Patrick Industries (PATK) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 25, 2017	Jul. 21, 2017
Document And Entity Information
Entity Registrant Name	PATRICK INDUSTRIES INC
Entity Central Index Key	76,605
Trading Symbol	patk
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		16,824,672
Document Type	10-Q
Document Period End Date	Jun. 25, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) $ in Thousands	Jun. 25, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 11,606	$ 6,449
Trade receivables, net	99,337	38,455
Inventories	133,781	120,019
Prepaid expenses and other	6,468	7,846
Total current assets	251,192	172,769
Property, plant and equipment, net	94,830	85,483
Goodwill	138,725	109,893
Other intangible assets, net	201,638	164,539
Deferred financing costs	2,440	1,728
Other non-current assets	506	538
TOTAL ASSETS	689,331	534,950
Current Liabilities
Current maturities of long-term debt	15,766	15,766
Accounts payable	66,525	46,752
Accrued liabilities	26,882	23,575
Total current liabilities	109,173	86,093
Long-term debt, less current maturities	244,409	256,811
Deferred tax liabilities	13,933	4,988
Deferred compensation and other	1,595	1,610
TOTAL LIABILITIES	369,110	349,502
SHAREHOLDERS’ EQUITY
Common stock	159,762	63,716
Additional paid-in-capital	8,243	8,243
Accumulated other comprehensive income	27	27
Retained earnings	152,189	113,462
TOTAL SHAREHOLDERS’ EQUITY	320,221	185,448
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 689,331	$ 534,950

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Income Statement [Abstract]
NET SALES	$ 407,145	$ 315,163	$ 752,572	$ 593,800
Cost of goods sold	335,645	259,879	623,523	493,164
GROSS PROFIT	71,500	55,284	129,049	100,636
Operating Expenses:
Warehouse and delivery	11,083	9,285	21,426	16,984
Selling, general and administrative	21,893	14,767	40,999	29,038
Amortization of intangible assets	4,817	3,225	9,002	5,993
Total operating expenses	37,793	27,277	71,427	52,015
OPERATING INCOME	33,707	28,007	57,622	48,621
Interest expense, net	2,010	1,632	4,024	3,281
Income before income taxes	31,697	26,375	53,598	45,340
Income taxes	10,437	9,406	14,871	15,396
NET INCOME	$ 21,260	$ 16,969	$ 38,727	$ 29,944
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	$ 1.30	$ 1.13	$ 2.45	$ 2
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	$ 1.28	$ 1.11	$ 2.40	$ 1.97
Weighted average shares outstanding - Basic (in shares)	16,400	15,008	15,839	14,978
Weighted average shares outstanding - Diluted (in shares)	16,660	15,231	16,123	15,212

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 38,727	$ 29,944
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,778	11,114
Stock-based compensation expense	5,117	3,133
Deferred income taxes	(1,655)	(1,903)
Other non-cash items	340	522
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade receivables	(52,899)	(46,016)
Inventories	(5,432)	(979)
Prepaid expenses and other assets	1,790	1,683
Accounts payable, accrued liabilities and other	17,643	21,544
Net cash provided by operating activities	19,409	19,042
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(8,774)	(6,070)
Proceeds from sale of property and equipment	57	201
Business acquisitions	(83,604)	(67,005)
Other investing activities	(13)	(13)
Net cash used in investing activities	(92,334)	(72,887)
CASH FLOWS FROM FINANCING ACTIVITIES
Term debt repayments	(3,941)	(2,679)
Borrowings on revolver	226,810	207,497
Repayments on revolver	(235,312)	(147,588)
Payment of deferred financing costs	(995)	(26)
Stock repurchases under buyback program	0	(4,667)
Payments related to vesting of share-based awards, net of shares tendered for tax	(3,025)	(556)
Proceeds from equity offering of common stock, net of expenses	93,622	0
Proceeds from exercise of stock options	926	1,863
Other financing activities	(3)	(51)
Net cash provided by financing activities	78,082	53,793
Increase (decrease) in cash and cash equivalents	5,157	(52)
Cash and cash equivalents at beginning of year	6,449	87
Cash and cash equivalents at end of period	$ 11,606	$ 35

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 25, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION In the opinion of Patrick Industries, Inc. (“Patrick” or the “Company”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position as of June 25, 2017 and December 31, 2016 , and its results of operations and cash flows for the three and six months ended June 25, 2017 and June 26, 2016 . Patrick’s unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules or regulations. For a description of significant accounting policies used by the Company in the preparation of its consolidated financial statements, please refer to Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The December 31, 2016 condensed consolidated statement of financial position data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the second quarter and six months ended June 25, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 . Certain amounts in the prior year’s condensed consolidated financial statements and notes have been reclassified to conform to the current year presentation. See Note 2 for additional details. In preparation of Patrick’s condensed consolidated financial statements as of and for the second quarter and six months ended June 25, 2017 , management evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date of issuance of the Form 10-Q that required recognition or disclosure in the consolidated financial statements. See Note 14 for an event that occurred subsequent to the balance sheet date.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 25, 2017
Accounting Policies [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which specifies how and when to recognize revenue as well as providing informative, relevant disclosures. In August 2015, the FASB deferred the effective date of this standard by one year, which would become effective for fiscal years beginning after December 15, 2017. Based on an evaluation that is not yet complete and review of its current accounting policies and practices related to the recognition of revenue, the Company does not anticipate that the adoption of this new accounting standard will have a material impact on the condensed consolidated statements of operations, financial position or cash flows. The Company expects to complete its analysis in the third or fourth quarter of 2017. The Company is in the process of assessing what additional revenue disclosures will be required in its condensed consolidated financial statements. The Company expects to adopt this standard as of January 1, 2018, under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Leases In February 2016, the FASB issued a new accounting standard that will require that an entity recognize lease assets and lease liabilities on its balance sheet for leases in excess of one year that were previously classified as operating leases under U.S. GAAP. The standard also requires companies to disclose in the footnotes to the financial statements information about the amount, timing, and uncertainty for the payments made for the lease agreements. The standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 on a retroactive basis. Early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements. Stock Compensation In March 2016, the FASB issued a new accounting standard for employee share-based payments relating to: (i) the income tax consequences related to exercised or vested share-based payment awards; (ii) the classification of awards as assets or liabilities; and (iii) the classification in the condensed consolidated statements of cash flows. In addition, the standard provides an accounting policy election to account for forfeitures as they occur. This standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. The Company elected to early adopt the requirements of this accounting standard in the fourth quarter of 2016 and retroactively reflected the impact of the adoption in its financial statements effective January 1, 2016 as required under the standard. Specifically, the excess tax benefits of $1.2 million related to the settlement of share-based compensation that were realized in the first six months of 2016, and previously recorded in additional paid-in capital, were reclassified as a reduction to income tax expense of $0.3 million and $1.2 million on the condensed consolidated statements of income for the second quarter and six months ended June 26, 2016, respectively. In addition, as required under the new standard, cash paid by directly withholding shares for tax withholding purposes of $0.6 million was reclassified from operating activities to financing activities on the condensed consolidated statement of cash flows for the six months ended June 26, 2016. Furthermore, the Company elected to change its accounting policy to account for forfeitures for share-based awards when they occur. Cash Flow Statement Classifications In August 2016, the FASB issued a new accounting standard related to the classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2017. The standard may be applied on a retrospective basis and early adoption is permitted. The Company anticipates adopting the new standard as of January 1, 2018 as required and has determined that the implementation of it will have no impact on its condensed consolidated statements of cash flows for the periods presented. Goodwill Impairment In January 2017, the FASB issued a new accounting standard that simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The standard requires that the impairment loss be measured as the excess of the reporting unit's carrying amount over its fair value. It eliminates the second step that requires the impairment to be measured between the implied value of a reporting unit's goodwill and its carrying value. The standard is effective for annual and any interim impairment tests for periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements. Definition of a Business In January 2017, the FASB issued a new accounting standard that clarifies the definition of a business. This standard will assist companies in interpreting the definition of a business which may affect certain areas of accounting including acquisitions, disposals, goodwill and consolidation. The standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2017. The standard may be applied on a retrospective basis and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard as of January 2018 as required and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 25, 2017
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) and net realizable value and consist of the following classes: (thousands) Jun 25, 2017 Dec 31, 2016 Raw materials $ 83,862 $ 70,148 Work in process 9,939 7,659 Finished goods 12,083 13,300 Less: reserve for inventory obsolescence (3,330 ) (2,724 ) Total manufactured goods, net 102,554 88,383 Materials purchased for resale (distribution products) 33,034 32,869 Less: reserve for inventory obsolescence (1,807 ) (1,233 ) Total materials purchased for resale (distribution products), net 31,227 31,636 Total inventories $ 133,781 $ 120,019

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 25, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4. GOODWILL AND INTANGIBLE ASSETS The Company acquired intangible assets in various acquisitions in 2016 and through the first six months of 2017 that were determined to be business combinations. The goodwill recognized is expected to be deductible for income tax purposes for each of the 2017 and 2016 acquisitions with the exception of the acquisitions of BH Electronics, Inc. and Leisure Product Enterprises, LLC. See Note 5 for further details. Goodwill and other intangible assets are allocated to the Company’s reporting units at the date they are initially recorded. Goodwill and indefinite-lived intangible assets are not amortized but are subject to an impairment test based on their estimated fair value performed annually in the fourth quarter (or under certain circumstances more frequently as warranted). Goodwill impairment testing is performed at the reporting unit level, one level below the business segment . Finite-lived intangible assets that meet certain criteria continue to be amortized over their useful lives and are also subject to an impairment test based on estimated undiscounted cash flows when impairment indicators exist. The Company assesses finite-lived intangible assets for impairment if events or changes in circumstances indicate that the carrying value may exceed the fair value. No impairment was recognized during the second quarter and six months ended June 25, 2017 and June 26, 2016 related to goodwill, indefinite-lived intangible assets or finite-lived intangible assets. Goodwill Changes in the carrying amount of goodwill for the six months ended June 25, 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 100,592 $ 9,301 $ 109,893 Acquisitions 32,585 — 32,585 Adjustment to prior year purchase price allocations (3,753 ) — (3,753 ) Balance - June 25, 2017 $ 129,424 $ 9,301 $ 138,725 Other Intangible Assets Other intangible assets are comprised of customer relationships, non-compete agreements and trademarks. Customer relationships and non-compete agreements represent finite-lived intangible assets that have been recorded in the Manufacturing and Distribution segments along with related amortization expense. As of June 25, 2017 , the other intangible assets balance of $201.6 million is comprised of $46.4 million of trademarks which have an indefinite life, and therefore, no amortization expense has been recorded, and $155.2 million pertaining to customer relationships and non-compete agreements which are being amortized over periods ranging from three to 19 years. For the finite-lived intangible assets attributable to the 2017 acquisitions, the useful life pertaining to non-compete agreements was three years for Medallion Plastics, Inc. and five years for Leisure Product Enterprises, LLC. The useful life pertaining to customer relationships for all of the 2017 acquisitions was 10 years. Amortization expense for the Company’s intangible assets in the aggregate was $9.0 million and $6.0 million for the six months ended June 25, 2017 and June 26, 2016 , respectively. Other intangible assets, net consist of the following as of June 25, 2017 and December 31, 2016 : (thousands) Jun 25, 2017 Weighted Average Useful Life Dec 31, 2016 Weighted Average Useful Life Customer relationships $ 182,158 10.2 $ 140,657 10.2 Non-compete agreements 14,324 3.9 13,413 3.6 Trademarks 46,382 Indefinite 42,741 Indefinite 242,864 196,811 Less: accumulated amortization (41,226 ) (32,272 ) Other intangible assets, net $ 201,638 $ 164,539 Changes in the carrying value of other intangible assets for the six months ended June 25, 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 149,853 $ 14,686 $ 164,539 Acquisitions 43,265 — 43,265 Amortization (7,635 ) (1,367 ) (9,002 ) Adjustment to prior year purchase price allocations 2,836 — 2,836 Balance - June 25, 2017 $ 188,319 $ 13,319 $ 201,638

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 25, 2017
Business Combinations [Abstract]
ACQUISITIONS	5. ACQUISITIONS General The Company completed two acquisitions involving four companies in the first six months of 2017 and seven acquisitions involving eight companies in 2016 , including four in the first six months of 2016. Each of the acquisitions was funded through borrowings under the Company’s 2015 Credit Facility (as defined herein). Assets acquired and liabilities assumed in the individual acquisitions were recorded on the Company’s condensed consolidated statements of financial position at their estimated fair values as of the respective dates of acquisition. In general, the acquisitions described below provided the opportunity for the Company to either establish a new presence in a particular market and/or expand its product offerings in an existing market and increase its market share and per unit content. For each acquisition, the excess of the purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which represents the value of leveraging the Company’s existing purchasing, manufacturing, sales, and systems resources with the organizational talent and expertise of the acquired companies’ respective management teams to maximize efficiencies, revenue impact, market share growth, and net income. The goodwill recognized is expected to be deductible for income tax purposes for the 2017 acquisition of Medallion Plastics, Inc. and for each of the 2016 acquisitions with the exception of the BH Electronics, Inc. acquisition. The goodwill recognized for the 2017 acquisition of Leisure Product Enterprises, LLC is expected to be partially deductible for income tax purposes. Intangible asset values were estimated using income based valuation methodologies. See Note 4 for information regarding the amortization periods assigned to finite-lived intangible assets. For the second quarter ended June 25, 2017 , revenue and operating income of approximately $18.1 million and $2.0 million , respectively, were included in the Company’s condensed consolidated statements of income relating to the four businesses acquired in the first six months of 2017 . The first six months of 2017 included revenue and operating income of approximately $18.4 million and $2.0 million , respectively, related to these acquisitions. Acquisition-related costs in the aggregate associated with such businesses were immaterial. For the second quarter ended June 26, 2016 , revenue and operating income of approximately $16.2 million and $1.9 million , respectively, were included in the Company’s condensed consolidated statements of income relating to the four businesses acquired in the first six months of 2016 . The first six months of 2016 included revenue and operating income of approximately $20.0 million and $2.3 million , respectively, related to these acquisitions. Acquisition-related costs in the aggregate associated with such businesses were immaterial. 2017 Acquisitions Leisure Product Enterprises, LLC (“LPE”) In April 2017, the Company acquired 100% of the membership interests of LPE for a net purchase price of approximately $73.5 million , subject to a final working capital adjustment. LPE is comprised of three complementary manufacturing companies primarily serving the marine and industrial markets: Marine Electrical Products, located in Lebanon, Missouri, supplies marine OEMs with fully-assembled boat dash and helm assemblies, including electrical wire harnesses as well as custom parts and assemblies for the industrial, commercial, and off-road vehicle markets; Florida Marine Tanks, located in Henderson, North Carolina, supplies aluminum fuel and holding tanks for marine and industrial customers; and Marine Concepts/Design Concepts, with facilities located in Sarasota, Florida and Cape Coral, Florida, designs, engineers and manufactures CNC plugs, open and closed composite molds, and CNC molds for fiberglass boat manufacturers. The results of operations for LPE are included in the Company's condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized in the second half of 2017. Medallion Plastics, Inc. (“Medallion”) In March 2017, the Company acquired the business and certain assets of Elkhart, Indiana-based Medallion, a designer, engineer and manufacturer of custom thermoformed products and components which include dash and trim panels and fender skirts for the RV market, and complete interior packages, bumper covers, hoods, and trims for the automotive, specialty transportation and other industrial markets, for a net purchase price of $10.1 million . The results of operations for Medallion are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized in the second half of 2017. 2016 Acquisitions Sigma Wire International, LLC / KRA International, LLC (together “Sigma/KRA”) In December 2016, the Company acquired the business and certain assets of Sigma Wire International, LLC ("Sigma"), headquartered in Elkhart, Indiana, and KRA International, LLC ("KRA"), headquartered in Mishawaka, Indiana. Sigma is a manufacturer of a wide range of PVC insulated wire and cable products primarily for the RV and marine markets. KRA, which operates primarily in the RV and industrial markets, is a manufacturer of wire harnesses and associated assemblies for RVs, commercial vehicles, lawn care equipment, marine products, the defense industry, and automotive aftermarket products. The Company acquired Sigma/KRA for a net purchase price of $26.1 million . The results of operations for Sigma/KRA are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The preliminary purchase price allocation is subject to final review and approval, and thus all required purchase accounting adjustments are expected to be finalized in the second half of 2017. BH Electronics, Inc. (“BHE”) In July 2016, the Company acquired 100% of the outstanding capital stock of BHE, a major designer, engineer and manufacturer of custom thermoformed dash panel assemblies, center consoles and trim panels, complete electrical systems, and related components and parts, primarily for recreational boat manufacturers in the U.S., for a net purchase price of $35.0 million . BHE has operating facilities located in Tennessee and Georgia. The results of operations for BHE are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the second quarter of 2017, and resulted in changes from previously reported estimated amounts that include a $1.1 million and $2.3 million increase to property, plant and equipment and to other intangible assets, respectively, with a corresponding decrease of $3.4 million , in the aggregate, to goodwill. There was no material impact to the condensed consolidated statement of income related to these changes in the first six months of 2017. Vacuplast, LLC d/b/a L.S. Manufacturing, Inc. (“LS Mfg.”) In July 2016, the Company acquired the business and certain assets of Elkhart, Indiana-based LS Mfg., a manufacturer of a wide variety of thermoformed plastic parts and components, primarily serving the RV industry as well as certain industrial markets, for a net purchase price of $11.2 million . The results of operations for LS Mfg. are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The purchase price allocation and all required purchase accounting adjustments were finalized in the first quarter of 2017, and resulted in changes from previously reported estimated amounts that include a $0.6 million increase to other intangible assets with a corresponding decrease of $0.6 million to goodwill. There was no material impact to the condensed consolidated statement of income related to these changes in the first six months of 2017. Mishawaka Sheet Metal, LLC (“MSM”) In June 2016, the Company acquired the business and certain assets of Elkhart, Indiana-based MSM, a fabricator of a wide variety of aluminum and steel products primarily serving the RV and industrial markets, for a net purchase price of $14.0 million . The results of operations for MSM are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. Cana Holdings, Inc. (“Cana”) In May 2016, the Company acquired the business and certain assets of Cana, a custom cabinetry manufacturer, primarily serving the MH industry and the residential, hospitality and institutional markets, for a net purchase price of $16.5 million . Cana has operating facilities located in Elkhart, Indiana and Americus, Georgia. The results of operations for Cana are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The Progressive Group (“Progressive”) In March 2016, the Company acquired the business and certain assets of Progressive, a distributor and manufacturer's representative for major name brand electronics to small, mid-size and large retailers, distributors, and custom installers, primarily serving the auto and home electronics, retail, custom integration and commercial channels, for a net purchase price of $10.9 million . Progressive has six distribution facilities located in Arizona, Colorado, Indiana, Michigan and Utah. The results of operations for Progressive are included in the Company’s condensed consolidated financial statements and the Distribution operating segment from the date of acquisition. Parkland Plastics, Inc. (“Parkland”) In February 2016, the Company acquired 100% of the outstanding capital stock of Middlebury, Indiana-based Parkland, a fully integrated designer and manufacturer of innovative polymer-based products including wall panels, lay-in ceiling panels, coated and rolled floors, protective moulding, and adhesives and accessories, used in a wide range of applications primarily in the RV, architectural and industrial markets, for a net purchase price of $25.2 million . The results of operations for Parkland are included in the Company’s condensed consolidated financial statements and the Manufacturing operating segment from the date of acquisition. The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of the acquisition. The purchase price allocation in each acquisition is final except as noted in the discussions above: (thousands) Trade receivables Inventories Property, plant and equipment Prepaid expenses Other intangible assets Goodwill Less: Accounts payable and accrued liabilities Less: Deferred tax liability Total net assets acquired 2017 Medallion $ 2,190 $ 2,442 $ 1,250 $ 128 $ 3,250 $ 1,750 $ 906 $ — $ 10,104 LPE 5,793 5,888 5,000 329 40,015 30,835 3,760 10,600 73,500 2017 Totals $ 7,983 $ 8,330 $ 6,250 $ 457 $ 43,265 $ 32,585 $ 4,666 $ 10,600 $ 83,604 2016 Parkland $ 2,880 $ 5,280 $ 2,987 $ 86 $ 10,950 $ 5,175 $ 2,180 $ — $ 25,178 Progressive 996 3,074 100 61 6,010 2,980 2,344 — 10,877 Cana 646 1,151 5,840 29 7,065 2,927 1,135 — 16,523 MSM 2,017 1,592 2,521 12 7,855 984 965 — 14,016 LS Mfg. 620 1,382 265 — 6,315 2,772 154 — 11,200 BHE 2,922 3,801 1,794 — 21,140 14,403 1,508 7,552 35,000 Sigma/KRA 2,039 1,841 1,050 7 14,768 8,124 1,708 — 26,121 2016 Totals $ 12,120 $ 18,121 $ 14,557 $ 195 $ 74,103 $ 37,365 $ 9,994 $ 7,552 $ 138,915 Pro Forma Information The following pro forma information for the second quarter and six months ended June 25, 2017 and June 26, 2016 assumes the Medallion and LPE acquisitions (which were acquired in 2017) and the Parkland, Progressive, Cana, MSM, LS Mfg., BHE, and Sigma/KRA acquisitions (which were acquired in 2016) occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of Medallion, LPE, Parkland, Progressive, Cana, MSM, LS Mfg., BHE, and Sigma/KRA, combined with the results prior to their respective acquisition dates, adjusted to reflect the pro forma impact of the acquisitions occurring as of the beginning of the year immediately preceding each such acquisition. The pro forma information includes financing and interest expense charges based on the actual incremental borrowings incurred in connection with each transaction as if it occurred as of the beginning of the year immediately preceding each such acquisition. In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired in connection with the transactions of $0.3 million and $1.3 million for the second quarter and six months ended June 25, 2017 , respectively and $2.2 million and $4.7 million for the second quarter and six months ended June 26, 2016 , respectively. Second Quarter Ended Six Months Ended (thousands except per share data) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Revenue $ 413,848 $ 366,992 $ 784,430 $ 707,456 Net income 21,244 20,557 39,551 37,997 Basic net income per common share 1.30 1.37 2.50 2.54 Diluted net income per common share 1.28 1.35 2.45 2.50 The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time, nor is it intended to be a projection of future results.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 25, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with fair value recognition provisions. The Company recorded compensation expense of $2.7 million and $1.6 million for the second quarters ended June 25, 2017 and June 26, 2016 , respectively, for its stock-based compensation plans on the condensed consolidated statements of income. For the first six months of 2017 and 2016 , the Company recorded $5.1 million and $3.1 million , respectively. The Company estimates the fair value of (i) all stock grants as of the grant date using the closing price per share of the Company’s common stock on such date, and (ii) all stock option and stock appreciation rights awards as of the grant date by applying the Black-Scholes option pricing model. For the full year 2016, the Board of Directors (the “Board”) approved various share grants under the Company’s 2009 Omnibus Incentive Plan (the “Plan”) totaling 154,981 shares in the aggregate, of which grants of 147,981 shares were approved in the first six months of 2016. In addition, on February 23, 2016, the Board granted 22,000 restricted stock units (“RSUs”). On September 26, 2016, the Board approved the issuance of 80,592 shares that may be issued upon the exercise of stock options, and the issuance of 80,592 shares that may be issued upon the exercise of stock appreciation rights. The Board approved share grants under the Plan in the first six months of 2017 totaling 111,669 shares in the aggregate. In addition, on January 17, 2017, the Board approved the issuance of 226,740 stock options and the issuance of 226,748 stock appreciation rights. As of June 25, 2017 , there was approximately $24.5 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of 27.3 months.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	6 Months Ended
	Jun. 25, 2017
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	7. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding, plus the dilutive effect of stock options, stock appreciation rights, and restricted stock units (collectively “Common Stock Equivalents”). The dilutive effect of Common Stock Equivalents is calculated under the treasury stock method using the average market price for the period. Certain Common Stock Equivalents were not included in the computation of diluted net income per common share because the exercise prices of those Common Stock Equivalents were greater than the average market price of the common shares. Income per common share is calculated for the second quarter and six months periods as follows: Second Quarter Ended Six Months Ended (thousands except per share data) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Net income for basic and diluted per share calculation $ 21,260 $ 16,969 $ 38,727 $ 29,944 Weighted average common shares outstanding - basic 16,400 15,008 15,839 14,978 Effect of potentially dilutive securities 260 223 284 234 Weighted average common shares outstanding - diluted 16,660 15,231 16,123 15,212 Basic net income per common share $ 1.30 $ 1.13 $ 2.45 $ 2.00 Diluted net income per common share $ 1.28 $ 1.11 $ 2.40 $ 1.97 On March 14, 2017, the Company completed a public offering of 1,350,000 shares of its common stock at a price of $73.00 per share for gross proceeds of $98.6 million . The net proceeds from the offering of $93.6 million were used to pay down a portion of the Company's outstanding indebtedness.

DEBT

DEBT	6 Months Ended
	Jun. 25, 2017
Debt Disclosure [Abstract]
DEBT	8. DEBT A summary of total debt outstanding at June 25, 2017 and December 31, 2016 is as follows: (thousands) Jun 25, 2017 Dec 31, 2016 Long-term debt: 2015 Revolver $ 181,926 $ 190,427 Term Loan 78,784 82,726 Total long-term debt 260,710 273,153 Less: current maturities of long-term debt (15,766 ) (15,766 ) Less: Net deferred financing costs related to Term Loan (535 ) (576 ) Total long-term debt, less current maturities, net $ 244,409 $ 256,811 2015 Credit Facility The Company entered into an Amended and Restated Credit Agreement, dated as of April 28, 2015 (the “2015 Credit Agreement”), with Wells Fargo Bank, National Association, as Administrative Agent and a lender (“Wells Fargo”), and Fifth Third Bank, Key Bank National Association, Bank of America, N.A., and Lake City Bank as participants, to expand its senior secured credit facility to $250.0 million and extend its maturity to 2020 (the “2015 Credit Facility”). The 2015 Credit Facility initially was comprised of a $175.0 million revolving credit loan (the “2015 Revolver”) and a $75.0 million term loan (the “Term Loan”). On August 31, 2015, the Company entered into a first amendment to the 2015 Credit Agreement to expand the 2015 Credit Facility to $300.0 million from $250.0 million by expanding the 2015 Revolver to $225.0 million . On July 26, 2016, the Company entered into a second amendment to the 2015 Credit Agreement to expand the 2015 Credit Facility to $360.0 million from $300.0 million by expanding the 2015 Revolver to $269.4 million and the Term Loan to $90.6 million , and to add 1 st Source Bank as an additional participant. On March 17, 2017, the Company entered into a third amendment to the 2015 Credit Agreement to expand the 2015 Credit Facility to $450.0 million from $360.0 million by expanding the 2015 Revolver to $367.3 million . The Term Loan commitment is $82.7 million . In addition, the maturity date for the 2015 Credit Facility was extended to March 17, 2022 from April 28, 2020. The 2015 Credit Agreement is secured by substantially all personal property assets of the Company and any domestic subsidiary guarantors. The 2015 Credit Agreement includes certain definitions, terms and reporting requirements and includes the following additional provisions: • The initial maturity date for the 2015 Credit Facility was April 28, 2020. Pursuant to the third amendment. the maturity date was extended to March 17, 2022; • The initial Term Loan had repayment installments of approximately $2.7 million per quarter with the remaining balance due at maturity. Following the expansion of the Term Loan in July 2016 pursuant to the second amendment, the quarterly repayment installments were increased to approximately $3.9 million beginning on September 30, 2016 with the remaining balance due at maturity. There was no impact to the quarterly repayment installments as a result of the third amendment. • The interest rates for borrowings under the 2015 Revolver and the Term Loan are the Base Rate plus the Applicable Margin or LIBOR plus the Applicable Margin, with a fee payable by the Company on unused but committed portions of the 2015 Revolver; • The 2015 Revolver includes a sub-limit up to $10.0 million for same day advances (“Swing Line”) which shall bear interest based upon the Base Rate plus the Applicable Margin; • Up to $10.0 million of the 2015 Revolver will be available as a sub facility for the issuance of standby letters of credit, which are subject to certain expiration dates; • The financial covenants include requirements as to a consolidated total leverage ratio and a consolidated fixed charge coverage ratio, and other covenants include limitations and restrictions concerning permitted acquisitions, investments, sales of assets, liens on assets, dividends and other payments; and • Customary prepayment provisions, representations, warranties and covenants, and events of default. At June 25, 2017 , the Company had $78.8 million outstanding under the Term Loan under the LIBOR-based option, and borrowings outstanding under the 2015 Revolver of: (i) $181.0 million under the LIBOR-based option and (ii) $0.9 million under the Base Rate-based option. The interest rate for borrowings at June 25, 2017 was the Prime Rate plus 0.50% (or 4.75% ), or LIBOR plus 1.50% (or 2.7500% ). At December 31, 2016 , the Company had $82.7 million outstanding under the Term Loan under the LIBOR-based option, and borrowings outstanding under the 2015 Revolver of: (i) $187.0 million under the LIBOR-based option and (ii) $3.4 million under the Base Rate-based option. The interest rate for borrowings at December 31, 2016 was the Prime Rate plus 0.75% (or 4.50% ), or LIBOR plus 1.75% (or 2.5625% ). The fee payable on committed but unused portions of the 2015 Revolver was 0.200% at June 25, 2017 and 0.225% December 31, 2016. Pursuant to the 2015 Credit Agreement, the financial covenants include: (a) a required maximum consolidated total leverage ratio, measured on a quarter-end basis, not to exceed 3.00 : 1.00 for the 12 -month period ending on such quarter-end; and (b) a required minimum consolidated fixed charge coverage ratio, measured on a quarter-end basis, of at least 1.50 : 1.00 for the 12 -month period ending on such quarter-end. The consolidated total leverage ratio is the ratio for any period of consolidated total indebtedness (as measured as of the second day following the end of the immediately preceding fiscal quarter) to consolidated adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). Consolidated total indebtedness for any period is the sum of: (i) total debt outstanding under the 2015 Revolver and the Term Loan; (ii) capital leases and letters of credit outstanding; and (iii) deferred payment obligations. The consolidated fixed charge coverage ratio for any period is the ratio of consolidated EBITDA less restricted payments, taxes paid and capital expenditures as defined under the 2015 Credit Agreement to consolidated fixed charges. Consolidated fixed charges for any period is the sum of interest expense and scheduled principal payments on outstanding indebtedness under the Term Loan. As of and for the June 25, 2017 reporting date, the Company was in compliance with both of these financial debt covenants as required under the terms of the 2015 Credit Agreement. The required maximum consolidated total leverage ratio and the required minimum consolidated fixed charge coverage ratio compared to the actual amounts as of June 25, 2017 and for the fiscal period then ended are as follows: Required Actual Consolidated total leverage ratio (12-month period) 3.00 1.47 Consolidated fixed charge coverage ratio (12-month period) 1.50 4.02 Interest paid for the second quarter and first six months of 2017 was $1.8 million and $3.5 million , respectively. For the comparable 2016 periods, interest paid was $1.6 million and $2.9 million , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 25, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, trade receivables, and accounts payable approximated fair value as of June 25, 2017 and December 31, 2016 because of the relatively short maturities of these financial instruments. The carrying amount of debt approximated fair value as of June 25, 2017 and December 31, 2016 based upon terms and conditions available to the Company at those dates in comparison to the terms and conditions of its outstanding debt.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 25, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company recorded income taxes at an estimated effective rate of 32.9% and 27.7% in the second quarter and first six months of 2017 . For the comparable 2016 periods, the estimated effective tax rate was 35.7% for the second quarter and 34.0% for the first six months. The effective tax rate for the periods presented reflected the impact of the Company's adoption of the share-based payment awards accounting standard and resulted in the recognition of excess tax benefits on share-based compensation in the provision for income taxes within the condensed consolidated financial statements of $0.9 million and $4.6 million in the second quarter and first six months of 2017, respectively, and $0.3 million and $1.2 million for the comparable 2016 periods, respectively. See Note 2 for further details. The Company paid income taxes of $19.2 million in the second quarter and $19.5 million in the first six months of 2017, respectively. For the comparable periods in 2016, the Company paid income taxes of $16.4 million and $16.5 million . respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 25, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	11 . SEGMENT INFORMATION The Company has determined that its reportable segments are those based on its method of internal reporting, which segregates its businesses by product category and production/distribution process. A description of the Company’s reportable segments is as follows: Manufacturing – This segment includes the following divisions: laminated products that are utilized to produce furniture, shelving, walls, countertops, and cabinet products, cabinet doors, fiberglass bath fixtures, hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components including instrument and dash panels, and other products. Patrick’s major manufactured products also include wrapped vinyl, paper and hardwood profile mouldings, interior passage doors, slide-out trim and fascia, thermoformed shower surrounds, fiberglass and plastic helm systems and components products, wiring and wire harnesses, aluminum fuel tanks, CNC molds and composite parts, and slotwall panels and components. The Manufacturing segment contributed approximately 83% and 81% of the Company’s net sales for the six months ended June 25, 2017 and June 26, 2016 , respectively. Distribution – The Company distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, fiber reinforced polyester products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products. The Distribution segment contributed approximately 17% and 19% of the Company’s net sales for the six months ended June 25, 2017 and June 26, 2016 , respectively. The tables below present unaudited information about the sales and operating income of those segments. Second Quarter Ended June 25, 2017 (thousands) Manufacturing Distribution Total Net outside sales $ 336,737 $ 70,408 $ 407,145 Intersegment sales 7,421 652 8,073 Total sales 344,158 71,060 415,218 Operating income 41,191 4,468 45,659 Second Quarter Ended June 26, 2016 (thousands) Manufacturing Distribution Total Net outside sales $ 255,065 $ 60,098 $ 315,163 Intersegment sales 6,414 841 7,255 Total sales 261,479 60,939 322,418 Operating income 31,254 3,912 35,166 Six Months Ended June 25, 2017 (thousands) Manufacturing Distribution Total Net outside sales $ 621,243 $ 131,329 $ 752,572 Intersegment sales 14,405 1,252 15,657 Total sales 635,648 132,581 768,229 Operating income 72,260 8,178 80,438 Six Months Ended June 26, 2016 (thousands) Manufacturing Distribution Total Net outside sales $ 482,014 $ 111,786 $ 593,800 Intersegment sales 11,469 1,528 12,997 Total sales 493,483 113,314 606,797 Operating income 57,412 7,514 64,926 The following table presents a reconciliation of segment operating income to consolidated operating income: Second Quarter Ended Six Months Ended (thousands) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Operating income for reportable segments $ 45,659 $ 35,166 $ 80,438 $ 64,926 Unallocated corporate expenses (7,135 ) (3,934 ) (13,814 ) (10,312 ) Amortization (4,817 ) (3,225 ) (9,002 ) (5,993 ) Consolidated operating income $ 33,707 $ 28,007 $ 57,622 $ 48,621 Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other.

STOCK REPURCHASE PROGRAMS

STOCK REPURCHASE PROGRAMS	6 Months Ended
	Jun. 25, 2017
Equity [Abstract]
STOCK REPURCHASE PROGRAM	12. STOCK REPURCHASE PROGRAMS In February 2013, the Board approved a stock repurchase program which was subsequently expanded in February 2014 and February 2015 (the “2013 Repurchase Plan”). In January 2016, the Company fully utilized the authorization under the 2013 Repurchase Plan and announced that the Board approved a new stock repurchase program that authorizes the repurchase of up to $50.0 million of the Company’s common stock over a 24 -month period (the “2016 Repurchase Plan”). There were no stock repurchases in the first six months of 2017 . Common Stock The Company’s common stock does not have a stated par value. As a result, repurchases of common stock have been reflected, using an average cost method, as a reduction of common stock, additional paid-in-capital, and retained earnings on the Company’s condensed consolidated statements of financial position.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 25, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS In the first six months of 2017 , the Company entered into transactions with companies affiliated with three of its independent Board members. The Company purchased approximately $0.4 million of corrugated packaging materials from Welch Packaging Group, an independently owned company established by M. Scott Welch who serves as its President and CEO. The Company also sold approximately $1.1 million of various fiberglass and plastic components and wood products to a company with which John A. Forbes was formerly affiliated during the first five months of 2017. In addition, the Company sold approximately $0.2 million of RV component products to DNA Enterprises, Inc. ("DNA"). Walter E. Wells' son serves as the President of DNA.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 25, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT Acquisition In July 2017, the Company acquired the business and certain assets of Indiana Technologies, Inc d/b/a Wire Design ("Wire Design"), an Elkhart, Indiana-based manufacturer of wire harnesses for the RV, marine and industrial markets for a net purchase price of $10.9 million . The acquisition of Wire Design provides the opportunity for the Company to continue to further expand its product offerings and increase its market share and per unit content. The acquisition was funded under the Company's 2015 Credit Facility. The Company is in the process of allocating the purchase consideration to the fair value of the assets acquired and expects to provide a summary of each in its report on Form 10-Q for the third quarter ending September 24, 2017. The results of the operations will be included in the Company's condensed consolidated financial statements from the date of acquisition and in the Manufacturing segment.

RECENTLY ISSUED ACCOUNTING PR19

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 25, 2017
Accounting Policies [Abstract]
Recent Issued Accounting Pronouncements	Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which specifies how and when to recognize revenue as well as providing informative, relevant disclosures. In August 2015, the FASB deferred the effective date of this standard by one year, which would become effective for fiscal years beginning after December 15, 2017. Based on an evaluation that is not yet complete and review of its current accounting policies and practices related to the recognition of revenue, the Company does not anticipate that the adoption of this new accounting standard will have a material impact on the condensed consolidated statements of operations, financial position or cash flows. The Company expects to complete its analysis in the third or fourth quarter of 2017. The Company is in the process of assessing what additional revenue disclosures will be required in its condensed consolidated financial statements. The Company expects to adopt this standard as of January 1, 2018, under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Leases In February 2016, the FASB issued a new accounting standard that will require that an entity recognize lease assets and lease liabilities on its balance sheet for leases in excess of one year that were previously classified as operating leases under U.S. GAAP. The standard also requires companies to disclose in the footnotes to the financial statements information about the amount, timing, and uncertainty for the payments made for the lease agreements. The standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 on a retroactive basis. Early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements. Stock Compensation In March 2016, the FASB issued a new accounting standard for employee share-based payments relating to: (i) the income tax consequences related to exercised or vested share-based payment awards; (ii) the classification of awards as assets or liabilities; and (iii) the classification in the condensed consolidated statements of cash flows. In addition, the standard provides an accounting policy election to account for forfeitures as they occur. This standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2016 and early adoption is permitted. The Company elected to early adopt the requirements of this accounting standard in the fourth quarter of 2016 and retroactively reflected the impact of the adoption in its financial statements effective January 1, 2016 as required under the standard. Specifically, the excess tax benefits of $1.2 million related to the settlement of share-based compensation that were realized in the first six months of 2016, and previously recorded in additional paid-in capital, were reclassified as a reduction to income tax expense of $0.3 million and $1.2 million on the condensed consolidated statements of income for the second quarter and six months ended June 26, 2016, respectively. In addition, as required under the new standard, cash paid by directly withholding shares for tax withholding purposes of $0.6 million was reclassified from operating activities to financing activities on the condensed consolidated statement of cash flows for the six months ended June 26, 2016. Furthermore, the Company elected to change its accounting policy to account for forfeitures for share-based awards when they occur. Cash Flow Statement Classifications In August 2016, the FASB issued a new accounting standard related to the classification of certain cash receipts and cash payments in the statement of cash flows. This standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2017. The standard may be applied on a retrospective basis and early adoption is permitted. The Company anticipates adopting the new standard as of January 1, 2018 as required and has determined that the implementation of it will have no impact on its condensed consolidated statements of cash flows for the periods presented. Goodwill Impairment In January 2017, the FASB issued a new accounting standard that simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The standard requires that the impairment loss be measured as the excess of the reporting unit's carrying amount over its fair value. It eliminates the second step that requires the impairment to be measured between the implied value of a reporting unit's goodwill and its carrying value. The standard is effective for annual and any interim impairment tests for periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements. Definition of a Business In January 2017, the FASB issued a new accounting standard that clarifies the definition of a business. This standard will assist companies in interpreting the definition of a business which may affect certain areas of accounting including acquisitions, disposals, goodwill and consolidation. The standard is effective for financial statements issued for annual and interim periods beginning after December 15, 2017. The standard may be applied on a retrospective basis and early adoption is permitted. The Company is currently evaluating the effect of adopting this new accounting standard as of January 2018 as required and has not yet determined the impact that the implementation of it will have on its condensed consolidated financial statements.

INVENTORTIES (Tables)

INVENTORTIES (Tables)	6 Months Ended
	Jun. 25, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories are stated at the lower of cost (First-In, First-Out (FIFO) Method) and net realizable value and consist of the following classes: (thousands) Jun 25, 2017 Dec 31, 2016 Raw materials $ 83,862 $ 70,148 Work in process 9,939 7,659 Finished goods 12,083 13,300 Less: reserve for inventory obsolescence (3,330 ) (2,724 ) Total manufactured goods, net 102,554 88,383 Materials purchased for resale (distribution products) 33,034 32,869 Less: reserve for inventory obsolescence (1,807 ) (1,233 ) Total materials purchased for resale (distribution products), net 31,227 31,636 Total inventories $ 133,781 $ 120,019

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 25, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Changes in the carrying amount of goodwill for the six months ended June 25, 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 100,592 $ 9,301 $ 109,893 Acquisitions 32,585 — 32,585 Adjustment to prior year purchase price allocations (3,753 ) — (3,753 ) Balance - June 25, 2017 $ 129,424 $ 9,301 $ 138,725
Schedule of intangible assets, net	Other intangible assets, net consist of the following as of June 25, 2017 and December 31, 2016 : (thousands) Jun 25, 2017 Weighted Average Useful Life Dec 31, 2016 Weighted Average Useful Life Customer relationships $ 182,158 10.2 $ 140,657 10.2 Non-compete agreements 14,324 3.9 13,413 3.6 Trademarks 46,382 Indefinite 42,741 Indefinite 242,864 196,811 Less: accumulated amortization (41,226 ) (32,272 ) Other intangible assets, net $ 201,638 $ 164,539
Schedule of changes in intangible assets	Changes in the carrying value of other intangible assets for the six months ended June 25, 2017 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2016 $ 149,853 $ 14,686 $ 164,539 Acquisitions 43,265 — 43,265 Amortization (7,635 ) (1,367 ) (9,002 ) Adjustment to prior year purchase price allocations 2,836 — 2,836 Balance - June 25, 2017 $ 188,319 $ 13,319 $ 201,638

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 25, 2017
Business Combinations [Abstract]
Schedule of assets acquired and liabilities assumed	The purchase price allocation in each acquisition is final except as noted in the discussions above: (thousands) Trade receivables Inventories Property, plant and equipment Prepaid expenses Other intangible assets Goodwill Less: Accounts payable and accrued liabilities Less: Deferred tax liability Total net assets acquired 2017 Medallion $ 2,190 $ 2,442 $ 1,250 $ 128 $ 3,250 $ 1,750 $ 906 $ — $ 10,104 LPE 5,793 5,888 5,000 329 40,015 30,835 3,760 10,600 73,500 2017 Totals $ 7,983 $ 8,330 $ 6,250 $ 457 $ 43,265 $ 32,585 $ 4,666 $ 10,600 $ 83,604 2016 Parkland $ 2,880 $ 5,280 $ 2,987 $ 86 $ 10,950 $ 5,175 $ 2,180 $ — $ 25,178 Progressive 996 3,074 100 61 6,010 2,980 2,344 — 10,877 Cana 646 1,151 5,840 29 7,065 2,927 1,135 — 16,523 MSM 2,017 1,592 2,521 12 7,855 984 965 — 14,016 LS Mfg. 620 1,382 265 — 6,315 2,772 154 — 11,200 BHE 2,922 3,801 1,794 — 21,140 14,403 1,508 7,552 35,000 Sigma/KRA 2,039 1,841 1,050 7 14,768 8,124 1,708 — 26,121 2016 Totals $ 12,120 $ 18,121 $ 14,557 $ 195 $ 74,103 $ 37,365 $ 9,994 $ 7,552 $ 138,915
Schedule of pro forma information	Second Quarter Ended Six Months Ended (thousands except per share data) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Revenue $ 413,848 $ 366,992 $ 784,430 $ 707,456 Net income 21,244 20,557 39,551 37,997 Basic net income per common share 1.30 1.37 2.50 2.54 Diluted net income per common share 1.28 1.35 2.45 2.50

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 25, 2017
Earnings Per Share [Abstract]
Schedule of earnings per share	Income per common share is calculated for the second quarter and six months periods as follows: Second Quarter Ended Six Months Ended (thousands except per share data) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Net income for basic and diluted per share calculation $ 21,260 $ 16,969 $ 38,727 $ 29,944 Weighted average common shares outstanding - basic 16,400 15,008 15,839 14,978 Effect of potentially dilutive securities 260 223 284 234 Weighted average common shares outstanding - diluted 16,660 15,231 16,123 15,212 Basic net income per common share $ 1.30 $ 1.13 $ 2.45 $ 2.00 Diluted net income per common share $ 1.28 $ 1.11 $ 2.40 $ 1.97

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 25, 2017
Debt Disclosure [Abstract]
Schedule of total debt outstanding	A summary of total debt outstanding at June 25, 2017 and December 31, 2016 is as follows: (thousands) Jun 25, 2017 Dec 31, 2016 Long-term debt: 2015 Revolver $ 181,926 $ 190,427 Term Loan 78,784 82,726 Total long-term debt 260,710 273,153 Less: current maturities of long-term debt (15,766 ) (15,766 ) Less: Net deferred financing costs related to Term Loan (535 ) (576 ) Total long-term debt, less current maturities, net $ 244,409 $ 256,811
Schedule of required financial covenants	The required maximum consolidated total leverage ratio and the required minimum consolidated fixed charge coverage ratio compared to the actual amounts as of June 25, 2017 and for the fiscal period then ended are as follows: Required Actual Consolidated total leverage ratio (12-month period) 3.00 1.47 Consolidated fixed charge coverage ratio (12-month period) 1.50 4.02

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 25, 2017
Segment Reporting [Abstract]
Schedule of segment reporting information	The tables below present unaudited information about the sales and operating income of those segments. Second Quarter Ended June 25, 2017 (thousands) Manufacturing Distribution Total Net outside sales $ 336,737 $ 70,408 $ 407,145 Intersegment sales 7,421 652 8,073 Total sales 344,158 71,060 415,218 Operating income 41,191 4,468 45,659 Second Quarter Ended June 26, 2016 (thousands) Manufacturing Distribution Total Net outside sales $ 255,065 $ 60,098 $ 315,163 Intersegment sales 6,414 841 7,255 Total sales 261,479 60,939 322,418 Operating income 31,254 3,912 35,166 Six Months Ended June 25, 2017 (thousands) Manufacturing Distribution Total Net outside sales $ 621,243 $ 131,329 $ 752,572 Intersegment sales 14,405 1,252 15,657 Total sales 635,648 132,581 768,229 Operating income 72,260 8,178 80,438 Six Months Ended June 26, 2016 (thousands) Manufacturing Distribution Total Net outside sales $ 482,014 $ 111,786 $ 593,800 Intersegment sales 11,469 1,528 12,997 Total sales 493,483 113,314 606,797 Operating income 57,412 7,514 64,926
Summary of the reconciliation of segment operations	The following table presents a reconciliation of segment operating income to consolidated operating income: Second Quarter Ended Six Months Ended (thousands) Jun 25, 2017 Jun 26, 2016 Jun 25, 2017 Jun 26, 2016 Operating income for reportable segments $ 45,659 $ 35,166 $ 80,438 $ 64,926 Unallocated corporate expenses (7,135 ) (3,934 ) (13,814 ) (10,312 ) Amortization (4,817 ) (3,225 ) (9,002 ) (5,993 ) Consolidated operating income $ 33,707 $ 28,007 $ 57,622 $ 48,621

RECENTLY ISSUED ACCOUNTING PR26

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in-capital	$ 8,243		$ 8,243		$ 8,243
Income taxes	10,437	$ 9,406	14,871	$ 15,396
Excess tax benefits on stock-based compensation	$ 900	300	4,600	1,200
Net cash provided by operating activities			19,409	19,042
Net cash provided by financing activities			$ 78,082	53,793
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standard Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in-capital		$ (1,200)		(1,200)
Income taxes				(1,200)
Net cash provided by operating activities				(600)
Net cash provided by financing activities				$ 600

INVENTORTIES (Details)

INVENTORTIES (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Dec. 31, 2016
Inventory [Line Items]
Raw materials	$ 83,862	$ 70,148
Work in process	9,939	7,659
Finished goods	12,083	13,300
Total manufactured goods, net	102,554	88,383
Materials purchased for resale (distribution products)	33,034	32,869
Total materials purchased for resale (distribution products), net	31,227	31,636
Total inventories	133,781	120,019
Manufactured Goods [Member]
Inventory [Line Items]
Less: reserve for inventory obsolescence	(3,330)	(2,724)
Distributed Goods [Member]
Inventory [Line Items]
Less: reserve for inventory obsolescence	$ (1,807)	$ (1,233)

GOODWILL AND INTANGIBLE ASSET28

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016	Dec. 31, 2016
Intangible Assets [Line Items]
Goodwill and intangible asset impairment charges	$ 0	$ 0	$ 0	$ 0
Intangible assets	201,638,000		201,638,000		$ 164,539,000
Amortization of intangible assets	4,817,000	$ 3,225,000	9,002,000	$ 5,993,000
Trademarks [Member]
Intangible Assets [Line Items]
Indefinite lived intangible assets	46,382,000		46,382,000		$ 42,741,000
Amortization of intangible assets			$ 0
Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			3 years 10 months 24 days		3 years 7 months 6 days
Customer Relationships and Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets	$ 155,200,000		$ 155,200,000
Customer Relationships [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			10 years 73 days		10 years 2 months 12 days
Medallion Plastics [Member] | Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			3 years
Medallion Plastics [Member] | Customer Relationships [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			10 years
Leisure Product Enterprises, LLC [Member] | Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			5 years
Leisure Product Enterprises, LLC [Member] | Customer Relationships [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			10 years
Minimum [Member] | Customer Relationships and Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			3 years
Maximum [Member] | Customer Relationships and Noncompete Agreements [Member]
Intangible Assets [Line Items]
Intangible assets, weighted average useful life			19 years

GOODWILL AND INTANGIBLE ASSET29

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2017USD ($)
Goodwill [Roll Forward]
Balance - December 31, 2016	$ 109,893
Acquisitions	32,585
Adjustment to prior year purchase price allocations	(3,753)
Balance - June 25, 2017	138,725
Manufacturing [Member]
Goodwill [Roll Forward]
Balance - December 31, 2016	100,592
Acquisitions	32,585
Adjustment to prior year purchase price allocations	(3,753)
Balance - June 25, 2017	129,424
Distribution [Member]
Goodwill [Roll Forward]
Balance - December 31, 2016	9,301
Acquisitions	0
Adjustment to prior year purchase price allocations	0
Balance - June 25, 2017	$ 9,301

GOODWILL AND INTANGIBLE ASSET30

GOODWILL AND INTANGIBLE ASSETS - Other Intangible Assets, Net, by Major Class (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 25, 2017	Dec. 31, 2016
Intangible Assets [Line Items]
Total other intangible assets, net, excluding accumulated amortization	$ 242,864	$ 196,811
Less: accumulated amortization	(41,226)	(32,272)
Other intangible assets, net	201,638	164,539
Customer Relationships [Member]
Intangible Assets [Line Items]
Other finite-lived intangible assets, gross	$ 182,158	$ 140,657
Intangible assets, weighted average useful life	10 years 73 days	10 years 2 months 12 days
Noncompete Agreements [Member]
Intangible Assets [Line Items]
Other finite-lived intangible assets, gross	$ 14,324	$ 13,413
Intangible assets, weighted average useful life	3 years 10 months 24 days	3 years 7 months 6 days
Trademarks [Member]
Intangible Assets [Line Items]
Other indefinite-lived intangible assets, gross	$ 46,382	$ 42,741

GOODWILL AND INTANGIBLE ASSET31

GOODWILL AND INTANGIBLE ASSETS - Other Intangible Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Intangible Assets [Roll Forward]
Balance - December 31, 2016			$ 164,539
Acquisitions			43,265
Amortization	$ (4,817)	$ (3,225)	(9,002)	$ (5,993)
Adjustment to prior year purchase price allocations			2,836
Balance - June 25, 2017	201,638		201,638
Manufacturing [Member]
Intangible Assets [Roll Forward]
Balance - December 31, 2016			149,853
Acquisitions			43,265
Amortization			(7,635)
Adjustment to prior year purchase price allocations			2,836
Balance - June 25, 2017	188,319		188,319
Distribution [Member]
Intangible Assets [Roll Forward]
Balance - December 31, 2016			14,686
Acquisitions			0
Amortization			(1,367)
Adjustment to prior year purchase price allocations			0
Balance - June 25, 2017	$ 13,319		$ 13,319

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	1 Months Ended								3 Months Ended			6 Months Ended		12 Months Ended
	May 31, 2017USD ($)company	Mar. 26, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	May 31, 2016USD ($)	Mar. 31, 2016USD ($)facility	Feb. 29, 2016USD ($)	Jun. 25, 2017USD ($)	Mar. 26, 2017USD ($)	Jun. 26, 2016USD ($)business	Jun. 25, 2017USD ($)business	Jun. 26, 2016USD ($)business	Dec. 31, 2016USD ($)business
Business Acquisition [Line Items]
Number of businesses acquired | business												2	4	7
Number of companies acquired | business												4		8
Operating Income									$ 33,707		$ 28,007	$ 57,622	$ 48,621
Goodwill			$ 109,893						138,725			138,725		$ 109,893
Pro forma amortization expense									300		$ 2,200	$ 1,300	4,700
Acquired Entities [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business											4	4
Revenues									18,100		$ 16,200	$ 18,400	20,000
Operating Income									2,000		$ 1,900	2,000	$ 2,300
Goodwill			37,365						32,585			32,585		37,365
Leisure Product Enterprises, LLC [Member]
Business Acquisition [Line Items]
Percent of common stock acquired	100.00%
Net purchase price	$ 73,500
Goodwill									30,835			30,835
Acquiree composition, number of manufacturing companies | company	3
Medallion Plastics [Member]
Business Acquisition [Line Items]
Net purchase price		$ 10,100
Goodwill									1,750			1,750
Sigma Wire International, LLC/KRA International, LLC [Member]
Business Acquisition [Line Items]
Net purchase price			26,100
Goodwill			8,124											8,124
BH Electronics, Inc [Member]
Business Acquisition [Line Items]
Percent of common stock acquired				100.00%
Net purchase price				$ 35,000
Increase adjustment to previously recorded property plant an equipment												1,100
Increase adjustment to previously recorded intangible assets												2,300
Goodwill			14,403						$ (3,400)			$ (3,400)		14,403
L.S. Manufacturing, Inc. [Member]
Business Acquisition [Line Items]
Net purchase price				$ 11,200
Increase adjustment to previously recorded intangible assets										$ 600
Goodwill		$ (600)	2,772							$ (600)				2,772
Mishawaka Sheet Metal, LLC [Member]
Business Acquisition [Line Items]
Net purchase price					$ 14,000
Goodwill			984											984
Cana Holdings, Inc. [Member]
Business Acquisition [Line Items]
Net purchase price						$ 16,500
Goodwill			2,927											2,927
Parkland Plastics Inc. [Member]
Business Acquisition [Line Items]
Percent of common stock acquired				100.00%
Net purchase price								$ 25,200
Goodwill			5,175											5,175
The Progressive Group [Member]
Business Acquisition [Line Items]
Net purchase price							$ 10,900
Goodwill			$ 2,980											$ 2,980
Number of Facilities | facility							6

ACQUISITIONS - Fair Value of As

ACQUISITIONS - Fair Value of Assets Acquired, Summary (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 138,725		$ 109,893
Medallion Plastics [Member]
Business Acquisition [Line Items]
Trade receivables	2,190
Inventories	2,442
Property, plant and equipment	1,250
Prepaid expenses	128
Other intangible assets	3,250
Goodwill	1,750
Less: Accounts payable and accrued liabilities	906
Less: Deferred tax liability	0
Total net assets acquired	10,104
Leisure Product Enterprises, LLC [Member]
Business Acquisition [Line Items]
Trade receivables	5,793
Inventories	5,888
Property, plant and equipment	5,000
Prepaid expenses	329
Other intangible assets	40,015
Goodwill	30,835
Less: Accounts payable and accrued liabilities	3,760
Less: Deferred tax liability	10,600
Total net assets acquired	73,500
Parkland Plastics Inc. [Member]
Business Acquisition [Line Items]
Trade receivables			2,880
Inventories			5,280
Property, plant and equipment			2,987
Prepaid expenses			86
Other intangible assets			10,950
Goodwill			5,175
Less: Accounts payable and accrued liabilities			2,180
Less: Deferred tax liability			0
Total net assets acquired			25,178
The Progressive Group [Member]
Business Acquisition [Line Items]
Trade receivables			996
Inventories			3,074
Property, plant and equipment			100
Prepaid expenses			61
Other intangible assets			6,010
Goodwill			2,980
Less: Accounts payable and accrued liabilities			2,344
Less: Deferred tax liability			0
Total net assets acquired			10,877
Cana Holdings, Inc. [Member]
Business Acquisition [Line Items]
Trade receivables			646
Inventories			1,151
Property, plant and equipment			5,840
Prepaid expenses			29
Other intangible assets			7,065
Goodwill			2,927
Less: Accounts payable and accrued liabilities			1,135
Less: Deferred tax liability			0
Total net assets acquired			16,523
Mishawaka Sheet Metal, LLC [Member]
Business Acquisition [Line Items]
Trade receivables			2,017
Inventories			1,592
Property, plant and equipment			2,521
Prepaid expenses			12
Other intangible assets			7,855
Goodwill			984
Less: Accounts payable and accrued liabilities			965
Less: Deferred tax liability			0
Total net assets acquired			14,016
L.S. Manufacturing, Inc. [Member]
Business Acquisition [Line Items]
Trade receivables			620
Inventories			1,382
Property, plant and equipment			265
Prepaid expenses			0
Other intangible assets			6,315
Goodwill		$ (600)	2,772
Less: Accounts payable and accrued liabilities			154
Less: Deferred tax liability			0
Total net assets acquired			11,200
BH Electronics, Inc [Member]
Business Acquisition [Line Items]
Trade receivables			2,922
Inventories			3,801
Property, plant and equipment			1,794
Prepaid expenses			0
Other intangible assets			21,140
Goodwill	(3,400)		14,403
Less: Accounts payable and accrued liabilities			1,508
Less: Deferred tax liability			7,552
Total net assets acquired			35,000
Sigma Wire International, LLC/KRA International, LLC [Member]
Business Acquisition [Line Items]
Trade receivables			2,039
Inventories			1,841
Property, plant and equipment			1,050
Prepaid expenses			7
Other intangible assets			14,768
Goodwill			8,124
Less: Accounts payable and accrued liabilities			1,708
Less: Deferred tax liability			0
Total net assets acquired			26,121
Acquired Entities [Member]
Business Acquisition [Line Items]
Trade receivables	7,983		12,120
Inventories	8,330		18,121
Property, plant and equipment	6,250		14,557
Prepaid expenses	457		195
Other intangible assets	43,265		74,103
Goodwill	32,585		37,365
Less: Accounts payable and accrued liabilities	4,666		9,994
Less: Deferred tax liability	10,600		7,552
Total net assets acquired	$ 83,604		$ 138,915

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information Related to Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Business Combinations [Abstract]
Revenue	$ 413,848	$ 366,992	$ 784,430	$ 707,456
Net income	$ 21,244	$ 20,557	$ 39,551	$ 37,997
Basic net income per common share (in dollars per share)	$ 1.30	$ 1.37	$ 2.50	$ 2.54
Diluted net income per common share (in dollars per share)	$ 1.28	$ 1.35	$ 2.45	$ 2.50

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Feb. 23, 2016	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016	Jan. 17, 2017	Dec. 31, 2016	Sep. 26, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2.7	$ 1.6	$ 5.1	$ 3.1
Shares approved (in shares)		111,669	147,981	111,669	147,981		154,981
Weighted average recognition period				27 months 9 days
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 24.5		$ 24.5
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	22,000
The 2009 Plan [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)						226,748		80,592
The 2009 Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)						226,740		80,592

NET INCOME PER COMMON SHARE - I

NET INCOME PER COMMON SHARE - Income Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Earnings Per Share [Abstract]
Net income for basic and diluted per share calculation	$ 21,260	$ 16,969	$ 38,727	$ 29,944
Weighted average shares outstanding - basic (in shares)	16,400	15,008	15,839	14,978
Effect of potentially dilutive securities (in shares)	260	223	284	234
Weighted average common shares outstanding - diluted (in shares)	16,660	15,231	16,123	15,212
Basic net income per common share (in dollars per share)	$ 1.30	$ 1.13	$ 2.45	$ 2
Diluted net income per common share (in dollars per share)	$ 1.28	$ 1.11	$ 2.40	$ 1.97

NET INCOME PER COMMON SHARE - N

NET INCOME PER COMMON SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 14, 2017	Jun. 25, 2017	Jun. 26, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from equity offering of common stock	$ 98,600	$ 93,622	$ 0
Proceeds from equity offering of common stock, net	$ 93,600
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued in public offering (in shares)	1,350,000
Price per share in public offering (in dollars per share)	$ 73

DEBT (Details)

DEBT (Details)	Sep. 30, 2016USD ($)	Jun. 25, 2017USD ($)	Jun. 26, 2016USD ($)	Jun. 25, 2017USD ($)	Jun. 26, 2016USD ($)	Dec. 31, 2016USD ($)	Mar. 17, 2017USD ($)	Jul. 26, 2016USD ($)	Aug. 31, 2015USD ($)	Apr. 28, 2015USD ($)
Line of Credit Facility [Line Items]
Total long-term debt		$ 260,710,000		$ 260,710,000		$ 273,153,000
Less: current maturities of long-term debt		(15,766,000)		(15,766,000)		(15,766,000)
Less: Net deferred financing costs related to Term Loan		(535,000)		(535,000)		(576,000)
Total long-term debt, less current maturities, net		$ 244,409,000		$ 244,409,000		$ 256,811,000
Debt instrument, covenant, maximum leverage ratio		3		3
Debt instrument, covenant, minimum interest coverage ratio				1.50
Consolidated total leverage ratio				3
Consolidated fixed charge coverage ratio				1.50
Interest paid		$ 1,800,000	$ 1,600,000	$ 3,500,000	$ 2,900,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage				0.20%		0.225%
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.50%				1.75%
Debt instrument, effective interest rate		2.75%		2.75%		2.5625%
Prime Rate [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%				0.75%
Debt instrument, effective interest rate		4.75%		4.75%		4.50%
Scenario, Actual [Member]
Line of Credit Facility [Line Items]
Consolidated total leverage ratio				1.47
Consolidated fixed charge coverage ratio				4.02
Line of Credit [Member]
Line of Credit Facility [Line Items]
Total long-term debt		$ 181,926,000		$ 181,926,000		$ 190,427,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Total long-term debt		78,784,000		78,784,000		82,726,000
The 2015 Credit Facility [Member] | The Lenders [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 450,000,000	$ 360,000,000	$ 300,000,000	$ 250,000,000
The 2015 Credit Facility [Member] | The Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity							367,300,000	269,400,000	$ 225,000,000	175,000,000
The 2015 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | The Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term line of credit		181,000,000		181,000,000		187,000,000
The 2015 Credit Facility [Member] | Prime Rate [Member] | The Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term line of credit		900,000		900,000		$ 3,400,000
The 2015 Credit Facility [Member] | Term Loan [Member] | The Lenders [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 82,700,000	$ 90,600,000		$ 75,000,000
Debt instrument, periodic payment	$ 3,900,000			2,700,000
The 2015 Credit Facility [Member] | Same Day Advance Swing Line [Member] | The Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		10,000,000		10,000,000
The 2015 Credit Facility [Member] | Sub Facility, Standby Letters of Credit [Member] | The Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 10,000,000		$ 10,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	32.90%	35.70%	27.70%	34.00%
Excess tax benefits on stock-based compensation	$ 0.9	$ 0.3	$ 4.6	$ 1.2
Income taxes paid	$ 19.2	$ 16.4	$ 19.5	$ 16.5

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) - Sales Revenue, Goods, Net [Member] - Product Concentration Risk [Member]	6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Manufacturing [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	83.00%	81.00%
Distribution [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	17.00%	19.00%

SEGMENT INFORMATION - Sales and

SEGMENT INFORMATION - Sales and Operating Income of Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Segment Reporting Information [Line Items]
NET SALES	$ 407,145	$ 315,163	$ 752,572	$ 593,800
Operating income	33,707	28,007	57,622	48,621
Intersegment sales [Member]
Segment Reporting Information [Line Items]
NET SALES	8,073	7,255	15,657	12,997
Operating Segments [Member]
Segment Reporting Information [Line Items]
NET SALES	415,218	322,418	768,229	606,797
Operating income	45,659	35,166	80,438	64,926
Manufacturing [Member]
Segment Reporting Information [Line Items]
NET SALES	336,737	255,065	621,243	482,014
Manufacturing [Member] | Intersegment sales [Member]
Segment Reporting Information [Line Items]
NET SALES	7,421	6,414	14,405	11,469
Manufacturing [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
NET SALES	344,158	261,479	635,648	493,483
Operating income	41,191	31,254	72,260	57,412
Distribution [Member]
Segment Reporting Information [Line Items]
NET SALES	70,408	60,098	131,329	111,786
Distribution [Member] | Intersegment sales [Member]
Segment Reporting Information [Line Items]
NET SALES	652	841	1,252	1,528
Distribution [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
NET SALES	71,060	60,939	132,581	113,314
Operating income	$ 4,468	$ 3,912	$ 8,178	$ 7,514

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Consolidated Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Jun. 25, 2017	Jun. 26, 2016
Segment Reporting Information [Line Items]
Operating Income	$ 33,707	$ 28,007	$ 57,622	$ 48,621
Unallocated corporate expenses	(37,793)	(27,277)	(71,427)	(52,015)
Amortization	(4,817)	(3,225)	(9,002)	(5,993)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating Income	45,659	35,166	80,438	64,926
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Unallocated corporate expenses	(7,135)	(3,934)	(13,814)	(10,312)
Amortization	$ (4,817)	$ (3,225)	$ (9,002)	$ (5,993)

STOCK REPURCHASE PROGRAMS - Nar

STOCK REPURCHASE PROGRAMS - Narrative (Details) - The 2016 Stock Repurchase Plan [Member] - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2016	Jun. 25, 2017	Jun. 25, 2017
Share Repurchase Program [Line Items]
Stock repurchase program, period in force	24 months
Shares repurchased (in shares)		0	0
Maximum [Member]
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount	$ 50,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Millions	6 Months Ended
	Jun. 25, 2017USD ($)employee
Board Member [Member]
Related Party Transaction [Line Items]
Number of independent board members with transactions with the Company | employee	3
Welch Packaging Group [Member]
Related Party Transaction [Line Items]
Purchases from related parties	$ 0.4
Utilimaster Corporation [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1.1
RV Components [Member] | President [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.2

SUBSEQUENT EVENT - Narrative (D

SUBSEQUENT EVENT - Narrative (Details) $ in Millions	1 Months Ended
	Jul. 31, 2017USD ($)
Wire Design [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Net purchase price	$ 10.9