Simpson(SSD) - 2021 Q3 - Quarterly Report

PART I — FINANCIAL INFORMATION Item 1. Financial Statements This section presents unaudited condensed consolidated financial statements, including balance sheets, statements of earnings, comprehensive income, stockholders' equity, and cash flows, with detailed accounting policy notes Condensed Consolidated Balance Sheets (in thousands) | ASSETS (in thousands) | Sep 30, 2021 | Sep 30, 2020 | Dec 31, 2020 | | :---------------------- | :----------- | :----------- | :----------- | | Cash and cash equivalents | $294,180 | $311,465 | $274,639 | | Trade accounts receivable, net | 236,535 | 226,447 | 165,128 | | Inventories | 385,512 | 260,054 | 283,742 | | Total current assets | 949,654 | 820,405 | 753,139 | | Property, plant and equipment, net | 255,547 | 246,472 | 255,184 | | Goodwill | 133,495 | 133,734 | 135,844 | | Total assets | $1,422,069 | $1,277,865 | $1,232,569 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | | | | | Trade accounts payable | $62,405 | $42,271 | $48,271 | | Total current liabilities | 245,477 | 191,161 | 194,061 | | Total liabilities | 299,066 | 317,065 | 251,626 | | Total stockholders' equity | 1,123,003 | 960,800 | 980,943 | | Total liabilities and stockholders' equity | $1,422,069 | $1,277,865 | $1,232,569 | Condensed Consolidated Statements of Earnings and Comprehensive Income (in thousands except per-share amounts) | (in thousands except per-share amounts) | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :-------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net sales | $396,738 | $364,304 | $1,154,661 | $974,048 | | Cost of sales | 198,706 | 191,061 | 597,901 | 521,339 | | Gross profit | 198,032 | 173,243 | 556,760 | 452,709 | | Total operating expenses | 97,417 | 81,972 | 286,141 | 240,013 | | Income from operations | 100,619 | 91,343 | 270,731 | 212,905 | | Net income | $73,778 | $67,057 | $196,650 | $157,362 | | Basic EPS | $1.70 | $1.54 | $4.54 | $3.60 | | Diluted EPS | $1.70 | $1.54 | $4.52 | $3.59 | | Cash dividends declared per common share | $0.25 | $0.23 | $0.73 | $0.69 | Condensed Consolidated Statements of Stockholders' Equity (in thousands) | (in thousands) | Balance at Dec 31, 2020 | Net income | Stock-based compensation | Repurchase of common stock | Cash dividends declared | Balance at Sep 30, 2021 | | :----------------------- | :---------------------- | :--------- | :----------------------- | :------------------------- | :---------------------- | :---------------------- | | Total Stockholders' Equity | $980,943 | $196,650 | $12,432 | $(24,125) | $(31,619) | $1,123,003 | Condensed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :-------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $122,098 | $129,618 | | Net cash used in investing activities | $(41,200) | $(21,554) | | Net cash used in financing activities | $(61,258) | $(26,153) | | Net increase in cash and cash equivalents | $19,541 | $81,255 | | Cash and cash equivalents at end of period | $294,180 | $311,465 | Notes to Condensed Consolidated Financial Statements Note 1. Basis of Presentation This note details accounting policies, including consolidation, revenue recognition, stock-based compensation, and the non-material impact of LIBOR transition - The company's unaudited interim financial statements adhere to GAAP, relying on management estimates and assumptions, and do not forecast future periods[23][25] - Revenue is typically recognized upon shipment and transfer of control to the customer, usually at the F.O.B. shipping point[26] - The LIBOR transition to alternative reference rates is not anticipated to materially impact the company's consolidated operating results, financial position, or cash flow[36] Note 2. Revenue from Contracts with Customers This note disaggregates revenue by Wood Construction Products and Concrete Construction Products, clarifying customer acceptance criteria and the absence of contract assets or liabilities Revenue from Contracts with Customers by Product Group | Product Group | 9 Months Ended Sep 30, 2021 Sales % | 9 Months Ended Sep 30, 2020 Sales % | | :-------------------------- | :------------------------------------ | :------------------------------------ | | Wood Construction Products | 86% | 86% | | Concrete Construction Products | 14% | 14% | - As of September 30, 2021, the company had no contract assets or contract liabilities from contracts with customers[42] Note 3. Net Income Per Share This note reconciles basic and diluted net income per common share for the three and nine months ended September 30, 2021 and 2020 Net Income Per Share (in thousands, except per share amounts) | (in thousands, except per share amounts) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income available to common stockholders | $73,778 | $67,057 | $196,650 | $157,362 | | Basic weighted-average shares outstanding | 43,276 | 43,474 | 43,287 | 43,683 | | Diluted weighted-average shares outstanding | 43,485 | 43,683 | 43,500 | 43,873 | | Basic Net income per common share | $1.70 | $1.54 | $4.54 | $3.60 | | Diluted Net income per common share | $1.70 | $1.54 | $4.52 | $3.59 | Note 4. Stockholders' Equity This note details treasury shares held and share repurchase activities during the nine months ended September 30, 2021, including remaining authorization - As of September 30, 2021, the company held 373,034 shares of its common stock as treasury shares[45] - During the nine months ended September 30, 2021, the company repurchased 222,060 shares for $24.1 million at an average of $108.64 per share[46] - Approximately $75.9 million remains available for repurchase under the $100 million share repurchase authorization, which expires at the end of 2021[46] Note 5. Stock-Based Compensation This note outlines recognized stock-based compensation expense, types of restricted stock units (RSUs) granted, and aggregate unamortized compensation expense Stock-Based Compensation Expense (in millions) | Stock-Based Compensation Expense (in millions) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Expense | $2.6 | $4.0 | $12.4 | $9.5 | - During the nine months ended September 30, 2021, the company granted 133,717 RSUs to employees at an estimated weighted average fair value of $100.93 per share[48] - As of September 30, 2021, the aggregate unamortized stock compensation expense was approximately $20.3 million, expected to be recognized over a weighted-average period of 2.3 years[50] Note 6. Trade Accounts Receivable, Net This note provides a detailed breakdown of trade accounts receivable, net of allowances for doubtful accounts and sales discounts and returns, as of the specified dates Trade Accounts Receivable, Net (in thousands) | (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :------------------------------ | :-------------- | :-------------- | :-------------- | | Trade accounts receivable | $241,955 | $231,559 | $170,001 | | Allowance for doubtful accounts | (1,670) | (2,032) | (2,110) | | Allowance for sales discounts and returns | (3,750) | (3,080) | (2,763) | | Total | $236,535 | $226,447 | $165,128 | Note 7. Inventories This note details the composition of the company's inventories, categorized into raw materials, in-process products, and finished products, as of the specified dates Inventories (in thousands) | (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :---------------- | :-------------- | :-------------- | :-------------- | | Raw materials | $149,488 | $100,198 | $95,777 | | In-process products | 28,399 | 21,533 | 21,803 | | Finished products | 207,625 | 138,323 | 166,162 | | Total | $385,512 | $260,054 | $283,742 | Note 8. Derivative Instruments This note describes the company's use of short-term foreign currency forward contracts to hedge foreign exchange rate risk, primarily for the Chinese Yuan, and their accounting treatment - The company uses short-term foreign currency forward contracts to hedge currency exposures associated with cash flows denominated in non-functional currencies, primarily the Chinese Yuan (CNY)[53][54] - As of September 30, 2021, the aggregate notional amount of outstanding foreign currency derivative contracts was to buy CNY 14.1 million by selling $2.0 million[54] - For the nine months ended September 30, 2021, gains of $0.4 million on these contracts were recognized as a reduction of cost of sales[55] Note 9. Property, Plant and Equipment, Net This note provides a breakdown of the company's property, plant, and equipment, net of accumulated depreciation and amortization, including land, buildings, machinery, and capital projects in progress Property, Plant and Equipment, Net (in thousands) | (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :-------------------------------- | :-------------- | :-------------- | :-------------- | | Land | $28,232 | $28,287 | $28,553 | | Buildings and site improvements | 201,730 | 201,020 | 203,421 | | Machinery, equipment, and software | 396,201 | 363,187 | 372,923 | | Less accumulated depreciation and amortization | (400,981) | (369,655) | (377,460) | | Capital projects in progress | 24,409 | 17,934 | 20,656 | | Total | $255,547 | $246,472 | $255,184 | Note 10. Goodwill and Intangible Assets, Net This note details goodwill carrying amounts by geographic segment and intangible assets, net of amortization, including amortization expense and future schedule Goodwill by Segment (in thousands) | Goodwill (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :---------------------- | :-------------- | :-------------- | :-------------- | | North America | $96,306 | $96,161 | $96,311 | | Europe | 35,816 | 36,215 | 38,059 | | Asia/Pacific | 1,373 | 1,358 | 1,474 | | Total | $133,495 | $133,734 | $135,844 | Intangible Assets, Net (in thousands) | Intangible Assets, Net (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :------------------------------------ | :-------------- | :-------------- | :-------------- | | Net Carrying Amount | $22,077 | $20,964 | $26,800 | - Amortization expense of definite-lived intangible assets was $5.0 million for the nine months ended September 30, 2021, with a weighted-average amortization period of 6.3 years[59] Note 11. Leases This note summarizes the company's operating and finance leases, including right-of-use assets, lease liabilities, expense components, cash flow, and maturity schedule Operating Leases (in thousands) | Operating Leases (in thousands) | At Sep 30, 2021 | At Sep 30, 2020 | At Dec 31, 2020 | | :------------------------------ | :-------------- | :-------------- | :-------------- | | Operating lease right-of-use assets | $41,513 | $41,453 | $45,792 | | Total operating lease liabilities | $41,912 | $41,797 | $46,342 | Lease Expense (in thousands) | Lease Expense (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Operating lease cost | $2,958 | $2,736 | $8,570 | $7,708 | | Total finance lease cost | $2 | $225 | $217 | $682 | - As of September 30, 2021, the weighted-average remaining operating lease term was 6.77 years with a weighted-average discount rate of 5.26%[66] Note 12. Debt This note describes the company's $300.0 million unsecured revolving credit facility, its maturity, and confirms compliance with financial covenants and debt-free status as of September 30, 2021 - The company has a $300.0 million unsecured revolving credit facility with Wells Fargo Bank, maturing on July 12, 2026[67] - As of September 30, 2021, the full $300 million under the Credit Facility was available for borrowing, and the company remained debt-free[67][132] - The company was in compliance with its financial covenants under the Credit Facility as of September 30, 2021[68] Note 13. Commitments and Contingencies This note outlines the company's environmental liability policy and discusses legal proceedings, including the Gentry Homes case resolution, without expecting material adverse financial effects - The company accrues for environmental liabilities when probable and estimable, and does not believe such matters will have a material adverse effect on its financial condition, cash flows, or results of operations[69] - The Gentry Homes, Ltd. v. Simpson Strong-Tie Company Inc. case was resolved via a written settlement agreement without adjudication or admission of liability, incurring no uninsured liability[72] - The company does not expect any current legal proceedings to have a material adverse effect on its financial condition, cash flows, or results of operations[156] Note 14. Segment Information This note provides financial performance metrics for the company's three reporting segments (North America, Europe, and Asia/Pacific) and disaggregates sales by product group Net Sales by Segment (in thousands) | Net Sales by Segment (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | North America | $338,591 | $316,902 | $989,711 | $852,759 | | Europe | $54,832 | $44,766 | $155,567 | $114,877 | | Asia/Pacific | $3,315 | $2,636 | $9,383 | $6,412 | | Total | $396,738 | $364,304 | $1,154,661 | $974,048 | Income (Loss) from Operations by Segment (in thousands) | Income (Loss) from Operations by Segment (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | North America | $96,954 | $87,378 | $261,487 | $213,135 | | Europe | $7,517 | $6,074 | $15,681 | $7,100 | | Asia/Pacific | $313 | $519 | $941 | $(160) | | Administrative and all other | $(4,165) | $(2,628) | $(7,378) | $(7,170) | | Total | $100,619 | $91,343 | $270,731 | $212,905 | Sales by Product Group (in thousands) | Sales by Product Group (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Wood construction products | $338,896 | $311,167 | $996,261 | $834,411 | | Concrete construction products | $57,589 | $52,983 | $157,417 | $139,299 | | Other | $253 | $154 | $983 | $338 | | Total | $396,738 | $364,304 | $1,154,661 | $974,048 | Note 15. Subsequent Events This note reports a subsequent event where the Board of Directors declared a quarterly cash dividend after the reporting period - On October 19, 2021, the Board of Directors declared a quarterly cash dividend of $0.25 per share, estimated to be $10.8 million in total, payable on January 27, 2022[78] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial condition and results of operations, including business overview, growth initiatives, COVID-19 impact, performance factors, segment results, business outlook, and liquidity Overview This overview introduces the company's business segments, key growth initiatives in wood and concrete products, and five-year ambitions, addressing ongoing COVID-19 impact management - The company designs, manufactures, and sells high-quality building construction products across North America, Europe, and Asia/Pacific segments[86] - Key growth initiatives focus on expanding into new markets within wood and concrete products, including OEM, repair & remodel/DIY, mass timber, concrete, and structural steel[87][88] - The company's five-year ambitions include strengthening its values-based culture, being a business partner of choice, innovative leadership, above-market growth relative to U.S. housing starts, and remaining in the top quartile for operating income margins and return on invested capital[91] - Despite the ongoing COVID-19 pandemic, the company has not experienced significant disruptions within its supply chain and continues to meet customer needs[90][92] Factors Affecting Our Results of Operations This section discusses key factors influencing financial performance, including construction market cyclicality, seasonality, weather, political/economic events, volatile raw material costs (especially steel), and product transportation challenges - The company's business is significantly dependent on United States housing starts and residential construction activity, with sales tending to be seasonal and lower in the first and fourth quarters[94][97] - Rising material input and product logistics costs are being monitored, with increased selling prices expected to be offset by higher material costs, sourcing complications, and a tight labor market, potentially affecting operating margins[94][95] - Operations are exposed to risks from a volatile steel market, stressed product transportation systems, and the impact of pandemics like COVID-19[97][98] Business Segment Information This section overviews North America, Europe, and Asia/Pacific segment performance, detailing sales growth drivers, gross margin trends, and the impact of rising raw material costs, particularly steel, on future margins - North America's wood and concrete construction product sales increased 8.9% and 8.7% respectively for Q3 2021, primarily due to product price increases, partly offset by decreased sales volumes in the home center channel[99] - Europe sales increased due to higher sales volumes and positive foreign currency translation, with wood construction product sales up 24.7% for Q3 2021[100] - The company anticipates significant gross margin and operating margin compression in fiscal year 2022 as higher priced raw materials and rising average cost of steel on hand offset 2021 price increases[102] Business Outlook This section provides the company's updated fiscal year 2021 outlook, reflecting actual third-quarter results and current expectations regarding raw material input costs and demand trends Fiscal Year 2021 Outlook | Metric | Fiscal Year 2021 Outlook | | :-------------------- | :----------------------- | | Operating margin | 20.0% to 22.0% | | Effective tax rate | 25.0% to 26.0% | | Capital expenditures | $55 million to $60 million | - The company expects its operating margin for the full year of 2022 to decline by approximately 400 to 500 basis points year-over-year due to anticipated higher raw material costs[102][147] Results of Operations for the Three Months Ended September 30, 2021, Compared with the Three Months Ended September 30, 2020 This section details the company's consolidated financial performance for the third quarter of 2021 compared to the same period in 2020, highlighting increases in net sales, gross profit, and operating expenses, and their primary drivers Financial Performance (3 Months Ended Sep 30, 2021 vs 2020) | Metric (in thousands except EPS) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | Change (%) | | :------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Net sales | $396,738 | $364,304 | 8.9% | | Gross profit | $198,032 | $173,243 | 14.3% | | Gross margin | 49.9% | 47.6% | +2.3 pp | | Total operating expenses | $97,417 | $81,972 | 18.8% | | Income from operations | $100,619 | $91,343 | 10.2% | | Net income | $73,778 | $67,057 | 10.0% | | Diluted EPS | $1.70 | $1.54 | 10.4% | - Net sales increased 8.9% primarily due to the implementation of product price increases and a marginal increase in sales volume[105] - Gross profit increased 14.3%, with gross margins rising to 49.9% from 47.6%, mainly driven by product price increases partially offset by marginal increases in average material costs[106] - Operating expenses (R&D, Selling, G&A) increased across the board, primarily due to higher personnel costs, professional fees, and travel-related expenses[107][108] Results of Operations for the Nine Months Ended September 30, 2021, Compared with the Nine Months Ended September 30, 2020 This section provides a comprehensive comparison of the company's financial performance for the first nine months of 2021 against the same period in 2020, detailing significant increases in net sales, gross profit, and net income, driven by sales volumes and price increases Financial Performance (9 Months Ended Sep 30, 2021 vs 2020) | Metric (in thousands except EPS) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | Change (%) | | :------------------------------- | :-------------------------- | :-------------------------- | :--------- | | Net sales | $1,154,661 | $974,048 | 18.5% | | Gross profit | $556,760 | $452,709 | 23.0% | | Gross margin | 48.2% | 46.5% | +1.7 pp | | Total operating expenses | $286,141 | $240,013 | 19.2% | | Income from operations | $270,731 | $212,905 | 27.1% | | Net income | $196,650 | $157,362 | 25.0% | | Diluted EPS | $4.52 | $3.59 | 25.9% | - Net sales increased 18.5% due to increases in sales volumes across most distribution channels and product price increases implemented during the period[119][128] - Gross profit increased 23.0%, with gross margins rising to 48.2% from 46.5%, primarily due to product price increases and lower labor/factory expenses, partly offset by higher material, warehouse, and shipping costs[120][132] - Operating expenses increased across R&D, Selling, and G&A, mainly driven by higher personnel costs, professional fees, patent/code approval costs, and software development expenses[121][122][123] Effect of New Accounting Standards This section refers to Note 1 for information regarding the effect of new accounting standards Liquidity and Sources of Capital This section discusses the company's liquidity position, including credit facilities, cash and cash equivalents, principal uses of capital, and the change in capital return threshold - The company's $300.0 million unsecured revolving credit facility was amended to extend its term to July 12, 2026, and was fully available with no outstanding debt as of September 30, 2021[132] Selected Financial Information (in thousands) | Selected Financial Information (in thousands) | At Sep 30, 2021 | At Dec 31, 2020 | At Sep 30, 2020 | | :------------------------------------------ | :-------------- | :-------------- | :-------------- | | Cash and cash equivalents | $294,180 | $274,639 | $311,465 | | Working capital less cash and cash equivalents | $409,997 | $284,439 | $317,779 | Cash Flow Indicators (in thousands) | Cash Flow Indicators (in thousands) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :---------------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $122,098 | $129,618 | | Net cash used in investing activities | $(41,200) | $(21,554) | | Net cash used in financing activities | $(61,258) | $(26,153) | - Capital expenditures for 2021 are estimated to be in the range of $50 million to $60 million, primarily for safety, equipment replacement, and productivity improvements[137] - The Board approved changing the capital return threshold from 50% of cash flow from operations to 50% of free cash flow[139] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section discusses the company's exposure to various market risks, including foreign exchange risk, interest rate risk, and commodity price risk, particularly concerning steel, and their potential impact on operating margins - The company is exposed to foreign exchange rate risk in its international operations and purchases from foreign vendors, which it manages through foreign currency forward contracts for forecasted transactions[143][144] - Primary interest rate risk stems from variable rates on its Credit Facility, but the company was debt-free as of September 30, 2021[146] - The company is exposed to commodity price risk related to steel purchases, with steel costs increasing in 2021 due to a worldwide shortage, and anticipates a 400-500 basis point decline in 2022 operating margins if higher steel prices are not mitigated[147] Item 4. Controls and Procedures This section confirms the effectiveness of the company's disclosure controls and procedures as of September 30, 2021, and discusses the ongoing ERP system (SAP) implementation and its expected impact on internal controls over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2021[148][149] - The company is implementing a fully integrated ERP platform (SAP), which is causing changes to processes and internal controls but is expected to strengthen financial controls by automating and standardizing business processes[151][152] - There were no material changes in internal control over financial reporting during the three months ended September 30, 2021[153] PART II — OTHER INFORMATION Item 1. Legal Proceedings This section states that the company is involved in various legal proceedings arising in the normal course of business but does not expect any to have a material adverse effect on its financial condition, cash flows, or results of operations - The company is involved in various legal proceedings related to product failures and information inaccuracies but does not expect any to have a material adverse effect on its financial condition, cash flows, or results of operations[155][156] Item 1A. Risk Factors This section states that there have been no material changes to the risk factors previously reported in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, nor have any new risk factors been identified - No material changes to risk factors or new risk factors identified since the filing of the Annual Report on Form 10-K for the year ended December 31, 2020[154] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section provides a table detailing the monthly repurchases of the company's common stock during the third quarter of 2021 under its publicly announced share repurchase authorization Common Stock Repurchases | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | | :------------------------ | :----------------------------- | :--------------------------- | :--------------------------------------------------------------------------------- | | July 1 - July 31, 2021 | 183,965 | $109.44 | $80,000,041 | | August 1 - August 31, 2021 | — | — | $80,000,041 | | September 1 - September 30, 2021 | 39,308 | $104.95 | $75,874,723 | | Total | 223,273 | | | - Share repurchases were conducted under a $100.0 million authorization publicly announced on December 16, 2020, scheduled to expire on December 31, 2021[158] Item 3. Defaults Upon Senior Securities This section states that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[159] Item 4. Mine Safety Disclosures This section states that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable[161] Item 5. Other Information This section indicates that there is no other information to report - No other information to report[163] Item 6. Exhibits This section provides an index of exhibits filed with the report, including certifications from the CEO and CFO, and XBRL documents - The exhibit index includes certifications (CEO, CFO), XBRL Instance Document, and various XBRL Taxonomy Linkbase Documents[166]