Patrick Industries (PATK) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 28, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2021
Document Transition Report	false
Entity File Number	000-03922
Entity Registrant Name	PATRICK INDUSTRIES, INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1057796
Entity Address, Address Line One	107 WEST FRANKLIN STREET, P.O. Box 638
Entity Address, City or Town	ELKHART
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46515
City Area Code	574
Local Phone Number	294-7511
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PATK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		23,772,718
Entity Central Index Key	0000076605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Income Statement [Abstract]
NET SALES	$ 850,483	$ 589,232
Cost of goods sold	688,951	479,751
GROSS PROFIT	161,532	109,481
Operating Expenses:
Warehouse and delivery	29,913	24,732
Selling, general and administrative	51,232	35,869
Amortization of intangible assets	11,906	9,601
Total operating expenses	93,051	70,202
OPERATING INCOME	68,481	39,279
Interest expense, net	11,179	10,492
Income before income taxes	57,302	28,787
Income taxes	9,789	7,600
NET INCOME	$ 47,513	$ 21,187
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	$ 2.09	$ 0.92
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	$ 2.04	$ 0.91
Weighted average shares outstanding - Basic (in shares)	22,737	23,016
Weighted average shares outstanding - Diluted (in shares)	23,286	23,267

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Statement of Other Comprehensive Income [Abstract]
Net income	$ 47,513	$ 21,187
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) of hedge derivatives	975	(3,006)
Other	(59)	(37)
Total other comprehensive income (loss)	916	(3,043)
COMPREHENSIVE INCOME	$ 48,429	$ 18,144

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 6,171	$ 44,767
Trade and other receivables, net	211,974	132,505
Inventories	345,244	312,809
Prepaid expenses and other	28,446	37,982
Total current assets	591,835	528,063
Property, plant and equipment, net	256,213	251,493
Operating lease right-of-use assets	124,384	117,816
Goodwill	405,382	395,800
Intangible assets, net	451,269	456,276
Deferred financing costs, net	2,220	2,382
Other non-current assets	3,575	1,605
TOTAL ASSETS	1,834,878	1,753,435
Current Liabilities
Current maturities of long-term debt	7,500	7,500
Current operating lease liabilities	32,513	30,901
Accounts payable	154,291	105,786
Accrued liabilities	105,545	83,202
Total current liabilities	299,849	227,389
Long-term debt, less current maturities, net	785,849	810,907
Long-term operating lease liabilities	93,327	88,175
Deferred tax liabilities, net	40,998	39,516
Other long-term liabilities	19,580	28,007
TOTAL LIABILITIES	1,239,603	1,193,994
SHAREHOLDERS’ EQUITY
Common stock	174,920	180,892
Additional paid-in-capital	24,387	24,387
Accumulated other comprehensive loss	(5,136)	(6,052)
Retained earnings	401,104	360,214
TOTAL SHAREHOLDERS’ EQUITY	595,275	559,441
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,834,878	$ 1,753,435

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 47,513	$ 21,187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,521	17,175
Stock-based compensation expense	4,298	4,311
Amortization of convertible notes debt discount	1,769	1,723
Other non-cash items	1,595	750
Change in operating assets and liabilities, net of acquisitions of businesses:
Trade receivables	(76,350)	(66,453)
Inventories	(24,398)	(18,211)
Prepaid expenses and other assets	9,587	9,649
Accounts payable, accrued liabilities and other	63,757	43,033
Net cash provided by operating activities	50,292	13,164
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(14,239)	(7,580)
Proceeds from sale of property, plant and equipment	58	21
Business acquisitions, net of cash acquired	(28,864)	(24,281)
Other	(2,000)	0
Net cash used in investing activities	(45,045)	(31,840)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on revolver	117,475	6,720
Repayments on revolver	(144,475)	(6,720)
Stock repurchases under buyback program	0	(15,550)
Cash dividends paid to shareholders	(6,573)	(5,837)
Taxes paid for share-based payment arrangements	(14,464)	(2,747)
Payment of deferred financing costs and other	0	(57)
Payment of contingent consideration from a business acquisition	0	(2,000)
Proceeds from exercise of common stock options	4,194	0
Net cash used in financing activities	(43,843)	(26,191)
Decrease in cash and cash equivalents	(38,596)	(44,867)
Cash and cash equivalents at beginning of year	44,767	139,390	$ 139,390
Cash and cash equivalents at end of period	6,171	94,523	$ 44,767
Supplemental Cash Flow Information [Abstract]
Increase (decrease) in accrued capital expenditures	$ (2,816)	$ 57

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2019	$ 497,481	$ 172,662	$ 25,014	$ (5,698)	$ 305,503
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,187				21,187
Dividends declared	(5,978)				(5,978)
Other comprehensive income, net of tax	(3,043)			(3,043)
Share repurchases under buyback program	(15,550)	(3,315)	(480)		(11,755)
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(3,032)	(3,032)
Stock-based compensation expense	4,311	4,311
Ending Balance at Mar. 29, 2020	495,376	170,626	24,534	(8,741)	308,957
Beginning Balance at Dec. 31, 2020	559,441	180,892	24,387	(6,052)	360,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,513				47,513
Dividends declared	(6,623)				(6,623)
Other comprehensive income, net of tax	916			916
Repurchases of shares for tax payments related to the vesting and exercise of share-based grants	(14,464)	(14,464)
Issuance of shares upon exercise of common stock options	4,194	4,194
Stock-based compensation expense	4,298	4,298
Ending Balance at Mar. 28, 2021	$ 595,275	$ 174,920	$ 24,387	$ (5,136)	$ 401,104

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Patrick Industries, Inc. (“Patrick”, the “Company”, "we", "our") contain all adjustments (consisting of normal recurring adjustments) that we believe are necessary to present fairly the Company’s financial position as of March 28, 2021 and December 31, 2020, and its results of operations and cash flows for the three months ended March 28, 2021 and March 29, 2020. 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 condensed 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. Certain immaterial reclassifications have been made to the prior period presentation to conform to the current period presentation of accumulated other comprehensive income in Note 11. For a description of significant accounting policies used by the Company in the preparation of its consolidated financial statements, please refer to Note 1 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The December 31, 2020 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the first quarter ended March 28, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021. The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Sunday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The first quarter of fiscal year 2021 ended on March 28, 2021 and the first quarter of fiscal year 2020 ended on March 29, 2020.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 28, 2021
Accounting Policies [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Income Taxes In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ", a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material effect on its condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848) ", a new standard providing final guidance to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, " Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ", a new standard that simplifies certain accounting treatments for convertible debt instruments. The guidance eliminates certain requirements that require separate accounting for embedded conversion features and simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. In addition, the new guidance requires entities use the if-converted method for all convertible instruments in the diluted net income per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares, with certain exceptions. Furthermore, the guidance requires new disclosures about events that occur during the reporting period that cause conversion contingencies to be met and about the fair value of convertible debt at the instrument level, among other things. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 28, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	3. REVENUE RECOGNITION In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable segment, consistent with how the Company believes the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: First Quarter Ended March 28, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 329,612 $ 171,814 $ 501,426 Marine 132,338 4,471 136,809 Manufactured Housing 56,634 64,084 120,718 Industrial 82,172 9,358 91,530 Total $ 600,756 $ 249,727 $ 850,483 First Quarter Ended March 29, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 226,785 $ 93,435 $ 320,220 Marine 75,429 2,622 78,051 Manufactured Housing 45,605 66,764 112,369 Industrial 71,447 7,145 78,592 Total $ 419,266 $ 169,966 $ 589,232 Contract Liabilities Contract liabilities, representing upfront payments from customers received prior to satisfying performance obligations, were immaterial as of the beginning and end of all periods presented and changes in contract liabilities were immaterial during all periods presented.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 28, 2021
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consist of the following: (thousands) March 28, 2021 December 31, 2020 Raw materials $ 174,676 $ 157,219 Work in process 23,641 19,282 Finished goods 34,257 37,632 Less: reserve for inventory obsolescence (9,171) (8,320) Total manufactured goods, net 223,403 205,813 Materials purchased for resale (distribution products) 127,214 112,158 Less: reserve for inventory obsolescence (5,373) (5,162) Total materials purchased for resale (distribution products), net 121,841 106,996 Total inventories $ 345,244 $ 312,809

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	5. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the three months ended March 28, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 338,045 $ 57,755 $ 395,800 Acquisitions 3,894 — 3,894 Adjustments to preliminary purchase price allocations 5,688 — 5,688 Balance - March 28, 2021 $ 347,627 $ 57,755 $ 405,382 Intangible assets, net consist of the following as of March 28, 2021 and December 31, 2020: (thousands) March 28, 2021 December 31, 2020 Customer relationships $ 466,458 $ 461,754 Non-compete agreements 16,282 15,949 Patents 23,078 23,025 Trademarks 115,605 113,796 621,423 614,524 Less: accumulated amortization (170,154) (158,248) Intangible assets, net $ 451,269 $ 456,276 Changes in the carrying value of intangible assets for the three months ended March 28, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 373,717 $ 82,559 $ 456,276 Acquisitions 11,988 — 11,988 Amortization (9,874) (2,032) (11,906) Adjustments to preliminary purchase price allocations (5,089) — (5,089) Balance - March 28, 2021 $ 370,742 $ 80,527 $ 451,269

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 28, 2021
Business Combinations [Abstract]
ACQUISITIONS	6. ACQUISITIONS General The Company completed four acquisitions in the first quarter of 2021 (the "2021 Acquisitions"). For the first quarter ended March 28, 2021, net sales included in the Company's condensed consolidated statement of income related to the 2021 Acquisitions were $5.4 million and operating income was immaterial. Acquisition-related costs associated with the businesses acquired in the first quarter of 2021 were immaterial. Assets acquired and liabilities assumed in the individual acquisitions were recorded on the Company’s condensed consolidated balance sheet at their estimated fair values as of the respective dates of acquisition. For each acquisition, the Company completes its allocation of the purchase price to the fair value of acquired assets and liabilities within the one year measurement period. The Company completed three acquisitions in the first quarter of 2020. Net sales and operating income included in the Company's condensed consolidated statement of income related to the 2020 Acquisitions in the first quarter ended March 29, 2020 were immaterial. For each acquisition, the excess of the purchase consideration over the fair value of the net assets acquired is recorded as goodwill, which generally represents the combined value of 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. In connection with certain acquisitions, if certain financial targets for the acquired businesses are achieved, the Company is required to pay additional cash consideration. The Company records a liability for the fair value of the contingent consideration related to each of these acquisitions as part of the initial purchase price based on the present value of the expected future cash flows and the probability of future payments at the date of acquisition. As of March 28, 2021, the aggregate fair value of the estimated contingent consideration payments was $6.9 million, $3.3 million of which is included in the line item "Accrued liabilities" and $3.6 million is included in “Other long-term liabilities” on the condensed consolidated balance sheet. At December 31, 2020, the aggregate fair value of the estimated contingent consideration payments was $6.9 million, $1.6 million of which was included in the line item "Accrued liabilities" and $5.3 million was included in "Other long-term liabilities". The liabilities for contingent consideration expire at various dates through December 2023. The contingent consideration arrangements are subject to a maximum payment amount of up to $14.5 million in the aggregate. In the first quarter of 2021, the Company made no cash payments related to contingent consideration liabilities. 2021 Acquisitions The Company completed the following previously announced acquisition in the three months ended March 28, 2021: Company Segment Description Sea-Dog Corporation & Sea-Lect Plastics Distribution & Manufacturing Distributor of a variety of marine and powersports hardware and accessories to distributors, wholesalers, retailer, and manufacturers Manufacturer that provides plastic injection molding, design, product development and expert tooling to companies and government entities Inclusive of three immaterial acquisitions not discussed above, total cash consideration for the 2021 Acquisitions was approximately $29.5 million. The preliminary purchase price allocations are subject to valuation activities being finalized, and thus all required purchase accounting adjustments are subject to change within the measurement period as the Company finalizes its estimates. Changes to preliminary purchase accounting estimates recorded in the first quarter ended March 28, 2021 related to the 2021 Acquisitions were immaterial. 2020 Acquisitions The Company completed the following seven previously announced acquisitions in the year ended December 31, 2020 (the "2020 Acquisitions"): Company Segment Description Maple City Woodworking Corporation Manufacturing Manufacturer of hardwood cabinet doors and fascia for the RV market based in Goshen, Indiana SEI Manufacturing, Inc. Manufacturing Manufacturer of towers, T-Tops, hardtops, rails, gates and other aluminum exterior products for the marine market located in Cromwell, Indiana Inland Plywood Company Manufacturing Supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the RV and industrial markets headquartered in Pontiac, Michigan with an additional facility in Cocoa, Florida Synergy RV Transport Distribution Transportation and logistics service provider primarily for original equipment manufacturers ("OEMs") and dealers in the RV market located in Goshen, Indiana Front Range Stone Manufacturing Fabricator and installer of natural stone, quartz, solid surface, and laminate countertops, primarily serving big box home improvement retailers, home builders and commercial contractors in the industrial market based in Englewood, Colorado Geremarie Corporation Manufacturing Designer, manufacturer, and fabricator of a full suite of high-precision aluminum components serving the marine industry, in addition to the medical, aerospace, defense, commercial and industrial markets located in Lake Zurich, Illinois Taco Metals, LLC Manufacturing Manufacturer of boating products including rub rail systems, canvas and tower components, sport fishing and outrigger systems, helm chairs and pedestals, and specialty hardware for OEMs in the recreational boating industry and the related aftermarket headquartered in Miami, Florida, with manufacturing facilities in Tennessee and Florida, and distribution centers in Tennessee, Florida, South Carolina, and Massachusetts Inclusive of four immaterial acquisitions not discussed above, total cash consideration for the 2020 Acquisitions was approximately $306.4 million, plus contingent consideration over a one The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition for the 2021 Acquisitions and the 2020 Acquisitions: (thousands) 2021 Acquisitions 2020 Acquisitions Consideration Cash, net of cash acquired $ 29,539 $ 306,353 Working capital holdback and other, net (1) 543 (128) Contingent consideration (2) — 4,763 Total consideration 30,082 310,988 Assets Acquired Trade receivables $ 3,739 $ 15,302 Inventories 8,685 25,353 Prepaid expenses & other 258 725 Property, plant & equipment 4,118 66,525 Operating lease right-of-use assets 3,961 20,029 Identifiable intangible assets 11,935 130,981 Liabilities Assumed Current portion of operating lease obligations (1,068) (2,721) Accounts payable & accrued liabilities (2,547) (12,402) Operating lease obligations (2,893) (17,308) Deferred tax liabilities — (4,322) Total fair value of net assets acquired 26,188 222,162 Goodwill (3) 3,894 88,826 $ 30,082 $ 310,988 (1) Certain acquisitions contain working capital holdbacks which are typically settled in a 90-day period following the close of the acquisition. This value represents the remaining amounts due to (from) sellers as of March 28, 2021. (2) These amounts reflect the acquisition date fair value of contingent consideration based on future performance relating to certain acquisitions. (3) Goodwill is tax-deductible for the 2021 Acquisitions and the 2020 Acquisitions, except Front Range Stone (approximately $10.1 million). We estimate the value of acquired property, plant, and equipment using a combination of the income, cost, and market approaches, such as estimates of future income growth, capitalization rates, discount rates, and capital expenditure needs of the acquired businesses. The following table presents our estimates of identifiable intangible assets for the 2021 Acquisitions and the 2020 Acquisitions: (thousands, except year info) Estimated Useful Life (in years) 2021 Acquisitions 2020 Acquisitions Customer relationships 10 $ 9,597 $ 99,897 Non-compete agreements 5 393 1,150 Patents 10 — 6,470 Trademarks Indefinite 1,945 23,464 $ 11,935 $ 130,981 We estimate the value of customer relationships using the multi-period excess earnings method, which is a variation on the income approach, calculating the present value of incremental after-tax cash flows attributable to the asset. Non-compete agreements are valued using a discounted cash flow approach, which is a variation of an income approach, with and without the individual counterparties to the non-compete agreements. Trademarks are valued using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. Pro Forma Information The following pro forma information for the first quarter ended March 28, 2021 and March 29, 2020 assumes the 2021 Acquisitions and the 2020 Acquisitions occurred as of the beginning of the year immediately preceding each such acquisition. The pro forma information contains the actual operating results of the 2021 Acquisitions and 2020 Acquisitions 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 incremental borrowings incurred in connection with each transaction. In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired in connection with the transactions of $0.1 million and $3.0 million for the first quarter ended March 28, 2021 and the first quarter ended March 29, 2020, respectively. First Quarter Ended (thousands except per share data) March 28, 2021 March 29, 2020 Revenue $ 857,009 $ 656,107 Net income 47,815 24,136 Basic net income per common share 2.10 1.05 Diluted net income per common share 2.05 1.04

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 28, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION The Company recorded expense of approximately $4.3 million for each of the first quarters ended March 28, 2021 and March 29, 2020, for its stock-based compensation plans in the condensed consolidated statements of income. The Board approved various stock-based grants under the Company’s 2009 Omnibus Incentive Plan in the first quarter of 2021 totaling 218,254 shares in the aggregate at an average fair value of $72.63 at grant date for a total fair value at grant date of $15.9 million. As of March 28, 2021, there was approximately $33.9 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 22.8 months.

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE	3 Months Ended
	Mar. 28, 2021
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	8. NET INCOME PER COMMON SHARE Net income per common share calculated for the first quarter of 2021 and 2020 is as follows: First Quarter Ended (thousands except per share data) March 28, 2021 March 29, 2020 Net income for basic and diluted per share calculation $ 47,513 $ 21,187 Weighted average common shares outstanding - basic 22,737 23,016 Effect of potentially dilutive securities 549 251 Weighted average common shares outstanding - diluted 23,286 23,267 Basic net income per common share $ 2.09 $ 0.92 Diluted net income per common share $ 2.04 $ 0.91 An immaterial amount of securities was not included in the computation of diluted income per share as they are considered anti-dilutive under the treasury stock method.

DEBT

DEBT	3 Months Ended
	Mar. 28, 2021
Debt Disclosure [Abstract]
DEBT	9. DEBT A summary of total debt outstanding at March 28, 2021 and December 31, 2020 is as follows: (thousands) March 28, 2021 December 31, 2020 Long-term debt: 1.0% convertible notes due 2023 $ 172,500 $ 172,500 Term loan due 2024 92,500 92,500 Revolver due 2024 248,000 275,000 7.5% senior notes due 2027 300,000 300,000 Total long-term debt 813,000 840,000 Less: convertible notes debt discount, net (14,304) (16,072) Less: term loan deferred financing costs, net (404) (434) Less: senior notes deferred financing costs, net (4,943) (5,087) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 785,849 $ 810,907 There were no material changes to any of our debt arrangements during the quarter ended March 28, 2021. See Note 17 for a description of changes to our debt arrangements subsequent to March 28, 2021.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	10. DERIVATIVE FINANCIAL INSTRUMENTS The Company's credit facility exposes the Company to risks associated with the variability in interest expense associated with fluctuations in LIBOR. To partially mitigate this risk, the Company entered into interest rate swaps. As of March 28, 2021, the Company had a combined notional principal amount of $200 million of interest rate swap agreements, all of which are designated as cash flow hedges. These swap agreements effectively convert the interest expense associated with a portion of the Company's variable rate debt from variable interest rates to fixed interest rates and have maturities ranging from February 2022 to March 2022. The following table summarizes the fair value of derivative contracts included in the condensed consolidated balance sheets (in thousands): Fair value of derivative instruments Derivatives accounted for as cash flow hedges Balance sheet location March 28, 2021 December 31, 2020 Interest rate swaps Accrued liabilities $ 5,258 $ — Interest rate swaps Other long-term liabilities $ — $ 6,567 The interest rate swaps are comprised of over-the-counter derivatives, which are valued using models that primarily rely on observable inputs such as yield curves and are classified as Level 2 in the fair value hierarchy.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 28, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	11. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss includes unrealized gains and losses on derivatives that qualify as cash flow hedges, cumulative foreign currency translation and other adjustments. The activity in accumulated other comprehensive loss during the three months ended March 28, 2021 and March 29, 2020 was as follows: First Quarter Ended March 28, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2020 $ (4,889) $ (1,263) $ 100 $ (6,052) Other comprehensive loss before reclassifications, net of tax (96) — (59) (155) Amounts reclassified from accumulated other comprehensive loss, net of tax 1,071 — — 1,071 Net current period other comprehensive income (loss) 975 — (59) 916 Balance at March 28, 2021 $ (3,914) $ (1,263) $ 41 $ (5,136) First Quarter Ended March 29, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Items Total Balance at December 31, 2019 $ (4,374) $ (1,270) $ (54) $ (5,698) Other comprehensive loss before reclassifications, net of tax (4,077) — (37) (4,114) Amounts reclassified from accumulated other comprehensive loss, net of tax 1,071 — — 1,071 Net current period other comprehensive loss (3,006) — (37) (3,043) Balance at March 29, 2020 $ (7,380) $ (1,270) $ (91) $ (8,741)

LEASES

LEASES	3 Months Ended
	Mar. 28, 2021
Leases [Abstract]
LEASES	12. LEASES Lease expense, supplemental cash flow information, and other information related to leases were as follows: First Quarter Ended (thousands) March 28, 2021 March 29, 2020 Operating lease cost $ 9,585 $ 8,176 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 9,387 $ 8,084 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,185 $ 12,428 Balance sheet information related to leases was as follows: (thousands, except lease term and discount rate) March 28, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 124,384 $ 117,816 Liabilities Operating lease liabilities, current portion $ 32,513 $ 30,901 Long-term operating lease liabilities 93,327 88,175 Total lease liabilities $ 125,840 $ 119,076 Weighted average remaining lease term, operating leases (in years) 5.1 5.3 Weighted average discount rate, operating leases 4.0 % 4.1 % Maturities of lease liabilities were as follows at March 28, 2021: (thousands) 2021 (excluding the three months ended March 28, 2021) $ 27,792 2022 33,939 2023 27,840 2024 20,307 2025 12,054 Thereafter 18,862 Total lease payments 140,794 Less imputed interest (14,954) Total $ 125,840 As of March 28, 2021, outstanding leases have remaining lease terms ranging from one year to 18 years.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 28, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS The following table presents fair values of certain assets and liabilities at March 28, 2021 and December 31, 2020: March 28, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Senior Note (1) — $ 351.6 — — $ 329.0 — Convertible Note (1) — 188.3 — — 180.0 — Interest Rate Swaps (2) — 5.3 — — 6.6 — Contingent consideration (3) — — $ 6.9 — — $ 6.9 (1) The amounts of these notes listed above are the current fair values for disclosure purposes only, and they are recorded in the Company's condensed consolidated balance sheets as of March 28, 2021 and December 31, 2020 using the interest rate method as described in Note 9. (2) The interest rate swaps are comprised of over-the-counter derivatives, which are valued using models that primarily rely on observable inputs such as yield curves, and are classified as Level 2 in the fair value hierarchy and discussed further in Note 10. (3) The estimated fair value of the Company's contingent consideration is valued using Level 3 inputs and is discussed further in Note 6.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 28, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The effective tax rate in the first quarter of 2021 and 2020 was 17.1% and 26.4%, respectively. The effective tax rate for the first quarter of 2021 includes the impact of the recognition of excess tax benefits on share-based compensation that was recorded as a reduction to income tax expense upon realization in the amount of $5.7 million.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 28, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	15. SEGMENT INFORMATION The Company has two reportable segments, Manufacturing and Distribution, which are based on its method of internal reporting, which segregates its businesses based on the manner in which its chief operating decision maker allocates resources, evaluates financial results, and determines compensation. The tables below present information about the sales and operating income of those segments. First Quarter Ended March 28, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 600,756 $ 249,727 $ 850,483 Intersegment sales 13,808 1,403 15,211 Total sales 614,564 251,130 865,694 Operating income 78,429 21,175 99,604 First Quarter Ended March 29, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 419,266 $ 169,966 $ 589,232 Intersegment sales 7,573 1,300 8,873 Total sales 426,839 171,266 598,105 Operating income 45,704 9,968 55,672 The following table presents a reconciliation of segment operating income to consolidated operating income: First Quarter Ended (thousands) March 28, 2021 March 29, 2020 Operating income for reportable segments $ 99,604 $ 55,672 Unallocated corporate expenses (19,217) (6,792) Amortization (11,906) (9,601) Consolidated operating income $ 68,481 $ 39,279 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	3 Months Ended
	Mar. 28, 2021
Equity [Abstract]
STOCK REPURCHASE PROGRAMS	16. STOCK REPURCHASE PROGRAMS

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 28, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS In April 2021, we completed the acquisition of Hyperform Inc., a manufacturer of high-quality, non-slip foam flooring, operating under the SeaDek brand name, for the marine OEM market and aftermarket. Hyperform also serves the pool and spa, powersports and utility markets under the SwimDek and EndeavorDek brand names (collectively, “SeaDek”). SeaDek operates out of two manufacturing facilities located in Rockledge, Florida and in Cocoa, Florida. In April 2021, we completed the acquisition of Alpha Systems, LLC, a manufacturer and distributor of component products and accessories for the recreational vehicle, marine, manufactured housing and industrial end markets. Products include adhesives, sealants, rubber roofing, roto/blow molding, injection molding, flooring, insulation, shutters, skylights, and various other products and accessories. Alpha Systems LLC operates out of nine manufacturing and distribution facilities located in Elkhart, Indiana. On April 20, 2021, we completed the issuance of $350 million aggregate principal amount of senior notes due 2029 in a private placement exempt from registration under the Securities Act of 1933. The notes, which were priced at par, carry an interest rate of 4.75%. Following the completion of the offering, the Company amended and restated the credit agreement governing its existing $650 million senior secured credit facility to establish a new $700 million senior secured credit facility consisting of a $550 million revolving credit facility and a $150 million term loan facility. The maturity date for borrowings under the new senior secured credit facility was extended to April 2026. The new senior secured credit facility replaced the Company’s previously existing credit facility that was due to mature in September 2024. In addition to being used to repay a portion of existing borrowings, the net proceeds resulting from these transactions were used for general corporate purposes, including in connection with the acquisitions completed subsequent to the end of the first quarter, and will support the Company's strategic objectives and other general business needs.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 condensed 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. Certain immaterial reclassifications have been made to the prior period presentation to conform to the current period presentation of accumulated other comprehensive income in Note 11.
Fiscal Periods	The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Sunday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The first quarter of fiscal year 2021 ended on March 28, 2021 and the first quarter of fiscal year 2020 ended on March 29, 2020.
Recently Issued Accounting Pronouncements	Income Taxes In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ", a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material effect on its condensed consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848) ", a new standard providing final guidance to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, " Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ", a new standard that simplifies certain accounting treatments for convertible debt instruments. The guidance eliminates certain requirements that require separate accounting for embedded conversion features and simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. In addition, the new guidance requires entities use the if-converted method for all convertible instruments in the diluted net income per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares, with certain exceptions. Furthermore, the guidance requires new disclosures about events that occur during the reporting period that cause conversion contingencies to be met and about the fair value of convertible debt at the instrument level, among other things. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 28, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable segment, consistent with how the Company believes the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: First Quarter Ended March 28, 2021 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 329,612 $ 171,814 $ 501,426 Marine 132,338 4,471 136,809 Manufactured Housing 56,634 64,084 120,718 Industrial 82,172 9,358 91,530 Total $ 600,756 $ 249,727 $ 850,483 First Quarter Ended March 29, 2020 (thousands) Manufacturing Distribution Total Market type: Recreational Vehicle $ 226,785 $ 93,435 $ 320,220 Marine 75,429 2,622 78,051 Manufactured Housing 45,605 66,764 112,369 Industrial 71,447 7,145 78,592 Total $ 419,266 $ 169,966 $ 589,232

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 28, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: (thousands) March 28, 2021 December 31, 2020 Raw materials $ 174,676 $ 157,219 Work in process 23,641 19,282 Finished goods 34,257 37,632 Less: reserve for inventory obsolescence (9,171) (8,320) Total manufactured goods, net 223,403 205,813 Materials purchased for resale (distribution products) 127,214 112,158 Less: reserve for inventory obsolescence (5,373) (5,162) Total materials purchased for resale (distribution products), net 121,841 106,996 Total inventories $ 345,244 $ 312,809

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill for the three months ended March 28, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 338,045 $ 57,755 $ 395,800 Acquisitions 3,894 — 3,894 Adjustments to preliminary purchase price allocations 5,688 — 5,688 Balance - March 28, 2021 $ 347,627 $ 57,755 $ 405,382
Schedule of Intangible Assets, Net	Intangible assets, net consist of the following as of March 28, 2021 and December 31, 2020: (thousands) March 28, 2021 December 31, 2020 Customer relationships $ 466,458 $ 461,754 Non-compete agreements 16,282 15,949 Patents 23,078 23,025 Trademarks 115,605 113,796 621,423 614,524 Less: accumulated amortization (170,154) (158,248) Intangible assets, net $ 451,269 $ 456,276
Schedule of Changes in Intangible Assets	Changes in the carrying value of intangible assets for the three months ended March 28, 2021 by segment are as follows: (thousands) Manufacturing Distribution Total Balance - December 31, 2020 $ 373,717 $ 82,559 $ 456,276 Acquisitions 11,988 — 11,988 Amortization (9,874) (2,032) (11,906) Adjustments to preliminary purchase price allocations (5,089) — (5,089) Balance - March 28, 2021 $ 370,742 $ 80,527 $ 451,269

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 28, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The Company completed the following previously announced acquisition in the three months ended March 28, 2021: Company Segment Description Sea-Dog Corporation & Sea-Lect Plastics Distribution & Manufacturing Distributor of a variety of marine and powersports hardware and accessories to distributors, wholesalers, retailer, and manufacturers Manufacturer that provides plastic injection molding, design, product development and expert tooling to companies and government entities The Company completed the following seven previously announced acquisitions in the year ended December 31, 2020 (the "2020 Acquisitions"): Company Segment Description Maple City Woodworking Corporation Manufacturing Manufacturer of hardwood cabinet doors and fascia for the RV market based in Goshen, Indiana SEI Manufacturing, Inc. Manufacturing Manufacturer of towers, T-Tops, hardtops, rails, gates and other aluminum exterior products for the marine market located in Cromwell, Indiana Inland Plywood Company Manufacturing Supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the RV and industrial markets headquartered in Pontiac, Michigan with an additional facility in Cocoa, Florida Synergy RV Transport Distribution Transportation and logistics service provider primarily for original equipment manufacturers ("OEMs") and dealers in the RV market located in Goshen, Indiana Front Range Stone Manufacturing Fabricator and installer of natural stone, quartz, solid surface, and laminate countertops, primarily serving big box home improvement retailers, home builders and commercial contractors in the industrial market based in Englewood, Colorado Geremarie Corporation Manufacturing Designer, manufacturer, and fabricator of a full suite of high-precision aluminum components serving the marine industry, in addition to the medical, aerospace, defense, commercial and industrial markets located in Lake Zurich, Illinois Taco Metals, LLC Manufacturing Manufacturer of boating products including rub rail systems, canvas and tower components, sport fishing and outrigger systems, helm chairs and pedestals, and specialty hardware for OEMs in the recreational boating industry and the related aftermarket headquartered in Miami, Florida, with manufacturing facilities in Tennessee and Florida, and distribution centers in Tennessee, Florida, South Carolina, and Massachusetts
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and the liabilities assumed as of the date of acquisition for the 2021 Acquisitions and the 2020 Acquisitions: (thousands) 2021 Acquisitions 2020 Acquisitions Consideration Cash, net of cash acquired $ 29,539 $ 306,353 Working capital holdback and other, net (1) 543 (128) Contingent consideration (2) — 4,763 Total consideration 30,082 310,988 Assets Acquired Trade receivables $ 3,739 $ 15,302 Inventories 8,685 25,353 Prepaid expenses & other 258 725 Property, plant & equipment 4,118 66,525 Operating lease right-of-use assets 3,961 20,029 Identifiable intangible assets 11,935 130,981 Liabilities Assumed Current portion of operating lease obligations (1,068) (2,721) Accounts payable & accrued liabilities (2,547) (12,402) Operating lease obligations (2,893) (17,308) Deferred tax liabilities — (4,322) Total fair value of net assets acquired 26,188 222,162 Goodwill (3) 3,894 88,826 $ 30,082 $ 310,988 (1) Certain acquisitions contain working capital holdbacks which are typically settled in a 90-day period following the close of the acquisition. This value represents the remaining amounts due to (from) sellers as of March 28, 2021. (2) These amounts reflect the acquisition date fair value of contingent consideration based on future performance relating to certain acquisitions. (3) Goodwill is tax-deductible for the 2021 Acquisitions and the 2020 Acquisitions, except Front Range Stone (approximately $10.1 million).
Schedule of identifiable intangible assets acquired	The following table presents our estimates of identifiable intangible assets for the 2021 Acquisitions and the 2020 Acquisitions: (thousands, except year info) Estimated Useful Life (in years) 2021 Acquisitions 2020 Acquisitions Customer relationships 10 $ 9,597 $ 99,897 Non-compete agreements 5 393 1,150 Patents 10 — 6,470 Trademarks Indefinite 1,945 23,464 $ 11,935 $ 130,981
Schedule of Pro Forma Information	The pro forma information includes financing and interest expense charges based on incremental borrowings incurred in connection with each transaction. In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired in connection with the transactions of $0.1 million and $3.0 million for the first quarter ended March 28, 2021 and the first quarter ended March 29, 2020, respectively. First Quarter Ended (thousands except per share data) March 28, 2021 March 29, 2020 Revenue $ 857,009 $ 656,107 Net income 47,815 24,136 Basic net income per common share 2.10 1.05 Diluted net income per common share 2.05 1.04

NET INCOME PER COMMON SHARE (Ta

NET INCOME PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 28, 2021
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Net income per common share calculated for the first quarter of 2021 and 2020 is as follows: First Quarter Ended (thousands except per share data) March 28, 2021 March 29, 2020 Net income for basic and diluted per share calculation $ 47,513 $ 21,187 Weighted average common shares outstanding - basic 22,737 23,016 Effect of potentially dilutive securities 549 251 Weighted average common shares outstanding - diluted 23,286 23,267 Basic net income per common share $ 2.09 $ 0.92 Diluted net income per common share $ 2.04 $ 0.91

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 28, 2021
Debt Disclosure [Abstract]
Schedule of Total Debt Outstanding	A summary of total debt outstanding at March 28, 2021 and December 31, 2020 is as follows: (thousands) March 28, 2021 December 31, 2020 Long-term debt: 1.0% convertible notes due 2023 $ 172,500 $ 172,500 Term loan due 2024 92,500 92,500 Revolver due 2024 248,000 275,000 7.5% senior notes due 2027 300,000 300,000 Total long-term debt 813,000 840,000 Less: convertible notes debt discount, net (14,304) (16,072) Less: term loan deferred financing costs, net (404) (434) Less: senior notes deferred financing costs, net (4,943) (5,087) Less: current maturities of long-term debt (7,500) (7,500) Total long-term debt, less current maturities, net $ 785,849 $ 810,907

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the fair value of derivative contracts included in the condensed consolidated balance sheets (in thousands): Fair value of derivative instruments Derivatives accounted for as cash flow hedges Balance sheet location March 28, 2021 December 31, 2020 Interest rate swaps Accrued liabilities $ 5,258 $ — Interest rate swaps Other long-term liabilities $ — $ 6,567

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 28, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The activity in accumulated other comprehensive loss during the three months ended March 28, 2021 and March 29, 2020 was as follows: First Quarter Ended March 28, 2021 (thousands) Cash Flow Hedges Other Foreign Currency Translation Total Balance at December 31, 2020 $ (4,889) $ (1,263) $ 100 $ (6,052) Other comprehensive loss before reclassifications, net of tax (96) — (59) (155) Amounts reclassified from accumulated other comprehensive loss, net of tax 1,071 — — 1,071 Net current period other comprehensive income (loss) 975 — (59) 916 Balance at March 28, 2021 $ (3,914) $ (1,263) $ 41 $ (5,136) First Quarter Ended March 29, 2020 (thousands) Cash Flow Hedges Other Foreign Currency Items Total Balance at December 31, 2019 $ (4,374) $ (1,270) $ (54) $ (5,698) Other comprehensive loss before reclassifications, net of tax (4,077) — (37) (4,114) Amounts reclassified from accumulated other comprehensive loss, net of tax 1,071 — — 1,071 Net current period other comprehensive loss (3,006) — (37) (3,043) Balance at March 29, 2020 $ (7,380) $ (1,270) $ (91) $ (8,741)

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 28, 2021
Leases [Abstract]
Lease Expense, Supplemental Cash Flow and Other Lease Information	Lease expense, supplemental cash flow information, and other information related to leases were as follows: First Quarter Ended (thousands) March 28, 2021 March 29, 2020 Operating lease cost $ 9,585 $ 8,176 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 9,387 $ 8,084 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 15,185 $ 12,428
Lease Assets and Liabilities	Balance sheet information related to leases was as follows: (thousands, except lease term and discount rate) March 28, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 124,384 $ 117,816 Liabilities Operating lease liabilities, current portion $ 32,513 $ 30,901 Long-term operating lease liabilities 93,327 88,175 Total lease liabilities $ 125,840 $ 119,076 Weighted average remaining lease term, operating leases (in years) 5.1 5.3 Weighted average discount rate, operating leases 4.0 % 4.1 %
Operating Lease Liability Maturity	Maturities of lease liabilities were as follows at March 28, 2021: (thousands) 2021 (excluding the three months ended March 28, 2021) $ 27,792 2022 33,939 2023 27,840 2024 20,307 2025 12,054 Thereafter 18,862 Total lease payments 140,794 Less imputed interest (14,954) Total $ 125,840

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 28, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following table presents fair values of certain assets and liabilities at March 28, 2021 and December 31, 2020: March 28, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Senior Note (1) — $ 351.6 — — $ 329.0 — Convertible Note (1) — 188.3 — — 180.0 — Interest Rate Swaps (2) — 5.3 — — 6.6 — Contingent consideration (3) — — $ 6.9 — — $ 6.9 (1) The amounts of these notes listed above are the current fair values for disclosure purposes only, and they are recorded in the Company's condensed consolidated balance sheets as of March 28, 2021 and December 31, 2020 using the interest rate method as described in Note 9. (2) The interest rate swaps are comprised of over-the-counter derivatives, which are valued using models that primarily rely on observable inputs such as yield curves, and are classified as Level 2 in the fair value hierarchy and discussed further in Note 10. (3) The estimated fair value of the Company's contingent consideration is valued using Level 3 inputs and is discussed further in Note 6.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 28, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The tables below present information about the sales and operating income of those segments. First Quarter Ended March 28, 2021 (thousands) Manufacturing Distribution Total Net outside sales $ 600,756 $ 249,727 $ 850,483 Intersegment sales 13,808 1,403 15,211 Total sales 614,564 251,130 865,694 Operating income 78,429 21,175 99,604 First Quarter Ended March 29, 2020 (thousands) Manufacturing Distribution Total Net outside sales $ 419,266 $ 169,966 $ 589,232 Intersegment sales 7,573 1,300 8,873 Total sales 426,839 171,266 598,105 Operating income 45,704 9,968 55,672
Summary of the Reconciliation of Segment Operations	The following table presents a reconciliation of segment operating income to consolidated operating income: First Quarter Ended (thousands) March 28, 2021 March 29, 2020 Operating income for reportable segments $ 99,604 $ 55,672 Unallocated corporate expenses (19,217) (6,792) Amortization (11,906) (9,601) Consolidated operating income $ 68,481 $ 39,279

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 850,483	$ 589,232
Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	501,426	320,220
Marine
Disaggregation of Revenue [Line Items]
Total sales	136,809	78,051
Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	120,718	112,369
Industrial
Disaggregation of Revenue [Line Items]
Total sales	91,530	78,592
Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	600,756	419,266
Manufacturing | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	329,612	226,785
Manufacturing | Marine
Disaggregation of Revenue [Line Items]
Total sales	132,338	75,429
Manufacturing | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	56,634	45,605
Manufacturing | Industrial
Disaggregation of Revenue [Line Items]
Total sales	82,172	71,447
Distribution
Disaggregation of Revenue [Line Items]
Total sales	249,727	169,966
Distribution | Recreational Vehicle
Disaggregation of Revenue [Line Items]
Total sales	171,814	93,435
Distribution | Marine
Disaggregation of Revenue [Line Items]
Total sales	4,471	2,622
Distribution | Manufactured Housing
Disaggregation of Revenue [Line Items]
Total sales	64,084	66,764
Distribution | Industrial
Disaggregation of Revenue [Line Items]
Total sales	$ 9,358	$ 7,145

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Inventory [Line Items]
Raw materials	$ 174,676	$ 157,219
Work in process	23,641	19,282
Finished goods	34,257	37,632
Total manufactured goods, net	223,403	205,813
Materials purchased for resale (distribution products)	127,214	112,158
Total materials purchased for resale (distribution products), net	121,841	106,996
Total inventories	345,244	312,809
Manufactured Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	(9,171)	(8,320)
Distributed Goods
Inventory [Line Items]
Less: reserve for inventory obsolescence	$ (5,373)	$ (5,162)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Amount of Goodwill by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2021USD ($)
Goodwill [Roll Forward]
Balance - December 31, 2020	$ 395,800
Acquisitions	3,894
Adjustments to preliminary purchase price allocations	5,688
Balance - March 28, 2021	405,382
Manufacturing
Goodwill [Roll Forward]
Balance - December 31, 2020	338,045
Acquisitions	3,894
Adjustments to preliminary purchase price allocations	5,688
Balance - March 28, 2021	347,627
Distribution
Goodwill [Roll Forward]
Balance - December 31, 2020	57,755
Acquisitions	0
Adjustments to preliminary purchase price allocations	0
Balance - March 28, 2021	$ 57,755

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net, by Major Class (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Total other intangible assets, net, excluding accumulated amortization	$ 621,423	$ 614,524
Less: accumulated amortization	(170,154)	(158,248)
Intangible assets, net	451,269	456,276
Trademarks
Intangible Assets [Line Items]
Indefinite-lived intangible assets	115,605	113,796
Customer relationships
Intangible Assets [Line Items]
Finite-lived intangible assets	466,458	461,754
Non-compete agreements
Intangible Assets [Line Items]
Finite-lived intangible assets	16,282	15,949
Patents
Intangible Assets [Line Items]
Finite-lived intangible assets	$ 23,078	$ 23,025

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Intangible Assets [Roll Forward]
Balance - December 31, 2020	$ 456,276
Acquisitions	11,988
Amortization	(11,906)	$ (9,601)
Adjustments to preliminary purchase price allocations	(5,089)
Balance - March 28, 2021	451,269
Manufacturing
Intangible Assets [Roll Forward]
Balance - December 31, 2020	373,717
Acquisitions	11,988
Amortization	(9,874)
Adjustments to preliminary purchase price allocations	(5,089)
Balance - March 28, 2021	370,742
Distribution
Intangible Assets [Roll Forward]
Balance - December 31, 2020	82,559
Acquisitions	0
Amortization	(2,032)
Adjustments to preliminary purchase price allocations	0
Balance - March 28, 2021	$ 80,527

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 28, 2021USD ($)acquisition	Mar. 29, 2020USD ($)acquisition	Dec. 31, 2020USD ($)acquisition
Business Acquisition [Line Items]
Number of acquisitions | acquisition	4	3	7
Total sales	$ 850,483	$ 589,232
Fair value of estimated contingent consideration payments	6,900		$ 6,900
Contingent consideration arrangements maximum payments amount	14,500
Cash payments related to contingent consideration liabilities	$ 0	2,000
Number of immaterial acquisitions | acquisition	3		4
Cash, net of cash acquired	$ 28,864	24,281
Goodwill	405,382		$ 395,800
Pro forma amortization expense	100	$ 3,000
Acquired Entities
Business Acquisition [Line Items]
Total sales	5,400
Cash payments related to contingent consideration liabilities	0		4,763
Cash, net of cash acquired	29,539		306,353
Property, plant & equipment	4,118		66,525
Goodwill	3,894		$ 88,826
Acquired Entities | Minimum
Business Acquisition [Line Items]
Contingent consideration, performance period			1 year
Acquired Entities | Maximum
Business Acquisition [Line Items]
Contingent consideration, performance period			3 years
One Acquisition
Business Acquisition [Line Items]
Cash consideration			$ 129,700
Property, plant & equipment			49,300
Identifiable intangible assets			49,100
Goodwill			32,600
Accrued liabilities
Business Acquisition [Line Items]
Fair value of estimated contingent consideration payments	3,300		1,600
Other long-term liabilities
Business Acquisition [Line Items]
Fair value of estimated contingent consideration payments	$ 3,600		$ 5,300

ACQUISITIONS - Fair Value of As

ACQUISITIONS - Fair Value of Assets Acquired, Summary (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Dec. 31, 2020
Consideration
Cash, net of cash acquired	$ 28,864	$ 24,281
Contingent consideration	0	2,000
Assets Acquired
Operating lease right-of-use assets	124,384		$ 117,816
Liabilities Assumed
Goodwill	405,382		395,800
Acquired Entities
Consideration
Cash, net of cash acquired	29,539		306,353
Working capital holdback and other, net	543		(128)
Contingent consideration	0		4,763
Total consideration	30,082		310,988
Assets Acquired
Trade receivables	3,739		15,302
Inventories	8,685		25,353
Prepaid expenses & other	258		725
Property, plant & equipment	4,118		66,525
Operating lease right-of-use assets	3,961		20,029
Identifiable intangible assets	11,935		130,981
Liabilities Assumed
Current portion of operating lease obligations	(1,068)		(2,721)
Accounts payable & accrued liabilities	(2,547)		(12,402)
Operating lease obligations	(2,893)		(17,308)
Deferred tax liabilities	0		(4,322)
Total fair value of net assets acquired	26,188		222,162
Goodwill	3,894		88,826
Total net assets acquired	30,082		$ 310,988
Front Range Stone
Liabilities Assumed
Goodwill tax-deductible	$ 10,100	$ 10,100

ACQUISITIONS - Schedule of iden

ACQUISITIONS - Schedule of identifiable intangible assets acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Business Acquisition [Line Items]
Identifiable intangible assets	$ 11,935	$ 130,981
Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets	$ 1,945	23,464
Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Identifiable intangible assets	$ 9,597	99,897
Non-compete agreements
Business Acquisition [Line Items]
Estimated Useful Life (in years)	5 years
Identifiable intangible assets	$ 393	1,150
Patents
Business Acquisition [Line Items]
Estimated Useful Life (in years)	10 years
Identifiable intangible assets	$ 0	$ 6,470

ACQUISITIONS - Pro Forma Inform

ACQUISITIONS - Pro Forma Information Related to Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Business Combinations [Abstract]
Revenue	$ 857,009	$ 656,107
Net income	$ 47,815	$ 24,136
Basic net income per common share (in dollars per share)	$ 2.10	$ 1.05
Diluted net income per common share (in dollars per share)	$ 2.05	$ 1.04

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 4.3	$ 4.3
Granted shares (in shares)	218,254
Average fair value of shares granted (in dollars per share)	$ 72.63
Fair value of shares granted, amount	$ 15.9
Unrecognized compensation cost	$ 33.9
Weighted average recognition period	22 months 24 days

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
	Mar. 28, 2021	Mar. 29, 2020
Earnings Per Share [Abstract]
Net income for basic and diluted per share calculation	$ 47,513	$ 21,187
Weighted average common shares outstanding - basic (in shares)	22,737	23,016
Effect of potentially dilutive securities (in shares)	549	251
Weighted average common shares outstanding - diluted (in shares)	23,286	23,267
Basic net income per common share (in dollars per share)	$ 2.09	$ 0.92
Diluted net income per common share (in dollars per share)	$ 2.04	$ 0.91

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 813,000	$ 840,000
Less: convertible notes debt discount, net	(14,304)	(16,072)
Less: term loan deferred financing costs, net	(404)	(434)
Less: current maturities of long-term debt	(7,500)	(7,500)
Total long-term debt, less current maturities, net	$ 785,849	810,907
1.0% convertible notes due 2023
Debt Instrument [Line Items]
Stated interest rate	0.01%
Total long-term debt	$ 172,500	172,500
Term loan due 2024
Debt Instrument [Line Items]
Total long-term debt	92,500	92,500
Revolver due 2024
Debt Instrument [Line Items]
Total long-term debt	$ 248,000	275,000
Senior Note | 7.50% Senior Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate	0.075%
7.5% senior notes due 2027	$ 300,000	300,000
Less: senior notes deferred financing costs, net	$ (4,943)	$ (5,087)

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Line of Credit Facility [Line Items]
Interest paid	$ 3.3	$ 2.6
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.20%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Debt instrument, effective interest rate	1.63%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Mar. 28, 2021USD ($)
Interest Rate Swaps | Designated as Hedging Instrument
Derivative [Line Items]
Derivative amount	$ 200

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Interest Rate Swaps - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Accrued liabilities
Derivative [Line Items]
Fair value of derivative instruments	$ 5,258	$ 0
Other long-term liabilities
Derivative [Line Items]
Fair value of derivative instruments	$ 0	$ 6,567

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 559,441	$ 497,481
Other comprehensive loss before reclassifications, net of tax	(155)	(4,114)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,071	1,071
Net current period other comprehensive income (loss)	916	(3,043)
Ending Balance	595,275	495,376
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(6,052)	(5,698)
Ending Balance	(5,136)	(8,741)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,889)	(4,374)
Other comprehensive loss before reclassifications, net of tax	(96)	(4,077)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,071	1,071
Net current period other comprehensive income (loss)	975	(3,006)
Ending Balance	(3,914)	(7,380)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,263)	(1,270)
Other comprehensive loss before reclassifications, net of tax	0	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Net current period other comprehensive income (loss)	0	0
Ending Balance	(1,263)	(1,270)
Foreign Currency Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	100	(54)
Other comprehensive loss before reclassifications, net of tax	(59)	(37)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Net current period other comprehensive income (loss)	(59)	(37)
Ending Balance	$ 41	$ (91)

LEASES - Lease Expense, Supplem

LEASES - Lease Expense, Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Leases [Abstract]
Operating lease cost	$ 9,585	$ 8,176
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	9,387	8,084
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 15,185	$ 12,428

LEASES - Lease Assets and Liabi

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Assets
Operating lease right-of-use assets	$ 124,384	$ 117,816
Liabilities
Operating lease liabilities, current portion	32,513	30,901
Long-term operating lease liabilities	93,327	88,175
Total lease liabilities	$ 125,840	$ 119,076
Weighted average remaining lease term, operating leases (in years)	5 years 1 month 6 days	5 years 3 months 18 days
Weighted average discount rate, operating leases	4.00%	4.10%

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (excluding the three months ended March 28, 2021)	$ 27,792
2022	33,939
2023	27,840
2024	20,307
2025	12,054
Thereafter	18,862
Total lease payments	140,794
Less imputed interest	(14,954)
Total	$ 125,840	$ 119,076

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Mar. 28, 2021
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	18 years

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 28, 2021	Dec. 31, 2020
Level 1 | Senior Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Note	$ 0	$ 0
Level 1 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Note	0	0
Level 1 | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps	0	0
Level 1 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2 | Senior Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Note	351.6	329
Level 2 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Note	188.3	180
Level 2 | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps	5.3	6.6
Level 2 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3 | Senior Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Note	0	0
Level 3 | Convertible Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Note	0	0
Level 3 | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Swaps	0	0
Level 3 | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 6.9	$ 6.9

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	17.10%	26.40%
Excess tax benefit tax	$ 5.7
Income taxes paid	$ 0	$ 0

SEGMENT INFORMATION - Sales and

SEGMENT INFORMATION - Sales and Operating Income of Segments (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2021USD ($)segment	Mar. 29, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | segment	2
Total sales	$ 850,483	$ 589,232
Operating income	68,481	39,279
Manufacturing
Segment Reporting Information [Line Items]
Total sales	600,756	419,266
Distribution
Segment Reporting Information [Line Items]
Total sales	249,727	169,966
Intersegment Sales
Segment Reporting Information [Line Items]
Total sales	15,211	8,873
Intersegment Sales | Manufacturing
Segment Reporting Information [Line Items]
Total sales	13,808	7,573
Intersegment Sales | Distribution
Segment Reporting Information [Line Items]
Total sales	1,403	1,300
Operating Segments
Segment Reporting Information [Line Items]
Total sales	865,694	598,105
Operating income	99,604	55,672
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Total sales	614,564	426,839
Operating income	78,429	45,704
Operating Segments | Distribution
Segment Reporting Information [Line Items]
Total sales	251,130	171,266
Operating income	$ 21,175	$ 9,968

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Segment Operating Income to Consolidated Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Segment Reporting Information [Line Items]
Operating income	$ 68,481	$ 39,279
Unallocated corporate expenses	(93,051)	(70,202)
Amortization	(11,906)	(9,601)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	99,604	55,672
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated corporate expenses	(19,217)	(6,792)
Amortization	$ (11,906)	$ (9,601)

STOCK REPURCHASE PROGRAMS - Nar

STOCK REPURCHASE PROGRAMS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 31, 2020
Equity [Abstract]
Authorized share repurchase program amount			$ 50
Remaining authorized shares to be purchased amount			$ 36
Shares repurchased (in shares)	0	456,155
Average cost per share repurchased (in dollars per share)		$ 34.09
Cost to repurchase the company's common stock		$ 15.6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	1 Months Ended
	Apr. 30, 2021facility	Apr. 20, 2021USD ($)	Apr. 19, 2021USD ($)
Senior Notes Due 2029
Subsequent Event [Line Items]
Debt instrument, face amount		$ 350
Stated interest rate		4.75%
Senior Secured Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 700	$ 650
Senior Secured Credit Facility | Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		550
Senior Secured Credit Facility | Term Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 150
Hyperform Inc | Rockledge, Florida
Subsequent Event [Line Items]
Number of facilities acquired | facility	2
Hyperform Inc | Cocoa, Florida
Subsequent Event [Line Items]
Number of facilities acquired | facility	2
Alpha Systems LLC | Elkhart, Indiana
Subsequent Event [Line Items]
Number of facilities acquired | facility	9