaho. Each of these acquisitions were funded with a combination of cash on hand and borrowings under our 2026 facility.

The accounting for these business combinations have not been completed at the date of this filing given the proximity to the acquisition date for each acquisition. The acquisitions will be accounted for by the acquisition method, and accordingly the results of operations will be included in the Company’s consolidated financial statements from the acquisition date. The purchase price will be allocated to the net assets acquired based on estimated fair values at the acquisition date, with the excess of purchase price over the estimated fair value of the net assets acquired recorded as goodwill.

Company Shares Repurchases

On May 9, 2022, the Company’s board of directors authorized a new share repurchase program of $2.0 billion, which replaces the previous $1.0 billion authorization announced on February 18, 2022.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Segments	The accounting policies of our operating segments are consistent with the accounting policies described in the Notes to Consolidated Financial Statements included in our Form 10-K. Since the Company operates in one reportable segment, the primary measures reviewed by our CEO, whom we have determined to be our chief operating decision maker, including revenue, gross margin and income before income taxes, are shown in these condensed consolidated financial statements.
Comprehensive Income	Comprehensive Income Comprehensive income is equal to net income for all periods presented.
Reclassifications	Reclassifications Certain prior periods’ amounts have been reclassified to conform to the current year presentation, including presenting contract assets and contract liabilities separately on the face of the financial statements, whereas, these contract assets and contract liabilities had previously been presented as a component of accounts receivable and accrued liabilities, respectively. These reclassifications had no impact on net income, total assets and liabilities, stockholders’ equity, or cash flows as previously reported. We have changed the composition of our product categories, resulting in a decrease to four product categories. As a result of this change, prior period amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which intends to address diversity and inconsistency in the accounting related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. The amendments and optional expedients in this update are effective, as elected, beginning March 12, 2020 through December 31, 2022 and may be elected by topic. We have not elected adoption of this optional guidance and do not intend to elect this guidance before the sunset date of December 31, 2022, as there is no material impact on our consolidated financial statements.
Net Income per Common Share	Net income per common share (“EPS”) is calculated in accordance with the Earnings per Share topic of the Codification, which requires the presentation of basic and diluted EPS. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common shares.

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Schedule of Sales by Product Category

The following table disaggregates our sales by product category (in thousands):

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Lumber & lumber sheet goods	$	2,325,355	$	1,769,299
Manufactured products		1,354,587		860,913
Windows, doors & millwork		1,011,572		736,156
Specialty building products & services		989,617		807,407
Net sales	$	5,681,131	$	4,173,775

Net Income per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted EPS

The table below presents the calculation of basic and diluted EPS:

	Three Months Ended March 31,
	2022		2021
	(in thousands, except per share amounts)
Numerator:
Net income	$	639,640	$	172,580

Denominator:
Weighted average shares outstanding, basic		177,120		206,571
Dilutive effect of options and RSUs		2,426		2,053
Weighted average shares outstanding, diluted		179,546		208,624

Net income per share:
Basic	$	3.61	$	0.84
Diluted	$	3.56	$	0.83

Antidilutive and contingent RSUs excluded from diluted EPS	71		78

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following as of:

	March 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and other employee related expenses	$	303,935	$	385,800
Income taxes payable		154,406		2,230
Accrued business taxes		118,077		81,055
Self-insurance reserves		72,413		68,060
Accrued rebates payable		30,925		51,805
Amounts accrued for repurchases of common stock		11,917		51,545
Accrued interest		25,432		31,666
Other		55,268		46,743
Total accrued liabilities	$	772,373	$	718,904

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consisted of the following as of:

	March 31, 2022			December 31, 2021
	(in thousands)
2026 revolving credit facility (1)	$	756,000		$	588,000
2027 notes		612,500			612,500
2030 notes		550,000			550,000
2032 notes		1,300,000			1,000,000
Other finance obligations		202,263			202,995
Finance lease obligations		3,419			3,787
		3,424,182			2,957,282
Unamortized debt discount/premium and debt issuance costs		(29,639	)		(27,500	)
		3,394,543			2,929,782
Less: current maturities of long-term debt		2,914			3,660
Long-term debt, net of current maturities, discounts and issuance costs	$	3,391,629		$	2,926,122

(1)

The weighted average interest rate was 3.5% and 2.8% as of March 31, 2022 and December 31, 2021, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Employee Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Performance Market and Service Condition Based Restricted Stock Unit Grants

Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions

The average grant date fair value for these RSUs, with consideration of the market condition, was $70.77 per unit, which was determined using the Monte Carlo simulation model applying the following assumptions:

Expected volatility (company)	53.0%
Expected volatility (peer group median)	34.6%
Correlation between the Company and peer group median	0.6
Expected dividend yield	0.0%
Risk-free rate	1.7%

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below:


	2022			2021
Statutory federal income tax rate		21.0	%		21.0	%
State income taxes, net of federal income tax		2.9			1.7
Stock-based compensation windfall benefit		(1.7	)		(1.9	)
Permanent differences and other		—			(0.7	)
		22.2	%		20.1	%

Basis of Presentation - Additional Information (Detail)	3 Months Ended
Basis of Presentation - Additional Information (Detail)	Mar. 31, 2022 Store States
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity formed, year	1998
Number of Locations \| Store	565
Number of states \| States	42

Revenue - Sales by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 5,681,131	$ 4,173,775
Lumber and Lumber Sheet Goods
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	2,325,355	1,769,299
Manufactured Products
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,354,587	860,913
Windows, Doors and Millwork
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	1,011,572	736,156
Specialty Building Products & Services
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 989,617	$ 807,407

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Additional Information (Detail)	3 Months Ended
Revenue - Additional Information (Detail)	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Percentage of recognized revenue from contract liability balance	70.00%	78.00%
Transferred over Time \| Maximum
Disaggregation Of Revenue [Line Items]
Percentage of sales related to contracts with service	10.00%

Net Income per Common Share - Summary of Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 639,640	$ 172,580
Denominator:
Weighted average shares outstanding, basic	177,120	206,571
Dilutive effect of options and RSUs	2,426	2,053
Weighted average shares outstanding, diluted	179,546	208,624
Net income per share:
Basic	$ 3.61	$ 0.84
Diluted	$ 3.56	$ 0.83
Antidilutive and contingent RSUs excluded from diluted EPS	71	78

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Summary of accrued liabilities
Accrued payroll and other employee related expenses	$ 303,935	$ 385,800
Income taxes payable	154,406	2,230
Accrued business taxes	118,077	81,055
Self-insurance reserves	72,413	68,060
Accrued rebates payable	30,925	51,805
Amounts accrued for repurchases of common stock	11,917	51,545
Accrued interest	25,432	31,666
Other	55,268	46,743
Total accrued liabilities	$ 772,373	$ 718,904

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 21, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 3,424,182		$ 2,957,282
Unamortized debt discount/premium and debt issuance costs	(29,639)		(27,500)
Long-term debt and capital lease obligation	3,394,543		2,929,782
Less: current maturities of long-term debt	2,914		3,660
Long-term debt, net of current maturities, discounts and issuance costs	3,391,629		2,926,122
2026 Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount	756,000		588,000
2027 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	612,500		612,500
2030 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	550,000		550,000
2032 Notes
Debt Instrument [Line Items]
Debt instrument carrying amount	1,300,000	$ 300,000	1,000,000
Other Finance